Entrepreneurship development PDF - assignment

ENTREPRENEURSHIP
DEVELOPMENT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
SECTION 2 Opportunity Formation...............................................................................................1
Section 3 Opportunities development..............................................................................................4
Discussion to develop service into the significant venture by drawing features with help of
three development perspective. ...................................................................................................4
CONCLUSION................................................................................................................................6

INTRODUCTION
This study is based on Entrepreneurship Development. It is a process of improving the
skills and knowledge of entrepreneurs by conducting various training programs etc. This
proposal will be including a business idea for Hair and beauty Salon that is located in north
London on the side of a play ground (Jones and et.al., 2018). This business idea is proposed to
attract the customers of London as there is high demand for this business in that particular
location and also this idea is emerged because of the huge demand for attractive look.
This business will be implemented by forming a unique idea to grab the opportunity to
attract customers of different age group. This business will be targeting customers that will
include mums and kids , men and women, elderly and students. Furthermore , it will include
different products and services of Hair and Beauty Salon. Also, it will provide with the process
to implement this business idea to increase their market share in North London. Moreover, this
assignment will include about opportunity development in which the firm focuses on developing
its products and services by using perspectives of entrepreneurship development.
Hair and beauty Salon will be providing various services for different age group which
will assist the business in development of its enterprise at North London.
SECTION 2
Opportunity Formation
Business idea: The business idea is to launch a Hair and beauty salon to overcome the
problems faced by every individual. Hair and beauty salon will be launch with an attractive
interior. This Salon is very attractive as it provides various services for all age group.
(Blackburn, 2016). This Salon will have attractive hair designers which will be available for
different ranges such as classical, experts and professional hair designers. This salon will
provide various services and specially for hairs.
This Salon will be providing various different hair styles by scanning the face of the
customers and then designing the hair style according to their choice. Business idea for this salon
is developed to provide customers with unique features which are not available in any other
salon located in North London. (Jones and et.al., 2018). It proposed development is to provide
more attractive services by increasing its quality of providing services.
Market promotion of the salon: Black salon In order to provide information to customers
about the various advantages of this salon will provide the 50% off on their first visit. Hair and
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beauty salon will use various promotional tools such as advertisement of product in the television
and magazines to attract customers from various areas. Black salon will have various attractive
interior which is made up of combination of black and white. and it is available for all the age
group people(Nguyen, Sullivan Mort and D'Souza, 2015). Hair and beauty salon is providing
various discounted offers to customers .Black salon will gain the market because of its various
unique services which will help the salon in gaining more profitability.
The Idea is processed by identifying various factors such as :
 Target customers : The target customers of this salon include people from different age
group which consist of mums and kids, men and women and elderly and students (Ács,
Szerb, and Autio, 2016). This salon will be targeting people of all age group because to
provide information about its services and to serve them.
 Identification of competitors : This Salon is launched after identifying the competitors
that are involved in The same field. Black salon identified various problems relating to
competitors services and then this idea is processed to reduce the deficiency present in
the services of competitors.
 Uniqueness of product : Black salon will be launched is having various attractive
services which include face scanning for hair designing etc. This salon is having
attractive designers which are classified into classical , experts and professionals. (Basu
and Bharti, 2016). The Uniqueness about this salon is that it contains fewer chemicals
and more organic to products to be used on hairs for styling.
Quantify value of the product : This Salon launched in North London will be affordable by
every customers as it is offering customers with 50 % discount on their first visit. This will assist
the Black salon in increasing its customers base.
The business idea is to launch the hair and beauty salon in the north London, the
attractive feature of the this entity is that there is present of expert hair designer and they are
availability of the ranges as classic, expert and professional hair designers. In addition to this, the
hair and beauty salon will be named as “Black” and the entrepreneur are planning to have the
superior interior concept. So, the physical outlet can also be attractive to the customers in the
huge context (Ács, Szerb and Autio, 2016). The all theme of the salon will be based on black
and white. The rank has been given as per their level and prices are also varied. In order to make
this launch successful in the market, it is the responsibility of the firm to provide the better and
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efficient services to the customers. The another attractive feature is that professional designer
will scan the face of the customer and they try different styles of hair cutting in computer screen.
The one better design will be selected that suits the most to the customers (Nguyen, Sullivan
Mort and D'Souza, 2015). The attractive feature of the product maximize the profitability and
productivity so that things can be done in better manner. The uniqueness of the product will be
beneficial in order to bring competitive advantage so that things can be done in better manner.
This kind of the facilities of the salon are very attractive and they are able to earn the long
term profitability in the market. In order to make this effective, the entrepreneur has decided to
implement unique selling position , it is tool that is assists in order to make the services of the
firm unique from rest of the competing brand in the market (Hussin, 2018). This is the
techniques that motivates the buyer to purchase the services as compare to any other place.
At the time new launch company think to promote their product with the help of the
advertisement facilities through TV and media that its eventually attract the customer to visit the
place at least once. In this term, it can be said that the strong Unique selling proposition will help
to stands apart of the commodities and also play the foremost role in order to give branding to
the product. This kind of the feature can attract the buyer in terms to get the services. The one of
the tool that if the firm uses the USP then it can guarantee in terms to have product success in
market. In addition to this, it can be said that the superior service quality with the help of the
better use of the product in salon at each visit of the customer can work as to be the better
foundation in terms to launch the new services in the market will allow to capture the maximum
amount of the profitability and the productivity (Fitriyadi, A'inurrosyidah and Djati, 2018).
The London is well known for the fashion and there are number of potential individuals that
spends a lot of money in terms to grooming their looks. Thus, it can be said that this kind of the
services with expert and professional designers will work as to develop the better brand image in
the market. In addition to this, it can be said that at the initial level of launching the salon in the
market, the firm is also taking step to provide the discounted facilities to the customer at the time
till their first visit. The facility will be offered in terms to give the discount of the 50% with the
keratin product that help to rejuvenate the hair texture. Thus, these are the core elements that
derives the long term success to the enterprise (Muchie, 2019 ).
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Section 3 Opportunities development
Discussion to develop service into the significant venture by drawing features with help of three
development perspective.
The different perspective are needed to be selected in order to perform the business
function in the appropriate manner. In addition to this, it can be said that better and attractive
feature will be helpful to have long term sustainability in the market (Basu and Bharti, 2016). In
this, the perspective as Cognitive for founder entrepreneur enterprise and organization for the
nation and international organization will be selected and it is defined in the following manner as
are-
Cognitive perspective- In this, it can be said that the entrepreneur related with the cognitive
approach works as to provide the response in order to limitation of the trait approach. The main
aim is to put their major consideration over the behavioural of the entrepreneur by the use of
cognition. In this, it can be used that cognitive approach has been characterized by the certain
types of the cognition among the other aspect and it can be helpful in order to identify the
behaviour, success of the business and definition of the entrepreneurs (Ariffin, Baqutayan and
Mahdzir, 2018). On the other hand, the researcher use this approach in order to make the better
distinguish between the entrepreneur from the non- entrepreneur.
The present plan of the entrepreneur is to open the hair and beauty salon. The services of the firm
will be named as the Black salon. In this, they need to provide effective product services so that
it can attract the customer in order to be competitive in the market (ackburn, 2016). In addition
to this, it can be said that the entrepreneurship is term that relates with the individual and who
takes the various initiatives towards creating the new activities and to expand them in the market
with the attractive features. In addition to this, there is need of understanding the perception,
memory, thinking and all the the things that will be helpful in terms to trying the actions of the
behaviour and individual so that better things can be done.
In addition to this, it can be said that the cognitive approach to the entrepreneurship will work as
to provide response to the limitation of the trait approach. In this, the main element are needed to
be studied as cognitive styles, self efficiency and heuristic. In addition to this, there must
beunderstanding of the term entrepreneurial cognition that represents the potential and
productive field of the research. In this manner, it is based with the knowledge structure that will
be used by the individuals in order to make the assessment, judgements and decision and that all
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will be inclusive of the opportunity evaluation, creation and the growth. Therefore, it can be said
that opportunities are need to be recognized in all the individuals and potential threat must be
well known before the launching of the product so that alternative path can be occupied
(Kansiime and et.al., 2018 ). This kind of the feature attract the buyer in order to opt the better
and efficient services. In this, the decision making and cognition both are impacted by the
knowledge acquired with help of perfect information. There must be better facilities in order
conduct the things in the efficient manner so that all process of developing the entrepreneurial
venture as Hair and beauty salon services can be done in the better and attractive manner.
Organisation perspective- In this, entrepreneur works as to improve the performance in the
manner as types, sizes and ages. In addition to this,there is need to create the the better and
effective things in order to bring development in the many countries. On the other hand, the
entrepreneurship is belong to the factor that helps to make the proper evaluation of the
organisation entrepreneurship (Jones and et.al., 2018). Under this, the classification of the
entrepreneurship is the term that plays the crucial role in order to determine the success to the
enterprise. In this, the potential impacts are must be considered. The better and expert
organisation perspective will be helpful in order to enhance the innovation in the market.
In this, there are numerous number of the definition that can effectively define the term as
entrepreneurship. Thus, the common classification will be based on the following things and that
has been defined as-
 Individual entrepreneur- In this, person create the risky innovative entrepreneurship and
can be due to the new entities, bring development in the existing one and to take the step
so that problem can be sorted.
 Group entrepreneur- In the formation of the team, there is need to need to creation of the
innovative entrepreneurship (Kempster, Smith and Barnes, 2018 ).
 Organisation entrepreneurship- in this, the enterprise must follow the entrepreneurship
approach and also provides the benefits so that all things can be undertaken in the better
manner.
In addition to this, it can be said that the enterprise entrepreneurship is the process in which
enterprise works as to recognize the growth and to develop the chances and create the effective
values for the customer in terms to take the better innovative facilities so that resources can be
allocated in the better and efficient manner.
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Furthermore, the organisational entrepreneurship is very essential in order to incompatibility and
slow reaction of the medium and large enterprise in comparison of the daily increasing, rapid and
complex and unreliable changes in the environment so that fast actions and innovation can be
developed (Ács, Szerb and Autio, 2016). In this, the proper strategies are must be formulated
and it has to be defined in the following manner as are-
 Rapid enhance of new competitors.
 To have distrust in tradition methods of the companies.
In this term, it can be said that organisation forward and summarize the features of the new
business and it has to taken the various things and must be defined in following ways as are-
 Focus on change- In this, entrepreneurship management is the term that bring variety of
the changes in the enterprise. The entities as hair salon and other must being innovative
method so that customer can be attractive towards the product and services in market.
 To focus on opportunity- In this, the entrepreneurship engagement is consisted with the
number of the opportunities and the better and effective entrepreneur work as to bring the
better services so that firm can able to earn long term sustainability in the market
(Entrepreneurship Development, 2018.).
 Wide perspective- In this, entrepreneurship management has the wide perspective in
order to make the better decision. In this, it can be said that the systematic term will be
beneficial in order to enlarge the business operations in the better manner.
 Taking risk- in this, the entrepreneur works as to takes the huge amount of the risk so that
he can able to develop his marketing activities so that all things are to be done in the
better manner. He must identify total allocation of the risk so that that must be identified
in the better approach. This kind of the services bring long term profitability and
productivity to the enterprise.
In order to lunch new and promote better services, it is essential to undertake the
organisation perspective so that things can be formed in the better manner. The various
innovative approaches must be taken. With help of it, better decision can be taken and the
organisation can undertake the business activities in the proper manner. The main aim in term to
bring the entrepreneurship development is to bring attractive feature so that customer will be
attractive towards the services of the firm in the market.
4ps of innovation-
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There must be building a capability and manage innovation it is one of greatest achievements
and with help of it strategic advantage can be achieved. Thus, its defined in following manner as
are-
 Product innovation- In this, the changes in things as product and services that offers by
enterprise. In this report, the innovation as to open hair and beauty salon with innovative
services as to bring classic, expert and professional hair designer so it can attract to
customers ( Nguyen, Sullivan Mort and D'Souza, 2015).
 Process innovation- In this, changes are needed to bring so it can be created in terms to
deliver the services. The salon will provide attractive discount of 50% to customer at
their fist visit.
 Position innovation- The firm will provide three different cuts as per ranges and the face
of customer will scan in computer display and suitable cute will provide to them.
 Paradigm innovation- In this, the salon will also provide internet facilities to customer so
that they can get booking from their only.
Illustration 1: UK technology business growing
(source: Blackburn, 2016 )
Risk analysis
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The term risk analysis means the risk that is associated with a particular action. In this,
the Black saloon is going to introduce its services in market so it is essential to analyse it in
terms of security issue, action and it must be analysed on quantitative and qualitative basis. Thus,
strategic risk will analyse and minimise future risk probability and damage.
Marketing strategy-
This is term that is defined as overall game plan in order to reach people and turning into
customer of product and service in order to have company value proposition, key marketing
messages, information on target customer and high level elements.
Marketing mix-
 Price- The main aim of firm is to have reduction in cost by having improvement in
manufacturing and efficiency so it is possible to perceived the value of product and
services.
 Place- It is also termed out to be as channel, distribution and kind of intermediary. The
Black salon will be launched in North London and it is also inclusive of company
activities that makes the commodities available for target customers (Blackburn, 2016
Basu and Bharti, 2016).
 Product- The product means utility that will help to makes the good and services in terms
to the combination that offers to the target market. They are coming with
 Promotion- This firm is coming with the innovative services as to produce commodities
with the attractive offer through approach as online media so it will be helpful in terms to
produce product and service and this will gain competitive advantage.
Financial cost- In this, the cost of whole investment will be £4000.
Cost table-
Selling price of commodities- 700£
Variable cost of firm- 300£
Fixed price of commodities- 1000£
Thus, to calculate break even point there will be-
Selling Price – Variable Cost = 700- 300£ i.e. 400£
So, Break even point will be
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SC-VC/ Fixed cost= 400£/1000£= 0.4£
Break even point-
This can be termed out as production level in which total revenue is equal to total
expenses. It is the point in which firm reaches to the position where there is no profit or nor
sales. Thus, the break even point will be 0.4.
Legal consideration-
The term legal consideration refers to exchange of two or more things in the legally
binding contract. Thus ,money is exchanged for some types of good and services in a contract. In
addition to this, insurance companies works as to provide the insurance policy in exchange of the
money from the policyholder.
CONCLUSION
Based on the above report it can be concluded that entrepreneurship is the process that
works as to takes the financial risk in order to earn long term profitability in the enterprise. The
entrepreneurship develop can be defined as term that aids to improve skill and knowledge of the
entrepreneur by undertaking the training and classroom program. The present report is based on
the entrepreneurship development program, in this entrepreneur as decide to launch the services
as hair and beauty salon in the north London, the attractive feature of the this entity is that there
is present of expert hair designer and they are avail in the rage as classic, expert and professional
hair designers. The services of the firm has been named as Black. With the help of the proper
plan and direct the activities can be done in the better manner.
The main aim is to improve the quality by developing the skills of entrepreneur so that
qualified decision can be taken in day to day business activities. In this, present report the
various things has been covered as to define the uniqueness of the commodities in the market,
the two approaches has been taken as cognitive and organisation perspective so that all things
can be conducted in the better manner. In this process I have learnt that the all process of the
entrepreneurship development will be crucial in order to bring the improvement in the skill. The
person can able to take the risk in order to have the successful launch in the market and to
maximise the profitability.
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