Innovation and Entrepreneurship in Pet Grooming Business

Innovation and
entrepreneurship

Table of Contents
Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Idea for business / start-up..........................................................................................................1
Executive summary.....................................................................................................................1
Industry profile............................................................................................................................2
Business model...........................................................................................................................2
Point of differentiation................................................................................................................3
Challenges in way of business idea.............................................................................................3
Prospective customers.................................................................................................................4
Marketing plan............................................................................................................................4
Competitor analysis.....................................................................................................................6
Sources of funding......................................................................................................................6
Intellectual property....................................................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Innovation is a process of creating or implementing ideas for introduction of new goods or
services and enhancing offering of goods and services. Whereas entrepreneurship is an act of
creating business for motive of generating profit. Modern entrepreneurship is also known for
solving world issues with help of innovation and ideas. Entrepreneur is a person who starts
business and bear all risks of operating business and almost all profit of business is also received
by businessman only. Entrepreneur is also known as innovator; Businessperson is the one who
brings new idea, procedures, goods and services. In this report a new business idea is presented
for explaining process of innovation and entrepreneurship. Business model, point of
differentiation, challenges, market plan, source of funding, competitor analysis, targeted
customers, intellectual property rights etc. are explained in context of Martin’s pet grooming
company.
MAIN BODY
Idea for business / start-up
A business idea is first step of building and developing a successful business, this can be
used as a way of financial gain by providing goods and services to customers. In London people
care about their pets a lot so they spend a huge amount on grooming and taking care of pets. A
business of pet grooming can be profitable because satisfied customers provide generous tip
along with service rates. British customers spend a hefty amount on grooming of their pets
specifically dogs so company will have business throughout the whole year. Pet grooming
business generally provides services such as providing professional wash, cutting hairs, cutting
nails providing good massage to pets and pet grooming/caring products can also be provided for
expansion of business. For starting this business entrepreneur will need a business premises and
all relevant equipment of pet grooming. Location of business premises should be at a place
where company can receive more customer attention.
Executive summary
In this business report process of starting and developing a business in London is
explained. Name of start-up is Martin’s pet grooming in this report proposed business idea,
hurdles in implementing business idea, market research, competition analysis, sources of funding
for capital requirements, point of differentiation and intellectual property for development of
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