Entrepreneurship Business Plan for E-Learn App

This business plan covers the details of E-Learn, an online education app for students. It includes market analysis, operations plan, sales and marketing strategy, and financial plans.

Entrepreneurship
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Table of contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Business details............................................................................................................................3
Location.......................................................................................................................................3
Market / Industry analysis...........................................................................................................4
Product/Service description.........................................................................................................7
USP and Competitor analysis......................................................................................................8
Operations Plan............................................................................................................................9
Risk and Contingency plans......................................................................................................10
Sales and marketing strategy.....................................................................................................10
Finance and funding plans.........................................................................................................11
Management team – justifying your ability to lead and manage this venture...........................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13
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INTRODUCTION
Business plan is an written document that is helpful for the describing companies core objectives
and activities and how plans to achieve goals and objectives. The business plan can include
description of business, product and services and market strategies include the financial planning
and budget.
This report will cover new business during the COVID-19 called E- learn. It is an application
that provide online lending to the students who are not able to attend their classes. educational
services will be provided to the students so they can learn during the COVID-19 pandemic.
This report will explain whole business plan idea and describe the competitive opportunities and
threats they can face, including the start-up cost. With the business details it will also provide
location an industry whether operating they will start their business and also it will include the
product and service description. this report will also include competitive and licence an USP. in
the end of this report will include operations plan and risk contingency plan.
MAIN BODY
Business details
Due to covid 19 there is great impact on education of children and young people. It has affected
their career growth in negative way. Besides that, most schools and universities have started
providing online education sessions to them. So, it has provided a great opportunity and platform
to develop software and applications for college and university students (Hubalovsky,
Hubalovska, and Musilek, 2019). Thus, a business start up is initiated to launch and develop an
education app for niche market that is for students. The name of start up is E- Learn. It will be a
small size business that main vision is to transform education. Also, the main goal of business is
to provide education in rural areas as well. The start up is based on B2C business concept in
which education services are offered to students. However, it is necessary to make sure that the
needs of students are fulfilled.
Location
It is necessary to ensure that business is set up on specific location. This is because it gives an
insight about from where business is operating. Thus, E- Learn is start up that will offer
education services to students. The business will entirely be online mode. But there is official
building of start up from where operations are done. So, there is a medium size building rented
for E- Learn office. The office location will be in London, UK. Along with that, there is need to
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specify in which area product or services is going to be provided. That means how much area or
market does E- Learn will cover. Therefore, as the service offered is through app so the area
cover is entire London and neighbour cities. This will enable E- Learn to attract large number of
students to download the app and avail services offered (Kumar Wotto, and Belanger, 2018.).
Market / Industry analysis
In order to find out target market it is important to do market analysis. This is because it
helps in giving insight about who is target market, how fast is market growing, needs of people,
etc. thus, in similar way for E- Learn the market analysis is done as below :
STP- there is need to find out target market by doing STP analysis. In this market is segmented
into 3 stages. They are
Segmentation- the first stage where segmentation is done. So, for present E- Learn app the
segmentation is done on basis of demographic that is age.
Targeting- In this target people are identified from segmentation done. Hence, E- Learn will
target people who are of age 15- 22. It is because they are students who go to university and
college.
Positioning – this refer to positioning of product or service in the minds of people. So, here E-
Learn will target it through its services. They will give free subscriptions to students and various
other benefits as well (Lau, Lam, and Thomas, 2018).
SWOT analysis
Strengths- the main strength is that along with education services E- Learn also provide tuition
and other tutor sessions to be attended by students. So, it is a unique concept.
Furthermore, E- Learn also offer learning in variety of other courses as well such as nursing,
management, accounting, etc.
The app also includes an extra feature in which student can learn and gain knowledge about
different languages like French, Spanish, German, etc.
Weakness- As E- Learn is new entrant in the market so their brand awareness is less and current
competition in the market is tough. It is one of their main weakness.
There are already many education apps available and companies operating in this sector. So,
there is stiff competition in market.
Opportunity- they can enter in new countries with help of collaboration. This will allow them to
attract more students and increase customer base.
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E- Learn can focus on rural areas in UK where students are not able to get online education. So,
they can provide them services to fulfil their needs.
The start up can collaborate with various colleges and universities and work in partnership with
them. It will help in expansion of business in easier way and getting more downloads and
subscriptions.
Threats – the opening of lock down and schools and colleges in UK may impact on business
growth. It is because student will go to college and universities.
Many new entrants can also come up with similar idea in future. Thus, it can result in rise in
competition in education industry (Mayer, 2017).
Industry statistics
It has been stated that Over the 5 years through 2020 -21, industry revenue is expected to
increase at a compound annual rate of 6.1% to reach £3.8 billion. In 2020, revenue is expected to
increase by 13.1%, largely due to the outbreak of covid -19. There are total 855 number of firms
operating in UK in online education industry and the total employees employed in it is 7362. The
largest market share in online education is of Pearson and QA ltd. It is expected that at global
level e learning market is going to reach $374.3 billion till 2026. This means growth of 14.6%
CAGR. In UK people between 16 and 24 are most likely to use online learning materials (Mayer,
2017). Besides that, 81% of students say online learning has helped them improve their grades.
And around 65% of universities support and encourage additional online learning.
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In this graph it can be said that in UK about 16% men are doing online course and 25%
prefer online learning material. And 11% women are doing online course and 18% prefer online
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learning. In this proportion of age 16-24 is highest that is total 61% of them are preferring online
course.
Product/Service description
business start up is initiated to launch and develop an education app for niche market that is for
students. The name of start up is E- Learn. It will be a small size business that main vision is to
transform education. Also, the main goal of business is to provide education in rural areas as well
(Aldrich., 2017). The start up is based on B2C business concept in which education services are
offered to students. However, it is necessary to make sure that the needs of students are fulfilled.
There will be some new courses where students can learn about online businesses another kind
of digital courses they will able to perform and learn. all the other subjects will be included
according to their streams.
ANSOFF MATRIX
This is one of the most important tool that is helpful in floating product and services of the
company within the market where they are sold. there are in total 4 strategies that can be used by
the organisation so they were able to expand their business and reach to their target customers.
Market development
In this Strategy company focus to sell their product and services within Newmarket With the
existing products.
Diversification
This is the strategy where companies sell their product that are newly developed in the new
market.
Market penetration
This is the simplest strategy where company sell their product and services and the existing
might get with the existing product. their main aim is to increase their market share of a
particular product.
Product development
It is the strategy where company develop a new product and introducing existing market.
Recommendation
In the E- Learn Business Entrepreneur will use diversification strategy well they will launch their
new product in a newly market. it will be available online so people valuable use the application
effectively (Bosma, Sanders, and Stam., 2018).
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USP and Competitor analysis
The unique selling point is One of the most important part of the business is that help
organisation to identify what makes their business and services better than their competitors. for
the new business app E- Learn, it will be necessary to identify some unique selling points so
customers can by and satisfy their needs an that should make them different from the other.
The unique selling point of E- Learn app will be
 Digital online courses will be provided to the student that will have additional knowledge
and professionals well teach them so better learning will be provided to the students.
 Special offers and discounts will be provided that will be lower than other learning apps.
 There will be some educational lectures available in the app that can be accessed by
students without paying any fee.
Competitive analysis
Competitive analysis is helpful for the company in identify their competitors within the market.
Thus porters 5 forces will be helpful framework that could be used by leaders of E- Learn
business so they will identify the threats and competitors within the market.
Porters 5 forces
Threat of new entrants
the force of this thread is higher on the new businesses, this is because there are various
competitors who are already having a online business services. On the other side start-up costs
of businesses are lower so new businesses can easily start up their business. This makes this was
lower for the E- Learn business.
Bargaining power of supplier
Bargaining power of suppliers is lower on this industry because online learning does not require
suppliers because Services are directly provided to the students life or with the help of digitally
(Anderson, Wennberg, and McMullen., 2019).
Bargaining power of buyers
bargaining power Off buyer forces is higher on the E- Learn because there are various online
applications were provided similar services. it means that students will have a choice to go with
other applications so the power of bargaining will be higher by buyers
Threat of substitute product
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Threat of substitute product Is higher on this industry becausr most of the courses are similar but
E- Learn application will able to decrease the force because they way they are providing some
new courses that are different from the others.
Operations Plan
Operational plan is an strategic document that is helpful in defining departments and teams
within the organisation. it can include marketing, Finance, recruitment contributor reaching
companies goals and objectives.
Executive summary
The above plan has based on new business called E- Learn which is an application. this has
provided knowledge of Department that will be a part of organizations like finance, recruitment
end marketing.
Mission
 Mission of this business plan is to provide education to the people during the pandemic
time.
Vision
 Vision of this business is to provide quality and professional courses to the learners.
Objectives
 To develop platform where people can learn or educate during the COVID-19.
 To develop operations that will be take place got you companies goals and objectives.
 To provide quality education to students
Key performance indicator
There will be some key performance indicators that will be helpful to develop a operational plan.
it will include marketing team who will be responsible to advertise and promote E- Learning
Services. Human resource team will be responsible to recruit employees and finance manager
will be responsible to develop budget. this all performance will be measured through the key
performance indicator said by the leader.
Financial summary
In total there will be $50,000 in total spend on the business plan and all activities will be done.
20,000 will be used for developing business an application while for recruitment 10,000 will be
used and in the end for the marketing in total 20,000 will be used (Olanrewaju and it.al., 2020).
Key assumptions and risk
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There can be a risk like business failure, over budget and some financial risk and take place.
finance manager of this project will be responsible to develop a proper project according to the
needs.
Goals
Key performance indicator will be used to measure the performance of each and every
department of the organization. on the basis of that it will provide result if this strategy is
successful.
Risk and Contingency plans
A contingency plan is executed by the businessman when rescue present itself. the main purpose
of this plan is to decrease the damage of risk when it occurs. Without the plan in the place the
full impact of risk could greatly affect the project. contingency plan is specialist plan that is
helpful in decrease the rescued indie project
There are some risk like Financial risk can take place anytime in the new business E- Learn. this
risk will identify the strategies like budgeting on the basis of inflation another estimations. it will
reduce the risk of happening and rest can be avoided.
Sales and marketing strategy
Marketing Mix 4ps
Product
Product of new business E- Learn Application business will be online courses that will be
provided to the students who want to take online classes. the services will be professional
becausr professional form all the field will give lectures and their advice will help them to learn.
Price
Prizes of the courses that will be available on the application will not that hi becausr company
will use competitive pricing strategy so they can create their place within the market and they
can achieve success. some learning courses will be free of course which means that people can
try this app without paying money and when they want premium they can pay an learn
something.
Place
The business will entirely be online mode. But there is official building of start up from where
operations are done. So, there is a medium size building rented for E- Learn office. The office
location will be in London, UK.
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Promotion
To promote business entrepreneur of E- Learn Will take help of digital marketing and mainly the
social media marketing where they will promote and run campaign to attract people. They will
attract you showing the learning from different different languages and courses that will attract
these students. campaigns will be run on Facebook,! Twitter and Instagram pallets.
Finance and funding plans
To start up the business and developing the application it will be required funds so business can
be start operations can be done. To fulfil the needs of fun businessman will take help off two
main sources of finance that are personal find sand another as bank loan (Nambisan, Wright and
Feldman., 2019).
Personal funds
Entrepreneur have already worked on good position where he haven’t where he have earned
$75k Per month which is enough for starting up this business. he values his income savings so
business can be started and success can be achieved. this one will be used to spend on developing
application that will be necessary. In the beginning of days salaries of lecturer will be paid by
personal salaries and with the time this will be covered with the profits. Another operations will
be needed funds so personal fund will be used.
Bank loan
Entrepreneurial loan is available for the people and, the creator of this business can also take
help of bank loan where they will take loan to start the business achieve success in their business.
who will be responsible to advertise and promote E- Learning Services. Human resource team
will be responsible to recruit employees and finance manager will be responsible to develop
budget. this all performance will be measured through the key performance indicator said by the
leader.
Management team – justifying your ability to lead and manage this venture
The name of start up is E- Learn. It will be a small size business that main vision is to transform
education. Also, the main goal of business is to provide education in rural areas as well. The start
up is based on B2C business concept in which education services are offered to students.
However, it is necessary to make sure that the needs of students are fulfilled. It is expected that at
global level e learning market is going to reach $374.3 billion till 2026. This means growth of
14.6% CAGR. In UK people between 16 and 24 are most likely to use online learning materials
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(Mayer, 2017). Besides that, 81% of students say online learning has helped them improve their
grades. And around 65% of universities support and encourage additional online learning.
CONCLUSION
As per the report has been cover new business during the COVID-19 called E- learn. It is an
application that provide online lending to the students who are not able to attend their classes.
educational services will be provided to the students so they can learn during the COVID-19
pandemic. This report has been explained whole business plan idea and describe the competitive
opportunities and threats they can face, including the start-up cost. With the business details it
has been also provides location an industry whether operating they have been start their business
and also it has been included the product and service description. this report also has been
include competitive and licence an USP. in the end of this report will include operations plan and
risk contingency plan.
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REFERENCES
Books and journals
Hubalovsky, S., Hubalovska, M. and Musilek, M., 2019. Assessment of the influence of adaptive
E-learning on learning effectiveness of primary school pupils. Computers in Human
Behavior, 92, pp.691-705.
Kumar, S., Wotto, M. and Belanger, P., 2018. E-learning, M-learning and D-learning:
Conceptual definition and comparative analysis. E-Learning and Digital Media, 15(4),
pp.191-216.
Lau, K.H., Lam, T.. and Thomas, S., 2018. The role of textbook learning resources in e-learning:
A taxonomic study. Computers & Education, 118, pp.10-24.
Mayer, R.E., 2017. Using multimedia for e‐learning. Journal of Computer Assisted
Learning, 33(5), pp.403-423.
Aldrich, H., 2017. Learning together: National differences in entrepreneurship research. The
Blackwell handbook of entrepreneurship. pp.5-25.
Bosma, N., Sanders, M. and Stam, E., 2018. Institutions, entrepreneurship, and economic growth
in Europe. Small Business Economics. 51(2). pp.483-499.
Anderson, B. S., Wennberg, K. and McMullen, J.S., 2019. Enhancing quantitative theory-testing
entrepreneurship research. Journal of Business Venturing. 34(5). p.105928.
Olanrewaju, A. S. T., and it.al., 2020. Social media and entrepreneurship research: A literature
review. International Journal of Information Management. 50. pp.90-110.
Nambisan, S., Wright, M. and Feldman, M., 2019. The digital transformation of innovation and
entrepreneurship: Progress, challenges and key themes. Research Policy. 48(8). p.103773.
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