Analysis of Entrepreneurship Education and Development

The assignment provided is a collection of research papers and articles related to entrepreneurship education and development. It includes studies on the need for entrepreneurship skills in professionals, investigation of youth entrepreneurship and future entrepreneurs' activity motivation, examination of entrepreneurship ecosystems, role of entrepreneurship education in transformation agendas, ethical standards as basis for sustainable entrepreneurship, models of entrepreneurship education in elementary schools, and enterprise mentoring strategies. The papers cover topics such as the relevance of entrepreneurship education in reducing unemployment among undergraduates, marketing as an entrepreneurship philosophy, and developing entrepreneurship activity based on local culture in early childhood.

ENTREPREUNERSHIP
(PART 3)

EXECUTIVE SUMMARY
This report is about starting up a new entrepreneurial business in event and wedding
planning industry named as Wedding Bells. This business would be set up by two friends who
are business partners named as Jack and John who has decide to locate their company in
Liverpool city of UK within a flat of 'The Tower building' which is taken over lease. Wedding
bell is going to offer services such as organising of wedding event and other parties, food
management, decorations etc. These services are being offered to the high, middle and upper
middle class people. For setting up this business effectively Wedding bells required around £53K
to invest at initial stage.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................4
SECTION ONE: THE BUSINESS..................................................................................................4
A. Description about business.....................................................................................................4
B. Product or Services.................................................................................................................5
C. Market Analysis......................................................................................................................6
D. Marketing plan.......................................................................................................................7
E. Location..................................................................................................................................9
F. Competition.............................................................................................................................9
Management and operations.....................................................................................................10
H. Personnel..............................................................................................................................10
SECTION TWO: FINANCIAL DATA ........................................................................................10
CONCLUSION:- ..........................................................................................................................12

Aims and objectives:-
Main aim behind idea of opening up Wedding bell in order to provide unique services to
customer by organising special events of their life such as wedding and other parties. Owner of
company are aiming toward enhancing their financial strength by providing high quality services
at relatively affordable price. Wedding bells will supplement to main income of owners.
The owner of Wedding Bell has decided to involve their family members in order to
achieve harmony in organisation for getting better outcomes by having integrated efforts of
members.
INTRODUCTION
Entrepreneurship refers to the process of planning, launching and managing a business
with some new or innovative idea for serving customer's demand. This require an entrepreneur to
be capable and willing to manage a new business venture by dealing with all the competitions
and other risk in order to make profit (Adeyemo, 2014). This report is based over Wedding Bells,
a company which organise wedding and other special event parties as per the customer demands.
Under this report there is a detail description about the business concept, product/services it
offers, marketing plan, analysis, Location for business, competition present, personnel required
and Management & operations. In addition to this it also includes financial data related to
income statement, break-even point, Profit & loss, balance sheet and cash flow that help in
presenting the financial information and performance of company
SECTION ONE: THE BUSINESS
A. Description about business
Wedding Bells is a private business which is being established with an aim to offer event
planning and organising related services. It basically belongs to Event & Wedding planning
industry which depends over the willingness of businesses and households to spend money on
social gatherings. Wedding Bells will work toward organising event related to weddings,
birthday parties, kitty parties, anniversary celebration and many more. This business is a start-up
which is worked with an aim to organising event for the special days of customer to provide
them with an arrangement for which they are dreaming.
Wedding bell is start up by two friends as a partnership firm because an event planning
company required more investment at initial stage due to increasing competition. But in order to

start up this business, Wedding bells firstly registered in Companies house within UK which is a
registrar of companies and an executive agency of Majesty's Government (Altınay and Altınay,
2018). This help in gaining customers trust who come up for the first time to experience the
services offered by Wedding Bells. In addition to this a licence has also been taken from the
local authorities of the area in which the office of Wedding Bell is established so that every
action could be perform without any sort of difficulties.
But apart from this the cost required to start up this business is around £53K and the
estimated amount for this business set up is given below:
Particulars 1st year 2nd year 3rd year 4th year
Building
rent
10000 10000 10000 10000
Investment 10000 10000 6000 5000
Total 20000 20000 16000 15000
Marketing
outlay
15000 1000 3000 5000
Promotion 4000 1000 5000 2000
Decorating
material
6000 5000 3500 3000
Catering 8000 8000 9000 9000
Total 53000 35000 36500 34000
Above given data is about the estimated investment capital which is required by Wedding
Bell to start up its business operations effectively. This help company to arrange fund for starting
business and contribute toward its success by supporting it with required fund that minimise the
risk of delays or errors in business.
The owners of Wedding Bells business will be successful as both the partners have
experience regarding this field of around 6 years as they both are working as event planner in a
well-known brand of UK and now they planned to set up their own business (Andriyiv, 2017).
This company will be unique as it organises wedding party over cultural themes of mediaeval
period by using natural things such as flower and leaves to decorate the venue. This idea will

help business in becoming successful as it is unique and competitors mainly prefer to use
artificial things to decorate the venue to save cost.
B. Product or Services
Wedding Bell is an event planning business which offer services related with the
organising of parties as well as weddings. In addition to this it also provides services related with
organising theme based parties or wedding, event management as well as food management
related services (Gupta, 2014). The product or services are differ from that of competitors
because Wedding bells is providing an options to its customers for either organising their
wedding parties on the bases of culture to which they basically belongs or organise it as per
medieval period. This will provide them a cultural as well as historical touch at customer’s
special day to make it more memorable.
The main feature of these services are Wedding Bells personally meet with customer in
order to know their dreams as well as demand which they want to be fulfilled over that special
day. After identifying the expectation of customers they present previously organised event to
provide customer with an idea of their management and decorations that they offered. In addition
to this team of Wedding Bell regularly provide follow up to customer for making them clear that
whether the preparation is going as per their demand or not (Gurumina and Sultanova, 2015).
This is most beneficial feature as it helps Wedding Bells in gaining trust as well as confidence of
customers which further help in brand recognition through mouth publicity. Wedding Bells is a
start-up and hence it is over initial stage where it required to approach customers with high
quality services in order to achieve sustainability at marketplace. These product or services differ
from competition as they arrange parties related with some particular themes and Wedding bell is
planning to bring some or unique themes which are not yet been offered by others like nature's
decoration, medieval period theme and customised services. These feature of services make
company's offering more unique and desirable to its customers.
C. Market Analysis
In order to set up business effectively it is very crucial to firstly perform market analyses
for determining the target market to which services could be offered in more profitable manner.
Wedding bell has decided to target customer on the basis of their demographical characteristics
in which company is targeting high, middle and upper middle class people for offering their
services. The business of Wedding Bells is at initial stage and hence they have decided to capture

only some areas of UK such as Tower of London, Whitehall road, Edinburgh Castle, Bath etc.
where they organise wedding or dream parties for their customers. The main reason behind
opting this business is that growth is very higher in this segment as youngsters are becoming
more curious to arrange their wedding event like a dream (Horváth, 2014). To fulfil this dream
Wedding Bell is offering them a chance by providing customised services, hence this size will
grow speedily.
Wedding bell is bringing some innovative ideas to organise wedding parties for its
customers which have a greater share in growth as well as development of Wedding and event
industry. This is because it helps in improving the quality of services offered by other players of
industry by bringing innovative services to provide tough competition. There are some segments
such as lower middle class and middle class people who are not usually served by other
competitors due to higher expenses (Ibrahim, 2014). Hence it is a greater opportunity for
Wedding Bells as they are offering services at relatively lower price which can be affordable to
middle class people also. This help them in achieving greater competitive advantage at
marketplace and also support in expanding its market-base.
D. Marketing plan
For positioning the business effectively, Wedding Bells is required to develop a detailed
marketing plan that enlist number of activities that are required to perform by company for
identifying, attracting, targeting and serving customer effectively to achieve larger customer
base. The basic components involve in market planning:
Product & benefits:- Wedding Bells is selling services related with the organisation of
wedding and other event party as per the demand and choice of customers. This is one of the
major benefit which this company is offering as customers are getting more customised services
as per their demand for enjoying their special day for which they are dreaming (Ikegwuani,
2018).
Target marketing:- In order to identify target market and customer Wedding Bell has
used STP model which is abbreviated as Segmentation, targeting and positioning. This model
helps it in determining the market as well as customer to which it must provide services. Form
this analyses Wedding Bells has decided to segment its customers as per demographical basis. In
which targeted market would be some prime locations of UK i.e. such as Edinburgh Castle,
Tower of London, Bath, Whitehall road etc. and target customer would be high, middle and

upper middle class people. Wedding Bell will position their business by targeting these peoples
through various promotional i.e. physical as well as digital promotional activities.
Approach to target market:- In order to approach target market, wedding Bells is
planning to promote its services through social media marketing where they present certain clips
related with pre-wedding shoot. This will help in attracting larger number if customers toward
the glory or classy arrangements that they can have over their weeding or some special day. In
addition to this it also promotes its services through their official website as well as brochure
which represent all the terms & Conditions of services and benefits customers will get.
Customer would be approached and attracted by formulating effective strategies by considering
four basic elements of marketing. These are explained below:
 Product:- Wedding bell is offering services related with event planning and organising
for wedding as well as other related parties. But the product line is not much broader as
it is a start-up and at initial stage they are offering very few services such as arrangement
of wedding and parties, food management etc. New things bringing by Wedding Bells is
that they are offering some new theme parties related with Mediaeval period and cultural
theme.
 Price:- For offering its services and capturing larger market share, wedding Bells has
decided to offer its services at relatively lower price which help it in penetrating their
business in such competitive environment effectively (Khulafa, 2017). But for making it
an effective strategy it is very essential for company to compare its strategy with
competitors who are working in same field by deeply analysing their strategies. This also
help in determining the errors made by them which leads to customer dissatisfaction
through searching about customer’s feedback. So that strategies could be formulated
effectively by considering those factors for responding to customer’s demand effectively.
Customer will pay for the services they are availing because company is offering high
quality and customised services to them which worth client's investment. Wedding Bell
will use competitive pricing strategy to achieve sustainability at marketplace. In addition
to this credit policies options are available for the persons who are coming from the
reference of existing customers (Windiarti and Astuti, 2017). But this would be over
condition i.e. customer have to pay 20% in advance and 30% over working completion

and then remaining 50% after some time which is preferable to them but within six
months after the organising of event.
 Place:- The location over which event get organised will be suggested by the company
to its customer from which they can choose one or they can provide location of their
choice.
 Promotion:- For providing its wedding and party organising services, Wedding Bell is
targeting middle, high and upper middle class people. In order to promote its services
among target market several medium will be used which includes social media platform,
official website and brochure. This help in creating brand and services awareness among
customers (MATTHEW, 2019). By using these mediums, Wedding Bells will circulate a
message to attract customer toward its services i.e. “Wedding Bells support people to
earn a moment which they are dreaming on their special day or event.” The cost of
promotion would be £4000 that require around 2 months for completion of its promotion
activities.
Competitors:- The main competitors of Wedding Bells in this city are Add a little
sparkle, AA decorative event limited, Wedding Planner Guild UK Ltd etc. These all deals in
offering services related to weddings, corporate events, general parties, musical eve, DJ parties
etc.
E. Location
Wedding Bells has decided to locate its business at The plaza (Sir John Moores Building)
which is situated at liver pool city centre UK which is well known for its financial, cultural,
commercial and historical centre. The plaza is the largest building for commercial which
takeover by different companies (Odili and Ona, 2018). Hence, Wedding Bells has decided to
take up a portion of this building i.e. a flat on lease for operating their business activities. The
terms of lease for flat is that Wedding Bell have to deposit some amount of money as security at
the starting of purchase it and the amount can be withdrawn after five years’ completion. The
company have to file some insurance clauses as well with the owner of the building for at least
three years and till then company is not liable to harm any part of the building.
Renovations and modifications are needed as flat is not in right condition to work as well
as managed place help in influencing customer which require around £15K . This can be done by
posting several pictures of event to provide an idea regarding services offer to customer by

company (Sanyal and Das, 2015). The surrounding is very much customer centric because huge
amount of population of London visit. This location is best for setting up business because
people which resides there are belongs high to middle class people and also business men resides
at that location. This is the biggest opportunity as these people very much interested and like to
organize their event by contacting event planner.
F. Competition
The largest competitors of Wedding Bells are AA decorative event limited, Add a little
sparkle, Wedding Planner Guild UK Ltd. These all provide tough competition but the services of
Wedding bells would be better as it offer customised services at relatively lower price. But these
unique services would also be respond by competitors by improving their services or providing
additional benefits to customer for maintaining their market base.
Management and operations
Wedding Bells will follow flatter organisational structure so that operations could be
performed effectively without delay. The management team is highly experience where members
have around 2-4 years’ experience in same field in each departments of business such as HR,
operational, food & beverages, technical and financial (SMITH, 2014). For each functional unit
managers are hired with experience of more than 3 years to which employees will report. The
salary for employees at lower level would be £10000 and for managers it would be £18000.
H. Personnel
The personnel need opportunities for their growth as well development in this area so that
they can demand promotion or a better position in company in future. For current job they
require management, time handling and creative skills. In order to improve their skills training
will be provided related with way to improve venue decoration without creating mess or wastage
and how to manage food services (Tarasovych, 2017). Wedding Bells will easily get employees
required for its business operations with the help of recruitment agencies.
SECTION TWO: FINANCIAL DATA
This section includes a detail information regarding the financial performance that can be
assumed by the owner of Wedding bells regarding the performance as well as future condition of
the company. These financial statements are explained below: -

Breakeven point :- It refers to a point which is faced by a company when there is no
profit and no loss situation where company can only recover their expenses but hardly earn any
profit.
Sales 3400*30 102000
Variable Cost 3400*15 51000
Contribution 3400*15 51000
Fixed Cost 3400*15 51000
Profit/loss - NIL
From the above given table it can be interpret that when the sale of Wedding Bells would
be £10200 then this will be the BEP point of company where it neither get any profit nor any
kind of loss.
Needed capital:- The capital required by wedding bell for its business activities is
explained below:
Total Required Capital:
Six month's aggregate fixed Expenses £
Salaries (include owner) Payroll Taxes at 12% Rent Marketing and Advertising
Supplies 105600
Telephone & Utilities 12540
Insurance Maintenance Legal and Accounting 6980
Miscellaneous 1740
Monthly Fixed Expense Sub-total 126860
Asset Purchases
Purchase of Land and Building 650000
Decorating and Remodel-ling Fixtures and Equipment (plus installation) 260000
Deposits on Rental Property and Utilities Beginning Inventory 150000
Asset Purchase Sub-Total 1060000

Start-up Expense You Pay Once
Legal and Accounting Organization Costs 35460
Licenses and Permits 37640
Initial Advertising and Promotion 40040
Start-up Expense Sub-total 113140
Total Estimated Cash Needed to Start = Six Months of Fixed Expenses + Asset
Purchases + Start-up Expenses 1300000
Cash flow Statement
CONCLUSION: -
From the above given report it can be concluded that entrepreneurship business is
basically grown up from a new or innovative idea which contribute toward the industrial
development. But in order to set up business effectively specially in event planning industry it is
very essential for an entrepreneur to plan their business activities as well as financial
requirement. In business plan it must perform deep analyses over the aim on which team has to

work, competition present in market and demand of customer so that services can be aligned in a
way that provide maximum benefit. In addition to this financial plan is also very essential in
which company must analyse it break-even point along with estimated profit and loss account to
keep a backup plan for financial requirement so that work can be perform on timely manner.