Entrepreneurship and Business Development: Strategies for IdeaFusion Consulting

This report discusses the strategies for IdeaFusion Consulting in Entrepreneurship and Business Development. It covers market entry, STP analysis, marketing and growth strategies, financial plan, and risk mitigation. The report focuses on the consulting business and provides insights on how to attain goals and objectives.

Entrepreneurship and
Business Development

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurship and Business Development refers to the use of methods and techniques
through which the management of the needs and requirements of the Business can be done
appropriately(Abebe and Gebremariam, 2021). Therefore, it is quite important that the
management can be done by the Businesses quite effectively and efficiently. It can be quite
helpful for the Businesses because they will be able to attain the goals and objectives. In this
report, focus will be made on the ways which can be used for attaining the goals and objectives.
MAIN BODY
Business Idea and Market Entry Strategies-
The Business Idea which has been chosen is Consulting. Consulting Businesses are
nowadays in high demand and therefore it becomes quite important that the right approach can
be used for the particular purpose of managing needs and requirements (Akimov and et.al.,
2021). Therefore, the Business which has been proposed to be launched is IdeaFusion Business
Consulting. It is a Business Organization which provides its services to the customers and
clients. There are various types of Market Entry Strategies which can be used by the different
types of organizations. These can be explained as follows-
 Direct Exporting- It is a strategy in which the entry into the market can be obtained by
ensuring that the management of the particular level of needs and requirements of the
customers can be done. This can be ensured through ensuring that the different types of
customers can be targeted in a proper manner and thus the enhancement in the overall
level of efficiency and effectiveness can be carried out in a right way (Akpan, 2020).
 Licensing- It is a strategy where the rights of using a product or service is provided by an
organization to another organization. Therefore, in this way it can be stated that the
appropriate use of this particular strategy can be made so that the organizations are able
to ensure that they can help in the attainment of the goals and objectives.
 Franchising- In this particular strategy, the organizations can make sure that they are
able to appropriately target the market quite effectively and efficiently. Thus, in this way
it can be stated in this strategy an organization provides the rights of operating a business
to another organization. This will therefore help in ensuring that the management of the
needs and requirements of the Businesses can be done quite appropriately.
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 Buying a Company- It is a market entry strategies through which the Businesses can
make sure that they are able to appropriately manage the different types of needs and
requirements. This strategy can help them in becoming successful in the market and thus
enhance the overall level of profits in quite a proper manner so that the attainment of the
future goals and objectives can be carried out in quite a right manner which will be
helpful.
Justification- Franchising is a mode which can be used by IdeaFusion Consulting to be able to
make sure that it can effectively and efficiently manage out its different types of needs and
requirements in quite a proper manner. Therefore, it is quite important for the Businesses to
make sure that the use of this particular mode can be made so that the entry can be gained in the
market in a right way which will be quite useful in enhancing the overall level of efficiency and
effectiveness in a proper manner. This will help in the attainment of a strategic and competitive
edge over the different types of competitors. This will be helpful for the Businesses.
Rationale for launching the Business-
It is quite important that the proper and detailed analysis of Rationale for launching the
Business can be done quite effectively and efficiently in a right manner. Thus, it is highly
necessary that the appropriate analysis of Rationale can be carried out in a proper way. The
Rationale for launching the Business can be explained as follows-
 Targeting the customers- It is important that the targeting of the customers can be
carried out so that the Businesses are able to become successful in the future in quite a
proper manner. IdeaFusion Consulting is therefore required to make sure that it can
appropriately target the Businesses which require making the use of these consulting
services (Angheluță and et.al., 2020).
 Attaining a strategic and competitive edge over the competitors in the market- It is
highly necessary that the attainment of a strategic and competitive edge over the
competitors in the market can be obtained so that the management of the needs and
requirements can be carried out. In the context of IdeaFusion Consulting, it is therefore
quite important that the attainment of the strategic and competitive edge can be done
which will thus help a lot in enhancing the overall level of efficiency and effectiveness.
 Growth in the market- It is important to make sure that the Growth in the market can be
achieved which will therefore be quite helpful in ensuring that the Businesses can attain
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the goals and objectives in the future. Therefore, it can be stated that this is a reason due
to which the Business will be launched so that it can grow in the future and therefore is
able to make sure that it can effectively and efficiently attain the goals and objectives
(Cullen and De Angelis, 2021).
 Enhancing the overall level of profitability- It is quite important the enhancement in
the overall level of profitability can be carried out. This is so because the Businesses have
to identify the scope through which the enhancement in the overall level of profits can be
done and thus this will therefore help a lot in ensuring that the attainment of the goals and
objectives can be done in a right way (Dahles and et.al., 2020).
Review of the industry and STP analysis-
For the proper assessment of the market it is quite important that the macro/micro
analysis can be done in a proper manner. Therefore, it is highly necessary that the use of macro
analysis is done for this particular purpose. The Macro analysis can be done through making the
use of PESTEL analysis. Therefore, the PESTEL analysis of IdeaFusion Consulting can be done
in the following manner-
Political factors- It is quite important that the proper and detailed analysis of the political
situation which is prevailing in the market can be done so that the appropriate conclusions and
recommendations can be drawn. IdeaFusion Consulting is therefore required to make sure that
the relevant adjustments can be made accordingly.
Economic factors- It is necessary that the analysis of the economic situation in the
market can be done so that the enhancement in the overall level of profitability can be carried out
quite effectively and efficiently. IdeaFusion Consulting is therefore required to ensure that it can
attain higher-level of profits in this way which will therefore help it a lot in a right way.
Social factors- It is highly important that the identification of the ways in which the
social needs and requirements can be fulfilled is done. IdeaFusion Consulting is therefore
required to make sure that it can appropriately and properly target the attainment of higher-level
of growth in this manner.
Technological factors- Nowadays it is essential for the organizations that they make
relevant adjustments according to a change in the technology. In the context of IdeaFusion
Consulting it is therefore quite important that the management of the appropriate level of needs
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and requirements can be carried out which will therefore lead towards the attainment of the goals
and objectives in a right way.
Environmental factors- Nowadays customers are quite conscious about the
Environment. It is therefore quite important that the products and services are provided
according to the environmental rules and regulations which have been set by the Government.
This will therefore help the organizations a lot in making the required level of adjustments quite
effectively and efficiently. Therefore, IdeaFusion Consulting is required to make the relevant
adjustments accordingly.
Legal factors- There are various types of legal rules and regulations which are required
to be considered by the Businesses. This is essential so that their operations can go on smoothly
in the country in which they have set up their Business. For an organization like IdeaFusion
Consulting it is therefore important that the adjustments are made according to the legal rules
and regulations in a proper manner quite effectively and efficiently.
STP analysis-
STP analysis refers to Segmentation, Targeting and Positioning. It is quite important and
should be done so that the appropriate analysis of the market is done (Li and et.al., 2020). It can
be done in the following manner-
Segmentation- IdeaFusion Consulting needs to identify the various types of segments of
its market. Thus, in this way it has to be ensured that these types of segments can be quite helpful
in ensuring that the appropriate management of the needs and requirements can be carried out by
the Business quite effectively and efficiently.
Targeting- IdeaFusion Consulting has to make sure that the targeting of the customers
can be done so that the management of the needs and requirements can be done quite effectively
and efficiently.
Positioning- IdeaFusion Consulting is required to make sure that the identification of the
positions which can be taken in the market can be done so that the enhancement in the overall
level of profitability can be carried out in quite an appropriate manner.
Competitor analysis-
It is quite important that the use of Competitor analysis can be done so that the
assessment of the different types of competitors can be done quite appropriately and properly in
a right way. IdeaFusion Consulting will make sure that it is able to perform it for the purpose of
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determination of the strategy to be applied quite effectively and efficiently in the right way.
Candesic, Bain & Company, Deallus Consulting and FTI Consulting etc. are the Businesses who
will provide competition to IdeaFusion Consulting and therefore the use of a proper strategy is
required to be made. The competitive advantage which is present with IdeaFusion Consulting is
that it is a Business which provides its services at low rates and therefore in this way can make
sure that the attainment of a strategic and competitive edge can be done over the competitors in
the market.
Marketing strategy and market growth strategy-
Idea Fusion is an organization which is operating for the purpose of providing guidance and
ideas to other businesses in relation to grow (Pivnitskaya and Perekhod, 2020). In business
environment there are different types of businesses are running who needs assistance to start
something new and attractive which can help to develop the organizational productivity and
profitability. The aim of Idea Fusion is to grow their functions and activities by formulating
effective planning and strategies to run their business. To grow its business different types of
marketing strategy is used by organization such as:
Market development strategy – This strategy is related to entering in to new market with
existing products and services that can help to get new customers as well as remain old one. This
can help to grow the business in changing environment and attain the business goals. In relation
to Idea Fusion, management can adopt market development strategy for growing its business by
entering in to new location and country which can influence the people and helps to develop the
organizational sales as well as productivity (Chinnobaiah, 2019).
Marketing Mix – Whenever organization is introducing something new and attractive then there
is need to focus on marketing mix (Kalogiannidis, and Mavratzas, 2020). Ideas Fusion is the
medium size organization that is using the Marketing mix as growth strategy that is explained
below:
 Product: Idea Fusion is service based company that provides consulting services to
business people which helps to grow their business in other location and maintain the
higher profitability. The management of such organization understand the needs of other
business and provide them proper assistance which can help to develop the organizational
performance (Popescu, 2020).
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 Price: The Idea Fusion is adopting the competitive pricing strategy by comparing with
others which influence the number of people and increase organisational sales.
 Place: The Idea Fusion is operating its business in UK, where many small and medium
businesses are established effectively (Chinnobaiah, 2019).
 Promotion: To reach the targeted customers and increasing sales chosen organization is
using print media, social media, and digital marketing which can help to influence people
and maintain higher performance (Seitov, 2020).
Using online marketing channel strategy – This is very important strategy which is used by
business concern to develop its activities and functions in changing environment. Social media
marketing strategy is mainly uses by all business concern where people are activated and see the
posts, if someone wants to grow their business then it should be use social media marketing as it
helps to reach the people and sale them kind of products and services. Idea Fusion will use this
strategy to attracts the large pool of people who are thinking to start their own business. This
would help them to run their business in changing environment and manage each function and
task. This can help to accomplish the business goals and objectives (Zhang, and Choi, 2019).
Thus, from the above it can be explained that Idea Fusion is using all marketing strategies for
running and growing the business in competitive environment (Ziyae and Sadeghi, 2020).
Financial plan, risk and mitigation strategies-
Financial plan is a plan which is required to be prepared because it will be quite helpful
for the particular purpose of attainment of the financial goals and objectives. For an organization
like IdeaFusion Consulting it is quite important to prepare a Financial Plan so that it is able to
ensure that it can derive out the appropriate conclusions and recommendations in quite an
appropriate way effectively and efficiently. Risk and Mitigation strategies are required to be
framed for the purpose of ensuring that the organization is able to appropriately take the right
actions in a right way and a proper manner (Zhang and Choi, 2019).
Thus, it is important that the appropriate strategies can be used so that the management of
the needs and requirements can be done in such a way so that the attainment of the future goals
and objectives can be done which will therefore help in enhancing the overall level of efficiency
and effectiveness in quite a proper way (Kalogiannidis and Mavratzas, 2020). Thus, in this way
the decisions can be taken in a better manner.
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CONCLUSION
From the above report, it can be concluded that Entrepreneurship and Business
Development refers to the use of methods and techniques for the purpose of facilitating the
management of the different types of needs and requirements which are related with starting of a
particular Business. Thus, it is quite important and necessary that the entrepreneurs are able to
take the right actions which will be helpful in ensuring that the Businesses are managed in a right
way in the future so that the attainment of the future goals and objectives can be carried out
which will be quite helpful.
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REFERENCES
Books and Journals:
Abebe, G. K. and Gebremariam, T. A., 2021. Challenges for entrepreneurship development in
rural economies: the case of micro and small-scale enterprises in Ethiopia. Small
Enterprise Research. 28(1). pp.36-56.
Akimov, O. O. and et.al., 2021. Entrepreneurship education of the formation of the e-commerce
managers professional qualities. International Journal of Entrepreneurship. (25 (7)),
pp.1-8.
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.
Angheluță, P. S. and et.al., 2020. Dynamics of Establishment of the Enterprises and the
Entrepreneurship in Romania. European Journal of Sustainable Development. 9(3).
pp.116-116.
Chinnobaiah, S., 2019. Market Development Strategy for India's Rail Company Ircon in Asia,
Africa, and Middle East. In Dynamic Perspectives on Globalization and Sustainable Business in
Asia (pp. 22-40). IGI Global.
Cullen, U. A. and De Angelis, R., 2021. Circular entrepreneurship: A business model
perspective. Resources, Conservation and Recycling. 168. p.105300.
Dahles, H. and et.al., 2020. Social entrepreneurship and tourism in Cambodia: advancing
community engagement. Journal of Sustainable Tourism. 28(6). pp.816-833.
Kalogiannidis, S. and Mavratzas, S., 2020. Impact of marketing mix strategies effective product
development issues in MNCs/Retail. International Journal of Business Marketing and
Management (IJBMM). 5(12). pp.118-125.
Li, C. and et.al., 2020. Role of business incubators as a tool for entrepreneurship development:
the mediating and moderating role of business start-up and government regulations.
Sustainability. 12(5). p.1822.
Pivnitskaya, N. A. and Perekhod, S. A., 2020. The Influence of Economic and Institutional
Factors on the Development of Entrepreneurship in the Regions of Russia. Economics
of Contemporary Russia.
Popescu, F., 2020, July. International Entrepreneurship:“Glocal” Business Creation,
Development and Sustainable Employability. In International Conference on Applied
Human Factors and Ergonomics (pp. 414-420). Springer, Cham.
Seitov, A., 2020. On development of entrepreneurship in Uzbekistan: Based on sociological
data. International Journal of Psychosocial Rehabilitation. 24(2). pp.325-331.
Zhang, X. and Choi, M. C., 2019. Study on the Development Strategy of Ant
Financial. International Journal of Financial Research. 11(5). pp.262-268.
Ziyae, B. and Sadeghi, H., 2020. Exploring the relationship between corporate entrepreneurship
and firm performance: the mediating effect of strategic entrepreneurship. Baltic Journal
of Management.
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