Entrepreneurship and Business Development: Feasibility Study and Marketing Strategies for Candies for You

This report discusses the concept of effectuation, feasibility and causation study of new ventures, the relationship between entrepreneurship and innovation, and the STP analysis for opportunity gap in the market place. It also evaluates competitors and discusses business and marketing strategies for Candies for You, a new candy shop in Westminster, England, UK.

Entrepreneurship and
business development

Table of Contents
INTRODUCTION : ........................................................................................................................3
TASK ..............................................................................................................................................4
Analysis of concept of effectuation, feasibility and causation study of new ventures and
exploration of relationship among entrepreneurship and innovation : .......................................4
Evaluation of competitors and STP analysis for opportunity gap in market place and
feasibility discussion of business :..............................................................................................6
Analysis of competition- The analysis of competitors of the organization for knowing the
main points affecting the operations of business. Candies for You will conduct the main
analysis of competition for leading the markets. The analysis of competitors for Candies for
You is stated below-....................................................................................................................6
Discussion of business model on the basis of relevant frameworks and concepts and
explanation of how this new venture works : .............................................................................9
Business and marketing strategies should be adopted by entrepreneurs : ...............................11
CONCLUSION .............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION :
Entrepreneurship is the type of economic activity which is aiding in performance of the
business in a proper manner. It is important for entrepreneur for focusing on formulation of idea
of business for staying ahead in the competition. Entrepreneurship is also devised as main
activity of business which consists of focusing on developing of main operations of business for
fulfilling the needs and wants of consumers. The main aim of entrepreneurship and development
of business is for improving the sales and profits of organization. In this report, a idea of new
start ups of a Candy Shop is taken for developing the plan of business. 'Candies for You' is the
name for the shop and it will be situated at Westminster, England, UK. The business will give
benefit to consumers by providing candies of various flavours from all over the world. This
project will state the main dimensions of entrepreneurship and development with the application
of innovativeness(Akpan, 2021). It will also mention the different promotional strategies and role
for gaining competitive benefit. It will discuss the main quantitative and qualitative tools which
supports the company for management of activities and roles.

TASK
Analysis of concept of effectuation, feasibility and causation study of new ventures and
exploration of relationship among entrepreneurship and innovation :
Explanation of concept of causation and effectuation for conducting feasibility study of new
venture
In running of a business enterprise,causation is the main tool by which entrepreneurs aim
at achieving of pre defined goals and objectives instead of searching the ways for achieving
them. The chief function of causation is basically related to developing of important decision
which aids the company for delivering better practices in the environment which is static and
linear. The main focus of entrepreneurs is on taking the consideration for developing the main
decisions for new ventures of business. The causation topic is applicable when only if future is
easily predicted(Azizi and Mahmoudi, 2019).
Effectuation is the main techniques which aids the enterprises for developing the focused
approach for management of resources for improving the optimum use. Resources are also the
main part of enterprise helping in improving the possibilities of development and growth.
Candies for You department of operational management must focus on increase in the
participation of workers for developing the best practices of business. Effectuation aids in
improving the possibilities of strategic coalition and the marketing related strategies.
Feasibility study is the main approach which aids the enterprise for determination in future the
business will feasible or not. The study is developed as it aids in formulating of competence and
profits for venture. The study of feasibility for Candies for You is stated below-
 Conducting a primary analysis- In first stage of study of feasibility the primary analysis
for the new business is done. In it the business takes in consideration the main and key
points which are related to the nature of markets and consumers. The primary analysis is
the main frame work which aids the business enterprise for evaluating the main sources
of working of business(Chernopyatov and et. al., 2018).

 Developing the statement of income- In the second stage the formulation of statement
of income is generated. The statement of income aids the organization for knowing the
exact condition of the business.
 Market survey and research- The main role of new business such as Candies for You
is conducting the survey of marketing and research for collecting info. Quantitative and
qualitative research facilitates the info related to survey of markets and research.
 Planning of business operations- Planning of operations of business is the main
activity and goal of organization. Planning of operations aids the organization for
developing the focused approach in management the main operations of business in
proper manner.(Davari and et. al., 2018).
 Review and analysis of collected data- The collection of data is the main step which
must be taken by business for facilitating the collection of data. The collection of data is
the main technique helping the new business for performing the business operations in
accordance to the demand in market places.
Innovation and entrepreneurship relationship
Innovation is known as the main approach which aids the business enterprise for developing the
main approach dealing in with main out comes related to trends to market places. This approach
the new good is formulated by the business enterprise for achieving the main goals and
objectives. The demands of consumers are completed in innovative manner with the aid and
assistance of functions and operations. Candies for You will give unique candies to its key
consumers which will be likeable by children and youth(Drobyazko and et. al., 2019).
Evaluation of competitors and STP analysis for opportunity gap in market place and
feasibility discussion of business :
Analysis of competition- The analysis of competitors of the organization for knowing the main
points affecting the operations of business. Candies for You will conduct the main analysis
of competition for leading the markets. The analysis of competitors for Candies for You is
stated below-

Basis of difference Candies for you Kingdom of sweets M&Ms world
Products These flavoured
candies are specially
designed for you. The
flavours used in these
candies are obtained
from different
countries of the world.
These candies are very
delicious in taste.
Kingdom of sweets
will give provide all
the best candies in the
world to its customers.
Our company is a
leading competitor in
the market.
The M&Ms world is
the best candy shop in
the market. It will
provide different type
of candies which are
very good in taste. The
quality of the candies
is also very good
which will attract the
customers.
Pricing policy The company will set
affordable pricing of
candies to enter into
the market. This will
help the company to
focus on initial
customer acquisition.
The company which is
a leading competitor
of Candies has decided
the price after
analysing the demand
in the market. This
gives company
benefit of providing its
customers affordable
pricing.
The company is
currently focusing on
increasing its customer
base. This is the reason
the company is giving
candies at a reasonable
rate.
Promotion strategy The company will take
the help of social
media platforms for
promotion of their
candies. It will also
advertise its products
in various magazines
The Kingdom of
Sweets are currently
using the conventional
methods of promotion
which involve mouth
to mouth advertising
through direct selling.
The strategy which is
used by the company
currently is
collaboration with
influencers which are
famous and has a good
fan following.

and newspapers.
STP analysis-
This analysis is regarded as an important method of helping the organisations in improving their
business procedures and effectively perform the marketing function. It is essential for companies
to understand that the management of the company will play a key role in this analysis. Since
delivering good results is their responsibility(Kadir, 2018). The STP analysis of Candies for you
company is mentioned below:
 Segmentation- This is recognised as a crucial approach for managing the necessary
actions of the company. Segmentation of products is very important for improving the
revenues and also the growth of the company. It involves classification and dividation of
products on the basis of their demand in the market and their nature. The analysis of the
surveys and research will play a crucial role for performing segmentation of products by
Candies for you company.
 Targeting- The company needs to focus on targeting their customers in order to cater
their demands. The main aim of company should be to target the customers which will
help in improving the sales, increasing the profits and prepare a base for expansion and
growth. The customer should stay satisfied with the products and with the services
offered by the company(Kiminami, Furuzawa and Kiminami, 2020).
 Positioning- The positioning of the products and services is very important for any
company. It is necessary for every company to establish a good position in the market.
The company has to identify which marketplace will suit its products and services, so that
company can effectively achieve its business goals.
Discussion about the feasibility of new business venture :
For evaluating the sustainability of new business venture, analysing the current market
situation is very important. The company should establish a R&D department which will help
the company in doing various researches(Kwilinski and et. al., 2019). The feasibility of the new
business can be also examined by taking help from senior governing bodies of the business.
Focusing on marketing operations can help the company in achieving their pre-determined goals

within the required period of time. Fulfilment of these targets and goals help the company in
strengthening its position in the market. The Candies for you management will play a significant
role in achievement of all these plans. It will also try to focus on business expansion and growth
of company(LeDinh, Vu and Ayayi, 2018).
Discussion of business model on the basis of relevant frameworks and concepts and
explanation of how this new venture works :
The name of new business Candies for you
Vision The company is currently focusing on 2
visions. First one is to establish business with
greater efficiency and effectiveness. The
second one is to expand the business and run
its operations globally.
Mission The primary mission of the company is to
establish a business which performs very well I
the market and also gets ahead of the
competitors in minimum time period.
Objectives The main objective of the company is to
increase the revenues by 15% in the upcoming
year.
Marketing mix Marketing mix is a very important strategy for
every business in order to establish its presence
in the market. The marketing mix for candies
for you business are mentioned below:
 Price- This is the most important factor
on which the company needs to focus
on. Since customers are directly

attracted to businesses which offers
them affordable prices for the products.
The company should focus on reducing
its prices for increasing its sales in the
market.
 Place- The company needs to select a
geographical location for running its
business. This should be done keeping
in mind the nature of the products
offered by the company. The place
chosen by company is Westminster,
London which is a prime location in
London to perform business operations.
 Promotion- The company will promote
its products through social media
platforms. This will be cost effective
and help the company in reaching a
wide range of customers.
 Product- It is the end product which
the customers will be purchasing from
the company. The company should try
to launch innovated products so that the
customers gets attracted. This will also
help the company in getting ahead of
other competitors in the market.
Situational analysis This involves keeping an eye on all the factors
which can affect the business. This can be done
by performing situational analysis of the
market. It is also called marketplace research.

Business and marketing strategies should be adopted by entrepreneurs :
Every company has to formulate different business and marketing policies which help them in
achieving their goals. Candies For You has taken into account all the important strategies which
are essential for successful business. Strong strategies provides the companies in getting greater
advantage in the market(Morozko, Morozko and Didenko, 2020). So the companies should try to
give the required importance in preparation of these business and market strategies. These
various business and marketing strategies are explained as under in context to Candies For You:
 Start Up Period Phase: It is the first stage in every business. It involves establishment of
business in the marketplace. On this stage, the entrepreneurs of Candies For You
company will prepare different plans and policies in order to make their business work
effectively. These policies will include marketing strategies as well as operational
strategies. These different strategies will help the company in getting an edge over their
competitors. It will make the company more popular among the customers in the market.
The company in this stage formulate its plan of action so that it can achieve the pre-
determined objectives within the specified time period(Morozova, Popkova and
Litvinova, 2019).
 Growth Phase: It is next phase in the life cycle of business. At this stage, the
entrepreneurs of the company examine various market strategies like Ansoff. This helps
the company in product innovation, market penetration and diversification. These
strategies will assist Candies For You in running its business operations in a effective and
efficient manner. For selling the existing products in the market, the company can adopt
the strategy of market penetration. This phase also gives equal importance to growth and
expansion(Neumeyer, 2021). Diversification strategy will encourage the company for
innovating new products in the market and also cater to every section of customer. In
context to Candies For You, the company should try to follow the growth strategy of
market penetration because they are new business and at its initial stage they can capture
the market with these strategies.
 Consolidation Phase: This stage involves consolidation of the company's presence in the
market and also strengthen its position in the industry. The company can focus on

increasing its distribution channels and enhancing the range of products(Petrunenko and
et. al., 2020). The company can do collaboration with any big company in order to
increase its customer base. This will help the company in improving its positive image in
the market.
 Underperformance Phase: This is the final stage of the business cycle. Candies For You
should try to determine the reasons behind their underperformance. This will help the
company in formulating the strategies so that they can improve their performance in the
upcoming years. Strategies can only be prepared after conducting the market research and
survey(Qureshi, Hassan and Mian, 2021).
Evaluation of qualitative and quantitative planning tools that can be used by entrepreneurs
in assessing and mitigating risks as well as common mistakes that an entrepreneur made at
initial stage :
Assessment of qualitative planning tools for identifying and minimizing risks
The important planning tools applied by the management of Candies for you will include the
following techniques:
 Forecasting- It is considered as one of the most important tools to examine the
conditions of market. The company has to forecast the essential factors so that it can
achieve the desired pre-determined objectives. This will give company an idea of what is
going around the market and how can they prepare different strategies. This will help the
company in minimizing the risk of business(Trapp and Kanbach, 2021).
 Contingency planning – This planning keeps the company prepared for any
contingencies in future. It helps the companies in minimizing their risk which is
connected with its business operations. The R&D department of the company is
responsible for determining the contingencies of future. In this way the company can
satisfy the wants and needs of crucial customers.
Assessment of quantitative planning tools for identifying and mitigating risks
 Data mining- Data mining is recognised as a key approach which the businesses use to
minimise the risk associated with key operations. This help the company in maintaining

its focused approach toward the market. IT play a very crucial role in proper operation of
data mining in the business.
 Linear programming – It is a technique which improves the companies possibility of
performing successfully in the market. Since it focuses on minimizing the risk of business
for the company. It solves issues related to production, acquiring labour and purchasing
machinery and equipments for business. It also helps them in scanning risks related to
manufacturing activities and mitigating them in an effective manner(Vukile and
Mlungisi, 2021).
Common mistakes made by entrepreneurs :
The common mistake entrepreneurs do is assuming that they know everything and does
not consider other person's opinion or view. This keeps them unaware of the other possibilities
which can be important for their business. Another mistake they do is they do not set their goals
before the start of the business because they lack proper business plan. The entrepreneurs of
Candies for you should develop a organized structure which will help them in their business
growth and development. The entrepreneurs of this company should try to avoid these mistakes
by preparing different strategies and necessary plan of action. The high level management of the
company is responsible for developing these rules and regulations so that the business is able to
achieve their objectives within the specified time. The company can also take help of various IT
tools like management information system, decision support system and knowledge information
system to efficiently perform all its business activities in a well organised manner.

CONCLUSION
The above project concludes that for increasing the possibilities of development of plan
of new business it it compulsory for the organization to formulate strategies. For gaining
competitive benefit in the market it is important for the organization to focus on main operations
of business such as human resources,finance management and operations. The report states the
significance of planning and strategic model frameworks which is developed by new ventures for
staying ahead in the competition. The reports also mentions the importance of division, targets
and positions for dominating the markets by various operations of marketing. The project also
mentions that for setting up a new business it is very crucial for the organization to perform the
environmental analysis.

REFERENCES
Books and Journals
Akpan, I.J., 2021. Scientometric evaluation and visual analytics of the scientific literature
production on entrepreneurship, small business ventures, and innovation. Journal of
Small Business & Entrepreneurship, 33(6), pp.717-745.
Azizi, M. and Mahmoudi, R., 2019. Learning outcomes of entrepreneurship education:
Entrepreneurship education for knowing, doing, being, and living together. Journal of
Education for Business, 94(3), pp.148-156.
Chernopyatov, A. and et. al., 2018. Entrepreneurship development and business activity in the
Russian Federation. Journal of Entrepreneurship Education, 21(4), pp.1-12.
Davari, A. and et. al., 2018. Effect of Entrepreneurship and Business Environment Policies on
Entrepreneurship Development. Journal of Entrepreneurship Development, 11(2),
pp.321-339.
Drobyazko, S. and et. al., 2019. Innovative entrepreneurship models in the management system
of enterprise competitiveness. Journal of Entrepreneurship Education, 22(4), pp.1-6.
Kadir, N., 2018. Analysis of entrepreneurship perception and business developmental strategy of
silk in Wajo Regency, South Sulawesi, Indonesia. International Journal of Law and
Management.
Kiminami, L., Furuzawa, S. and Kiminami, A., 2020. Social entrepreneurship and social
business associated with multiple functions of urban agriculture in Japan. Asia-Pacific
Journal of Regional Science, 4(2), pp.521-552.
Kwilinski, A. and et. al., 2019. Formation of the entrepreneurship model of e-business in the
context of the introduction of information and communication technologies. Journal of
Entrepreneurship Education, 22, pp.1-7.
Le Dinh, T., Vu, M.C. and Ayayi, A., 2018. Towards a living lab for promoting the digital
entrepreneurship process. International Journal of Entrepreneurship, 22(1), pp.1-17.
Morozko, N., Morozko, N. and Didenko, V., 2020, November. Financial Conditions for the
Development of Entrepreneurship in a Modernized Economy. In Innovative Economic
Symposium (pp. 669-676). Springer, Cham.
Morozova, I.A., Popkova, E.G. and Litvinova, T.N., 2019. Sustainable development of global
entrepreneurship: infrastructure and perspectives. International Entrepreneurship and
Management Journal, 15(2), pp.589-597.
Neumeyer, X., 2021. Implementing data analytics into the entrepreneurship curriculum: a course
overview. In Annals of Entrepreneurship Education and Pedagogy–2021. Edward Elgar
Publishing.
Petrunenko, I. and et. al., 2020. Development and support of small innovative entrepreneurship
in Europe and the USA. Revista San Gregorio, 1(42).
Qureshi, S., Hassan, S.Z. and Mian, S.A., 2021. Business incubation and acceleration in
Pakistan: an entrepreneurship ecosystem development approach. In Handbook of
Research on Business and Technology Incubation and Acceleration. Edward Elgar
Publishing.
Trapp, C.T. and Kanbach, D.K., 2021. Green entrepreneurship and business models: Deriving
green technology business model archetypes. Journal of Cleaner Production, 297,
p.126694.

Vukile, M. and Mlungisi, S.P.P., 2021. COVID-19 effect on business performance SMMEs
perspectives in a South African context. IJEBD (International Journal Of
Entrepreneurship And Business Development), pp.727-743.