This report focuses on Fresh Squash company and includes information regarding different concepts of new business, assessment of industry, market area, organization, value chain model, business canvas model, and potential risks.
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Entrepreneurship and Business Development
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Table of Contents INTRODUCTION...........................................................................................................................1 MAIN BODY...................................................................................................................................1 New business concept..................................................................................................................1 Assessment of industry................................................................................................................3 Assessment of market..................................................................................................................3 Assessment of organisation.........................................................................................................3 Financial feasibility.....................................................................................................................4 Value chain..................................................................................................................................5 Business model canvas................................................................................................................7 Quantitative and qualitative models............................................................................................8 Potential risk................................................................................................................................8 CONCLUSION................................................................................................................................9 REFERENCES..............................................................................................................................11
INTRODUCTION Entrepreneur and business development can be describe as the practices of increasing and enhancing operations of business in order to attain desired goals. It is crucial for a business to focus on its development with the motive of increasing overall capabilities and potential. Entrepreneur and business are developed with the motive of providing products and services to customers along with this increasing overall profitability(Frolova, Alwaely and Nikishina, 2021). For entrepreneur development it is essential that it is providing products or services which is according to the needs or requirements of customers. This report is based on Fresh Squash company. This is new organisation that is providing fresh juice products to customers. This entrepreneur was developed 6 months ago and it is offering high quality products and services to potential customers. Fresh Squash company is providing its offerings in UK market area in order to meet with the needs of customers. This report includes information regarding different concept of new business. In this, assessment of industry, market area, organisation has been conducted effectively. Value chain model and business canvas model has been mentioned in this report. Apart from this, potential risk has been identified along with the ways to resolve it. MAIN BODY New business concept There are various aspects which needs to be consider by an entrepreneur to successfully and effectively conduct organisational practices. While developing a new business these concepts will help in taking right decision along with this determining several aspects which could lead to affect overall performance of business.Different concept of Fresh squash company new business are mention below in detail – Products and services – The main product or service which is offered by Fresh squash company is fresh and organic juice products(Gregori and Holzmann, 2020). This products is developed with high quality ingredients and raw material that is appropriate for full filling requirements of customers. In respective company juice products only 1
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fresh fruit or vegetable is used and no other chemical has been consider while developing product. These juice products are sugar free and it is significant for people who does not want to take sugar in drink. Target market – Target market can be describe as the customer base which is consider by organisation in order to provide its products and services. For Fresh squash company, target customers are the people who are located in UK market area. This company is focusing in providing products and services to customers who are interested in no sugar products(Akpan, 2020) (Kuzieva, 2020). Targeted market base includes customers of above age 10 and like fresh or healthy drink products. This company is targeting health conscious customers in order to improve health of target customer base. Special attribute – The special attribute of respective company as well as its products and services includes those elements that are significant for meeting demand of customers which could not be match by any other organisation. The special attribute of Fresh squash company products is that this juice is made up of fresh fruits and vegetables that is very healthy drink. These products do not include sugar or any other chemical ingredients in order to improve health of customers. Values – This new business is developed with high values that are significant for improving overall functioning and performance of business. Fresh squash company is based on ethical values and motive of this organisation is to provide high quality products and services that is significant for meeting customers need. Scale of the newly proposed business - The scale of this newly proposed business is expanded to UK market area and this organisation is offering its products and services to customers of UK. In order to enhance respective business, it is crucial for this newly proposed business to conduct effective marketing practices with the motive of attracting more and more customers towards business(Stefan and et.al., 2021). this will help in improving overall sales of Fresh squash company in significant manner. Location – The location of new business is United Kingdom. Fresh squash company is currently providing its products and services to the customers who are located in UK market area and it is offering its services in significant manner. Who will be involved – There are different people who are involved in this new business. this includes owners, employees, suppliers and so on. 2
Assessment of industry It is crucial for respective company to analyse evaluate the industry in which it is providing products and services. Fresh squash company is conducting its practices in retail industry. this is one of the largest industry which is offering several types of products and services in order to meet with the needs of customers(Wagner and et.al., 2021). it has been determining that retail industry of UK market area in growing very fasting and government is supporting small or medium company to enhance its business practices in retail sector. There are different rules and regulation with in retail sectors that will help Fresh squash company to smoothly conduct its business operation in retail industry. Assessment of market Market assessment is essential for a newly developed business as this will help in determining current or future needs. This is significant for taking right decision for entrepreneur as well as enhancing organisational activities. Assessment of market helps in analysing different aspects of business such as current or new idea, strategies to attract more customers, other offering in market area, competitions, customer attitude or behaviour towards the products or services of company. It is important for Fresh squash company to successfully analyse market area in order to take right decision for growth and development of business. Assessment of organisation There are different aspects of organisation that should be consider by new developed business with the motive of increasing business practices as well as attaining desired goals. Organisation consist of owners, employees, working culture, policies, regulations and many more. All of these aspects will lead to have major impact on overall performance and capability of business in order to attain desired goals(Leonidou and et.al., 2020). Assessment of organisation will assist Fresh squash company to create effective policies, strategies and working environment of employees so that they can conduct business activities in effective and efficient manner. It is crucial that this company has positive working environment so that employees can focus on the work and attain desired goals. 3
Financial feasibility This can be describe as the practice of determining different financial aspects of business in order to take correct decision for business growth. It has been analysed that there are number of elements of business that is based on finance in order to perform(Madichie, Gbadamosi and Rwelamila, 2021). It has been analysed that through assessment of financial feasibility respective company will be able to determine economical viability of a proposed venture by evaluating the start up cost, operating expenses, cash flow, marking a forecast of future and so on. This will help in taking right step for performing its practices along with these attaining desired goals. Uses of funds Month 1Month 2Month 3Month 4Month 5Month 6 Revenue (fromyour operations and marketing section) 200030003500400050005500 Fixed Costs (Listout yourfixed costs) 100010001000100010001000 Variable Costs (Listout yourfixed costs) 500600500800700500 4
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Profit50014002000220033004000 Value chain Value chain model is significant in order to determine the different activities of business in order to improve organisational practices. it is essential that respective company is considering this model in order to analyse its overall performance and determine the need to create a product or services. Through this organisation will be able to evaluate the detailed procedure which in included in each step of its business. Value chain model can be describe as the step by step business model with the motive of transforming a product or service from idea to reality. This is significant for increasing the business efficiency so that business can deliver the most value to customers for least possible cost. This model is classified into primary and secondary activities which is mention below in context of Fresh squash company Primary activities– This consist of all those activities of business which is directly related to physical creation, sales, maintenance as well as support of products or services (Ogundana and et.al., 2021). These activities will lead to have direct contribution to a product or service physical creation of products along with this selling it to potential customers. These activities are – Inbound operations – This is refer as the internal handling or management of the resources which is coming from outside of sources. Inbound operations of Fresh squash company is related to collecting as well as managing different resources or raw material that is useful for business to develop its high quality products. Operations – This can be describe as the activities or process which is significant for transforming inputs into outputs. In this step actual process of creating juice form fresh 5
fruits and vegetables is included. Operation activities include actual development of product and services in order to meet requirements of customers. Outbound logistics – This consist of delivering of products to potential customers. In outbound logistics practices of Fresh squash company includes storage, collection or distribution of customers. Marketing and sales – This is one of the crucial activity of business in order to provide information to customers regarding products and services offered to customers. Fresh squash company is considering various activities such as advertising and brand building activities and so on. Services – it is essential for this company to provide proper support to its customers in order to enhance its business practices. Fresh squash company should offering customers services, product support practices in order to develop better relationship with customers. Secondary activities– This includes all those activities which is associated with primary activities(Sautet, 2020). The main function of secondary activities is to provide accurate support for successful functioning of primary activities. These activities are mention below – Procurement and purchasing – This activity of organisation is related to determining new externalvendorsofbusiness,maintainingpropervendorrelationshipaswellas negotiating with the prices in order to bringing all necessary material or resources with in business in order to build products or services. Human resource management – This practice of business is associate with management of humancapitalof business. Thisincludeshiring,selecting,trainingaswellas maintainingproperemployeesandculturewiththemotiveofdevelopingbetter relationship with employees. Technology development – technology play significant role in overall improvement in business along with this developing high quality products. Technology development activities of Fresh squash company includes research and development, IT management and cyber security that is significant to build and maintain an organization's use of technology. Company infrastructure – This is consider as crucial activity of business that consist of various aspects such as legal, administrative, finance, general management, quality 6
assurance and so on. These aspects of business assist in smoothly conducting its practices. Business model canvas This can be describe as the useful tool which is greathelp for entrepreneur in order to understand a business model in significant manner as well as develop a proper structured way. Thismodelissignificantforprovidinginsightsregardingcustomersofbusiness,value proposition, channels along with other aspects of how company make money. Through this support of business model canvas respective organisation is able to take right decision for overall growth of business and taking right decisions. Different aspects of this model is mention below – Key partners – This can be describe as the individual that play crucial role in successfully performing business activities(Sautet, 2020). key partners of respective organisation are those people without whom business practices can not be performed. For example marketing partners, transportation partners and so on. Key activities – This includes all those activities which are crucial for business and performed on daily basis. In Fresh squash company key activities are developing juice and providing its to potential customers. Value proposition – This is refer to the fundamental needs of customers that respective organisation is trying to fulfil. Value proposition of Fresh squash company is that it is offering sugar free and no chemical drink products to customers which is developed with fresh fruits and vegetables in order to improve health of individuals. Customer relationships – It is important for Fresh squash company to develop effective and strong customer relationship with customers in order to enhance sales of products and services. Through strong customer relationship respective company will be able to increase sales of products Customer segments – This is refer as the targeted customer base which is consider by organisation in order to sales its products and services. in respective organisation customer segment which is consider is people of UK market area who are health conscious and want to improve their health. Key resources – There are different resources which are used by organisation in order to develop products as well as successfully conduct business activities. The key resources of 7
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organisation includes human resource, financial resource, raw material, machines and so on. Channels – This is refer as the different methods which is consider by organisation in ordertoprovideproductsandservicestocustomers.Freshsquashcompanyis considering direct selling of its high quality products to potential customers. Cost structure – this can be describe as the cost of company which is consider by organisation to spend its money for conducting its operation. The main cost of respective company is required in developing juice products, marketing activities and selling it to customers. Revenue streams – The main source of revenue in this organisation includes profit earned by company by providing or selling its products to customers. Quantitative and qualitative models Both of these model is effective in order to find and gather accurate information as well as take appropriate decisions(Leonidou and et.al., 2020). Quantitative models are considered to be more precise as well as specific regarding the system but it requires a large efforts. This models includes compact representation that includes a single differential or difference equation that may describe the performance of the system with the large set of inputs functions as well as initial stages. Through quantitative models appropriate information can be gather as it is represented in numerical values. It has been analysed that qualitative models includes contrast form classification as well as regression model which is significant for predicting classes or numerical values. This models are effective in order to describe qualitative relationship between the observed variables. Qualitative models are considered to be significant in order to find right and accurate information about the topic as well as taken right decisions. Potential risk There are different risk and issues which are associated with enhancing business practices as well as conducting organisational task in effective manner. Different potential risk which is associated with new business that is Fresh squash company are financial risk, operational risk, competition risk and so on. These risk will lead to have major impact on overall performance of 8
business as well as affect its functioning. Various potential risk that is related to Fresh squash company and negatively influence its functioning is mention below – Financial risk – This can be describe as the risk that occurs due to lack of financial effectiveness. Finance play very important role in organisation as it will lead to have direct influence over performance of business. due to lack of finance new organisation will not be able to conduct its practices in significant manner and this will lead to influence function of business. It has been determined that this business risk includes credit extended to customers or new organisation debt load. In financial risk, interest rate fluctuation can be consider as the major threat too business. In order to overcome financial risk, respective organisation should have accurate amount of finance so that these functions could be performed in right manner. Operational risk – This includes both internal and external risk which will lead to have negative impact on performance of business. It is crucial for organisation to identify and determinedifferentoperationalrisksothatthiscouldberesolvedappropriately. Difficultly in conducting business practices due to internal or external factors could be consider as operational risk to business(Leonidou and et.al., 2020). This consist of unexpectedly happening which lead to causes business lose and affects its overall performance level. It is important that Fresh squash company is developing effective strategies in order to overcome operational risk. Competition risk – There is high competition in market area that lead to increase competition risk with in business. it is essential for respective organisation to analyse competition level in market area with the motive of taking right decision to overcome this risk. New or innovative technology is also significant to attract more and more customers towards business as well as reducing competition risk and enhance organisational performance level. CONCLUSION From the above report it could be concluded that there are different aspects of new business which needs to be identified and analysed properly in order to take right decision. It is essential fororganisationtodeterminethesefactorssothateffectivestrategiesforgrowthand development of business could be made. It is crucial to assist information about organisation, industry and market area along with the feasible finance so that business could conduct its 9
practices accordingly. Value chain model is useful for determining different activities of business which is needed enhance business performance. Business canvas model is useful for identifying different elements of business. 10
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REFERENCES Books and Journals Frolova,Y.,Alwaely,S.A.andNikishina,O.,2021.KnowledgeManagementin EntrepreneurshipEducationastheBasisforCreativeBusiness Development.Sustainability,13(3), p.1167. Gregori, P. and Holzmann, P., 2020. Digital sustainable entrepreneurship: A business model perspectiveonembeddingdigitaltechnologiesforsocialandenvironmentalvalue creation.Journal of Cleaner Production,272, p.122817. Akpan, I.J., 2020. Scientometric evaluation and visual analytics of the scientific literature production on entrepreneurship, small business ventures, and innovation.Journal of Small Business & Entrepreneurship, pp.1-29. Kuzieva, N., 2020. Kuzieva NR Stimulating the development of small business and private entrepreneurship through a tax mechanism in the Republic of Uzbekistan.Архив научных исследований, (24). Stefan, D. and et.al., 2021. Women Entrepreneurship and Sustainable Business Development: Key Findings from a SWOT–AHP Analysis.Sustainability,13(9), p.5298. Wagner, M., and et.al., 2021. University-linked programmes for sustainable entrepreneurship and regional development: how and with what impact?.Small Business Economics,56(3), pp.1141-1158. Leonidou,E., and et.al.,2020. An integrativeframeworkof stakeholderengagementfor innovation management and entrepreneurship development.Journal of Business Research,119, pp.245-258. Madichie, N.O., Gbadamosi, A. and Rwelamila, P., 2021. Entrepreneurship and the Informal Sector: Challenges and Opportunities for African Business Development. Ogundana, O.M., and et.al., 2021. Women entrepreneurship in developing economies: A gender- based growth model.Journal of Small Business Management, pp.1-31. Sautet, F., 2020. The role of institutions in entrepreneurship: implications for development policy.Business and Public Administration Studies,14(2), pp.29-35. 11