Investigate the range of resources required to launch a new venture

Unit 28: Launching A New Venture

Table of Contents
Introduction..............................................................................................................................................1
Investigate the range of resources required to launch a new venture......................................................2
Investigating and explaining a new venture & identifying specific target markets and undertaking
the competitive analysis.......................................................................................................................2
Determining specific tangible and intangible resources that would be required.................................5
Tangible and intangible resources for Organico................................................................5
Assessing the skills and capabilities required and how these might be acquired or developed..............7
Entrepreneurial skills.........................................................................................................7
Project management skills..................................................................................................7
Leadership skills.................................................................................................................8
Developing promotional activities to support the launch of a new venture............................................8
Explaining the different promotional activities and channels that will support the launch of the new
venture.................................................................................................................................................8
Advertisements...................................................................................................................8
Marketing to increase revenue...........................................................................................9
Relationships with the media.............................................................................................9
Developing appropriate promotional activities plan for both launch and pre-launch the new venture
.............................................................................................................................................................9
Producing a budget for launching a new venture for a small business or social enterprise..................10
Monthly cash budget for the pre-launch phase of Organico..............................................................10
Suggesting an appropriate legal form for the venture........................................................................11
Conclusion.............................................................................................................................................12
References..............................................................................................................................................13

Introduction
Market economies depend on the efforts of entrepreneurs, who are often the engine that
propels the economy ahead (Martin et al., 2020). They boost economic development by
producing new products and services, which leads to the creation of additional employment.
Starting a new company may seem straightforward, but there are many operating elements
(Baucus and Mitteness, 2016). Kitchen Table, a British restaurant company, is trying to grow
its client base and income sources. However, since the restaurant's management is facing
severe competition from competitors for its present offerings, the firm has decided to embark
on a new venture with new products. A new corporation and a business strategy will be
created in order to launch a "Organico" juice bar as a spinoff of the current Kitchen Table
restaurant. Essentially, the "Organico" will provide fresh vegetable and fruit juice to its
customers, which is in increasing demand as the general population grows more health
conscious. In addition to this, the business plan details how the new company's products will
be positioned in the market as well as the resources that will be required to get the firm off
the ground.
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Investigate the range of resources required to launch a
new venture
Examining and describing a new enterprise, as well as selecting particular
target markets and doing a comparative study.
A new venture
A venture is described as being started when an existing firm, an individual, or a group of
people known as entrepreneurs develop a new product or start a new company with the
intention of generating a profit (Birley,2018). In most cases, the significant capital required to
launch a new business or product may be provided by the entrepreneurs themselves via
savings or savings combined with loans, or by external sources through debt that the
company incurs. In order to increase sales, Kitchen Table, one of the most well-liked and
successful restaurants, will launch a brand-new idea in the UK entitled "Organico." With its
increased assortment of organic and natural goods, The Kitchen Table hopes to appeal to
customers who are concerned about their health. By providing a greater variety of freshly
cooked cuisine, the restaurant hopes to capitalise on the current consumers' growing health
conscience. There will be various locations, one each in London and Birmingham, where
fresh organic juice will be sold.
Objectives of the new venture
In conjunction with the introduction of the new firm, The Kitchen Table has its sights set on
achieving the following four primary objectives: financial, human, social, and national. In the
early phases of the firm's operations, the major emphasis of the business would naturally be
on making money by delivering the products and services that were promised to the
demographic that the company was trying to attract.
Market analysis
The entrepreneurial group should do a thorough market analysis before launching a new
enterprise (Birley,2018). Market research has mostly concentrated on the nature and extent of
rivalry within a given industry and in the intended consumer base. After a new business has
been established, its success or failure will be heavily influenced by the market rivalry and
the target market, both of which were carefully considered for the benefit of the company.
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