Analyzing Entrepreneurship and Business Strategies

The provided assignment is an in-depth evaluation of entrepreneurial success factors, focusing on market research, financial planning, risk management, and other critical aspects. It emphasizes the importance of understanding customer needs, developing products accordingly, and managing business plans effectively. The document references various books and journals, as well as online resources, to provide a comprehensive understanding of entrepreneurship and business strategies.

ENTREPREUNERSHIP
(Part 3)

EXECUTIVE SUMMARY
Entrepreneurship refers to the activities related to business which is developed by an
individual who is known as entrepreneur. Their main aim is to established and run effective
business in order to get profit and social factor. When an individual develop entrepreneurship
they also generate employment for society. This report is based on The Wedding Bell which is
develop by two partner one is form IT background and another has experienced form MNC
company. They are offering variety of products and services such as organizing event, music
program and many more. This company is mainly focus on high, upper middle and middle class
peoples. Before designing and developing products and services respective company conduct
meeting with clients to understand their requirements and budget of customers. By this they able
to design products and services in effective and appropriate manner.

Table of Contents
Aims and Objectives........................................................................................................................4
INTRODUCTION ..........................................................................................................................5
SECTION 1......................................................................................................................................5
A. Description of Business and Aims.....................................................................................5
B. Products/Services...............................................................................................................6
C. Market Analysis.................................................................................................................7
D. Marketing Plan..................................................................................................................8
E. Location...........................................................................................................................10
F. Competition......................................................................................................................10
G. Management and Operations...........................................................................................10
H. Personnel.........................................................................................................................11
SECTION 2....................................................................................................................................11
A. Projected Financial Statements........................................................................................11
B. Break Even Analysis........................................................................................................11
CONCLUSION..............................................................................................................................13
REFRENCES.................................................................................................................................14

Aims and Objectives
 One of the major aim of Wedding Bell is to enlarge their business in United Kingdom
market by enhancing its profitability ratio and market shares.
 It is also aim of respective company to generate employments to unemployed peoples so
that they increase their standard of living in appropriate manner.
 By this respective company owner also able to increase their company profitability,
market share and customers base in order to attain objectives of sustain in United
Kingdom market for a long run.

INTRODUCTION
Entrepreneurship refers to a procedure in which a person design, launch and run a new
business, it can be a small business. For launching an effective entrepreneurship entrepreneur
need to consider various necessary things such as deciding new and unique idea which attract
customers, develop budget and arrange capital accordingly (Barringer, 2015). Along with this
they also need to conduct market evaluation in order to identify potential customers in effective
and appropriate manner. Organisation selected for this report is The Wedding Bells which is
basically a wedding and event planning company which design products according to budget of
their clients. Respective company is focusing on higher, upper middle and middle class peoples.
Products and services provided by company are designing products, catering, music, decorations
according to customers. Topics which are explained in this report are description and aim of
particular company business. Along with this it also include financial data which incurred in
order to conduct business in appropriate manner.
SECTION 1
A. Description of Business and Aims
Type of Business:
The Wedding Bell is basically a wedding as well as event planning company which offer
all type of products and services in order to make any event and wedding of their clients
enjoyable and appropriate.
What Exactly business do:
They exactly offered various products and services according to event such as music,
catering, decorations, designing that is based on customers demands and requirements (Bhachu,
2017). Their main aim is to provide quality and unique products which attract customers as well
as make their special event or program more special.
The status of the business:
The Wedding Bell is a start up company at marketplace of United Kingdom and they are
planning to grow its business in overall location of respective country. For this they are
conducting market analysis so that, they able to identify potential customers of their business.
The business form:

The Wedding Bell is partnership business firm with is in among two peoples. Their main
aim is to conduct event of their customers more appropriate and effective so that they enjoy it in
proper manner.
Need licences before start trading:
When an individual starts a business, according to law of United Kingdom they have take
licences, so that they can operate their business operations and functions in effective and
efficient manner (Bridge and O'Neill, 2012). It is also essential to take licences when a company
operate in food industry, childcare business and business that involves animals, this is so because
working under licences develop a framework that what should company use in what amount in
order to develop their products in effective and efficient manner.
Cost of starting business and Personal budget:
Cost which incurred in starting The Wedding Bell company is 70000 euros. Along with
this personal budget of owner of respective organization is 55000 euros. Which help in conduct
all business operation in effective manner. Moreover by this company also able to buy all
essential resources in order to conduct all activities to make big day of brides and groom special
and enjoyable.
B. Products/Services
Products/services offer by company
Products and services of a company is essential because by it they able to attract more
and more customers in order to gain profit and market shares. So it is necessary for a company to
conduct market analysis by which they able to understand need and demand of customers then
accordingly they will develop products and services. In context of The Wedding Bell company,
they develop customize products for their clients (Carsrud and Brännback, 2011). That is
according to budget and requirement of clients this is so because they are targeting high, upper
middle and middle class peoples due to which they have to design products and services
accordingly. Respective company provide variety of products and services according to different
different events and weddings such as designing products, catering, music and decorations.
Features and benefits of what company sell
The wedding bell company sell variety of products and services which are according to
customers. They design products and plan event according to requirement and budget of a

company. This is so because they have different level of customers so that they design things
accordingly.
Position company have in the market
Market position of new start up company is not specific but the wedding bell is planning
to develop its business in higher market (Dees, 2017). For which they are developing strategies
and plans in effective manner in order to attract more and more customers at market so that they
able to get high market position.
Products/services differ from the competition
Products and services of The Wedding Bells is different from their competitors because
they are offering goods and services according to its customers. Such as their target customers
are of higher, upper middle and middle class so they develop or design products according to
their requirement and budget. Due to which customers are more attracted towards respective
company.
What makes products unique and desirable
Whereas competitors only offer standard costing products and services due to which not
all level customers able to buy it. Along with this members of The weeding bell conduct person
meeting with customers so that they understand requirement of clients and then design products
accordingly that makes them different from their competitors.
C. Market Analysis
Type of purchasers of products:
The wedding bell provide variety of products and services which attract service users or
potential customers. Mainly respective company are targeting higher, middle and upper middle
class service users. Geographic- On the basis of respective factor Wedding Bell targeting customers of urban
area of United Kingdom. So that they easily find all essential things for conducting
events and wedding in appropriate manner. Demographic- According to demographic factor Wedding Bell is targeting both male and
female potential customers (Kelley, Singer and Herrington, 2012). Along with this, in
respect of age respective company is targeting on young peoples and above.
 Psycho graphic- In respect of respective factor Weeding Bell target customers on basis
of class i.e. higher, upper middle and middle class.

Size of the market:
Market shares of event and wedding planing company is booming now a day in United
Kingdom market. Due to which economic of respective company is also increasing in
appropriate manner. In UK there are approx 25,000 companies of Event and wedding planning
which create near by 5,30,000 full time employment for respective country peoples as well as
foreign residents (How to Break Into The Event Planning Industry, 2019). Event industry include
various different sectors in it such as conferences, travel, music, exhibitions, dance event and
wedding event.
Market share:
Like start up didn't have market position same as that it also didn't have any specific
market share in a particular area market. But still Wedding Bell plan acquire or gain 9 % market
share in coming year that will help them in increasing its brand awareness in appropriate manner.
Along with this respective company also planning to gain overall 20 % market shares in next
seven years by developing high market position as well as customers base.
Segments of users:
According to Weeding Bell they segmented their customers in three major portions such
as higher, upper middle and middle class peoples. By this they able to target all major portions of
market in effective and appropriate manner (Light, 2011). Respective company also develop
products and services according to requirement and budget of customers. To understand this in
appropriate manner staffs of respective company conduct meeting with clients and then develop
products and plans accordingly.
Present opportunities:
The Weeding Bell can gain opportunities in a marketplace of United Kingdom by
providing effective and appropriate services to customers. They must introduce new and
innovative ideas so that they can attract more and more customers in effective and appropriate
manner. In market huge customers are attracted towards respective company because they are
offering products for all class peoples, this can be consider as major opportunities for Wedding
Bell.
D. Marketing Plan
Competitors: The Wedding Bell is event and wedding planning company of United
Kingdom where there is many other big event planning companies are established. Such as

White Door, AA Decorative, Cranberry Blue, Sarah Haywood Luxury Planner and many other.
So it can be consider that there is huge number of competitors in respective country marketplace.
So to establish their business in more appropriate form respective company manager develop
plans which is unique and attractive then its competitors. For this they can develop different
different packages, provide discounts to new customers, conduct strong advertising and
promotional activities (Naudé, 2014). Along with this they also collaborate some big companies
in order to plan their events and functions in effective manner. This is so because by it they able
to increase their goodwill and market share along with customers base.
Target Customers: The Wedding Bell company develop very effective customers
targeting strategies. They are targetting almost all sections of market because its target customer
are high, upper middle and middle class peoples. Moreover, respective company also develop
products and services according to requirement as well as budget of their clients. It will help
them in attracting customers on huge rate this will directly increase respective company
profitability ratio and market shares.
The Wedding Bell develop strategies by adopting marketing mix, which explanation is
given below:- Products- Products offer by the Wedding Bell are designing products, catering, music,
decorations according to customers in order to make their event and wedding appropriate
and effective. Along with this respective company develop or designs of products after
conducting meeting with clients so that they understand their need and budget in proper
manner. Price- The Wedding Bell decide to adopt premium pricing method for their products and
services which they are offering at marketplace. Moreover they also decide to provide
some discount or offer on big amount offer so that customers get attracted. Place- The Wedding Bell is a start up company and it is at initial stage. They are
operating their business operation and function from one office which is situated at
famous place of London city (Sarasvathy and Venkataraman, 2011). Along with this they
are effectively presence on social media with help in attracting customers in effective and
appropriate manner.
 Promotion- Promotion technique which are adopted by The Wedding Bell are social
media, digital media, print media, television and radio advertisement and many more. By

using all method respective company able to attract more and more customers from local,
nation and international level. This will help in increasing customers base and
profitability ratio of respective company in effective and appropriate manner.
E. Location
Location of a company plays a major role in attracting and engaging customers towards
them. Such as if a company or store is situated outside the city then very less customers will visit
that store and if a store is in middle of city or market then when ever peoples go their they will
visit (SMITH, 2014). By this foot fall of a company will increased that will directly and
indirectly increase sales, goodwill and profitability ratio in effective and appropriate manner. In
respect of Wedding Bell, it is located in Shoreditch High St, London, United Kingdom that is
popular and crowded place of London where approx 15000 peoples visit on daily basis that will
be opportunities for respective company to attract them and increase their sales in effective and
appropriate manner. Along with this rent of building where respective company is situated is not
very high and not very low it is moderate.
F. Competition
It refers to a situation or conduction in which there are various other company offering
same things as a respective company. In this case an organisation manger need to conduct
analysis and develop appropriate products and services which attract customers and encourage
them to purchase it. By this company able to gain competitive advantage in effective manner,
along with increase in customers base and profitability ratio. In respect of The Wedding Bell
there are some major competitors at market such as White Door, AA Decorative, Cranberry
Blue, Sarah Haywood Luxury Planner and many other. But there is a major difference among
respective company and above mentioned company (Tarasovych, 2017). This is so because these
companies mainly targeting high and upper middle class peoples whereas Weeding Bell focusing
high, upper middle and middle class peoples. Along with this they develop products and services
accordingly in effective and appropriate manner. Due to this reason all big competitive
companies not consider Wedding Bell their competitors.
G. Management and Operations
It refers to process or technique which is adopted by an organization in order to conduct
work in effective and proper manner. At a work place different person handle different activities

according to their skills and knowledge. By adopting this a company able to conduct their work
in best as well as appropriate manner in order to attain goal and objective. In respect of Wedding
Bell, it is started or established by two peoples in partnership. From which one is from IT
background and another is from MNC background. Start up include functional area like
marketing, customers relations, technical or IT, financial, operations and many more (Windiarti
and Astuti, 2017). So they decide that all activities related with management and operation will
be handle by partner who has experience of MNC. On the other hand all technical or IT work
will be handle by partner having Technical experiences. By this all the work is conduct in
appropriate manner. Other staffs at junior level report to their manager which is according to
work. Minimum salary which is provided to employees is 1500 euro per month. This will totally
depends upon experience, skills and knowledge of a worker.
H. Personnel
Personal refers to staff of an organization who gives their full efforts in order to attain
goal and objective at a workplace in effective and appropriate manner. Its plays an important as
well as essential role at a work place. So it is responsibility of manager of a company to hire
appropriate employees and in sufficient amount by which they able to attain goal in appropriate
manner (Barringer, 2015). In respect of Wedding Bell, their manager conduct proper recruitment
process so that they hire appropriate staff according to project. They also provide training and
development session to employees so that they accomplish work in proper manner without any
wastage. By this employees able to communicate with clients in appropriate manner in order to
understand their requirement as well as budget. So that they can design products and organize
event in effective manner.
SECTION 2
A. Projected Financial Statements
B. Break Even Analysis
By developing financial statement and break-even analysis company able to identify
their position at marketplace of United Kingdom in appropriate and effective manner. Along
with this it is helpful for investors and shareholders to identify financial status of respective
company that they able to conduct business operation in effective and appropriate manner.
Financial status and break even analysis of The Wedding Bell Company in given below:

Particulars Amount (£)
Six month's aggregate fixed
Expenses
Salaries (include owner) Payroll
Taxes at 12% Rent Marketing and
Advertising Supplies 250500
Telephone & Utilities 24540
Insurance Maintenance Legal and
Accounting 8000
Miscellaneous 2500
Monthly Fixed Expense Sub-
total 285540
Asset Purchases
Purchase of Land and Building 65000
Decorating and Remodel-ling
Fixtures and Equipment (plus
installation) 55000
Deposits on Rental Property and
Utilities Beginning Inventory 15000
Asset Purchase Sub-Total 135000
Start-up Expense You Pay Once
Legal and Accounting
Organization Costs 4500
Licenses and Permits 3500
Initial Advertising and Promotion 4500
Start-up Expense Sub-total 12500
Total Estimated Cash Needed to
Start = Six Months of Fixed
Expenses + Asset Purchases +
Start-up Expenses 433040
Break even analysis
Sale (20000*15) 300000
Less: variable cost
Direct material (20000*3) 60000
Direct labor (20000*4) 80000
Direct expenses (20000*2) 40000 180000
Contribution 120000
Fixed cost
Rent 10000
Utilities 25000
Salary 35000
Other 14500 84500

Total profit 35500
Break even in Sales (Fixed cost / PV ratio) 14083.3
Break even in Sales units (Fixed cost / contribution per unit) 3
Sales 211250
Less: variable cost 15
Direct material 3
Direct labor 4
Direct expenses 2
Contribution per unit 6
Contribution PV ratio 40
CONCLUSION
From the above discussed point it can be conclude as well as evaluate that when a person
decide to launch a new business they have to conduct various activities so that they attain goal
and objective in effective manner. Such as conduct market analysis in order to identify potential
customers in appropriate manner. They also face some issues or problems while conducting it are
lack of funds, risk of failure, less investor and many more. For this manger of a company must
conduct analysis of their business plans, financial status of company and market in effective and
appropriate way. It is responsibility of management of a company to understand need and
demand of customer and then develop products accordingly in best manner.

REFRENCES
Books and journals
Barringer, B. R., 2015. Entrepreneurship: Successfully launching new ventures. Pearson
Education India.
Bhachu, P. ed., 2017. Immigration and entrepreneurship: culture, capital, and ethnic networks.
Routledge.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small business.
Palgrave Macmillan.
Carsrud, A. and Brännback, M., 2011. Entrepreneurial motivations: what do we still need to
know?. Journal of Small Business Management. 49(1). pp.9-26.
Dees, J. G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability(pp. 34-42). Routledge.
Kelley, D. J., Singer, S. and Herrington, M., 2012. Global entrepreneurship monitor 2011 global
report. Global Entrepreneurship Research Association, London Business School.
Light, P. C., 2011. The search for social entrepreneurship. Strategic Direction. 27(6).
Naudé, W., 2014. Entrepreneurship and economic development. International Development.
Ideas, Experiences and Prospects.
Sarasvathy, S. D. and Venkataraman, S., 2011. Entrepreneurship as method: Open questions for
an entrepreneurial future. Entrepreneurship theory and practice. 35(1). pp.113-135.
SMITH, E. D., 2014. RELEVANCE OF ENTERPRENEURSHIP EDUCATION IN
REDUCING UNEMPLOYMENT AMONG UNDERGRADUATES IN EDO STATE.
Tarasovych, L., 2017. Marketing as an enterpreneurship philosophy and a component of
inclusive development of rural areas.
Windiarti, R. and Astuti, H. P., 2017, September. Developing Enterpreneurship Activity Based
on Local Culture in Early Childhood. In 9th International Conference for Science
Educators and Teachers (ICSET 2017). Atlantis Press.
Online
How to Break Into The Event Planning Industry. 2019. [Online]. Available through
<https://blog.printsome.com/get-into-event-planning/>.