Entrepreneurial Development: Enhancing Skills and Knowledge

This report discusses the process of entrepreneurial development and its importance in enhancing skills and knowledge. It includes a case study of Chop House, a self-checkout restaurant in the UK, which aims to deliver digital services to its customers. The report also covers the role of CFO in financial planning and achieving business goals.

ENTREPRENORIAL
DEVELOPMENT

Table of Contents
Table of Contents.............................................................................................................................2
INTRODUCTION...........................................................................................................................1
Value Proposition Canvas............................................................................................................2
Lean business canvas model........................................................................................................6
Specialist contribution.................................................................................................................9
Summary......................................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
In present time, entrepreneurial development can effectively be considered as a process
that helps an entrepreneur to enhance or to improve the overall skills and knowledge. This is
specifically done through different range of programmes, which could be anything from
classroom sessions, seminars, training and so on. Over the years, change has been playing a
crucial for the business organisations that are performing at international level, and it has also
become vital for companies to develop new products or bring modification among existing ones
so that customer loyalty could effectively be improvised. In this report, Chop House which is a
whole new self checkout restaurant that is serving to customers in United Kingdom, which is
looking forward to deliver digital services to its customers. The main reason that came in front of
this is to reduce the workload from limited staff members.
This unique service, has helped company in offering with the best and fast food delivery
related services, as it is also enclosed with contactless payment and it has also helped in saving
the time of both employees and customers at the same time (Obschonka, and Stuetzer, 2017).
Away with this, report is also going to be enclosed with various topics in regards to the role of
CFO, which is directly linked with financial planning and it has also helped in attaining the
number of goals as well that the whole report is based on.
On the other hand, it is also said that CFO particularly defined as Chief Financial Officer
i.e. playing an important role within the company as he or she develops income statement along
with the analysis of different ratios like liquidity and so on. These aid in enhancing the profit
margins and growth as well of the company. Specifically, sales revenue profits, along with the
different range of profit margin of all the next three years that has been built by CFO is presented
underneath:
Cash Flow Budget :
Cash Flow budget Year
Particulars 2020 2021 2022
Cash inflows
Investment 80000
Credit sales 30000 100000 130000
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Total inflows 110000 100000 130000
Cash outflows
Fixed: Rent and electricity 50000 50000 50000
Variable : Direct material 30000 25000 20000
Total outflows 80000 75000 70000
Net cash flow 30000 25000 60000
Opening balance 0 30000 55000
closing balance 30000 55000 115000
Considering the above mentioned information, it can easily be said that different
elements like sale, the profits along with the growth are being considered as various elements
that would help in enhancing the knowledge in regards to how effectively all the elements in
regards to profits can be enhanced by Chop House.
Customer Value proposition Canvas, reflecting feedback from the formative assessment (500):
Value Proposition Canvas
In present time, value proposition canvas can be defined as an effective tool or an
approach, that helps in positioning the services and products in regards to requirements of both
customers and society. With the help of this, overall performance could effectively be
improvised in specified time frame (Slavec, Drnovšek, and Hisrich, 2017). Basically, this model
was propounded by Dr Alexander Osterwalder, who has made this pretty much sure that both
products along with the business market runs in an appropriate manner. On the other hand, if it is
talked about Chop House then this model could effectively be utilised by CFO. Canvas model is
been presented underneath:
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Lean business model Canvas: (1000)
Key partners
 Restaurant
s and
shops
 Delivery
providers
 Cafe and
others
Key Activities
 Partnershi
p with
eateries
 Using new
technolog
y and self
checkout
 Managem
ent of
fastest
delivery
and
payment
process
Value
Propositions
 Good
process to
food
delivery
 Saving
time and
cost of
customers
 Efficient
online
order and
payment
system
 Different
payment
process
and
quality of
food
Customer
relationship
 Social and
print
media
active
 Customer
support
chat
 24/7 hours
customer
support
Customer
segment
 Best for
people
who do
not wish
to go out
to
restaurant
 Customers
who want
to order
food
online or
through
digital
screen
want to
get it
delivered
 Easiest
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and cost
saving
services
Key resources
 Innovation and new
technology
 Skilled workforce
 Technical employees
 Financial resources
Channels
 Mobile
apps
 Digital
marketing
 Social
media
 Websites
Cost structure
 Payroll expenses for its employees and delivery
partners
 Advertisement, marketing and administrative
cost
 Technology cost
 Running cost and maintenance cost
 Website development and cost of digital
technology
Revenue stream
 Advertisement
 Fastest delivery of food
 focus on customer preference
Taking in the context of restaurant E tech coffee in which customers and prepositions
canvas is actually to become developed and shall be considered on main two bifurcations which
are customer chart and product value proportions.
Customer profile:
1. Gains: The advantages which are to be expected in this case and which is required by
client will be the please zone for them.
2. Pains: this will Bering many adverse feelings and emotions will develop regarding
experiences and several dangers which are being faced by clients present in system while
doing business.
Customer jobs: in this all such customers usually perform such practical as well as emotional
duties including all intellectual duties as well which are revolving around several wants which
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are revolving around. Things need to be accomodated as per requirement (Naushad, Faridi, and
Malik, 2018).
This profile of a customer is created, based upon several gains and many job change including a
lot of pain which is bared by them.
Value Map:
1. Gain generators: its connected to offer which is made by them and many related goods
and all such services which is additional towards government and such offers can usually
help in adding certain amount of value to such customers.
2. Pain relievers: it means in simple terms that how such products actually solve issues of
customers.
3. Services and products: this should include many products which actually release such
pain and promote many customer wealth creation.
In the restaurant E tech coffee cup they have several advance and many latest technological and
should have a certain aim to cleanly recyclable coffee shop in the most best manner of
application. In the context of value proportion canvas is properly discussed:
Customer profile:
Gain: it is actually helping is several issues which are related to making coffee in morning and
getting no time to consume it. It makes it hot for more than 7 hours and save a lot of time for
customers. It is a multi-purpose cup and is travel compatible in nature (Uju, and Racheal, 2018).
The best ozone-friendly feature it has that it can be reused several time and serves different
feature like connecting to Wi-Fi plus its also water prof. Pains: Its very innovative and new idea for the usage of coffee and with various
technological advancement which is making it popular all over the world. Its very
innovative in nature and several advance things have made it popular in global market as
well. It has attracted many customers world wide and all in one product full filling all
such needs in the environment. Customer jobs: there is nothing which needs to be done by them. Only they have to
charge it for around 2 hours and it can last up-to 24 hours. The minimum amount which
has to be spend on buying this product is around 20 pounds and just one issue was
comprised as the cup needs Wi-Fi connection to work unless its useless in nature.
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Value Map: Gain Creator: It has many ways of making the payment with additional technological
factors which makes it very self efficient and all in one type product. Its esy to access at
any place and its the biggest advantage to it. Also, it saves a lot of mobile data if its
mobile app is used. There are only minute chances that such cup will leak or drain or else
they are really durable in nature. Pain relievers: This cup can store up to 8 gob ODF data and can limit itself to several
extends. It has wireless headphones connected to it plus can locate the current locations
with help of journey planner and software.
Products and services: the main benefit this product is giving is to make the later usage of
batteries and life expectancy of more than 24 hours after charging (Audretsch, and Belitski,
2017). This saves a lot of time and money for customers.
Lean business canvas model
This model is used for developing such areas and have started to develop and set up the business
and make certain amount of business. This shall be used for developing the organisation and
have to create better ideas and stargates as per requirement. This also clears all problems which
are present in the business for maintaining correct amount of profits in organisation. The canvas
model needs to contribute all the roles of organisation and it gives directive contribution in the
business. This is related to an automated house ordering system in nature and with help of all the
digital technology which will actually help to clearly define all the terms and conditions in
business. This model is categorised under the 9 inner activity model for consideration (Ordu,
and Abdulkarim, 2018). All of them are mentioned below clearly.
 Key Partners: this means that the organisation should have a direct and good
relationship with the members of organisation. They need to create and key partners have
to be as per the suppliers and the best way to minimise and distribute the products and
services in an order for a business. In this context of digital marketing for the increase in
profits and shall be made available for implementing all such plans and activities to be
implemented correctly. Usual the key partners of such firms are the investors, customers
and cafes which are in the environment. These key partners manage all the essential
elements in the business.
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 Customer segments: The customer segmentations needs to be for categorising in the
business terms and need to be categorised for business organisations. This helps in
making good relation with other customers and make certain delivering of products and
services. As a new idea for automated product in market the company needs to have
customers who are up-to the customer needs and making them as per requirement in the
company. This will help in the customers for increasing number of customer.
 Value proportion: This adds up to a good amount for generating revenues for
organisation and for proving a good amount of food and services to many customers.
Such innovation is usually depended on how much flexible the product is , style, costing
and other factors which are connected to it. The ideas of automated system they need to
have a good networking zone which will help them in maintaining good quality of food
and to entertain payment procedure as well. This will eventually effect upon the
productivity and revenues increase in product.
 Channels: this means in simple terms they have to use many types of channels which
will be use to directly connect to customers. Its the main things to connect to several
people and convert the message of such product and its launch, causality things are
launched as per the requirement of the customers and sometimes thy need to be told of
things which are usually several mobile applications used in this process and digital
marketing which will usually enhance the power of making certain changes and increase
the number of people in market. This directly effaces the productivity and its nature.
 Customer relationships: this shall be performed in reason to help and have a good
connection with all the customers in nature, is is also done to correctly balance with
finance department. In this customer relationship they need to have certain business ideas
and justify their performance as per requirement. They need to reply to all queries which
are in heads of customers and needs to make service available for twenty four seven
factors. This will help them to hold all customers for a longer duration of time period and
need to conclude it as per requirement. This create a good relationship between all of
them and make the required change in the organisation.
 Revenue stream: this is related to how a organisation actually sets up the price range of
any product or service rendered by them. This role is usually played by all the CFO of
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any organisation and they have to help all their target customers to make them have
correct choice and make decision related to it. It is usually done for gaining revenues and
render product at good price and effective reasoning to seek such amount for it.
Advertisement is very important to perform and they have to prefer things in which they
can generate good amount of revenues and make them appropriate as per acquirements.
 Key Resources: these are the main properties of organisation which is actually being
used by the customers, it really needs to capital to become centred as capital, political and
intelligent as well as physical in nature. These are very important to invest in so that they
can actually create certain level of business in profit. The chart will correctly define a fact
which will help them in determining such facts. To make such product be available in
market they have to acquire its basic ingredients which are Italian coffee beans, a good
and important knowledge related to media and social impact through it and a good
warehouse for storing all such raw materials carefully.
 Key activities: Events are very essential for all the business models and are required in
cooperation and several activities which are related to many activities in the adding up
value of the organisation. Such operations are very important for organisations to set up
and make essential changes which are required for making particular changes. Certain
activities which are related to the cups invention and various features it has is related to
all its features in technology and with a lot of improved ideas and with proper amount of
comfort and technological advantage. They have created a set of group which shall be
held responsible for making correct changes and create a qualitative product for meeting
the needs of customer satisfaction.
 Cost structure: this actually tells actual price of all these things which are required to
start-up business setup. In this organisations can either prefer to be price driven in nature
or can be based for decreasing amount of investment. This is fully demanded on the
customers which are being approached in the case. The technological features which are
mentioned below are developing he soft ware, marketing cost of company, raw material
costing and salary for all members and employee.
Specialist contribution
Chief financier officer plays an important role in Reusable coffee cup with incorporated
multimedia screen and contactless payment technology. A chief financial officer is the senior
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executive accountable for managing or handing the financial actions or activities of an
organisation. They plays effective role by arranging amount of capital. The function of CFO is
most important in nay project because they have to take care of financial aspects (Qian, 2018).
Their focus is not only upon the distribution of finance but also they provide emphasis on their
effective usage of completion of work in most profitable manner Financial and Financing Plan
The financial projection is involved in managing areas such as investment, revenue
projection, cost analysis, break even point, taxation and charity Some of these are mentioned
below -
Investment: The Business model needs capital of approximately £300000 and this
investment is made by four investors in equal manner.
Cost analysis: The organisation has to pay an amount of £9400 at the initial level. The allocation
of variable and fixed expenses is needed for business achievement in effective manner (Zhou,
Chan, and Song, 2017). This is needed for generating an optimistic contribution amount and this
helps in overcoming the fixed cost. Herein, below forecasting of cost of sales is done in such
manner:
Particulars Year 1(In £) Year 2 (In £) Year 3 (In £)
Fixed cost:
Rent 420 420 420
Salaries 150 150 150
Insurance 90 90 90
Variable cost:
Staff wages 101 102 107
Direct material 564 730 731
Total 1325 1492 1498
Revenue projection:
Estimated sales:
Product A
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Particulars Year 1(In £) Year 2 (In £) Year 3 (In £)
Quantity 120 124 130
Selling price 5 5 5
Sales 600 620 650
Product B
Particulars Year 1(In £) Year 2 (In £) Year 3 (In £)
Quantity 90 80 100
Selling price 10 10 10
Sales 900 800 1000
Total sales:
Year 1(In £) Year 2 (In £) Year 3 (In £)
Product A 600 620 650
Product B 900 800 1000
Total sales 1500 1420 1650
Profit budget
Profit budget Year 1(In £) Year 2 (In £) Year 3 (In £)
Total sales (A) 1500 1420 1650
Total cost (B) 1325 1492 1498
Profit (A-B) 175 -72 152
Break even point: This is considered that state of an organization at which profit and loss
remain equal (Malecki, 2018). According to this, organization is neither having losses nor profit.
Break even point= Fixed cost / PV ratio
PV ratio= contribution/ sales*100
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Sales 1500 1420 1650
Less- Variable
expenses
665 832 838
Contribution 835 588 812
PV ratio 55.67 41.41 49.21
BEP:
Contribution 835 588 812
PV ratio 55.67 41.41 49.21
BEP 1500 1430 1650
Summary
It is analysed from the above discussion that investing in a business like E tech coffee cup is very
profitable. This will help in minimising burden of customer of carrying several device when
travelling or any other situation. There will be huge profit on any specific investment because
multi-purpose cup is capable for satisfying different need of customer at a single specific time
(Lindh, 2017) The various effective features will make product popular in existing market that
directly increase the sales revenue and generate more profit margin. This is useful for business
environment as this is used for gaining profit. This is necessary for identifying while
establishment of revenue streams. The Lower price variants are assessed. There is an unique
combination like in build music system with an amazing coffee.
CONCLUSION
From the above discussion, it is concluded that guidelines are made for preparing relation
between market and the product. The Value Proposition Canvas is used for modifying present
product or value proposition or for creating from the making of new product line. It is concluded
that from the above discussion, BMC is defined as the visual presentation of present and fresh
business ideas specially which is used by the companies strategic manager. It basically provide
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the individual a specific language by which it is easy to evaluate the traditional program and
create innovation within business models.
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REFERENCES
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