Entrepreneurial Development

Entrepreneurial Development

Contents
Introduction......................................................................................................................................1
Customer Value Proposition Canvas...............................................................................................2
Lean Business Model Canvas..........................................................................................................3
CMO Level Specialist Contribution................................................................................................7
Finance and Financial Planning.......................................................................................................8
Summary..........................................................................................................................................9
References......................................................................................................................................10
Appendices....................................................................................................................................11
Appendix I.................................................................................................................................11
Appendix II................................................................................................................................13

Introduction
Entrepreneurship refers to taking up execution of business activities related to production,
manufacturing or procuring a service or a product which is being offered to a range of people
with an objective of taking risks to earn profits and high revenues (Drucker, 2014). Over the last
few years, technology and innovation has shaped every industry. It can be argued that this
decade has witnessed one of the biggest waves of technological changes in the history of
humanity with disruptions being made in every industry and firms. Technology is advancing to a
much higher level where augmented reality is becoming a major thing or trend. Augmented
reality is a concept which involves the interaction between a human and a stimulated real-world
like experience which is enhanced using computers and informational generated in the form of
visuals and sensory information using application based software (Bonetti, Warnaby and Quinn,
2018). The idea which is being presented for lean start-up is Exo Fit which is a device based on
augmented reality which has the primary objective of improving the online shopping experience
of a consumer and changing the dynamics of online shopping. The device is based on a
technology which analyses the person using it within seconds and undertakes a 3-D body
scanning to influence the buying or the purchase decision of the consumer (Hasan, 2016).
According to a market research, the number of online purchases and buying has improved
significantly over the years with more than 54% of consumers preferring to buy from online
stores and shopping platforms (Appendix I). Exo Fit is the device which helps the consumer to
better evaluate the products and make better decisions related to shopping using augmented
reality and technology. The target market for the product will be people aged between 25-35
years and preferably females who are more likely to purchase clothing apparels and other related
items while online shopping.
The following project report has been written with the perspective of the Chief Marketing Office
(CMO) of the new start-up. It is the responsibility of a CMO to create demand for the product or
service which is being offered using the various tools and techniques for sales promotion and
advertising. It is the main responsibility of a CMO to develop a suitable atmosphere for the
product which is to be launched in the market by creating awareness. It is expected that the
business would earn a revenue of £704,850 in the first year of its launch with a net profit of
£100,000 from the sales of 4699 units, the revenue and profit for second year are targeted and
expected to be £802,500 and £111,800 respectively from 5000 units being sold, the third year
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targets for revenue and profit of the start-up are £750,000 and £125,520 respectively as a result
of 5350 units being sold. The expected profit margin for the first three years is around 15%
(Appendix II). Since there is negligible or very little competition in the industry which is being
targeted, the business or the start-up has the objective of capturing a high share of market within
the first three years of its operations and obtain the position of industry leader.
Customer Value Proposition Canvas
Customer Value Proposition Canvas is a tool which is used to analyse the effectiveness of a
business model in meeting the needs and requirements of the customers. The model is divided
into two sections which shows the current existing scenario of the customer needs and the
proposed value or benefits of the business model (Sheehan and Bruni-Bossio, 2015).
While technology related to online shopping has changes the preference of consumers to
shop online and using multi-channels, it can be said on the basis of other researches and market
surveys that indicate that more than 70% of people aged between 35-44 years have returned a
product which they bought using online platforms (Appendix I). This presents a need to improve
and innovate technology which can help the consumer to make better choices while making
online purchases. On the right hand side of the Value proposition canvas, the gains which are
being provided or expected by the consumers in the proposed business model are easy access to
wide range of retailers and effective time management while online shopping and the easy access
to navigation and precise decision-making. Jobs which are to be done by the customers include
body analysis, selection of the garment or the cloth which they want to buy, making payment and
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