Entrepreneurship Development and Rural Economic Growth

This assignment delves into the realm of entrepreneurship development, focusing on its potential to drive rural economic growth. It draws from a range of sources, including academic journals, books, and online resources, to present a comprehensive overview of the subject. The assignment examines the theoretical frameworks underpinning entrepreneurship development, such as resource-based views and exchange theories, and highlights their practical applications in real-world scenarios. Additionally, it explores case studies that demonstrate the impact of entrepreneurship development on rural economic growth, including initiatives aimed at fostering entrepreneurial ecosystems and supporting small businesses. Through this analysis, the assignment aims to provide insights into the importance of entrepreneurship development for driving sustainable economic growth, particularly in rural areas.

ENTREPRENEURSHIP DEVELOPMENT

TABLE OF CONTENTS
SECTION 1: INTRODUCTION.....................................................................................................1
SECTION 2: OPPORTUNITY FORMATION...............................................................................2
SECTION 3: OPPORTUNITY DEVELOPMENT.........................................................................5
SECTION 4: CONCLUSION..........................................................................................................7
REFERENCES................................................................................................................................9

SECTION 1: INTRODUCTION
Development within the entrepreneurship idea will be very much important and essential
as would be dealing with the implementation of thought or idea in order to bring business on
national and international level (Camp, 2015). Certainly if the businessman is having idea which
relates to developing and expanding their business then eventually they must be planning to
promote it in wider market area. Entrepreneurship development is those processes which help in
improving skills and knowledge of entrepreneurs with the use of various training and classroom
programs.
Thus this would be including several step process in way of developing and planning for
entrepreneurship development so that business could be able to meet their required standards.
Figure 1: Entrepreneurship Development
[Source: Process of Entrepreneurship Development, 2018]
How to start business:
This will be starting point of any business organisation where businessman will plan for
having clear views and ideas in relation to their business. Thus helping them to develop proper
plan and direction of company in way of training so that they could be able to start their
business. It is very much important that businessman is focused on target to operate and start the
business with given idea and funds.
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Preparing business plan:
This includes selection of business plan or outlining the blueprint for company so that
they could work according to the set business planning only (Blackburn, 2016). If the company
is not able to convert their idea into specified business plan then this would be very difficult for
them to access over funds.
Understanding contracts:
It becomes then essential to search for potential customers first from the contract list of
businessman. The potential targeted customers will be mostly helpful for company for enhancing
skills and identifying who could help business to drive more number of people.
Minding business:
This is the last step which will include analysing for results for future development that
need to be very much important. Thus this is helping businessman to effectively develop their
skills and targets over time with the given or available resources.
Thus the particular report is focusing on development of the business idea which is that
of launching new small Drive-thru café into main market of Birmingham Cuppa di Café. This
café would be serving all local and visitors of Birmingham with their delightful and delicious
coffee, soft drinks and other range of fast food that too with new concept of Drive-thru café. This
is that type of café where drivers into line would be making their order at microphone set up at
window height and then drive to a window where they pay and receive their order without
waiting or setting for longer duration (Jain and Singh, 2017). The development with this idea
will be concerned with longer support of the new venture as this would be attracting many
people and customers with its unique idea. Thus the café would also be providing customers with
tailor-made coffee and other eatery items as per their wish so that they could attract larger
number of customers. As there are many people who are not having specified amount of time for
going to restaurant so for those office going people this drive-thru café concept is best.
SECTION 2: OPPORTUNITY FORMATION
Drive-thru café are best perceived by those customers for whom time will be very
important as they always seem to be very much busy. So this is that type of service provided by
business which will allow customer to purchase products without leaving their cars. Within this
concept order are been placed with use of microphone and then person who had made the order
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would pick it from window (Aggarwal, 2018). This concept was introduced in 1930 by Jordan
Martin in USA and then spread across world in following year. This is quite different from
Drive-in where people would be allowed to park their car for availing particular service. There
are many companies which are following or using the concept of drive-thru like that of
McDonald’s and Max Burger. While in parts of USA certain bank are also using this particular
concept for only cash deposit purpose by customers.
The Cuppa di café will also be providing coffee and other eatery with the use of this
drive-thru café only thus allowing them to attract more number of customers. This is very good
opportunity for the café to launch this type of café that too in Birmingham which is attracting
number of visitors from all across UK and other parts for world (Morselli, 2018). So this type of
restaurant will be perfect for Birmingham as people here are having very busy lifestyle so they
could just order for their food and take it after paying the bill which is very much convenient as
well. The idea of Cuppa di Café of starting up their first drive-thru café should be very much
successful if they are planning according to their idea.
Cuppa di Café will be working as per their specified idea and then including proposal of
business for including various planning and budgeting decision to be taken on end of company.
Thus it is very much important that company is maintaining their ideas and developing it to be
able to achieve long term target of incoming future years. In way of developing this new idea
there would be required many resources and capital so that they could be able to expand in
market (Sekliuckiene and Kisielius, 2015). As they are aiming at opening more new drive-thru
café in future in more place of Birmingham and other parts of UK.
Within the process of new process development it is very much essential that they are
conducting proper market research to be able to attract higher number of customers. New venture
development is describing all sort of economic development which takes place with use of best
practice and activities in way of experiencing business ideas. They need to including capital
investing decisions in order to help creating venture a successful one and then planning or
implementing accordingly. There are mainly 5 stages of development of new venture which need
to be followed by each of the entrepreneur who will be planning for starting up business with an
idea.
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Figure 2: Stages of development of new venture
[Source: New venture development stages, 2018]
Start-up- At this particular stage company will be aimed at defining the product or
service which they would be able to launch, their target market or concept on which business is
typically based. Then company will be planning for business and building up project team who is
responsible for success or implementation of plan (Jones, Agyapong and Matlay, 2018). Cuppa
di café if requires then they could protect their intellectual property or either the brand name with
creating platform for expanding product and their services.
Growth- At this stage company actually launched its product or service or Cuppa di café
is started its drive-thru café with differentiated services. They could be expanding management
team, training them and empowering employees. Certainly Cuppa di café could also be building
up partnership and strategic alliance in way of getting themselves established.
Establishment- At this stage company would be able to establish itself properly with
having share in marketplace and then attracting all its potential customers. They could be
significantly growing in market with this stage so that increased number of profits is attained.
During this stage Cuppa di Café will be able to establish its presence and existence into market
which is result of its planning and researching in market field.
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Expansion- This stage will be that where company will be capable of expanding their
business in other parts of country and thusly becoming market leader (Scarborough, 2016).
Cuppa di café could also decentralise or delegate their work to others like in case of franchising
or licencing.
Maturity or possible exit- This is the last stage of new venture development where
company will be able to develop their strategy for developing it with use of continuous
technologies systems and managing by objectives as well.
SECTION 3: OPPORTUNITY DEVELOPMENT
Opportunity development is those processes which help in identifying business and
community with its development opportunities could be implemented to sustaining or improving
local economy (Opportunity Development innovation, 2018). As in case of this particular report
Cuppa di café is planning to start their first ever drive-thru café in city centre of Birmingham this
proves to be very much important step for company. As this is also regarded to as good
opportunity for café to start this type of café in city which will be attracting many customers.
They would also be giving great taste in coffee and allowing customer to choose according to
taste and preference of customer. Customer themselves would be taking steps in deciding which
type of coffee they would be preferring and then only placing on the order.
So this is great opportunity for company to develop their market share and invite their
customers or prospects to taste coffee and other eatery in their drive-thru café. Cuppa di café will
also be selling quality of product and service to their customers which are one of the most
essential element for growing and attracting the customer as well (Kuratko, 2016). For this they
have used many marketing techniques and tools so that they could be identifying the potential
customers like with help of STP approach Cuppa di café identified their customers. It was
analysed in one of the market research that in the city centre of Birmingham there are no drive
thru café while the visitors at this place is demanding to have one of its kind. As there is also
demand from the side of customer that they could be able to taste the coffee according to their
preference only. As there are variety of coffee which are preferred by people all around the
world like that of Espresso, Cappuccino, coffee, latte, Turkish Coffee, Frappé coffee and Caffé
Americano (Huang and Knight, 2017). So everyone would like to have each coffee with their
own blend this is only provided by Cuppa di café. Customers could themselves suggest café to
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make coffee according to them by telling them amount of sugar or milk to be added. While on
other hand there will also be kinds of eatery which café is providing like pizza, hamburgers,
pastries and other things of eating will be available. All these will also be tailor-made where
customer themselves would decide what ingredients they would like to have and in what amount.
After this company soon will be launching their online application which will be mostly
convenient for those people who are going to office and not having time to take food from these
types of café. So with this border less mobile application customers would be able to place their
order and pay money through use of this app (Schaper, 2016). Then simply while returning to
their home they could take their already placed and paid order from this drive-thru which is very
much easy and convenient for them. With the help of this company could be able to grab higher
number of customers from all around Birmingham. The unique value proposition for the
company will be its independent coffee shop in Birmingham city and then providing drive thru
experience to its customer. As this café will also be having its drive thru which allow customers
to drive, place order, pay and then take away their order. The competition will be those including
200 degree coffee shop and Barista School while in the drive thru café there is no specified
competitor of Cuppa di café.
So this is the opportunity for company to include or have more customers all across city
which will allow them to expand their business in other parts of country. Cuppa di café need to
develop their opportunity with having specified entrepreneurial idea and having significant
development. The café need to follow specified process in way of formulating their idea into
business venture for this market research is most important part that would include demand and
supply. Other than this there are many entrepreneurial opportunities which need to be considered
by Cuppa di café like innovation, investors, diversification, skilled labour, quality product and
investing in different market. So with the help of them company will be able to develop its idea
into following venture and making it more and more successful as well.
Innovation- This is the most important part of any entrepreneurial venture which
includes development and innovation of product and service with use of research (Blackburn,
2016). If company is having specified innovation skill then only they would be making their
presence in market worth full. Cuppa di café could use this innovation in their growth and
diversification so that they could be able to place themselves other than their competitors.
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Investors- They will be very much important for Cuppa di café who would be making
specified investment into the business idea and helping them to gain their required funds from
market. This unique idea first need to be explained to investors so that they are agreeing upon it
with the help of which investors will decide whether to make investment into firm or not. After
this Cuppa di Café will be making growth in market with the specified number of investors so
that it could be helpful for their further development.
Diversification- This is very good option for firm to use which includes diversification
that is using many other type of working style (Ratten, 2016). But opportunity could be able to
use or identified only at that time when company is at its maturity stage of development. Cuppa
di café with use of innovation, opportunity and management could in future diversify their
operations and within which area where they are working.
Skilled labour- It is very much important or required that Cuppa di café is having skilled
labour who is having required knowledge about how to attract more number of customer that too
with use of their knowledge. Like if company is having labour who is knowing how to tackle
customers with variety of demand is regarded to be qualified or skilled as well.
SECTION 4: CONCLUSION
Towards the end it could be noted that Cuppa di café must be using all type of
entrepreneurial process like using the process to be followed so that they could be developing
into market. From this process of entrepreneurship development I have learnt that it is very much
essential and important that company is using proper and specified process so that they could
grow. The use of new venture development is very much essential to be followed which shows
that company is having specified knowledge of product to be developed. Thus I have learnt that
Cuppa di café should be using and applying this new venture development plan so that they
could be gaining more number of customers in city of Birmingham.
It is very much essential that company is using and establishing development plan and
working according to that plan only. Thus this will be forming including proposal for business so
that Cuppa di café could be attracting number of customers for their drive-thru café. Their
concept will be new within Birmingham as it is not having any of this kind. There is also huge
demand within market or customers of city as they are regarded to as very much busy and this
drive thru would be convenient for them. So this idea of starting new venture in Birmingham was
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made by me from this same focus only as I was able to do the market research on this same idea.
I have learnt that it is very much important that company is having specified idea for which they
need to plan thereafter. Cuppa di café will be planning for the product or service which they are
about to launch which is only done after identifying the amount of market demand with focusing
on development of that idea.
For me it was complete new experience as I got this opportunity to develop the
entrepreneur idea or development for the first time so I decided to launch this new drive thru café
only. This would be very much helpful for the company to determine their increased number of
customers or how they could be using or applying it in their future. For this I have also learnt that
for company knowing and identifying latest trends and development in market is very much
useful. If company is not able to identify what customers are demanding and how to fulfil that
need and want then only they could be developing into market. Cuppa di café could be using the
market research theories so that they could be able to defend what their need and want are.
In way of developing entrepreneurship it is very much essential and important that
company is using technology and innovation so that they could be managing their work
accordingly. There is many chance or opportunity within market that is helping or enabling
Cuppa di Café like having unique value proposition of introducing drive thru café. With the help
of this company could be able to attract more number of customers and also having increased
number of profits. In developing other similar products this process will be helpful for other
companies as well which is very much important.
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REFERENCES
Books and Journals:
Aggarwal, A.K., 2018. “Rural Entrepreneurship Development”–an Emerging Paradigm for Rural
Economic Development through Entrepreneurship in India.
Blackburn, R.A., 2016. Government, SMEs and entrepreneurship development: Policy, practice
and challenges. Routledge.
Blackburn, R.A., 2016. Government, SMEs and entrepreneurship development: Policy, practice
and challenges. Routledge.
Camp, S.M., 2015. Entrepreneurship Development, Patterns of. Wiley Encyclopedia of
Management, pp.1-5.
Huang, L. and Knight, A.P., 2017. Resources and relationships in entrepreneurship: an exchange
theory of the development and effects of the entrepreneur-investor relationship. Academy
of Management Review, 42(1), pp.80-102.
Jain, S.K. and Singh, R., 2017. Analyzing the Impact of Entrepreneurship Development
Programs on Entrepreneurs.
Jones, P., Agyapong, D. and Matlay, H., 2018. Entrepreneurship in Africa, part 2:
entrepreneurial education and eco-systems. Journal of Small Business and Enterprise
Development, 25(4), pp.550-553.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Morselli, D., 2018. How do Italian vocational teachers educate for a sense of initiative and
entrepreneurship? Development and initial application of the SIE
questionnaire. Education+ Training, 60(7/8), pp.800-818.
Ratten, V., 2016. Female entrepreneurship and the role of customer knowledge development,
innovation outcome expectations and culture on intentions to start informal business
ventures. International Journal of Entrepreneurship and Small Business, 27(2-3), pp.262-
272.
Scarborough, N.M., 2016. Essentials of entrepreneurship and small business management.
Pearson.
Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC
Press.
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Sekliuckiene, J. and Kisielius, E., 2015. Development of social entrepreneurship initiatives: a
theoretical framework. Procedia-Social and Behavioral Sciences, 213, pp.1015-1019.
Online:
New venture development stages. 2018. [Online]. Accessed through:
<https://www.entrepreneur.com/article/271290>.
Opportunity Development innovation. 2018. [Online]. Accessed through:
<https://www.tandfonline.com/doi/abs/10.1080/13662710601130830>.
Process of Entrepreneurship Development. 2018. [Online]. Accessed through:
<https://www.toppr.com/guides/business-studies/entrepreneurship-development/process-
of-entrepreneurship-development/>.
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