Entrepreneurship, The Process of Designing & Setting

Running Head: ENTREPRENEURSHIP INNOVATIONS AND STARTUPS
ENTREPRENEURSHIP INNOVATIONS AND STARTUPS
Name of the Student
Name of the University
Author Note

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Introduction
Entrepreneurship is the process of designing & setting of a business, and taking a
financial risk with a hope of gaining a profit. An entrepreneur is a person who plans to sets up
the business. The first part of this paper has provided a description of the business idea. The
next part is on the various steps followed for developing the business idea. The third part has
discussed on the skills required for becoming a successful entrepreneur. Then, the feasibility
study of the social enterprise has been discussed. The last part shows the importance of the
enterprise to the society. The intense of this paper is to identify an opportunity of supermarket
business and to test their feasibility report.
Body
The entrepreneurship idea will focus on opening a mini supermarket business. This
supermarket will aim to offer goods at a discount rate to the customers. The mini store will be
opened in Brisbane city of Australia. This business will be started on a small scale in the
corner of the street. Vision for the business is to open a large chain of supermarket stores in
the Brisbane city and the mission is to establish a business that will provide wide range of
products to the needy customers at an affordable price. The mini-market will cover an area of
nearly 22,000 square feet. The business will be licensed by the Australian government. In
addition to the store, there will be a separated warehouse facility for the business. The market
will focus on needy people who are desired to buy their products (Prodanovic et al., 2017).
The target group of people are Households, Business peoples and tourists. The business will
benefit society from malnutrition. The business will have an excellent customer service
facility and fast payment system. The goal of this business is to provide valuable products to
the customers and increase the profitability of the business. The mini-market will provide
durable goods at a discount price. Various goods will include beauty products, children

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products, home appliances, dairy products and medicines (Chaston 2015). The promotion
strategy will include advertisements on newspapers and magazines, contact the business
peoples and households through official websites. The competitive advantage of this business
is that the goods will be sold at a discount rate with a desirable quality to the consumers. The
other larger stores are expensive, that is not affordable by most of the consumers (Prodanovic
et al., 2017). The supermarket business will also provide an opportunity to grow the business.
It will never put the business in loss because the frequency of needs of these goods is
growing at a higher rate. Apart of retailing the goods and products, this mini supermarket will
also focus on customer care. This entrepreneurship idea will help to attract as many
customers as they can (Veloso et al., 2017). It also provides an opportunity to increase the
customer's value by providing membership services; home delivery services and many more
(Dubey et al., 2015). A separate section of online store will be present for delivering the
services to online customers. In this way, the business can seek many customers and make
competitive advantage in the market.
This idea for entrepreneurship was developed by undergoing various steps. The first
step was carried out by doing the market analysis of the business. It was analysed that
consumer behaviour is changing and are willing to pay more money on products like natural
products, beauty products, dairy products (Bacigalupo et al., 2016). One of the problems
faced by these industries that, there is a lack of accurate information from the market. The
changing need of consumers in increasing day by day and this information is not quickly
known in the market. This business will help in meeting the needs of the industry. The next
step is done by expanding the ideas by searching the data through various websites, images,
documents and discussions. The next process is evaluated by doing a competitive analysis.
Competitive analysis is done by comparing the business with other competitor stores located
nearby to the Brisbane city of Australia (Cuenca et al., 2016). The other stores provide more

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expensive goods that are not affordable by every consumer. This business will aim to provide
goods at a discount rate for willing consumers. The next step is of modelling the business.
This was done by building the most important element of the business. Customer segments
were selected, revenue streams were analysed, key resources required, key partners, cost
structure and marketing channels required for reaching the consumers. The next step is to
execute a market survey. The survey was done by preparing an online questionnaire and
sending the link to a targeted audience. This has helped to gather their feedback and find out
the customers perspective with respect to the products (Rahdari et al., 2016). Marketing
strategies were applied to improve the product.
For a successful entrepreneur, an Entrepreneur, the most important skill required is to
be focused and patience to run a new business. There are certain critical skills required to
become a successful entrepreneur. The entrepreneur must be ambitious in nature. They must
focus on making the business successful. An entrepreneur must have a willingness to learn.
They must keep an update on various changes occurring in the industry, changes in
technologies, changes in sales, changing demand of the consumers (Brixiova et al., 2015).
They must always seek new knowledge for making the business successful. They must have
the ability to listen to others. They must communicate in an effective manner and pay
attention to others. An entrepreneur should not be self-promotional. They must show interest
to listen to others point of view in reaching the goals. An entrepreneur must be creative in
nature. In order to be successful, the business must show innovative products that would
attract the customers to invest their money in that product. Therefore, an entrepreneur must
have the skills to be creative and enrich themselves with new experiences. They should also
be confident related to the business. Self-confidence is very important to know about their
own ability in growing the business. The entrepreneurs must have the courage to face the
situation of Perseverance. They must be able to defeat business failures and learn from the