Developing a Feasibility Survey and STP Analysis for a New Venture Concept

BUSINESS PLAN

Contents
INTRODUCTION...........................................................................................................................2
TASK...............................................................................................................................................2
Develop a feasibility survey of new venture concept. With the help of relevant conceptual
framework, critically have a discussion in relation to entrepreneurs which are engines of
creativity and innovation.............................................................................................................2
Conduct a STP and competitive analysis for critically exploring the opportunity gap in
marketplaces................................................................................................................................5
Business and marketing strategies should be adopted by entrepreneurs.....................................9
State financial techniques, decision-making models and planning tools which can be used for
mitigating and assessment of risks............................................................................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
The report prepared as under takes in account explanation of business plan, how it is
developed, new business which are being organised with the objective to develop new source of
idea, thought process, method and procedure for setting up new business. It further would help to
examine and assess the capabilities of a respective person for running the business in a more
efficient and effective manner. The concept of business development can be bifurcated in short
term and long-term objectives which are being set for attracting customers value and
shareholders which would be contributing in the growth of business. The new manufacturing
start up can be introduced which would be dealing with unique and innovative plans of scheming
homemade candles. The title name of the start-up chosen is Royal candles. This report would be
helpful in analysing and examining the concept of entrepreneurship with the assistance of new
venture business start-up of Royal candles. The assessment would help to understand the
relationship between the innovation and entrepreneurship. It also deals with market-based
strategies which are adopted by entrepreneurs for increasing the growth of the start-up. It would
also provide quantitative and qualitative tools which are useful in minimizing the business-
related risk (Assefnia, 2018).
TASK
Develop a feasibility survey of new venture concept. With the help of relevant conceptual
framework, critically have a discussion in relation to entrepreneurs which are engines of
creativity and innovation.
There are two sort of entrepreneurial strategies which are being termed as effectuation and
causation for evaluating the performance of the enterprise. The causation process facilitate tools
and means in attaining pre-determined aims and objectives of the entrepreneurship. Such
strategies serve as an effective tool for surviving the competition prevailing in the marketplaces,
it further states the availability of any of the tool or technique which would provide bigger
chance to clear thinking for proceeding towards setting up of businesses. The decision-making
approach is usually adapted for ascertaining the entrepreneur environment as it is taken into
account as uncertain and contingent. According to this approach, entrepreneur develops plans
and policies which could be implemented in a new business or venture. The developed plans

must focus for giving effect to uncertain future outcomes. Causation approach is considered best
fit when future would be observed in a appropriate manner (CAMPISI, 2018).
The concept of Effectuation is stated as a practice which would focus on identification of short-
term opportunities and aims for meeting the resources in setting and developing new enterprises.
The entrepreneur primarily would be concentrating and focusing on creating new data and
information to make useful market related possibility and opportunities.
With the guidance of effectuation approach, new market can be built and developed for forming
a chain network of people who would help in finding and discovering the ways for achieving
success in the competitive environment. Effectuation is an effective mechanism through which
contingency can be assessed whereas causation would result as helpful technique for gaining
knowledge from multiple sources of competitive advantages.
Feasibility study can be defined as a practice which would help in ascertaining if the plan can be
stated as viable in present business situations or not. This study further aims to identify the
productivity and profitability of a new business start-up. This tool is adapted by the entrepreneur
for analysing various elements which would directly and indirectly affect the performance of
business. It would also lead towards the strategies which further would help to reach success and
result in new business start-up after recording positive business results. The feasibility study is
also relevant in new business ventures of Royal candles as mentioned under:
Developing market survey: This market survey is necessary for analysing the geographical
boundaries of consumers and purchasing capabilities of the potential customers. It has been
examined the market share of candles is expanding and growing well. There are many clients in
United Kingdom who are demanding candles for purchase related activities and designing hotels,
public places and interiors as well (Castillo and Flachet, 2021).
 Planning business operations: It is also counted as a crucial factor for planning activities
for day-to-day operations in a business, expense of activities which are to be incurred or
take place in setting up business enterprise. As per the new start up, Royal Candles would
put extensive efforts and develop plans for determining merchandising tools, capital and
what is the availability of the sources for diversification of business through
dissemination of such data.
 Conducting preliminary examination: The first level of feasibility takes a look at entails
screening of enterprise thoughts and efforts, time, sources that contributes in its growth.