Entrepreneurship Development: Introducing a Multifunctional Vacuum Cleaner

Entrepreneurship
Development

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Introduction.................................................................................................................................1
Customer value proposition canvas............................................................................................2
Lean business model canvas.......................................................................................................3
The c level specialist contribution...............................................................................................7
Financial and financing plan.......................................................................................................8
Summary.....................................................................................................................................9
CONCLUSION................................................................................................................................9
APPENDIX 1.................................................................................................................................11
APPENDIX 2.................................................................................................................................11

INTRODUCTION
Entrepreneurial development is defined as the procedure which is helping the business to
innovate new ideas and by this new business establishment can be made. For accomplishing
success this is highly important that new and emerging products are introduced in continuous
basis so that customers can be retained for longer duration of time (Uduji, Okolo-Obasi, and
Asongu, 2020). This is highly beneficial for developing business and facilitating long terms
goals and objectives as well. This report is based on introducing an innovative product
introduced by a venture which is a multifunctional vacuum cleaner. The vacuum cleaner is
providing easy and effective way to clean things within economical prices as well. This report is
covering major aspects of entrepreneurial development along with introducing a new product,
canvas of customer value proposition and canvas model of lean business. In addition to this
financial plan is also being inserted which is going to analyse investment decision taken within
the proposed project.
MAIN BODY
Introduction
A new business innovative idea for introducing multifunctional vacuum cleaner is being
exerted which is going to provide their vacuum cleaners in various areas of UK. The company is
going to launch a multifunction vacuum cleaner which can be used within household and
corporate aspects. The product is made up of advanced features which is available in economic
prices (Bencheva and Stoeva, 2019). The company is using effective manufacturing process
which is ensuring higher quality within products that enables to manage overall market
reputation in appropriate manner as well. The major objectives ascertained by the CEO of the
organisation are defined as under:
 To enable the business to establish within marketplace so that to earn higher profits and
sales.
 In order to attract higher customer range so that to maximise revenues in tremendous
manner.
 Intensify profits by 5% in every coming year so that to execute operational activities in
appropriate manner.

The sales estimation for first year is 1000 units in which for every year 5% increment is
being decided. The calculations for profits and sales are elaborated as under:
Particulars First year Second year Third year
Units sold 1000 1050 ( 1000 + 5 % ) 1103 ( 1050 + 5 % )
Sales ( 300 Per unit ) 300000 315000 330900
Less: cost ( 100 per
unit )
100000 105000 110300
Profit: 200000 210000 220600
Profit margin:
Profit / sales * 100
200000 / 300000 *100 210000 / 315000 * 100 220600 / 330900 * 100
66.67 % 66.67 % 66.67 %
The above table is showing that sales for three years will be 300000, 315000, 330900
respectively. Cost of these years will be 100000, 105000, 110300 receptively. The margin of
profit in these three years is increasing at the rate of 5% per year due to which 66.67% profit is
being earned by the company.
Customer value proposition canvas
Value proposition canvas: This is defined as the tool in which businesses are trying to
analyse linkage between key elements of product and other requirement of customer in prompt
manner. With the assistance of this a business can ensure that their product is able to fulfil
requirement of their potential customer in appropriate manner (Halberstadt and et. Al, 2020).
There are numerous elements existed within this model and these are elaborated as under:
 Product: There are three major aspects within this model which are benefits, features and
experience. There are various benefits that can be attained by customer by using
multifunctional vacuum cleaner such as time saving in cleaning, following easy steps of
cleaning the house of corporate offices. This may providing proper maintenance of
hygiene and saving energy in equitable manner. The product is including reusable bags
due to which higher affordability is being inserted within vacuum cleaners.
 Customers: There are three basic elements existed within value proposition canvas
model and the same are helpful in meeting needs, wants and fear of individual (Askerov,