Innovation and Entrepreneurship: Customised Furniture Business Idea

INNOVATION AND
ENTREPRENEURSHIP
Table of Contents

INTRODUCTION.................................................................................................................................3
Assessment task.....................................................................................................................................3
Executive summary...........................................................................................................................3
Start up business idea........................................................................................................................3
Industry profile..................................................................................................................................4
The business model...........................................................................................................................4
Point of differentiation.......................................................................................................................5
Challenges of the business idea.........................................................................................................5
Prospective customers.......................................................................................................................6
Brief marketing plan..........................................................................................................................6
Competitor analysis...........................................................................................................................7
Sources of Funding............................................................................................................................8
Approaches to protect business idea..................................................................................................9
CONCLUSION.....................................................................................................................................9
REFERENCES....................................................................................................................................10

INTRODUCTION
Innovation is defined as searching for a new idea and concept that can allow the
company to achieve a healthy success under the respective business environment. Innovation
and Enterpreneurship are two fundamental concepts and ideas associated with the business
entity as both these aspects work simultaneously in order to achieve success in the respective
market (Jones, Comfort and Hillier, 2017). This report is based on the new business idea call
as Customised Furniture. Business idea will be presented in the initial part of the project.
Industry profile will be analysed based on the market, customer base and different other
factors associated with the business entity. Business model will also demonstrate to provide a
strategic overview to the business start up. Point of difference will further project in this
project. Furthermore, project will discuss about the challenges that company will face in the
respective market. Target customers will also clearly state in the report. Brief discussion
about the marketing plan that company will be consume will be a part of this project.
Competitor analysis, sources of funding, intellectual property and other like details will also
project under this project.
Assessment task
Executive summary
Customised furniture is a new business idea that will involve selling the personalised
furniture product developed based on the specification and requirements attached by the
customers at the time of placing the order. This project will discuss the ways to successfully
launch the business plan. Business idea will set up, industry profiling will be done, business
model suitable will also discuss and different other aspects that will allow the company to
successfully launch the new business set up (Stone and et.al., 2020). The business will ask the
customer what kind of the furniture product it wish to own and develop the same product
based on the needs and requirements of the target customer base.
Start up business idea
Customised Furniture is a furniture brand that will allow the customers to buy
the different furniture product on the basis of the choices, preferences, needs and
requirements of the potential customer associated with the market. Under this business idea
customer will get a chance to convey its entirerequirement at the time of placing the order.
The business idea allows the customers to buy the furniture of its own choice and to fulfil the

dream by buying the best quality of furniture. Company will sail the furniture over both the
platforms online with support of its own website and the offline with support of physical
stores of the company (Cappariello, 2017). The start up will focus over upper class economic
background customer base along with the upper middle class economic base customer as the
customised product always require extra cost in designing and also consume more time that
eventually add on the cost in the product. Company will sale both the product line the one
that it has developed with support of professionals based on the trends and fashion in the
market and the other one is customised line where customers can place all its requirements at
the time of buying the product. This will allow the customer to give all the details about what
type of product they seek that include design, colour, size, height and many other details that
can justify what product customers are looking for. This business idea is innovative and
unique in fashion as it deploys the customer vision while making the products.
Here the theory of business model innovation is being applied by Customized
Furniture. The reason underlying this fact is that this model is defined as art of enhancing the
advantage and creating value by product and services for both the company and consumers.
Hence, in the current competitive market there is high trend of customization within
furniture. Thus, with help of business model innovation the company got the business idea of
furniture customisation and hence the business was initiated. With the help of market analysis
it was identified that the latest trend among consumer is of furniture in accordance with their
requirement only. Hence, this innovation within the business model that is customisation of
furniture will definitely result in effective working of the new business.
Industry profile
Furniture market is very high profile market based on the sales turnover, profit margin
and the overall demand of the product in the respective industry. The recent statistics
demonstrate that the sector contain a total sales turnover of £12.2 billion. Currently the whole
sector of the United Kingdom is growing at the rate of 3.2% (Reis-Silva and Carrizo-Moreira,
2018). This clearly demonstrates about the scale of the industry. In the current time not many
companies are exploring the customised furniture range which allows the company to take
competitive advantage in the market. Also the United Kingdom is developed that clearly state
that the country hold a strong buying power of its customers that allow the company toeasily
convince the customers to buy the customised furniture product instead of the usual furniture
product. As the customised product require extra cost and time of producing the same product
as compare to the other normal product. The buying power of the customers allows the