Entrepreneurship and Business Development: Feasibility Study, STP Analysis, and Business Model Canvas

This report discusses entrepreneurship and business development, including a feasibility study, STP analysis, and business model canvas. It explores the relationship between innovation and enterprises, and provides insights into business and marketing strategies for success. The report focuses on the case of Pool of Chocolate, a small and medium-scale business venture in London, UK, that sells homemade chocolates.

Entrepreneurship and
business development

Table of Contents
INTRODUCTION ........................................................................................................................1
MAIN BODY ...............................................................................................................................1
Determination of effectuation and causation & feasibility study for new venture as well
as exploring the relationship among innovation and enterprises :-........................................1
Connection among innovation and entrepreneur - ..................................................................3
Classification of rival and STP analysis for measure the chance gap in marketplace and
discourse about feasibleness of concern.....................................................................................3
STP Analysis -.............................................................................................................................4
Describes regarding feasibility of new venture - ....................................................................5
Drafting on Osterwalder’s business model canvass and Porter’s value chain, discuss your
proposed concern model and explicate how and why you think your new undertaking will
work.............................................................................................................................................5
Business and marketing strategies should be adopted by entrepreneurs.....................................7
Basic mistake made by businessman...............................................................................................9
CONCLUSION ..............................................................................................................................9
References:.......................................................................................................................................9

INTRODUCTION
Business is known to be the commercial practice that is being attained with the purpose
of generating money and it’s men goal is to gain more and more profit together with the
sustainability for the long period of time of the organization in the market area. At the
time of setting the new venture of the business in the market area the owner of the
organization requires to evaluate several elements which are related to the business in
order to accomplish the long term goals add objectives of the company. In addition to it
commercial businesses basically needed a large amount of investment in order to
establish it effectively and efficiently in the industry. This is also being evaluated with
the help of the research of the market that management should evaluate the
requirements as well as desires of their consumer base and they should also know that
the consumers are their major resources which they need to keep loyal. Structure of the
business are divided into 2 categories which are non profit organization as well as profit
organization. Resize several types of the legal structure which are sole trader, small and
medium organization, company, large organization add various more. Moreover to this
it says the organization in evaluating the capability of the people in order to operate the
operations of the business efficiently and effectively(Urbaniec, and et.al., 2022). The
idea of the development of the business can be represented as the short term as well as
long term plan which are stated at the time of launching of the organization in order to
attract large number of the investors which provide assistance to the company in their
success as well as growth for their long period of time. The following report is based on
the organization pool of chocolate which is situated in London United Kingdom.
Organization basically deals in selling homemade chocolates to their consumer base. In
addition to it the following report will cover about the suitable plan of business and
analysis of the market techniques. Additionally it will also involve about the business
and it’s every implication in the industry.
MAIN BODY
Determination of effectuation and causation & feasibility study for new venture as well as
exploring the relationship among innovation and enterprises :-
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Effectuation and causation & feasibility have around 2 techniques which are known as the
effectuation and position in order to evaluate the activities and action of the organization for the
long period of time. In this position method refers to the ways as well as means in accomplishing
the pre evaluated goals and targets of the organization effectively and efficiently in the market
area. Whereas the idea of effectuation is linked to the actions and activities which focuses on the
examination of short term ideas and possibilities in order to carry out the sources which are
utilised in setting up the new venture in the market area. Moreover to this the commercial
businesses basically focus on creating several means as well as details in order to make helpful
opportunity in the market or the industry. The method which are utilised by the entrepreneur in
order to evaluate several elements which influence the commercial businesses and that impacts
the respective organization is described below in brief. (Teshabaeva, Abdullaeva, and
Aminjonova, 2022)
1. Conduct preliminary analysis - This is the first level of feasibility that involves
resources, time, efforts, ideas as well as screening of the business plan that provide
assistance to the company in its development and long term growth. The following
researches also conducted for the respective organization pool of chocolate and it has
been evaluated that it is the most appropriate concept for the businesses that are operating
in small scale. In addition to it the study also evaluates that a large consumer in the
market of the United Kingdom where basically more people use chocolates that are made
of homemade which enhances the involvement in according to utilise the products and
goods for a long period of time. Additionally the new venture plan which is known as
startup does not needed major level of capital and it can act as the major advantage for
the company by attracting large number of the consumer base of United Kingdom
towards the organization .
2. Preparation of projected income statement - After the first level of this method liability,
expenses and income of the business are examined by the organization. These elements
are known to be very essential for the company in order to evaluate the fiscal condition of
the commercial business. This has also been anticipated that the income that is generated
is ability of the new commercial business.
3. Conduct market survey - Conducting the survey of the market is another level of this
method and it is very essential in order to evaluate the buying capability and capacity of
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the consumers as well as geographical edges of the consumers in the market area. This
has also been evaluated that current market equity of the respective organization is
growing and developing appropriately. (Salve, 2022)
4. Planning business operations - This is also known to be the essential element in order to
plan the practices for consistent operations, value of the practices which are to be
happened in the launching of the practices of the business effectively. In according to the
new start Up which is full of chocolate focus is on putting more and more efforts as well
as making ideas in order to evaluate the details and the capital of the company.
5. Review and analyse collected data - The monitoring details provide assistance to the
company in collecting as well as modifying the information and data or the availability of
the requirements and desires of the consumers. In relation to the respective organization
management needed to evaluate the associated risk that involves in it as well as
contingency that is associated to several external as well as internal elements.
Connection among innovation and entrepreneur -
Ideas that are link to the creativity focus on dealing with the innovision that basically
states out as well as reach out of the new ideas as well as opinions in order to better the
effectiveness and efficiency of the product (Rathakrishnan, and et.al., 2022). This is known to be
the same to the current services and goods that are offered by the company in order to set up the
new commercial venture in accordance to have the assurance off launching something different
and creative and innovative activities which provide assistance specifically to the company. The
innovation in the market area it’s very necessary for the betterment and growth of the company.
Business is known to be the ability of the specific expectations of the market and dynamic trend
as the potential opportunity in order to launch the new ideas and views of the management. In
relation to accomplish such new opportunities the respective organization can come up with
several innovative opinion and products in the market area.
Classification of rival and STP analysis for measure the chance gap in marketplace and discourse
about feasibleness of concern
Competitiveness evaluation provide assistance to the company in order to assess the
operations, policy of the business, value and quality of the goods on the foundation of the
consumer viewpoint, feedback and responses. In relation to the respective organization rivalry
evaluation is described below in brief. (Rakhmonovna, 2022).
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Basis of variability Pool of chocolate House of Dorchester
Product offered They are offering top
quality products as
well as also they are
offering the different
design chocolate with
having different types
of flavours in it.
Management of this
company is offering
the fruity as well as
tasty chocolate product
without compromising
with the quality.
Pricing strategy The respective
organization are
focused in providing
the reasonable cost of
their products so that
every type of the
consumer can
conveniently buy the
products from them.
The organization is
focuses in selling the
product add the
premium expense of
the chocolate.
Promotional channels The business firm
focus in promoting the
products by the
assistance of the
digital media
platforms in which
social media is made
as well as traditional
type of the
advertisement of the
business and its brand
(Lutfullayevich, and
Muzaffarovich, 2022)
The organization focus
in promoting their
products with the
assistance of
traditional way of
advertisement in
which board holdings
and many other ways
are utilised. Company
is also utilizing the
social media platform
in order to market their
product.
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STP Analysis -
1. segmentation - This level of the active framework in which consumers are separated into
several denominators on the basis of specific classification on maintaining on the
consumer segment. This will basically provide assistance to the organization which is
pool of chocolate in increasing large number of the consumer base for the company.
Commonly consumers are basically engaged in using the practices of the specific
business. The respective organization focus in segmenting the consumers on the basis of
their preferences as well as stage and also on the basis of their age as well. (Kirby, El-
Kaffass, and Healey-Benson, 2022)
2. Targeting - This is another level of the hdp evaluation in examining the consumer base
and target few of the level of the consumers in the market area. Here the commercial
business which is pool of chocolate focus in selecting the kids as well as youth in order to
enhance their sales revenue as basically kids preferred chocolates more.
1. Positioning - It is the last level of this framework in which the business poses the
valuable way in order to select the specific target level of the consumer base. It focused
to create more effectual strategy of marketing and evaluates the large and large consumer
base for the organization.
Describes regarding feasibility of new venture -
The idea of the new business venture of making the chocolates that are of homemade is
basically suitable and feasible in its nature. The theory of feasibility shows the suitable situation
in the market of the United Kingdom in which the organization is planning to perform. This has
also been evaluated at the United engineers suitable and home for the major consumer base in
which the people provide several gift and focus on attempting healthy and quality source of food
product as well as they also prefer to eat different type of chocolates after their meals. In addition
to this the respective organization is basically small and medium scale business venture with
having low amount of invested capital in it and other resources (Imam, 2022). Hence it assist in
providing the feasibility nature to the respective organization in terms of its economic as well as
financial conditions.
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Drafting on Osterwalder’s business model canvass and Porter’s value chain, discuss your
proposed concern model and explicate how and why you think your new undertaking
will work.
In regards to effectiveness of the new business the concern model of the pool of chocolate
has been listed in below -
Name of business venture Pool of chocolates
Executive summary The following plan of the business of the
creative idea of the business of reducing the
chocolates that are of homemade in several
different varieties. In addition to it the
respective organization focus in dealing tasty
as well as quality food items. (Hill, 2022)
Vision The main aim of the organization is to become
well recognised organization around the world
market area.
Mission The objective of an industry is to serve quality
goods and access the sustainable business
practices with in the company in regards to
improve the positive brand image with the
aids of raising the company accountibaility.
Aims The objectives of the company of the
respective company is to access the
sustainable business activity under the
company accountability. The main aim of the
organization east to evaluate the several
activities of the business sustainability in the
accountability of the company. (Hameed, and
et.al., 2022)
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Marketing mix
1. Products – This element of the marketing
mix framework represents in which how the
products of the organization is served in the
industry to the consumer base. The respective
organization is offering the chocolate chapter
of homemade which is basically preferred by
the kids and the teenagers as well and this is
also designed in several different shapes and
structure. (Fithriyana, and Fahmy, 2022)
2. Price - The organization offering their
product and utilizing the strategy of discounted
price which is exhibited by them in basically
setting up the value of the products.
3. promotion – This element represents is that
what type of the advertising or the promotional
technique as utilised by the management of the
respective organization in terms to enhance
their sales and profitability in the market area.
4. place - the opening of the product is situated
in main market as public can reach effortlessly
and happily.
Situational analysis Strengths - The main strength of the respective
organization is that they are offering top
quality chocolate items at the very reasonable
prices and they are also utilizing several fruit
essence in order to make the chocolate more
tasty.
Weakness - As the organization is a new
business venture so they are having the low
experience in the market area as well as they
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are having low goodwill which can lead to
there main weakness. (Fidlerová, and et.al.,
2022)
Opportunity The organization poses several
possibilities of executing the latest and
contemporary technology in its operation in
order to. Promote the product of the company
effectively and efficiently.
Threats - As the organization is the new
business venture so management have to
increase their brand awareness in the market
area of the organization.
Pricing strategy The respective organization is utilizing the
discounting pricing strategy in which it assists
them in increasing their consumer base as well
as goodwill in the market area. Management
also providing more and more discount to their
consumer based on different festivals and other
occasional days. (Conroy, and Low, 2022)
Business and marketing strategies should be adopted by entrepreneurs.
 Initial Phase: In the starting phase of the organization entrepreneur must have different
and unique plan for its business. Basically have faith on their strategies and plant that
need to be exact as well as arrival for the operations of the business. So in accordance to
that several strategies of marketing can be implemented by them. Plan of business needs
to be made by focusing on the targeted consumer base which are linked to the market
area of the company.
 Progress Phase: In this level off the strategy entrepreneur need to evaluate the
framework of ends of growth that provide assistance to the company in conducting the
operations of the business effectively and efficiently as well as this also supports in
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accomplishing the goals and objectives of the company by providing them the edge over
their competitors in the market area. Management will also utilise different strategy of
marketing penetration in which management need to sell their current products in the
existing market area.
 Consolidation Phase: In this level of this strategy provide assistance to the organization
in developing their several range of the goods as well as supply chain management also.
In addition to it commonly management of the company are more preferring in
acquisition as well as merging with other brands that are well recognised in the global
market area. (Bulturbayevich, 2022)
 Phase of Underperformance: Is this last level the respective organization must take
several different complex decision in order to increase their performance as well as
productivity for the long period of time. The owner of the organization must focus on
conducting several in depth research which is associated to the trend of the market for
evaluating the reason of poor performance of the company.
What are the financial techniques, planning tools and decision-making models that you could use
to assess and mitigate your risks?
Forecasting: This is refers to the technique in which the organization uses several method to
forecast and predict the future. As this is known to be very crucial for the organization in order to
recognise add minimise the risk that are linked to it and several strategies can be employed by
the management of the organization in an effective active formulation. As it provides the
assistance to the organization so management can plan in accordance to the dynamic methods as
well as changing ways in the market area. (Areo, and et.al., 2022)
Assessment of quantitative planning tools for identifying and mitigating risks.
Mining of Data: This is known to be the consolidation of understanding and knowledge which
is link to the campaigns and programs as well as methods of the states. Such type of the activities
originate slowly together with enhancing the information and data across the global boundaries.
CONCLUSION
From the above report it has been concluded that innovation as well as entrepreneurship are
linked to among each other suitably as well as they focus on addressing their goals at the same
time. In addition to it as the innovation is introducing of the latest as well as the new opinion and
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ideas related to the practices of the entrepreneurship in the management. A plan of business is
linked to the activities of the company as well as blue print that provide assistance to the
managers or the leaders of the organization in providing the guidance to the workers effectively
and efficiently which can assist them in putting more efforts in order to accomplish the long term
goals and objectives of the company. This has also been concluded that the entrepreneur need to
make several marketing as well as pricing strategy in order to examine the driving forces that
assist in making their operations of the business more effective.
References:
Books and Journals
Areo, A.B., and et.al., 2022. The Rising Profile of Women in Global Entrepreneurship
Development: Not Yet Manumission.
Bulturbayevich, M.B., 2022. IN PRIVATE ENTREPRENEURSHIP EMPLOYEE
INCENTIVES ISSUES. ASIA PACIFIC JOURNAL OF MARKETING &
MANAGEMENT REVIEW ISSN: 2319-2836 Impact Factor: 7.603, 11(04), pp.21-27.
Conroy, T. and Low, S.A., 2022. Entrepreneurship, broadband, and gender: Evidence from
establishment births in rural America. International Regional Science Review, 45(1),
pp.3-35.
Fidlerová, H., and et.al., 2022. Sustainable Entrepreneurship for Business Opportunity
Recognition: Analysis of an Awareness Questionnaire among
Organisations. Energies, 15(3), p.849.
Fithriyana, R. and Fahmy, R., 2022. Green Entrepreneurship and Performance Entrepreneurship
Seen From the Aspect of Culture and Motivation: Preliminary Study. Budapest
International Research and Critics Institute (BIRCI-Journal): Humanities and Social
Sciences, 5(1), pp.2735-2741.
Hameed, K., and et.al., 2022. Forces of dynamic capability and incidence of entrepreneurship: A
macroeconomic policy intervention approach. Journal of the Knowledge Economy,
pp.1-25.
Hill, C., 2022. Entrepreneurship in rural areas: Examining the influence of postsecondary
education.
Imam, B.I., 2022 Influence of Entrepreneurship Education on Entrepreneurial Intention among
Students of Selected North Eastern Nigeria Universities.
Kirby, D.A., El-Kaffass, I. and Healey-Benson, F., 2022. Harmonious entrepreneurship:
evolution from wealth creation to sustainable development. Journal of Management
History, (ahead-of-print).
Lutfullayevich, S.M. and Muzaffarovich, R.M., 2022. Further Liberalization and Promotion of
Private Entrepreneurship in Uzbekistan. Periodica Journal of Modern Philosophy,
Social Sciences and Humanities, 5, pp.86-88.
Rakhmonovna, M.D., 2022 UNDERSTANDING THE ESSENCE OF ENTREPRENEURSHIP
AND BUSINESS IS THE BASIS FOR IMPROVING SMALL BUSINESS
MANAGEMENT.
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Rathakrishnan, T., and et.al., 2022. Evolution of Entrepreneurship Development Among
Different Generations in Adopting Technology in Malaysia: Towards a Reconciliation
for Collaboration. In Innovation in ASEAN (pp. 53-64). Springer, Singapore.
Salve, S., 2022. Factors Impacting Women Performance in Entrepreneurship: the Psychological
and Non-Psychological. Asia-Africa Journal of Business Entrepreneurship Education
and Management, 1, pp.1-15.
Teshabaeva, O., Abdullaeva, M. and Aminjonova, V., 2022. The role and importance of
entrepreneurship and small business in the national economy. INTERNATIONAL
JOURNAL OF SOCIAL SCIENCE & INTERDISCIPLINARY RESEARCH ISSN:
2277-3630 Impact factor: 7.429, 11, pp.183-191.
Urbaniec, M., and et.al., 2022. Fostering sustainable entrepreneurship by business strategies: An
explorative approach in the bioeconomy. Business Strategy and the Environment, 31(1),
pp.251-267.
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