Analysis of Entrepreneurship Research Papers

The provided documents are a collection of research papers on entrepreneurship from various fields, including economics, sociology, and business. The papers explore topics such as innovation entrepreneurship in transition economies, women entrepreneurship development in Assam, and the impact of economic freedom on entrepreneurial activity. The assignment requires analyzing these papers, identifying key findings, and summarizing them in a concise manner.

ENTREPREUNERSHIP

EXECUTIVE SUMMARY
Entrepreneurship is the process of creating a business or businesses by developing and
scaling it to generate revenues. This involves an entrepreneur who takes action to make changes
in the world. The new venture which is starting is named with “Wedding Bells”, which deals in
planning the special day of the people. It includes marketing, wedding planning, food and event
management. Its key owners are John K. Kethy and Berline Gaint and their company is entirely
based in a London just opposite to Hampton court palace. Its target market are customer and
suppliers to whom the services are render. It includes high, upper middle and middle segments of
the people. For starting this venture the organisation will need approximately £10000 amount
and it will be financed by the commercial banks. It will also face the enormous competition in
the market because there are already established wedding planning companies. The main service
which will be offered by the wedding bells will be provision of destination events of weddings in
which each event will be organised at different destination. Apart from this, the company will
sell the entire wedding package to its customers which will begin with the engagement till the
honeymoon and enables customisation so that customers can alter the packages according to
their needs.

Table of Contents
EXECUTIVE SUMMARY ............................................................................................................2
AIMS AND OBJECTIVES.............................................................................................................4
TASK1.............................................................................................................................................4
A. Description of the business and aims................................................................................4
B. Products or services...........................................................................................................5
C. Market analysis..................................................................................................................6
D. Marketing plan...................................................................................................................7
E. Location.............................................................................................................................8
F. Competition........................................................................................................................9
G. Management and operations..............................................................................................9
H. Personnel.........................................................................................................................10
TASK2...........................................................................................................................................10
Projected financial statements..............................................................................................10
CONCLUSION..............................................................................................................................13
REFRENCE...................................................................................................................................15

AIMS AND OBJECTIVES
The main aim and objectives of the wedding bells is to intensify the growth and
opportunities for the businesses.
 It will boost the growth opportunities for the relatives and friends.
 The main aim is to generating profits by satisfying customers through ensuring them with
quality wedding at affordable prices within the budget set by the customers.
 This will develop the managerial capabilities, creation of organisations, improving
standard of living, etc.
The main purpose of the wedding bells business is to study the new businesses as well as
the actual process of starting a new venture. In other words, this procedure designs, launches and
directs the new businesses which is a small venture at a initial stage. It works for making the
special day of the life of the customers memorable and leaves a long lasting impression on guest
as well. Their purpose is to design each and every event of the wedding in a unique way which
will give different experience to the people.
TASK1
A. Description of the business and aims
The business is concerned with the use of expertise knowledge of the wedding industry to
plan the couples wedding (Achmad, Saputro and Handayani, 2016). Wedding bells will further
includes the planning of every event of the wedding like pre wedding parties, post wedding
lunches, honeymoon, etc. The aim of business is to provide inspiration, advice and support to the
couples while planning a seamless string of events which culminates in an exceptional day for
family and friends. It is the newly start up business which are usually small at the initial stage
and various government policies that are favourably supporting the funding of start up businesses
influences the people to start their own businesses. Wedding bells generally offers those products
and services to the customers which are offered by handful of companies in the market so this
helps them in establishing their position as quickly as possible. It is partnership form of
businesses which have been incorporated by two friends who have agreed to share the profits and
loses in equal proportion (Adebayo and Otemuyiwa, 2015). Apart from this, the business is also
entitled to register themselves and issue licences which are essential for initiating the various

activities like food business to ensure that the food is safe and hygienic. The estimated cost for
starting the businesses is £4000 and the overall personal budget is £10000.
This business will be successful because there are very less number of businesses under
this category in the country. Wedding bells have invested a huge amount of money which are
being used very effectively and efficiently and they have a highly expertise people in the field
who have a great experience from the working of their past. So, the past experience of working
with the various event managers and planners have helped the owner in learning the various
tactics of operating this business. The unique thing which this business will offers is that it
manages to conduct each and every event of the business in different locations and customers
and their families will be relaxed about the issues like accommodations, food, transportations,
beauticians, etc. Thus, it will give them the immense pleasure to fully enjoy the wedding
(Vesperi, Reina and Gentile, 2015). This business will be successful in economic terms because
it targets the upper class, and upper middle class people who have plenty of money and does not
care about spending money but they want luxury facilities.
B. Products or services
Wedding Bells is concerned with selling of the complete wedding plan right from the
engagement ceremony till the honeymoon of the couples (Ahmad and et. al., 2016). This offers
the destination weddings, designers of dress, music events for the wedding, most important is
food and beverages as people want food of good quality in different varieties. It also include the
beauticians, accommodation, transportations, gifts for the friends and relatives, etc. The main
features and benefits of the wedding bells is to provide their customer with the feeling of
relaxation and enhances them to completely enjoy the wedding with tension free minds. This is
because there are various activities which takes place during the wedding, so the wedding bells
plans all the events according to the customers needs and gives them tension free minds. The
company aims to secure the top position in market by providing valuable resources to the
customers at affordable prices which will give them luxurious feeling. The products and services
of the company differs from the competitors as it offers the unique feature of providing the
destination events of entire wedding which means it furnishes various events of the wedding at
different places with unique themes. This feature makes the company efficient and desirable
because the customer do not have to take burden of the wedding as it is entirely handled and
managed by the company.

C. Market analysis
Market analyses is the study of dynamism of the market. It is done by the business to
speculate the strategies regarding running the businesses. This assessment will enable the
wedding bells to determines the appropriateness of businesses in the industry. The purchaser of
these type of products can be segmented on the basis of following characteristics:
 Geographic : This will enable the company to divide the market into sections on the
basis of climate, density, states, countries, etc.
 Demographic : This will enable the company to divide the market on the basis of male
and female who are eligible for wedding (Tentama, Asti Mulasari and Risky Kusuma,
2016).
Size of the market is large and it targets the segments of the customers of upper class,
upper middle class and middle class (Bhargavi, 2015). The larger the size of market, the more
competitors it will have and organisation will have to focus on retaining the customers through
relevant marketing policies and strategies. The events sector is worth £42.3 billion to the UK
economy in terms of weddings. There are over 25,000 businesses in the sector including event
organisers, venues, destination marketing organisations (An Introduction to events, 2019).
Wedding bells need to identify its customer for serving and have chosen mass market segment
for their business. It includes high, upper middle and middle class of people. Jobs provided by
Wedding Bells to its consumers in terms of design, catering, music, decorations per
requirements. It is effective channel through which consumer get service. Consumer can reach
through social media, website and brochures. Here, high segment people get in touch through
internet, upper middle class by helps of websites and middle by brochures. Apart from this, the
relationship with clients helps the company to maintain and maximise their contacts.
Furthermore, the company will focus more on maximising its market share by adopting
various strategies. It will develop such products that will help them in meeting the competition
effectively and efficiently (Chepurenko, 2017). The company fails to meet the segment of age
criteria differentiation because it is a newly set up business and it takes time to differentiate the
group of customers on the basis of their age This segmentation can be overcome by developing
the events and other resources as per the requirements of the customers without compromising
with the quality. This will make them loyal towards them and also it is the best way for building
market segments. For instance, young people will prefer the lavish wedding events whereas old

people will prefer simple weddings so the organisation must focus on developing strategies such
that both the requirements will be fulfilled accordingly. So the company will work effectively on
developing lavish as well as under the budget wedding which will give astonishing impression in
minds of the people.
D. Marketing plan
It is the roadmap for introducing and delivering the products or services to potential
customers. It is a business document which outlines the marketing tactics and strategy. The
wedding bells is selling the complete wedding package to its customers and also offers the
benefits of customisation (Devi and Goswami, 2014). These things are required by the young
couples, parents and other people who are planning to do lavish wedding of their kids and wants
to enjoy the same. The company will reach to its target customers by devising various strategies
for them which will motivate people to hire a wedding planner. The company has a secure
position in the market as it offers the unique feature of organising different events of wedding at
various destination.
4P's of marketing
 Product : The wedding bells will market various products like catering services,
decorations, music events, designers, beauticians, etc. These products will be packaged
according to the needs and requirements of the customers. For instance, some customer
may prefer to take the entire package while some customises the packages like they may
not require the designers and beauticians (Ekhtiari, Yadegari and Sadidi, 2016). The new
and unique product which will be offered by the wedding bells is that it offers different
events of the wedding at different destinations.
 Price : It is the economic value which will be offered by company to the customers in
exchange of their products and services. Wedding bells will adopt premium pricing
because its target customers are upper class, upper middle class and middle class people.
The company will further compare its pricing policies with those of competitors by
identifying and analysing their prices. They may respond negatively because of the high
prices charged by company. Customer will pay the prices offered by the company
because its target customers are upper class people who are specifically concerned with
luxury facilities and prices are not their main concern. Further more, the credit policies of
company will be to charge 40% of the amount from customers by completing more than

half of the requirements and rest amount will be paid to them after the full completion of
wedding.
 Promotional strategies : These are those strategies which helps in encouraging and
motivating the target customers like young people and their parents to give chance to
wedding bells for planning the wedding. The main target market is upper class, upper
middle class and middle class people. The company will reach them through social
media, websites, brochures, etc. Upper class people get in touch with internet, upper
middle by websites and middle by brochures (Grabowska and et. al., 2015). The company
will motivate people to buy their services and offerings with the help of providing various
promotional offers like customers who will take the entire package of the wedding,
company will give them honeymoon in complementary. Apart from this, it will offer
various discounts and other facilities like those who take the cameraman of the company
will get complimentary pre wedding photo shoot, etc. The estimated cost for promotional
activities will be £1000 and time required will be 14 weeks for designing and
implementing the plan. Apart from this, the promotions now a days is a regular procedure
and requires throughout the life of the business because of the greater competition.
 Place : This concerned with the place or area to which the services are served. As it is a
newly established venture so currently it will supply its offering to the UK only.
 The main competitors of wedding bells are :Tebbey and company which plans
the wedding near lake and is highly concerned with light, space, food and
landscape.Wedding creations designs the entire wedding from the day of engagement to
the last day.Tern events particularize in supplying a full, luxury wedding planning and
events management service for shrewd clients across the globe.Pocketful of dreams is
concerned with the look of luxury and feminine, romantic softness., etc.
E. Location
The head office of the wedding bells is situated in London just opposite to the Hampton
court palace, UK. The property is taken on lease where there are two parties namely lessee and
lesser. The terms and conditions for this contract between the lesser and lessee will be such that
the title and possession of company will be lie to the lesser only and the property will be given
to specific period of time to lessee for their use and after the completion of that time, lessee will
have to leave the property or the company will make new contract (Iveta and Geci, 2017).

Renovations and modifications in the property will be done for various purposes like making
different cabins, installing air conditioning facilities, internet facilities and telephone facilities for
contacting people. There will also be need of furnitures and the cost needed to meet all such
requirements will be £150 approximately. The property is located in a very good area. The
surrounding is so soothing and calm. The greenery which is just outside the office makes so
refreshing view from the windows that people feel motivated to work. This is a very good
location, because it located in the mid of city which is feasible for customer to take a visit
easily. Apart from this, the location itself motivates the customers to take a visit to the wedding
bells company.
F. Competition
As the wedding bells is a newly set up venture, it will have a long list of competitors who
are already established players in the market. The major competitors are Wedding planner guild,
MGN events limited, lindy Dowling wedding and event planners, etc. The operations of the
wedding bells will be better in comparison to the competitors because company offers different
events of the wedding at different destination which is not an easy task. The entry of the wedding
bells will not give effective competition because one way the concept of different events at
different destinations is tiring for the people and another way the concept is good for those who
loves to explore different places (Mandić, Borović, and Jovićević, 2017). Competitors will focus
more on developing unique products and offering by hiring more expert people who have a
greater experience of events so that they can compete in the market.
G. Management and operations
The business management team of wedding bells will follow the divisional level
structure so that operations can be performed effectively. The management team of the wedding
bells has a greater experience because each of the team member who is working in the company
has a past experience of working in some or the other event companies. Majority of the people
working are highly skilled and innovative in developing various strategies so that the customers
requirements can be attained without compromising with the quality of the products. There will
be various functional areas like catering department for handling food, decoration departments
for handling the decorations according to the themes, lights, etc. The accommodation department
which will work for handling the stay facilities provided to the guests and customers,
transportation department for shifting people from one destination to another, dress designer.

The personal care or beauty department which will work for designing various dresses for the
people according to their requirements and beauticians will be helpful in grooming (Radović-
Marković and et. al., 2014). These departments will be further looked and monitored by
immediate superior department that is the concerned manager of each department. The lower
level people will report to the managers of respective department and those managers will further
report to CEO of the company. Their salaries will be decided as per the work done by them. The
estimated salary of the employees working inside the organisation at lower level will be £150,
the middle level managers will get £400 and the top management will be entitled to £650.
Resources required to create value which includes finance, manpower, catering, flowers, design.
Wedding Bells used very attractive resources attracting business and customers. Most important
assets are designing venue, flowers and manpower.
H. Personnel
In this, the wedding bells will concentrate on identifying and analysing the current and
future needs of the employees. The current need will relate to the safety, security and fulfilment
of basic needs so that employees can get the food, shelter, clothes, etc. These requirements are
very essential because every employee wants safety and comfortable working environment so
that they can work with full zeal and confidence. Whereas the future needs of the employees will
create a demand for respect, training, motivation, self actualisation, etc.
TASK2
Projected financial statements
Break even analyses

Projected cash flows

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
Balance Sheet, P&L and cash flow statement of the Wedding Bells:
Year 2020 (value in £) 2021 (value in £)
Fixed assets 13000 21000

Stock 20000 35000
Debtors 70000 55000
Bank 20000 30000
Total 24000 33000
Creditors 12000 18000
Bank overdraft 9000 7000
Total 21000 30000
Working capital 30000 80000
 Profit and Loss Account at the year ended
2020 2021
Sales 20000 30000
Cost of sales 10000 15000
Gross profit 30000 45000
Overheads 6000 7000
Net. profit 24000 38000

CONCLUSION
From the above report it has been concluded that entrepreneurship is a very important
aspect in the present business scenario. More and more people are becoming an entrepreneur
because of the unique ideas they may have. They create new businesses which further helps in
generating the job opportunities for the people. Their ventures generates wealth and income
within the nation. New and improved offerings, products or technologies from entrepreneurs
enable new markets to be developed and new wealth created. There fore, this needs effective and
efficient market plan which was developed by the company and requires different types of
activities to be taken into the consideration.

REFRENCE
Books and Journals
Achmad, N., Saputro, E.P. and Handayani, S., 2016. Entrepreneurship in the Digital
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Adebayo, O. and Otemuyiwa, A.A., 2015. University Unified Undergraduate Enterpreneurship
Education Curriculum is a Must. International Journal of Small Business and
Enterpreneurship Research.3(1). pp.10-20.
Ahmad and et. al., 2016. Social entrepreneurship in ecotourism: an opportunity for fishing
village of Sebuyau, Sarawak Borneo. Tourism, Leisure and Global Change.1(1). pp.38-
48.
Bhargavi, P., 2015. MICRO FINANCE AND EMPOWERMENT OF WOMEN
ENTERPRENEURSHIP IN INDIA. International Journal of Multidisciplinary
Advanced Research Trends.2(2). p.3.
Chepurenko, A., 2017. Innovation Enterpreneurship in Transition Economies: Problems and
Outlook. Форсайт. 11(3 (eng)).
Devi, A. and Goswami, G., 2014. Women enterpreneurship development in Assam with special
reference to Kamurp district, India. Clarion: International Multidisciplinary
Journal.3(1).
Ekhtiari, M., Yadegari, E. and Sadidi, G., 2016. RANKING ENTERPRENEURSHIP MAIN
RISKS IN NON-PROFIT FINANCIAL FUNDS BY TODIM TECHNIQUE UNDER
GREY CONDITIONS (A CASE STUDY IN IRAN). Economic Computation &
Economic Cybernetics Studies & Research. 50(3).
Grabowska and et. al., 2015. SP4CE–strategic partnership for creativity and enterpreneurship
successor openinn. Zeszyty Naukowe Wydziału Elektrotechniki i Automatyki
Politechniki Gdańskiej.
Iveta, M.R. and Geci, R., 2017. Kosovar Albanian goldsmiths and bakers in Zagreb: Migration
and ethnic enterpreneurship. Studia ethnologica Croatica. 29(1). pp.305-330.
Mandić, D., Borović, Z. and Jovićević, M., 2017. Economic Freedom and Entrepreneurial
Activity: Evidence from EU 11 Countries. Economics. 5(2). pp.11-17.
Radović-Marković and et. al., 2014. Motivational factors affecting entrepreneurial decision: a
comparison between Bulgarian and Serbian women entrepreneurs. Ecologica: nauka,
privreda, iskustva, pp.103-115.
Sujarwo, S., 2016. INCORPORATING ENTERPRENEURSHIP IN A PRODUCTION
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Tentama, F., Asti Mulasari, S. and Risky Kusuma, D., 2016, August. Efficacy of
enterpreneurship training on improving enterpreneurship motivation in the face of asean
economic community (MEA). In Proceeding of Joint International Seminar" Human
Resource Improvement in The Current ASEAN Economic Community (AEC) Throught a
Psychological Perspective" (pp. 57-66). Graduate Program.
Vesperi, W., Reina, R. and Gentile, T., 2015 September. Academic knowledge vs
enterpreneurship: the spin off way. In European Conference on Knowledge
Management (p. 828). Academic Conferences International Limited.
Online
An Introduction to events. 2019. [Online] Available Through:
<https://www.eventbrite.co.uk/blog/academy/uk-event-industry-in-numbers-ds00/>.