Entrepreneurship In Business
Added on 2020-12-10
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ENTREPRENEURSHIPIN BUSINESS
EXECUTIVE SUMMARYEntrepreneurship is a process in which an individual establish or run their own businessin order to serve society for gaining profit or social welfare. In this Aleona who has experiencedof 20 years now want to start her business. For which she decide to establish business inElectronic sector or industry with the name of “Innovate at your Door” at market of UnitedKingdom. The respective company offer innovative and creative electronic products whichmakes life of their potential customers easy as well as standard. Products offer by respectivecompany are decorative lamps, fancy light, heater, routers, cables, Xerox machines, laserprinters, computer hardware, washing machines, street light and many more. So for staringbusiness in effective and appropriate manner Aleona conduct market evaluation and developbusiness plan. Along with this she also conduct analysis of financial status so that she able toprepare budget in effective and appropriate manner.
Table of ContentsINTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................4Background and experience of Owner...................................................................................4New Venture and products launched by company.................................................................4Market research......................................................................................................................5Operational Requirements......................................................................................................6Cost and pricing strategy........................................................................................................7Financial Forecasting..............................................................................................................7Contingency Plan/ Exit Strategy..........................................................................................10TASK 2..........................................................................................................................................10Covered in PPT.....................................................................................................................10CONCLUSION .............................................................................................................................10REFRENCES ................................................................................................................................11
INTRODUCTIONEntrepreneurship refers procedure in which an individual launch and run their newbusiness which can be big or small. An individual who launch a new venture is known asentrepreneur. In this mainly a person start a new business operation which is unique and creativein order to earn profit or serve society (Bridge and O’Neill, 2012). This report is based on a newventure which is launched by Aleona Ankrah in electronic industry by name of “Innovation atyour Door” at United Kingdom market. The respective company is conducting its business inelectronic sector in which they are providing various range of products. Such as decorative lamp,fancy light, heater, router, networking device, laser, printers, computer hardware, washingmachines and many more. Topics covered in this report are related to business plans andfinancial status of company as well as owner. These both things are essential to run andestablished a business operation in effective and appropriate manner. TASK 1Background and experience of OwnerEntrepreneurship is a procedure in which an individual conduct or start a new venture inorder to serve their potential customers. This report is also based on entrepreneurship which isestablished by Aleona Ankrah who is an investor and design engineer. Aleona work asComponent Specialist at Rolls Royce for approx 20 years and she want to establish her own newbusiness. For this she wants to develop business plans as well as financial status so that she willconduct next procedure accordingly and effectively. Aleona also conduct analysis and evaluationof market so that she know about their potential customers which will further help her indeveloping and designing products and services in effective and appropriate manner. New Venture and products launched by companyWhen an individual plan to launch a new venture they must come up with new andinnovative idea so that they able to attract more and more customers in appropriate manner. Forwhich they have to conduct market analysis in order to understand need as well as demand ofcustomer and also know about their competitors (Burns and Dewhurst, 2016). In respect of thisreport Aleona wants to establish a new venture with some innovative and idea. According towhich she is opening a new business operation in electronic sector at United Kingdom with thename of Innovation at your Door. They are offering variety of services such as decorative lamp,
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