Entrepreneurship, Innovation and Start-ups: Business Model and Plan for Augmented Reality Based Products and Services

Running head: ENTREPRENEURSHIP, INNOVATION AND START-UPS
ENTREPRENEURSHIP, INNOVATION AND START-UPS
Name of the Student:
Name of the University:
Author’s Note:

1ENTREPRENEURSHIP, INNOVATION AND START-UPS
EXECUTIVE SUMMARY
This report outlines the business model and the business plan for the commercial business
venture which I intend to establish. The business venture would offer augmented reality based
products and services the individual customers and also the business corporations which take the
help of the same for marketing, customer relationship marketing and other purposes. The paper
thus begins by highlights the business idea and along elucidates the different attributes of the
business model which would be used through the usage of the business model. The report next
outlines the business plan along with the rationale for the selection of the business idea, the
stakeholders, target market and others. A justification for the selection of the different attributes
of the business model had also been provided in the paper. Lastly, the report concludes by
outlining the manner in which the venture can attain sustainability and long-term growth.

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Table of Contents
1.0 Introduction................................................................................................................................4
2.0 Overview of the Business Plan..................................................................................................4
3.0 Skills required to be a successful entrepreneur..........................................................................5
4.0 Business Model..........................................................................................................................5
4.1 Core Strategy.........................................................................................................................6
4.2 Financials...............................................................................................................................6
4.3 Resources...............................................................................................................................7
4.4 Operations..............................................................................................................................7
5.0 Business Plan.............................................................................................................................8
5.1 Budget....................................................................................................................................8
5.2 Cash Flow and Breakeven.....................................................................................................8
5.3 People....................................................................................................................................9
5.4 Competitive Analysis.............................................................................................................9
5.5 Porter’s Five Forces Analysis................................................................................................9
5.6 Marketing Plan.......................................................................................................................9
6.0 Justification of the Elements....................................................................................................10
7.0 Sustainability and Growth.......................................................................................................10
8.0 Conclusion...............................................................................................................................11
8.0 References................................................................................................................................12

3ENTREPRENEURSHIP, INNOVATION AND START-UPS
Appendix 1: BUSINESS MODEL................................................................................................18
Appendix 2: BUDGET..................................................................................................................19
Appendix 3: JOB ADVERTISEMENT.........................................................................................23
Appendix 4: COMPETITIVE ANALYSIS...................................................................................24
Appendix 5: Porter’s Five Forces Analysis...................................................................................25
Appendix 6: Marketing Plan..........................................................................................................26

4ENTREPRENEURSHIP, INNOVATION AND START-UPS
1.0 Introduction
As opined by Schaper (2016), the effective usage of new innovative technologies had
become one of the most important processes through which the business corporations are trying
to attain competitive edge in the business markets of their operation. Morris et al. (2018) are of
the viewpoint that the adequate usage of the different innovative or the disruptive technologies
like augment reality, ‘internet of things’ and others helps the business corporations to create as
well as capture value for their stakeholders. According to Kirzner (2015), it had become
important for the entrepreneurs to take into account these innovative or for that matter the
disruptive technologies for the business models or the business plans that they formulate for their
new business ventures. However, at the same time it needs to be said that the entrepreneurs for
the usage of the different disruptive technologies need to take into account the feasibility of the
usage of the same within their venture or for that matter the competencies of the venture that
they have created. This paper outlines the business model and also the business plan for the
commercial business venture which would be based in augmented reality that I have formulated.
2.0 Overview of the Business Plan
The commercial business venture will offer products and services which would be based
on the disruptive technology of augmented reality. The concerned commercial venture would
specifically focus on the products or services which require the usage of augmented reality. More
importantly, along with the individual customers the concerned commercial venture would also
focus on offering augmented reality solutions or products to the different business corporations
that are operational in the nation of Australia. For instance, it had been seen that the different
business corporations are taking the help of the disruptive technology of augmented reality

5ENTREPRENEURSHIP, INNOVATION AND START-UPS
within the spectrum of the marketing practices, customer relationship management and other
processes used by them and thus it is likely that the augmented reality based services offered by
the concerned venture would be greatly appreciated by these business corporations of the nation
of Australia. This in turn is not only likely to substantially enhance the target market or for that
matter the customer base of the concerned venture but at the same time would enable it to attain
the required level of success as well.
3.0 Skills required to be a successful entrepreneur
Burns and Dewhurst (2016) are of the viewpoint that there are various important skill-
sets that the entrepreneurs are required to have so as to successfully launch new business
ventures and also make the concerned venture a profitable one. As discussed by Storey (2016),
an important skill set that the entrepreneurs are required to have is the ability to adequately
identify the right kind of business ideas which are likely to help them to gain the required
amount of success. However, for the effective attainment of this particular end the entrepreneurs
are required to have critical decision making ability, risk taking attitude, ability to work under
pressure and others (Burns, 2016). More importantly, the entrepreneurs are also required to have
adequate management and leadership abilities so as to effectively manage the diverse affairs of
the business venture that they establish (Parker, 2018). These in short are some of the most
important skills that the successful entrepreneurs are required to have so as to gain the required
amount of success.
4.0 Business Model
Lubik and Garnsey (2016) are of the viewpoint that the entity of business model denotes
the detailed or for that matter the systematic plan which is being followed by the business