Entrepreneurship and Business Plan for Gems and Jewels

This presentation discusses the business plan for Gems and Jewels, an online jewelry store for women. It covers the objectives, PESTLE analysis, competition, marketing strategy, sales forecast, and financial projections.

Enterprise and Entrepreneurship (Part 2)
Jems & Jewels

Introduction
Entrepreneurship is the attribute of the individual
which is being utilised for establishing, developing a
business venture and it is the major concern of
getting change in the business scenario so that they
can start the new business venture effectively.

Business model
This is the new business idea in which Gems and
Jewels is selling jewellery online for all the women
and the main concern for establishing such business
is the reach of their potential customers(Chung, And
et. al., 2020). It is a sole-proprietorship business
which is owned and controlled by the single owner
and all the profits ad looses is liable to the owner
only. They are offering various type of accessories to
all the people so that they can meet the changing
demand of their potential buyers.

Objectives
• Specific: The objective of the business is to develop the customer base with easy reachability for
generating maximum profits.
• Measurable: In order to analyse the objective, Key performance indicator tool has been used so that
deviation can be identified and resolves with the aim of higher profits.
• Achievable: In order to have the good customer base, Gems and Jewels require to push themselves
so that predetermined goal can be attained in order to have the better approach in the market.

Pestle Analysis
• The management of Gems and Jewels need to
conduct PESTLE in order to analysis the
fluctuations occur in existing market environment so
that an effective strategies can be implemented to
achieve long term sustainability of company.

Competition
There are various types of business which are operating their business and generating higher profits.
There are many supermarkets which are operating their business in a particular location and majorly
offering the cosmetic products, perfumes for men and women so this can be the competition for the
Gems and Jewels that is operating their business in e-business and offering rings, necklaces and many
more. They have targeted only women whereas supermarkets have targeted the men and women both.
There are lots of competitors that gives a tough competition to Gems and Jewels which includes Taylor
& Hart, Boodles and so on.

Marketing the business STP
Segmentation is being done on the basis of
demographics so that they can have the exact
number of potential customers. they have
targeted the women as jewellery is mostly likes
by them only which also helps in increasing the
overall sale of the business and they are can use
functional positioning in order to establish their
brand.

Sales forecast and Financial projections
Gems and Jewels is operating their business through online, and the overall estimated cost of sales
is £10 per unit. And it has been forecasted that market trends impact the overall sale of the
business. Where they can successfully generate the sale which is equal to 200 units per month. The
overall profitability percentage is 59% approx of the total sale.

Conclusion
It is concluded from the above presentation that business plan is vital for the new business start up to have the
proper evaluation. While establishing the new business, there are different sources of finance such as latest
technology, bank loan etc. they are using social media platforms in order to advertise their brand in
accordance to increases the overall sale of the company. Unique and diversified type of jewellery is the
strength of the company and changing trends of the market has become the risk for them.

References
• Chung, H.M. And et. al., 2020. Evolving network characteristics of the Asian international aviation
market: A weighted network approach. Transport Policy, 99, pp.299-313.
• Elliott, C., Mavriplis, C. and Anis, H., 2020. An entrepreneurship education and peer mentoring
program for women in STEM: mentors’ experiences and perceptions of entrepreneurial self-efficacy
and intent. International Entrepreneurship and Management Journal, 16(1), pp.43-67.
• Kimuli, S.N.L. And et. al., 2020. Sustainability intention: mediator of sustainability behavioral
control and sustainable entrepreneurship. World Journal of Entrepreneurship, Management and
Sustainable Development.