Entrepreneurship in Business: Essential Elements and Business Plan

This article discusses the essential elements of entrepreneurship process for Richard Branson, including the role of entrepreneur, risk analysis, and business planning. It also provides a business plan for a new business idea called All Sports Shop, which sells customized sports products both online and offline. The article includes a SWOT analysis and competitive analysis of the business idea. Subject: Entrepreneurship, Course Code: NA, Course Name: NA, College/University: NA

Entrepreneurship in Business

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Q1 Any Three..............................................................................................................................3
Q2 Essential elements of entrepreneurial process.......................................................................3
Q3 Business Plan.........................................................................................................................4
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurship is known as the act which is the establishment or running of a business
or a tenancy to be considered creative and also work for the ventures of the company. This
project will analyse the essential elements of the entrepreneurship process for Richard Branson.
This project will provide a business plan for new business idea.
MAIN BODY
Q1 Any Three
Role of entrepreneur :
An entrepreneur is a person who creates own opportunities for growth of business
through creative ideas (Doern, Williams and Vorley, 2019). Richard Branson did so by starting a
magazine at school, then after suffering loss, he gathered funds to start a discount record store in
1973. Getting famous from that business Branson was able to start its airline known as Virgin
Atlantic Airways in 1984. Now his organization has 500 different businesses under it. This,
shows how opportunistic has he been despite being a failure at the beginning of the career.
Risk Analysis :
It is way of identifying and assessing the factors which can lead to negative affects on the
success of the business and the project (Liguori and Winkler, 2020). This allows in the
examination of the risks that the organization faces. Great entrepreneurs are known to take risk
but the successful ones are those who analyse the risks they take for ensuring success. Richard
Branson at the beginning of the career took risk which weren't analysed but that taught him the
lesson which was needed for being successful in the future.
Business Planning :
Business planning consists of the collective ideas from the formal business plan and
outlining them as a summary for the business's current state (What Is Business Planning?, 2020).
It helps the business in the management of the performance of the organization. Richard Branson
was very good in its business planning which was the reason even at the age of 67 he is very
strong and continues to expand its business more than fifty year old legacies.
Q2 Essential elements of entrepreneurial process

The entrepreneurial process are the steps which are needed to be taken for the
establishment of a new enterprise (Sergi and et.al., 2019). It helps in the step by step method of
following the setup for an enterprise. Following are the key elements of entrepreneurial process,
Idea generation :
Every business at the start requires an idea with which it will begin. Every business idea
for Virgin group of companies came from Richard Branson.
Opportunity Evaluation :
Entrepreneurs create their own opportunity through their activities and evaluating them
so that they can be grabbed is very important for success. Richard Branson grabbed every
opportunity which he believed in this provide him the ownership on more than 500 brands now.
Planning :
Planning in entrepreneurship helps the business avoid unwanted circumstance which can
result into risks. Branson was considered to be one of the best in planning as it allowed him to be
a failure in magazine company to starting own airlines which can only be done through proper
planning (Rippa and Secundo, 2019).
Q3 Business Plan
COMPANY OVERVIEW :
All sports shop will be the name of the business which will sell different sport related
products on both online and offline platforms. The customers will be allowed to customize their
products according to the design they desire.
MISSION :
Help the customers expand their interest, potential and their belief towards the products
of the company.
VISION :
To provide the athletes both innovation and inspiration in the world with the help of
quality and customization.
PRODUCT DESCRIPTION :
The products of this company will be related to all the different types of sports which are
played in the community for example, Football, Baseball, Basketball and Cricket.
MARKETING PLAN :

It will try to utilize the emotional advertising aspect of marketing for influencing the
customers. For the identification of customers STP analysis can be used,
Segmentation :
This company will divide the customers through different categories, geographical
segment which will categorize them in different locations. Income status will also be a
segmentation for the company due to people with different income levels.
Targeting :
This company will target the customers which are fan for these sports or are themselves
athletes.
Positioning :
For getting in contact with the target customers the business will utilize strategical
positioning in which it will use social media influencers related with the sports to attract new
customers (Olanrewaju and et.al., 2020).
COMPETITIVE ANALYSIS
This company will face competition from some giants of this industry such as Nike,
Adidas and Puma. This business will use the cost effective strategy to gain the competitive
advantage and keep the price of the products low. With the help of the customization feature in
their products the customers will adapt to this organization more often.
SWOT ANALYSIS
Strengths :
This company has a very innovative model of business. As for the current trends of the
sports industry the customization of the sports products is very effective. Utilization of social
media will help in reaching customers directly.
Weaknesses :
The basic sports products of this organization will have lots of competition from Nike
and Adidas which are known for their quality.
Opportunity :
Despite having high competition in the marketing this organization can benefit of the face
that the products of its competitors are relatively very costly.
Threats :

The biggest threat to this company is that the customers of this industry are loyal to the
existing company they prefer. Thus, it will take the company to provide great quality and price to
influence the customers to switch their preference.
OPERATIONS
The operations of this company will include both online and offline operations. Its
manufacturing unit will produce the products which will be stored in warehouse from which it
will relocate to either its stores or delivered directly to the customers through online distribution
services.
CONCLUSION
From this project concluded that entrepreneurship involve a lot of courage and risk taking
which when is combined with rational risk taking then successful leaders like Richard Branson
are formed. This project discussed a business plan for All sports shop an innovative business
idea.

REFERENCES
Books and journals
Doern, R., Williams, N. and Vorley, T., 2019. Special issue on entrepreneurship and crises:
business as usual? An introduction and review of the literature. Entrepreneurship &
Regional Development. 31(5-6). pp.400-412.
Liguori, E. and Winkler, C., 2020. From offline to online: Challenges and opportunities for
entrepreneurship education following the COVID-19 pandemic. Entrepreneurship
Education and Pedagogy. 3(4). pp.346-351.
Olanrewaju, A.S.T., and et.al., 2020. Social media and entrepreneurship research: A literature
review. International Journal of Information Management. 50. pp.90-110.
Rippa, P. and Secundo, G., 2019. Digital academic entrepreneurship: The potential of digital
technologies on academic entrepreneurship. Technological Forecasting and Social
Change. 146. pp.900-911.
Sergi, B.S., and et.al., 2019. Entrepreneurship and economic growth: the experience of
developed and developing countries. In Entrepreneurship and Development in the 21st
Century. Emerald publishing limited.
Online references
What Is Business Planning?, 2020. [Online]. Available through
<https://www.thebalancesmb.com/business-planning-definition-2947994>
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