Entrepreneurship and Innovation: Company Ownership, Start-up Summary, Service Description, Competitive Comparison, Market Analysis Summary

This report provides an overview of entrepreneurship and innovation, covering topics such as company ownership, start-up summary, service description, competitive comparison, and market analysis summary. It discusses the objectives, mission, and keys to success of a business, as well as the services offered, market analysis, and future plans. The report also includes a financial plan and conclusion.

Entrepreneurship and
Innovation
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Table of Contents
INTRODUCTION...........................................................................................................................4
1. Executive summary......................................................................................................................4
1.1 Objectives..............................................................................................................................4
1.2 Mission...................................................................................................................................4
1.3 Keys to success......................................................................................................................4
2. Company Summary.....................................................................................................................5
2.1 Company ownership..............................................................................................................5
2.2 Start-up summary...................................................................................................................5
2.3 Company location and facilities.............................................................................................5
3. Services........................................................................................................................................5
3.1 Service description.................................................................................................................5
3.2 Competitive comparison........................................................................................................6
3.3 Sales literature........................................................................................................................7
3.4 Fulfilment...............................................................................................................................7
3.5 Technology............................................................................................................................7
3.6 Future Services.......................................................................................................................7
4. Market Analysis Summary..........................................................................................................8
4.1 Market segmentation..............................................................................................................8
4.2 Target market strategy...........................................................................................................8
4.3 Service business analysis.......................................................................................................8
4.3.1 Business participants...........................................................................................................8
4.3.2 Distributing service.............................................................................................................9
4.3.3 Buying patterns and competition........................................................................................9
4.3.4 Main competitors..............................................................................................................10
5. Strategy and Implementation summary.....................................................................................11
5.1 Pricing strategy....................................................................................................................11
5.2 Sales strategy.......................................................................................................................12
5.3 Milestones............................................................................................................................12
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6. Management Summary..............................................................................................................12
6.1 Organizational structure.......................................................................................................12
6.2 Management team................................................................................................................14
6.3 Personnel plan......................................................................................................................14
7. Financial Plan.............................................................................................................................14
Income statement.......................................................................................................................14
Cash Flow..................................................................................................................................15
Balance Sheet.............................................................................................................................18
CONCLUSION..............................................................................................................................19
REFERENCES..............................................................................................................................20
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INTRODUCTION
Innovation focuses to create more products, process as well as ideas. Regarding a
business It means to implement various new ideas, improves or cresses the dynamic products.
While Entrepreneurs focuses on the process of actions regarding a person as they can always
focus on new ideas as well as provides the gainful opportunities. Present report focuses on
Company ownership, Start-up summary Service description, Competitive comparison
Technology Market Analysis Summary, Distributing service Main competitors Pricing strategy
Management Summary and Financial Plan.
1. Executive summary
1.1 Objectives
Setting objectives is the key of the success as it helps company as a guideline as well as
motivation for which they perform all functions. Some objectives of Brand Root company are:
 To make the best brand and popular.
 To make successful development of aggregator app.
 To develop an effective and successful market program and campaign to identify
effectiveness of performance and business plan.
 To increase sales of upto 25% within 6 months.
1.2 Mission
Mission of Brand Root is to satisfy needs of different age group and needs of customers
at one place by successfully developing aggregator app at lower price. Maintain a strong
relationship with customers and solving all queries in a timely manner is vision of this company.
This statement can help it out in defining aims and values of this company and improve image.
1.3 Keys to success
Developing a business plan is not an easy task and identifying the best and unique way of
satisfying customers can help Brand Root to accomplish its goals and developing business plan.
Some effective ways or keys of success include:
 Marketing
 Quality of products and services
 Innovative business idea
 Web design
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2. Company Summary
2.1 Company ownership
Brand root company is a new company which wants to provide special features of app of
aggregation by which people can search any kind of products and services and can know all
stores from where they can get products and services at the best prices and according to their
convenience. This company is based in Dubai and is a private limited company or owned by its
principal investors.
2.2 Start-up summary
Start up of this new company for developing this app will require many resources
including: human resources, tools, stationery, legal cost, furniture, long term as well as short
term asset, technical staff for maintaining app etc. For marketing and promoting this business
plan, it will require investing in brochure, digital marketing and others. It will require
approximate $35,000.
2.3 Company location and facilities
Office of this company will be established in 5 star office located in United Arab
Emirates. One of the main reason of selecting this office is it is convenient to people and is in the
main area.
3. Services
3.1 Service description
In the context of services of this company, it is stated that it offers almost all products and
services under aggregation app. It allows people to search different categories of products and
services which is mainly divided into 3 categories such as:
Shopping: Under this category, people can search apparels, designer outfits, electronics,
footwear, jewellery with the help of aggregation app which this company is developing. For
example: If people of any age group wants to purchase online designer clothes than with the help
of this app they can go in shopping category and search for clothing. By doing this they will get
all stores nearby them which provides online clothing and by comparing prices, quality and al
features of clothing of different stores they can make the best buying decision (Zukin, 2018).
Services: Under this category, people can search for some temporary services like: cleaning
services, House maintenance, repairing of vehicle services etc. By searching services as per
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needs, people can search, and they will get all online and offline stores which provides all these
services.
Others: Rather, apparel, house maintenance and others above discussed services, all other online
services which are provided by stores online comes under this category. Like consultancy
services, others whose informations people can get online. Some services are covered under this
category and people search all services covered under this category and which are available near
by location than they can show otherwise it will show them no data is available.
3.2 Competitive comparison
There are some companies are in United Arab Emirates which have somehow same
features of service and provide facility to people to search products and services as per their
needs.
1. There are companies who provide only 1 type of products such as either they provide
option to people to search for apparel and only clothing. Some companies who have
aggregation app, they provide people service to search for only consultancy services
(Lauritzen and et.al., 2016).
2. There are some high level popular and prestige companies who are providing same
features of products and service to people to make the best buying decision by getting
informations of all stores which provide clothing and other services. There are only few
companies who provide options to customers to search any kind of products and services
as per their choice with the help of there developed aggregation apps.
3. In the third kind of competitors, it covers all those companies or competitors who have
their stores and provide all types of informations to people on call. People can call to this
office or can visit directly and ask for all stores which provide clothing and other services
as per customers needs. They can get informations of prices, quality and other things of
all stores nearby them from these types of stores.
So, from the above, it can be said that there is a high competition in this sector but Brand Root
company has unique idea which offer people to search for almost services and products at one
place with the help of this App.
3.3 Sales literature
Promoting business and idea of business plan is one of the important function. Selecting
the best way of promoting and making aware to people about this idea and business plan is the
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critical and tough part. Brand Root company will mainly focus on brochure for promoting
business idea and establishing the positioning (Zhang and et.al., 2019).
3.4 Fulfilment
Fulfil needs of customers is the primary aim as well as key of the success of business
plan so, company will need to identify the best way by which it can satisfy needs of customers
and accomplish its pre-determined goals. With the help of professional expertise and suggestions
of principal investors of this company it can select the best strategy.
In addition, it will also focus on market research and getting a lot of informations by
which other companies get succeed.
3.5 Technology
Technology is one of the important factor in today's modern world. Nowadays most of
the companies invest in advanced technologies and make their products and services innovative.
Brand Root company will also invest heavily in technology as its new business idea and
development plan is unique and based on technology.
1. Making use of Apple link in order to contact, communicate and working with people and
identifying their needs. It can allow it to communicate as well as work with clients and
professionals via E-mail delivery of informations.
2. Developing website in order to solve queries of customers and measure effectiveness of
this plan by identifying traffic on website (Chen and et.al., 2017).
3. Making use of Windows machines by its technical staff for making an effective
presentation and discussing further functions for developing business idea and plan.
3.6 Future Services
The aim of Brand root company is to improve image in the eyes of people by providing
excellent services to people at one place and help them out in making the best buying decision.
In the future, this company will expand its business by developing new ideas and expanding
categories of products and services given to people. It will expand its business in America,
Western Europe.
4. Market Analysis Summary
For developing a business plan and new idea successfully it is important for Brand root to
analyse market and its all factors which can have impact on its plan and performance in critical
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manner. For protecting itself against negative impacts and taking advantages of all positive
impacts of factors it will focus on market segmentation and other analysis strategies such as:
4.1 Market segmentation
Medium size growth companies: There are several small and medium size companies who
provide consultancy and other services to people and help them out in selecting the best store and
website for buying products as per their needs. These companies provide informations to them
by gathering informations from aggregation apps (Kaplan, Naori and Raz, 2020). So, the main
market segment of Brand root company will be small and medium size of growth companies.
Middle class and medium income of people: Brand root company provide facility to people to
select products as per their needs at best price, quality and features by having a lot of options and
informations. This facility is being given at affordable price so, medium income of people are
market segment for this company.
4.2 Target market strategy
It is stated that company wants to mainly focus on 20-50 age group of people because
they make an effective use of these types of applications. Above the age of 50 do not have proper
knowledge of using aggregation apps and ways of searching products divided under categories.
So, customers and people of the age group of 20-50 both male and female of Dubai and Western
Europe are main customers (Weaver and et.al., 2017).
4.3 Service business analysis
Service business is one of the important analysis function which can help this company in
providing informations to customers as compared to those businesses which offer physical
products. Companies and websites which provides same features of facilities to people are
mainly include consultancy organizations. There are several offline as well as online stores
which provide individual consultancy and other services to people in identifying the best store
for buying products and services (Lin and et.al., 2016).
4.3.1 Business participants
In the context of business participants and members of team of Brand Root, it can be said
that it has well-established and potential names in management consulting. Among all of these,
most of the members focus on marketing and research. It also has a strong relation or link with
accounting companies as well as management consulting. All members and business participants
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help it out in maintaining relatively high overhead structure on the basis of participants and
partners selling.
4.3.2 Distributing service
Selecting the best way of distributing and offering services to people as well as make
them aware about this new business idea of aggregation app is face to face or traditional
marketing. Company believes that making people aware about products and providing them all
informations can be done by face to face in an efficient manner. By doing this, manager of this
company can understand human behaviours and can solve their queries at a time.
It will also focus on newsletters and representative who will solve every problem of
people and will help them out in selecting the best shop of products and services whichever they
want to buy by meeting to them or online (Le Grand, 2018).
One of the main aim of selecting these methods is to improve relationship with customers
and providing value for money.
4.3.3 Buying patterns and competition
In the context of buying patterns and increasing sales, Brand root company believe that
quality of products as well as trust is the most important factor. Trust is the thing which motivate
customers to buy services and retain with the company for the long run. For retaining customers
to the large extent, it is important for company to increase trust and loyalty among customers.
For this purpose, it will adapt some ways and will focus on:
Rewards: Rewards means providing additional services and other benefits like vouchers and
gifts can make them feel valued. It will increase trust among them, and they will be more likely
to be with the company. It will direct impact on buying patterns and will help this company in
taking competitive advantages (Heath, 2019).
Discounts: Giving discounts of this services and providing memberships option to people of
using this aggregation app for few months can also increase trust and loyalty among customers.
When customers feel valued and motivated than they cooperate companies in accomplishing
their goals by mouth publicity and providing all required informations to them.
Post sell service: Customers feel happy and valued when they get post sale services. Continuous
communication and being in a contact with customers after sell makes customers feel valued.
They think that companies are trying to keep in touch with them and think about them then they
are more likely to be with the company. They do not shift shops and retain for the long run. So,
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by focusing on all these things company will know consumers buying behaviours, patterns,
increase trust among them, increase sales as well as can take comparative advantage.
4.3.4 Main competitors
It is important to analyse intensity of competition in the market. For this, company will
identify strengths and weaknesses of all its competitors. One of the main aim of competitors
analysis is to take competitive advantages by making changes in its strategies and ways of
performing functions. Some competitors and their strengths and weaknesses are:
1. Market research companies: It includes those companies who research about all those stores
which provides same features of products and services and than provide all these informations to
customers (Keefer and Vlaicu, 2017).
Strengths: They provide services to customers at affordable prices and consultant them in
selecting the best store of products and service which they want to buy.
Weaknesses: These types of research companies require investing in technologies and research
which can increase their operational cost.
2. High level popular and prestige companies: It includes all those companies as well as
websites which provide options to customers in selecting the best store and shop for buying
products as like brand root company.
Strengths: One of the main strength of this company is they help customers in selecting the best
shop for products and services as per their choice. They have distributed products and services in
several categories.
Weaknesses: These types of shops and websites do not consult customers in selecting the best
shop as customers have to select the best shop by comparing features of all available shops and
stores. It s time-consuming process and it is one of the main weakness of these types of
organizations.
3. Consultancy companies: It includes those companies who search and collect informations at
their own and provide consultancy and other services to customers which help them in making
the best buying decision. They provide these services at both their offline and online stores.
Strengths: One of the main strength of these types of companies of Dubai is they are expertise
in research and marketing. They have skilled workforce and technical staff which helps them out
in providing qualitative services to customers by collecting informations which is one of the
main function of consultancy companies (Jin, Ji and Gu, 2016).
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Weaknesses: It is stated that they do not have good relationship with customers because it
mainly focuses on digital marketing and do not communicate with customers face to face. It
reduces trust and loyalty among customers. Increasing operational cost due to heavy investment
in research and marketing functions increase their operational cost. It can limit sales and profit.
4. Specific functions providers: It includes all those companies who provide facilities to
customers and have an app which helps customers to identify the best nearby shop of specific
products and services. For example: Some companies help customers to select the best shop for
only apparel and clothing sector. Some helps in providing informations related to electric and
other specific products only. As like Brand root company, they do not offer customers to select
any types of products and services' shops as per their needs.
Strengths: They do not have to invest in app development as compare to others and focus on
wide variety of products. It saves their time and can take competitive advantages opportunities
by only focusing on specific product area and can make itself specialize.
Weaknesses: Lack of ability to spread and look beyond a specific area can create several
problems in this competitive area. They charge high prices from customers and it is also one of
the main weaknesses of these types of companies (Winnubst, 2017).
So, from the above discussed analysis of external factors, it can be said that there is a
high competition in the market. But there are only few companies and competitors who provide
same features of services to customers. It is also analysed that knowing buying behaviours and
patterns play an important role. It can help Brand Root company in taking competitive
advantages and retaining customers with the company for the long run. By selecting the best
distribution channel, they can promote their products, new business idea and can also make a
strong position in the market.
5. Strategy and Implementation summary
5.1 Pricing strategy
Firms uses Paymium as it is considered as app pricing that able to combines the model of the
paid model as it can be obtained after the free mimum apps. It is now new one but also adds
extra revenues within initial proves as for this work develops have to keep within their mind. For
this the developers of the new exciting contents makes the unique features that are useful as well
as game levels that the people who are subscribers pay for it (Campbell,. and Carayannis, 2016).
Pros of paid mium apps
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It gives the ongoing income regarding app developers.
Developers are need to be more creative as well as find the new ways to boosts to spend more
money.
Cons
They needed regular high quality updates that takes a time to implement as it can prevent us
from working on several other tasks or projects.
5.2 Sales strategy
Firms can uses the strategies such as Research target market as while choosing specified group
of people. Also, promotes the app by the help of social marketing such as with the help of
Facebook, Youtube, twitter and many more. As they can makes the specified page for this and
various people see this page through this social media. The firms also makes its advertisement by
the famous personalities (Mitra, 2019).
5.3 Milestones
It provides tactical implementation and strategic advances that aids to design the firms as
they can hit the revenue goals as well as also builds effective sales within short term. There are
key factors that impact the success of the new technology as it is designed to address the major
concerns regarding the needs of the fins so that easily understand. Firms focuses on the various
business models as well as scales operations effectively and quickly. The expert covers all the
market analysis, business development ,sales execution as well as sales infrastructure. Milestones
designed to qualify the market analysis as well as develop go to marking strategy (Wu, . and
Huarng, 2015).
6. Management Summary
6.1 Organizational structure
Organisational structure also plays an important role are it works as a guide for
employees and manager as well. It outlines that how some activities will be directed and by
which ways of performance they can achieve goals of the company. For accomplishing all goals
of this company which are discussed above like increasing sales, improving image and
increasing customers' satisfaction as well as retention, company will focus on developing an
effective organisational structure. It is important to decide key stakeholders and partners who can
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help it out in developing business plan with the help of organizational structure (Schenkel and
Brazeal, 2016).
 One strong European partners which is based in Dubai, have skills to manage day to day
operations.
 Technical staff.
 Flat organizational structure with having few or no level of management between staff
level employees and management. It supervises employees less and promoting active as
well as increased engagement in the decision-making process.
The main aim of selecting flat organization structure is it is at small level and initially almost
organization focuses on this type of structure because it has small number of layers. In this type,
each manager of the company has higher number of direct reports as compared to other similar
companies.
Advantages
 One of the main advantage and benefit of using this structure at initial stage is manager
can improve cost structure of the company.
 It can help them out in improving morale of employees.
 Less chances of conflicts as there is an effective communication in this type of structure.
 Less dominance at workplace.
 High employees retention and higher number of satisfied employees.
Disadvantages
 Under the guise of expertise, bad and ineffective decisions can be made sometimes which
create many other problems.
 It can sometimes lead to waste of time.
 One of the main limitation and disadvantage of this structure is it can limit productivity.
 There is a lack of work life balance which makes employees frustrated sometimes.
 Lack of responsibility guidelines and definition (Mallén and et.al., 2016).
6.2 Management team
This Brand root company need to have a high level of knowledge, understanding and
experience to run an app which it needs to develop. There is are requirement to have an effective
management team who can help it out in accomplishing all its goals. All partners and
management team can help it out in increasing productivity and developing business idea by
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working with collaboration. It is also important for all members of management team to
cooperate and contribute in order to satisfy customers. It will include approximate 2-4 partners,
at-least 2 consultants, 2 technical members and 1 strong, skilled staff support at initially. Later, it
can add and recruit more as per the sales and number of traffic on its app. It will further require
customer service staff, sales staff, marketing staff, accounting staff etc.
6.3 Personnel plan
Personnel plan is considered one of the critical part of business development plan as it
helps company in budgeting for current as well as future employees. It can also allow to Brand
Root company in thinking through that who they need to hire and when they will require hiring
employees. Estimated annual personnel plan is:
Personnel Plan Year 1 Year 2 Year 3
Partners $142,000 $170,000 $200,000
Sales people $0 $22,000 $25,000
Consultants $20,000 $40,000 $59,000
Marketing staff $20,000 $35,000 $55,000
Office manager $6,500 $32,000 $35,000
Others $5,000 $6,500 $7,000
Total people 5 12 18
Total payroll $1,93,500 $30,55,00 $38,1000
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7. Financial Plan
Income statement
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Cash Flow
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Balance Sheet
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CONCLUSION
From the above it had been concluded that Company ownership by which people can
search any kind of products at the best prices. Start-up summary will require many resources
stationary, legal cost, furniture. Technology such as Making use of Apple link in order to
contact, allow it to communicate as well as work with clients. Making use of Windows machines
by its technical staff market segmentation. It focused on Brand root company provide facility to
people to select products as per their needs at best price, quality and features mainly focus on 20-
50 age group of people providing memberships option to people increase trust and loyalty among
customers. Post sell service such as trying to keep in touch with them do not shift shops increase
sales as well as can take comparative advantage. Brand roots uses Paymium promotes the app by
the help of social marketing.
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REFERENCES
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