Entrepreneurship and Business Development Business Plan

This report discusses the feasibility study, competitive and STP analysis, marketing mix, marketing strategies, and risk mitigation tools for a new venture in entrepreneurship and business development. It includes a discussion on the relationship between innovation and entrepreneurship, common mistakes made by entrepreneurs, and the importance of quantitative and qualitative planning tools to mitigate risks.

Entrepreneurship and
Business Development
Business Plan

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
A feasibility study of New Venture Concept, and exploring the relationship between
innovation and entrepreneurship..................................................................................................3
A competitive and STP analysis to evaluate the opportunity gap in the market.........................4
Concept of marketing mix for the new venture...........................................................................6
Business marketing strategies follows by the entrepreneur and evaluation of different
strategies being used by entrepreneurial organisation.................................................................7
The quantitative and qualitative planning tools to mitigate the risks..........................................9
Common mistake that entrepreneur makes................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship define as the process of designing new business, it comes with taking all
the risks in which the major is financial risk. An entrepreneur always works in hope to earn profit
to grow their business as well as to work for the community. Business development is the
activity of attempting the strategic opportunities for achieving the goal of business, means to
cultivate the partnership to grow in the market (Kostjukova, 2018). Therefore successful business
required a suitable business plan in which it sets out the future desired objectives which the
company follow to acquire good and stable position in the market. The express Food delivery
organisation a new venture, they have qualitative product and services which they want to launch
in the new market. This report will carry out as feasibility study for the new venture along with
the discussion over the innovation and entrepreneurship relationship, lays out the competitive
and STP analysis. Report will further covers the marketing mix, marketing strategies for
business, quantitative and qualitative tools and description of mistakes which the entrepreneur
makes.
MAIN BODY
A feasibility study of New Venture Concept, and exploring the relationship between innovation
and entrepreneurship.
The term innovation and entrepreneurship both are related with each other and can be
able to provide a heavy productivity in the organization. Innovation is a new though and idea
which can increase the company growth and development. On the other side, entrepreneur are
the businessman who is responsible to look out for all the management which can provide a
better result to the organization (Beani, Menici, Cecchi, and et.al., 2020). Entrepreneur creates
and develop an innovation to conduct their occupation and business at successful level.
Accordingly, the company named Express Food Delivery a new venture wants to launch their
company at new market with new strategies and innovation. The company needs to identify the
different concepts which can be suitable for their organization. In this order, a feasibility analysis
is designed to understand and evaluate the important factors of the business organization. For a
new venture, feasibility study is important to understand and implement in the definite manner so
that the occupation can be able to provide a better result. It includes the different segments to
evaluate a definite information about the market which can help to obtain higher outcome and

productivity. The Express food delivery organization should exhibit the feasibility analysis for
their new organization.
Financial : The financial feasibility analysis will describe financial position of the market. This
factor main motive is to focus on the financial aspects. It includes all the economy structures
such as start-up costs, investment, expenditures, cash flow management and a forecast for the
future performance (Wei, and Fan, 2020). The company needs and required to focus on the
purchases of land or building, licence and permission, deposits and loans, employee wages,
insurance premium, promotional activities and such more. Along with this, a company should
also required to focus on the cash flow management which will help them to create a fixed and
variable categories. In addition, the company also required to look out for the investment plans in
the accurate manner and securing cash flow management for any huddle or risk in the future
existence. The entire business occupation is based on the finance aspect, without the economy or
finance the organization cannot be able to launch their business in the market.
Market : The second factor introduces the market feasibility analysis which includes the
evaluation of the market position such as consumers, market competence, trends, sales, products
and services and such more. Doing a market analysis, it will help a company to understand the
market position and the suitability to the organization. The first objective is a place where a
business is launching which is feasible for the company growth or not. After knowing and
evaluating a place the entrepreneur needs to look out for the trends in the market. In this rapid
growing world, it is important to stay according to trend which will help to increase the sales and
consumer values (Al-Qaim, Mussa, and et.al., 2018). In addition, in the marketing analysis
evaluating the competition and their strategies is essential to recognize which will help the new
venture organization to create new scheme and ideologies by providing the better facility to the
customer.
A competitive and STP analysis to evaluate the opportunity gap in the market.
Nowadays, launching a new business requires an accurate evaluation of the market.
Identifying the market values and development the organization Express food delivery requires
to conduct a competitive and STP analysis and Swot analysis which will help them to understand
the market needs and requirements and can be able to fulfil them in the accurate manner. Here,
performing the both analysis which will support the organization to grow in the better way.
STP Analysis

Segmentation : The company is required focus on the segmentation which includes
geographical, demographic, behavioural and psycho-graphic factors. A company needs to focus
on these factors to stand in the market (Wuryandani, Ismoyowati, and et.al., 2018.). For example,
Express food delivery organization have to evaluate their business according to the demographic
nature from which they will be able to give a growth to the occupation.
Targeting : This factor determines to target the potential consumers from which a busies can be
able to increase their consumer scale. The Express food delivery organization should focus on
their best customer which will derive their business to higher level.
Positioning : In the positioning factor, the company Express food delivery needs to identify their
goals and targets and can be able to decide the products position by applying various methods
such as promoting their services and brands though social media platform.
Competitive Analysis
The company requires to identify their competition in the market from which they can be able to
improve their products and services better than them. In this context, here performing the swot
analysis to evaluate the competence in the market from which a company can be able to fill the
opportunity gap in the market.
Strength
The Express food deliver organization needs to
identify their competitive organization
strength. For example, Domino is providing
the lower range food products to their
consumer from which they are able to increase
the consumer scale (Zima, Plebankiewicz, and
et.al., 2020). By evaluating the strength of the
competence, the Express food delivery
company can improve their pricing strategy
accordingly.
Weakness
Weakness is elaborating the competence
company imperfection from which many
consumers having complaint off. The Domino
do not focus on the food making process and
ingredients from which the food gets cold
during the delivery.
Opportunity
The competition company Domino got an
opportunity from which they can be able to
Threat
The Domino has a threat of being substituted
by the other company as they do not focus on

modify their services accordingly which results
them into a great growth. The Express food d
delivery organization should require focusing
on their strategy form which they can increase
their growth more than Domino.
their potential consumer needs and
requirements. The Express food delivery
organization needs to focus on the consumer
desires so that they can be able to develop a
higher growth than domino.
Concept of marketing mix for the new venture
Business always possess with the strategic analysis, as good market research will help the
organization to develop them in the market. The term business model refer as organisational plan
for generating the profit, it gives them analysis about the product and services to sell in the
market. As marketing mix is the basic business model that involves the factor which helps the
businesses to determine the comprehensive marketing process.
Product: Product refer as the umbrella term which defines the company’ approach to sell
anything in the market. It is something which can fulfil the desires of the customer. If the
organisation wants to acquire good business then it is essential for them to design unique product
which consists of all the properties which grabs the attention of the consumer in the market
(Gupta). For the express food delivery for their successful entry in the market, they must need to
analyse the market to know the buying behaviour of the customer, or to analyse the competitive
environment of the market in order to design their product accordingly.
Price: It is what the customer pays against their buying of the product. Company’ usually set the
higher price on their product a compare with their rivalries this is done in order to create a good
impression about the good quality product. As for the Express food delivery they are new to the
market so they can proceed to set the economical price on their product which will grab the
attention of large range of customer in the market. Also if the customer found their product
affordable then it will be good marketing of their product.
Place: A physical place which the company sets for their product to sell in the market.
Organisation always looks for the geographical region which is in front of the customer, so that
they will buy the product (Jermsittiparsert, 2019). For the express food delivery to set their

product’s location they can consider some point which are to directly sell their product through
the E-commerce website or to directly sold it on physical stores.
Promotion: It I the essential part of the marketing mix which the people consider the most. It
generally involves the advertising of the product and services through various traditional and
digital marketing platforms. For the express food delivery they can proceed to use both television
marketing, flyers and also they can proceed to use the social media platform in order to create
awareness about their product in the market. Company can also begin to follow the current
market trend so it will be easier for them to reach out to large range of audiences (Dissanayake,
Siriwardana and Ismail, 2019).
Business marketing strategies follows by the entrepreneur and evaluation of different strategies
being used by entrepreneurial organisation
Marketing strategies are the set of action which are implemented to promote the particular
product and services. It is the effective tool which every business considers in order to grow their
business in the market or to accomplish their desired goals and objectives. Strategies which I
underpin by the entrepreneur are as follows:
Analyse the competition:
As for the entrepreneur, they have already risk taking mindset which allows them
to adapt the several changes regarding their business. To develop in the market they need to
know whom they are competing with, what is the degree of competition in the market (Soegoto,
and Utomo, 2019). It will give the complete information to design the product and services, they
can also proceed to use the weakness of their rivalry in order to develop good customer base for
their goods and services.
To conserve the cash:
Entrepreneur must be a conservative related to their asset, which allow them to deal with
any rough situation that might arise for their business. As entrepreneur work always associate
with the risk then in such their preserve money will help out in tough situation.
Researching the market trend for new products:
Understanding the emerging of new product will guide to carry out effective operation for the
business. Entrepreneur always thinks out of the box which results in unique product that makes it

available for the people (Anunobi and Ape, 2018). For the express food delivery they can
proceed to conduct the marketing research in to add additional feature in their product which are
able to fulfil the customer demands and requirement.
Promotional strategies:
Promotional strategies are those which involves the effectual plan and suitable tactics that are
used to increase the demand of the product and services such are as follows:
Traditional and online promotion:
Advertising has the great reach, as it enables the organisation to promote their business to
large audiences across the globe. In such traditional methods involves the television, flyers, radio
marketing. Online promotion involves the social media platform to bring the concern about the
company’s product and services to the audience. For express food delivery they can proceed to
use the method which helps them to develop their potential customer. As if they go with the
digital marketing it will be cost effective for them.
Target the consumer with direct marketing:
This type of promotion include the target customer base which the company usually
design the products. Unlike advertising this marketing will reach the small group of people, in
which company sends the email, mobile and social media notification to the customer. Express
food delivery can also proceed to follow this type of marketing to develop the awareness about
their product.
Human resource development:
It is also the consideration which the entrepreneurial organisation takes, as HRM will
allow the company to utilise their resources in efficient manner (Messer, 2020). Developing a
HRM team will allow implementing the positive work place environment for the employee that
will guide or motivate them to move forward in order to achieve the goals of their organisation.
Therefore, express food delivery can also proceed to develop skilful HRM team that will help
them to earn good revenues or to hire the potential candidate for their work.
CRM
Customer relationship management helps the company to maintain their good relation with
their customer as to provide them better products. If the business goes underflow it will helps the
company to take support of their potential customer to run their business. Therefore for the

express food delivery it is important for them to provide on time problem solving service to their
customer, it will develop the trust between their company and their customer.
The quantitative and qualitative planning tools to mitigate the risks
Business environment is dynamic that always changes and consists of the several risks,
therefore it is the ability of the organisation as how they address the risk and prepared suitable
mitigation strategies.
Break even quantitative analysis tool to mitigate the risk:
Break even point refer as the point at which the annual revenue is equal to the total cost.
This analysis helps the business to determine the total revenue capitals which are required to
cover the complete business cost. At this point company in the state of not loosing or developing
anything instead they are able to recover all their business cost. Through break even analysis
organisation will proceed to know their product’s profit rate. As for the express food delivery
companies their business is new with this tool they will be able to decide the viability of their
strategy, or with this they can begin to set the pricing strategies for their product. Breakeven
point will enable the businesses to mitigate the risk as it gives the suitable information to avoid
those investments which are not profitable (Banks, 2021). As for the entrepreneur this will
process will enable to know how much profit does the specific product will make, so it will gives
the analysis to make investment in particular strategy or not.
Risk register qualitative tool
Risk register refer as the document which is used to complete the regulatory compliances
for the identified risk and to analyse the nature of the risk. From this organisation will able to
know the nature and occurrence probability of risk in order to make the mitigate strategies.
Therefore for express food delivery, their business is new so it is important for them to
implement the risk register in order to overcome the issue that might hurdles their growth in
market. Risk register for the company are as follows:
Identified risk Likelihood of risk Mitigation strategy
Finance risk Higher Proper budgeting and effective
allocation of resources can
help to reduce the finance risk.
Market risk Higher Marketing analysis will allow

the marketer to develop the
report which involves the
customer buying behaviour
and competitive environment
of the market. It will guide to
design the product
accordingly.
Common mistake that entrepreneur makes
Entrepreneur always uses the strategy to start their business journey, as they completes market
research that helps them to grow in their business career (Utami and Mubarok, 2021). If their is
any problem in implementing the business planning will result in loss of revenue for the
business. Some mistakes are as follows:
Selecting the wrong partner:
Having a good business partner will enable the entrepreneur to take any decision in critical
situation. But the partner is not skilful or determinant towards the work will result in lack of
productivity in business. As some entrepreneur connects their family member just because of
their relation, but it will direct them to the development of many threats for the business. So for
the express food delivery firm it is important for them to join the suitable partner as their
stakeholder, who guides them to make the effective decision.
Over planning:
As lacking in the planning can lead to the failure but also over planning will lead to
follow the failure path. If there are too many plans then it will decrease the productivity, and it
also creates the ambiguity to make the decision. It is seen that entrepreneur always makes a plans
in order to build their business, but if they do not have the stable mindset than it will hinders
their thinking power which results in making of too many plans which are lacking in efficiency.
Lacking in market research:
If there is no proper research on market, it will result in measure loss for the business. As market
analysis will give the proper information in order to design the product and services, but if it is
not done than it will cause the various threats for the business (Pradhan and Katel, 2021).

CONCLUSION
From the above report it is concluded that setting up a new business required a clear mind
set and risk taking ability which the entrepreneur must possess. Business plan guides effectively
in order to accomplish the desired goals and objectives. This report illustrated the feasibility
study on the new business along with the exploration of connectivity between the innovation and
entrepreneurship; it lays out the suitable competitive and STP analysis for the new venture in
order to fulfil the opportunity gap within the market. It further lays out the marketing mix for the
business along with the marketing strategies that are followed by the entrepreneur. It finally
concluded with the quantitative and qualitative planning tools and the common mistakes made
by the entrepreneur.

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