Entrepreneurship: Business Plan, Market Research, Target Customer, Marketing, Funding

This document provides an overview of entrepreneurship and its key components such as business plan, market research, target customer, marketing strategies, and funding options. It discusses the importance of these aspects in starting a new venture and achieving business goals. The document also includes a cash budget for a hypothetical business.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................3
BUSINESS PLAN...........................................................................................................................3
Company/Product overview...................................................................................................3
Objectives...............................................................................................................................3
Market research......................................................................................................................4
Target customer/market..........................................................................................................4
Marketing...............................................................................................................................5
Service or product line............................................................................................................5
Human resources....................................................................................................................6
Funding...................................................................................................................................6
Financials................................................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9
APPENDIX....................................................................................................................................10
Questionnaire ...........................................................................................................10

INTRODUCTION
Entrepreneurship is the concept that leads to extract and create the value for businesses
and it is viewed as the changes that undertake prominent values considering economic ones.
Moreover, business concept is the link that prominently offer effective information of the
suitable products and services which is developed considering the preferences and satisfaction of
the wants of customers as it is useful in achieving competitive advantage (Venkataraman, 2019).
The suitable report is based on the new business idea which is the Tattler watch as it is created
with prominent digital watch and also tends to operate by mobile phones as due to this,
individuals tends to enjoy wide variety of services at the time of their busy schedule. Besides
this, in relation with effective development of suitable business cases is helpful in order to get
more profitability and also useful in order to accomplish long term sustainability in existing
market area.
BUSINESS PLAN
Company/Product overview
Tattler watch is the new venture that came in market with new and innovative ideas in
order to prominently acquire large market area by offering wide range of services. This watch
effectively perform several types of business functions undertaking the hydration level, calender,
show time and many more that effective occur under the mobile phones. As undertaking the
present time, technological world is trending due to effective launch of digital watches in order
to create wide range of opportunities and also save their time by providing several types of
functions.
Objectives
The basic objective of Tattler watch is to make effective digital watches and best seller in
UK by providing prominent development considering the profit margin by 20% and also
improve sales by 25% for the stipulated period of time. In terms of this, they also leads to hire
talent and skilled candidates in order to spread awareness in market considering the digital
watches for suitable customer base and also tends to spread awareness among people considering
the digital watch for the their customer base in terms of attracting them to accomplish effective
earnings and suitable revenues which are achieved for defined period of time which is
approximately 24 months.

Market research
In order to achieve effective sales in market, it is essential for Tattler watch in order to
conduct prominent research in market considering the effective hiring and selecting suitable
method to conduct research. As by effective market research, company tends to give tough
competition to their rivals and also tends to develop strong relations with the help of
communication skill to analyse the suitable need of customers (Anderson, Wennberg and
McMullen, 2019). In regard of this, the marketing analysts of Tattler watch effectively conduct
research in order to collect, organise and undertake data considering the market and also
undertake effective purchase of products. Moreover, the manager of company consider several
methods but for this, primary research is opted by the marketers and consider several methods
including interviews, online surveys, observations, questionnaire and so on.
Target customer/market
Undertaking the Tattler watch, the manager of company leads to target overall market on
the basis of three suitable factors including prominent criteria that undertake: Segmentation: It is essential in terms of segmenting market by Tattler watch on the basis
of prominent nature, demographic elements and behaviour. By this, the suitable area of
market effectively provide prominent purchasing power of individuals and also undertake
age criteria undertaking the profit earnings that become easy for them to have effective
segmenting (Berger and et. al., 2019). Targeting: In regard of this, the manager of Tattler watch tends to spent maximum
amount of money in order to have effectively target their customers and also leads to
develop suitable techniques undertaking their commodities by appreciating suitable
things in order to have effective target on the basis of likings and disliking which is
helpful in order to undertake suitable things for the busy life to have effective reminding
which important to significant working and beneficial for the life of individuals.
 Positioning: After the prominent segmentation and targeting the suitable market area
then the manager of Tattler watch need to effectively advertise their digital watches in
order to have prominent operations with the help of phone and social media in order to
attract large number of customer base which is helpful for company to gain prominent
position in market area (Alvarez and Barney, 2020).

Marketing
It consider suitable activities which significantly consider proper launch of new
commodity in market area for the new venture as it is not an easy task that effectively depict the
efforts which influence the overall business functioning and running of company (Olanrewaju
and et. al., 2020). Along with this, the suitable success and attainment of prominent goals and
objectives is essential as by this market plays essential role for the new business organisation
which is is Tattler watch in terms of developing effective strategy which is useful to spread
awareness among individuals considering the presence by effectively informing regarding the
prominent offerings. In terms of this, entrepreneurs also make suitable use of Omni-channel as
the effective marketing tool which is essential in order to use and recommend by the marketers
considering the effective presence of business world.
Along with this, the marketing channel is suitable approach in order to suitably market
and consider the physical area of market in order to lead and promote fresh products for the
digital world which is developed with advanced technology by keeping suitable track for the
essential factors of individuals. Away with this, Tattler watch also tends to consider social media
undertaking the official websites and digital marketing for the online promotion. In regard of
having suitable promotion in the form of printing promotion and catalogue for public terms
considering the performance of promotional activities (Baker and Powell, 2019). Therefore, both
the channels tends to enable new start-up in order to accomplish their goals and target large
number of customer base to develop effective customer base.
Service or product line
The prominent product which is offered to customers is Tattler watch which is the digital
watch with wide range of services to their potential customers. This product offer several
services which are beneficial for customers and also leads to increase sales and benefits of
company. In regard of this, company need to conduct effective market research which is useful
for them to target their customer base and attract them with their suitable services like calender,
phone calls, alert for the hydration level and so on (Chowdhury, Audretsch and Belitski, 2019).
In relation with this, company also consider intellectual property rights including trademark,
patients, copyright and so on for their new and fresh product. Along with this, each company
need to launch and undertake several steps from the market considering the prominent market

research in order to develop suitable knowledge and understanding for the several aspects of
company.
Considering the external environment leads to undertake effective operations that occur
and consider suitable factors. In regard of this, external analysis is considered in terms of legal
factors to identify the specific norms and standards in the sector and also consider both positive
and negative impact over the functioning of business. Besides this, Tattler watch effectively
analyse the legislative structure of the overall industry in order to develop their legal structure
and rules for operations. It also represent the suitable issues which are faced in order to
undertake several legal formalities to consider the complications undertaking the norms and laws
to flourish the sector (Sergi and et. al., 2019). Tattler watch also leads to have effective look over
the legal laws and recommendations of third party and experts in order to develop their overall
framework considering suitable methods to adjust in the operations considering the legal
requirements for the start-up.
Human resources
Entrepreneurs are those individuals who significantly undertake new venture and
business ideas regarding the offerings of new product in significant market area by considering
the effective development of suitable needs and also tends to enhance the customer satisfaction
by effectively offering something unique and innovative rather than better products and services.
Along with this, Tattler watch also tends to develop new business start-up which is developed by
an organisation in order to offer digital watches which are developed by new and advanced
technologies. In regard of this, entrepreneurs tends to effectively manage effective operations of
products by undertaking the human resources which are concerned with external parties for
delivering things (Hsieh and Wu, 2019). Along with this, Tattler watch at the starting stage
undertake effective manpower for the individuals in order to improve the suitable size and scope.
Funding
New business ventures always tends to seek effective funding in order to grow their
business unit and also consider effective funding by representing the effective contribution of
resources towards the products and services. Funding can be generated either for short term and
long term and few sources are mentioned as: Angel investors: These are the individuals who undertake friends and family in terms of
having effective investment of capital. Currently, there are around 250,000 private angel

investors who tends to fund more than 30,000 small and new venture each and every
year. For this. Most of the investors are not the prominent part of family as they have
successful individuals who tends to have the ability to fund suitable deals which are
presented in order to find things interesting. Venture capitalist: It tends to depict the suitable options for businesses which is beyond
the start up period who tends to need large amount of capital and investment regarding
the prominent expansion to enhance the market share (Mitra, 2019). For this, venture
capitalist significantly involve effective management of business and also play effective
role in order to set targets and offering advice to make sure the prominent success.
 Retained earnings: Business organisations tends to increase effective profitability in
order to suitable products by rendering services for the higher prices and also tends to
cost them in terms of developing suitable products. It is the most primitive source of
funding for each and every organisation (Anderson, Wennberg and McMullen, 2019).
Moreover, after generating suitable profitability company tends to decide for the earned
capital and also effectively allocate them. Besides this, retained earnings tends to be
distributed among shareholders and eliminate the number of shares by initiating stock.
Therefore, it is analysed that for the new business venture and start-up angel investors are
effective in terms of getting fund as in this business associations are free to make prominent
investment decisions quite quickly. They can prominently access the sector of investors
considering the knowledge and contacts by effectively undertaking better discipline because of
external scrutiny.
Financials
Launch cash budget
Particulars January February March April May June
Cash Inflows
Investment 8000
Credit sales 1200 2000 7500 3000 5000 6500
Total inflows 9200 2000 7500 3000 5000 6500
Cash Outflows
Fixed : Equipment’s 2500 1200 1500 2500 1100 1500

Variable : Direct
material 350 300 250 150 100 500
Total Outflows 2850 1500 1750 2650 1200 2000
Net cash flow 6350 500 5750 350 3800 4500
Opening balance 0 6350 5850 11600 11950 15750
Closing balance 6350 5850 11600 11950 15750 20250
Particulars July August September October November December
Cash Inflows
Investment
Credit sales 1200 3200 1500 8200 1250 3210
Total inflows 1200 3200 1500 8200 1250 3210
Cash Outflows
Fixed : Equipment’s 1200 600 500 500 1200 700
Variable : Direct
material 500 250 450 250 1300 500
Total Outflows 1700 850 950 750 2500 1200
Net cash flow -500 2350 550 7450 -1250 2010
Opening balance 20250 19750 22100 22650 30100 28850
Closing balance 19750 22100 22650 30100 28850 30860
CONCLUSION
By considering the above discussion, it is analysed that business plan is essential for the
new business ventures and start-ups which is useful for company in terms of having effective
growth and development and prominently achieve desired goals and objectives. In regard of this,
prominent objectives are developed considering the effective enhancement of sales and revenues.

Along with this, company also tends to accomplish suitable objectives with the help of
prominent market research and targeting market on the basis of their potential customer base.

REFERENCES
Books and Journals
Alvarez, S. and Barney, J.B., 2020. Has the concept of opportunities been fruitful in the field of
entrepreneurship?. Academy of Management Perspectives, 34(3), pp.300-310.
Anderson, B.S., Wennberg, K. and McMullen, J.S., 2019. Enhancing quantitative theory-testing
entrepreneurship research. Journal of Business Venturing, 34(5), p.105928.
Baker, T. and Powell, E.E., 2019. Entrepreneurship as a new liberal art. Small Business
Economics, 52(2), pp.405-418.
Berger, E.S and et. al., 2019. Digital or not–The future of entrepreneurship and innovation:
Introduction to the special issue.
Chowdhury, F., Audretsch, D.B. and Belitski, M., 2019. Institutions and entrepreneurship
quality. Entrepreneurship Theory and Practice, 43(1), pp.51-81.
Hsieh, Y.J. and Wu, Y.J., 2019. Entrepreneurship through the platform strategy in the digital era:
Insights and research opportunities. Computers in Human Behavior, 95, pp.315-323.
Mitra, J., 2019. Entrepreneurship, innovation and regional development: an introduction.
Routledge.
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.
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.
Venkataraman, S., 2019. The distinctive domain of entrepreneurship research. In Seminal ideas
for the next twenty-five years of advances. Emerald Publishing Limited.

APPENDIX
Questionnaire
Q1. How long you have been using our product and services? Frequency
(a) Less than a month 10
(b) 1-6 months 15
(c) 6 months to 1 year 75
Q2. How frequently do you use our product/ service?
(a) Daily 90
(b) Once a week 05
(c) Once a month 05
Q3. How much you are satisfied with our product and service?
(a) Satisfied 60
(b) Neutral 30
(c) Dissatisfied 10