Entrepreneurship in Business

This report discusses the role of entrepreneurship in business, including the essential elements of the entrepreneurial process and the importance of business planning. It also explores opportunity spotting and provides a business plan for a new venture.

Entrepreneurship in Business

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Role..............................................................................................................................................3
Essential elements of entrepreneurial process.............................................................................4
Business plan...............................................................................................................................4
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurship is all about creation and extraction of value which can be clearly viewed as
change in process of designing, launching or running up the new business. It is important driver
in economic growth and innovation attaining high level of risk and profit. In this report there will
be discussion on role of entrepreneur, opportunity spotting and business planning. Beside this
there will b business plan for new venture.
MAIN BODY
Role
a) Entrepreneur
Entrepreneur have been considered as essential to economic growth and
development. they have ability to create new jobs and innovations by changing the
lifestyle and improvement in living standards. Entrepreneurial skills bring up with
improvised product and services for enabling new market development for product. in
order to have succeed in different business circumstance, the entrepreneur have to look
into various roles such as the holding role of head, leader, Liaison, monitor, spokesmen’s,
resource allocator and many more.
b) Opportunity spotting
Seeking out the correct opportunity in only the foremost step to convert out ideas
into business. This have requirement excellent execution skills looking out sufficient
market. it is really important for an individual to allow themselves to take withing
different market opportunities and build up the confidence for different kind of
innovation and creativity. This will make up with completely different either upgrading,
downgrading or anything create unique identification in all manner.
c) Business planning
Effective business planning helps out in providing up core competencies for
identification of new step company needed to take into account. This is helping out in
system building, generating revenue and tracking out the business profits imperfect
manner. It is very important for business person to keep up the core focus on business
plan as it matters in efficiency improvement in financial management as well. In the
business plan, an individual is able to have creativity and innovation creating blue print to
follow.
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Essential elements of entrepreneurial process
Entrepreneurial process needs to be continuous followed by entrepreneur in order to plan and
launch new venture in market more efficiently. The entrepreneurs process have the clear level of
beginning with appropriate idea generation, identifications and evaluation of business
opportunities in the market. The important key element of entrepreneurial process is such as
 Idea generation
Idea generation or identifying the opportunity is the significant foremost step for
entrepreneurial to start the business process. There can be involvement of certain ideas to
met up the market needs. there can be proper market analysis in order to see up
possibility of success.
 Decision making and business planning
It is critical point where an individual has the need to be motivated and stay up active for
successful landing of business idea. business plan development is guide to be used in
further business improvement.
 Project creation
Project management plan will have proper allocation of resources as getting up
financials’ development is difficult and have many obstacles for business procurement.
this is point to realize up stress and getting up finalistic process.
 Management and control.
Entrepreneurship should strive out for maintaining revenue growth as managing business
is not easy. This have requirement of proper time and resource allocation. management
and controlling are important aspect to track up business plan.
Business plan
Executive summary
COVID19 pandemic have bring up the revolutionary change in consumer behaviours regarding
purchasing of food. In term of food and beverage, consumer is looking up the food items which
are organic and helpful in building up immunity for protecting them global virus. So the firm
sonic have decided to launch up immunity booster energy drink in different favour replacing
artificial additive food items.
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SWOT analysis
Strength Weakness
Uniqueness of product in market.
Availability of differ flavours
Advance technology in food
procurement
Highly saturated marked section
of food and beverage.
Food regulation guideline of
country
Opportunity Threat
Online shopping and website.
COVID 19 implication
Recession economy
Government policies
A large level of competitors.
Business development goals
To build up company from value and providing maximum satisfaction to customer.
Market trends
The immunity booster drink is prime requirement in such scenario as in global pandemic people
are trying to boost up the immunity energy drink are properly competing with beverage drinks
which are negatively impacted by fall of hospitality industry. There will be involvement of more
innovative technology and maintaining pandemic standards.
Objective
 Develop a strong brand appealing millennial consumer market.
 Communicate enhancing cognitive enhancing feature to customer.
 to increase the sale of product by 15 % in next six month
Strategies and internal team structure
The firm will follow-up the democratic business style to make employee work in conductive
environments. There will be solid welfare package and high standard across industry. Business
structure are such as
 Chief Executive Officer
 General Manager
 Quality Assurance Manager
 Human Resources and Admin Manager
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 Purchasing Manager
 Store Manager
 Customer Service Executives
 Accountants
 Delivery Driver
 Security Guard
 Cleaner
Market segmentation and analysis
The firm will conduct the effective survey and draft up the different strategies in order to
capture up the target markets. So, the target market for firm will be
 Sports Personalities
 Households
 Corporate Executives
 Business People
 Retail Stores
 Students
 Military men and women
 Tourists
 Chain stores
 Drug stores
Cost structure
Particulars January February March April May June
Cash inflows
Opening cash inflow 5000 6300 8682 11145.88 13691.447 16318.432
Sales revenue 10000 10200 10404 10612 10824 11041
Other income 2000 2000 2000 2000 2000 2000
Total cash inflows 17000 18500 21086 23757.96 26515.769 29359.24
Cash outflows
Material 2500 1530 1560.6 1591.812 1623.6482 1656.1212
Labour 2000 2000 2000 2000 2000 2000
Other expenses 2200 2288 2380 2475 2574 2677
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Administration expenses 4000 4000 4000 4000 4000 4000
Total cash outflows 10700 9818 9940.12 10066.513 10197.337 10332.758
Cash deficit / surplus or
closing cash balance 6300 8682 11146 13691 16318 19026
Delivery model
Price
Price penetration will be used .
Place
The firm will develop the online website to sell product
Promotion
the firm will use the social media advertising using of YouTube , Instagram, and Facebook to
communicate with shareholder in business.
Product
Different flavour and brand of energy drinks
Product and service offering
The firm will generate income by offering up the service in different list such as
 Different flavour and brand of energy drinks
 Other beverage drinks
 Consultancy Services
 Trainings
 Franchise
 Business Partnerships
CONCLUSION
From the above fil it can be concluded as Entrepreneur have been considered as essential to
economic growth and development. It is very important for business person to keep up the core
focus on business plan as it matters in efficiency improvement in financial management as well
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REFERENCES
Books and Journals
Monitor, G.E., 2016. Global entrepreneurship monitor. Empreendedorismo no Brasil (Relatório
Nacional). Curitiba: Instituto Brasileiro de Qualidade e Produtividade, Paraná.
Kraus, S. and et.al., 2018. Digital entrepreneurship: a research agenda on new business models
for the twenty-first century. International Journal of Entrepreneurial Behavior & Research.
Nambisan, S., 2017. Digital entrepreneurship: Toward a digital technology perspective of
entrepreneurship. Entrepreneurship Theory and Practice, 41(6). pp.1029-1055.
Chowdhury, F., Audretsch, D.B. and Belitski, M., 2019. Institutions and entrepreneurship
quality. Entrepreneurship Theory and Practice, 43(1). pp.51-81.
Nambisan, S., Siegel, D. and Kenney, M., 2018. On open innovation, platforms, and
entrepreneurship. Strategic Entrepreneurship Journal, 12(3). pp.354-368.
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