Entrepreneurship Research and Analysis

This assignment focuses on researching and analyzing various aspects of entrepreneurship, particularly new venture creation. Students are required to delve into concepts like firm-level innovation, venture capital, team dynamics, and the role of gender in entrepreneurial ventures. The analysis involves examining scholarly articles and online resources to understand key theories and trends within the field of entrepreneurship.

LANUCHING A NEW
VENTURE

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 A new venture identifying specific target markets and competitive analysis........................1
P2 Specific tangible and intangible resources that required for a new venture..........................2
TASK 2............................................................................................................................................3
P3 Produce a credible proposal to launch a new venture............................................................3
P4 Skills and capabilities required to launch a new venture.......................................................4
TASK 3............................................................................................................................................6
P5 Different promotional activities and channels for launching new venture............................6
P6 Develop an appropriate promotional activities plan for both launch and pre-launch............7
TASK 4............................................................................................................................................7
P7 Monthly cash budget for the pre-launch phase......................................................................7
P8 An appropriate legal form for the venture...........................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES .............................................................................................................................12

INTRODUCTION
Beginning up a new business unit among highly competitive market locations and having
rapid changes is full of various issues and challenges. At time of imposing or launching a newer
business entity, as entrepreneur is having different kinds of threat and issues which all are
related with culture, growth and competition with larger or bigger organisations (Baron and
Tang, 2011). the prominent purpose of this report project is to enquire the range of resources
that are essential for launching a new business enterprise, analysing and evaluating capabilities
along with skills which is needed to be developed. The researcher or entrepreneur has build up
the plan of framing a new restaurant and a coffee stop form a higher business plan with
effective quality. In order to build up, it will impose and justify different types of promotions
along with legal budget.
TASK 1
P1 A new venture identifying specific target markets and competitive analysis.
Kaleidoscope coffee bar is launched to facilitates their services to the working individual
and other different persons, hence it will be a a dream and a location which is able to provide
relief form everyday stress of facing struggle and audiences will be able to feel comfortable with
their friends and loved ones, read novel, spend some more time beautifully and so on.
Determining the enhanced interest of the audiences in UK with an organisation, is
basically a cause of the idea of opening the new cafe in their Manchester streets which is located
in the United Kingdom itself (Bijker and et. al., 2012). This cafe facilitates their buyers or
audiences the best brewed along with prominent quality, prepared coffee other side with it they
also serves different services such as pastries, tea, bakery product and many ,more.
Entrepreneur has beginning up their new business venture, hence the started entity is
named as”Kaleidoscope coffee bar” located in the UK. The firm will regulate and conduct their
operation of coffee bar in around 2400 square feet in the Manchester street , UK. The owner of
company or cafe has supposed to broaden their hired locations on lease for approx. 4 years with
an option of extending time duration. For they have framed a out lay of entire funds which will
be spent; that is determined as £ 3,580,684 to £3,62,684 in a new set of unit or business.
Objectives: Here are one year business aim or goal mentioned, which is as follows-
 To get nominated for “Best Emerging Coffee Bar in UK” by the domestic state.
1

 Arrange approx. 75 percent growth as margin . Converts in profit form the vert first month of operational practises.
Mission: The mission of the firm is to create best efforts in respect to develop the different and
unique positioning among their customers along with they tries to make their cafe most
comfortable and relaxing place to citizen of UK and enjoyed the quality and strongly brewed
coffee.
Target market: target area is major thing for each and every firm hence it is required to
determine target market with in the firm which can help them to getting final result in very
effective manner. Concentrated market refers to the specific group of persons that a business
firm is aiming at. There are different divisions of market and accordingly consumers are targeted.
The core aim of coffee bar is sophisticated family persons and teenagers along with adults and so
on. In accordance to the earning categories, the coffee bar has concentrated over the middle class
persons to various other earning categories (Kariv 2013).
Competitive Analysis: The prominent competitor of Kaleidoscope coffee bar is known as
Starbucks that is competing every small firm of coffee with in the location of United Kingdom.
Starbucks is having a effective financial conditions that help is utilising the number of single
spot with coffee and beverage retailers (Burns, 2017). it is major competition cause it is having
effective brand value and they are capturing more buyers that shows quality at effective cost and
excellences with the help of it they enjoy a controlling and powerful position in entire market.
P2 Specific tangible and intangible resources that required for a new venture.
In order to start up a new venture it is required to have effective and sufficient resources
through it they can be able to manage and maintain their business practises. Kaleidoscope coffee
bar is one of the famous and best coffee bar in the entire UK. This cafe is facilitating several kind
of product like different types of coffee and varieties of food so that higher numbers of
consumers will be attracted towards this cafe. Hence resources are very signifying thing which is
important for making and manufacturing the certain product or coffee. There are two kinds of
resources that can be determine for Kaleidoscope cafe as they will support in order to maintain it,
for an example two resource, it is detailed as-
Tangible Resources: it is detailed that these all resources basically undertakes different
kinds of elements which are; equipments, physically plant, raw material and so on. Each and
every organisation are concentrating on all visible area which can be using the direct financial
2

resource. In context of coffee bar or restaurants, kaleidoscope beverage and food, tools of
production and manufacturing, ambience, machinery and much many are all consider as the
tangible thing or resources that provide the prominent services in an organisation (Hmieleski and
Baron 2012).
Intangible Resources: A wider content range such as trademarks, patents, relationship of
consumer, corporate culture and image, tools and technology these all resources in the
manufacturing procedure as well as corporate practises which has a prominent inseparable role
and duty. An intangible property or asset that are not having any kind of physical property or
nature. Whole of IP corporate contains item such as methodologies of business enterprise,
patents, trademarks, copyright as well as recognition brand, effective goodwill, serving practises,
attribute of employees, manner and so on. In Kaleidoscope, the attribute and feature of their
employee towards buyers,their aura, traits, quality of services and so on are the core factors that
provide help in order to attaining the final result.
With the help of it, business enterprise can facilitates value for long term and short term
objective and goals of Kaleidoscope through considering them in very clear manner. Successful
plan and branding implementation needed to prepare a set suitable design of entire layout that
involves all these factors of Kaleidoscope, as a coffee bar, this will aid in logical setting of their
product and services value.
TASK 2
P3 Produce a credible proposal to launch a new venture.
A proposal or enterprise plan can break or create the opportunities of making new buyers.
Whether providing a new goods and services or products by the new enterprises or new
organisation, proposal is bit straightforward that aid in order to meeting the goals and objective
and also vision of the firm in appropriate and arranged manner. Thus, as like other different
successful organisation, Kaleidoscope required to enhance in a suitable planning for the new
venture which can provide help them in order to meeting the result. Here is explained business
proposal plan that is mention as follows.
Executive
summary
Kaleidoscope UK is a small coffee bar house which is facilitating best
brewed coffee service and add it with pastries and different other bakery
3

product.
Company
Description
Entrepreneur has beginning up their brand new coffee bar enterprise,
which is recognise as the Kaleidoscope coffee bar. The firm will generate
and conduce their practises of coffee bar in 2400 square feet land in the
Manchester street. The owner of the firm has extended their leased place
on the lease for at least 4 years with an option of more of related time.
Market Analysis In order to flourish their business enterprise, firm is working very
efficiently and effectively and performing over the appropriate evaluation
of market. For the reason of it and determining different several factors of
the market, firm can have sufficient SWOT and PESTEL analysis for
understanding the elements required to be handles.
Marketing strategy The owner of firm having a aim which is they wished to expand their
enterprise, but before it, they needs to framed their business in the street
and general market of the Manchester. For the same purpose, they are
utilising social media for promotion and other various strategies of market
for the enlargement of firm (Fernhaber and Li 2013).
Financial
Projection
The financial and monitory deals are prominent elements. For a new start
up such as Kaleidoscope coffee bar, the money that is determine for the
investment is £3,50,684 to £3,52,684. firm will make deal and arrange
whole of deals with the specific amount.
Benchmarks This is important to make comparison of enterprise performance with a
benchmark in an organisation. It facilitates support to buyers with a
importance or denotion of whether buyers are working in the standard of
enterprise. It is the main and sound value deal for the small start up such as
Kaleidoscope as well as knows where they are become a comparison in the
enterprise.
P4 Skills and capabilities required to launch a new venture
With a purpose of running a firm in better manner and more significant way; An
entrepreneur needs to have some specific capabilities, abilities and skills that can aid in order to
4

meeting the success in their new venture and start up. Here are some of the details are provided
for the qualities and traits with in the firm which can give help for the attainment of target and
objective. Kaleidoscope entrepreneur required to obtain some mentioned area. Project Management: business enterprise comes in a wider size who are having a
abilities and capability to maintain the entire project or task of Kaleidoscope coffee bar in
order to make effective management along with the arranging the whole practises and
activities of business enterprise. Leadership Skills:Leadership skills and abilities helps in stimulating and encouraging
the members of the workforce in effective manner. The success of the firm is relaying on
the morals of work station and productivity. A healthy and effective relationship ability
and skills needs to have in an entrepreneur in order to providing right path or direction of
bearing risk fir the success (Caselli and Negri 2018). Presenting: presentation and first phase is essential aspects whether it is of services and
product of proposal of the business entity or industry itself. With the help of it,
entrepreneur of Kaleidoscope coffee bar can showing their opinion and views and create
a unique positioning and mark in the competitive market place.
 Optimistic and Visionary: Entrepreneur needs to have the capabilities and ability to be
more optimistic in the major stressful conditions as well as they required to be more
visionary in order to see more of future growth and possibility then other general
individual. In order to capture the success and development with in the firm,
Kaleidoscope require to make these skills among them that can direct to success and
attainment.
 Creative:- According to this element as an entrepreneur person must come up with
innovative ideas and thoughts for establishing their image at marketplace. However,
society always wanted something new or different for gaining trust or loyalty of high
range of customers.
 Problem solver:- If a person is engaging in running an organization then they must
circulated with various business problems due to number of reasons such as; fluctuation
in external and internal elements, distinctive in employees nature and so on.
5

 Confident:- As an entrepreneur person is liable for taking number of decision on which
entire company is based due to which it is essential for a person to be confident in their
decision.
There are different other manners with the help of it unlined abilities and skills can be
obtained by the owner or entrepreneur of the Kaleidoscope coffee bar. Through shot listing or
choose a different direction and creative though and idea for the entity, establishing a new unit
or business, delaying sanctification and stick to the coming problem and challenges, fund
management and so on. That can provide help in order to obtaining these all above enlisted skills
and traits with in them directing to success.
TASK 3
P5 Different promotional activities and channels for launching new venture
Promotion is one of the best factor which required to be consider at time of launching a
new business firm. The success of the firm relay not only on the quality of the product and
services but also their effective marketing practises and effective promotional activities. There
are different several techniques and means that can be aid to one in order to launching their
business practises with in the firm. Kaleidoscope coffee bar can consider these all promotional
activities and mediums that is detailed as below. Personal Promotions: through different and various practises, a person can advertise
their business unit by the direct and indirect manner. In order to utilise communication in
the sufficient manner in the new industry promotion, they promote their plan of business
of coffee bar whenever one one make interaction at the social place, discussion, group
meeting, social media conversion, email and so on. An innovative and imposing tag-line
along with updates will be more influencing (Burns 2017). Mobile Billboard: Mobile promotion of the firm is effective and advance advertising
techniques or it can be determine as the channels which contains some of the innovative
things such as sticker, logo, firm's information of the Kaleidoscope coffee bar. this does
not have more money and one can utilise it on their own vehicles. Promote Business through Social Media: Twitter, Facebook, YouTube and Instagram
and so on are the sound , strong and prominently effective manner that helps in capturing
the wider range of buyers as well as promoting their business entity as broadcast. This is
6

unlimited and the outage capability that can attract more of buyers to the newly opened
cafe (Simon, 2012).
 Blogging and New Articles: now a days persons are preferring ads with the help of
utilising blogging or article. It will not be ignored when it is about promoting a new
business entity. A well written article and blog can facilitates support in order to making
buyers and advertising the task or project in effective manner. Kaleidoscope can also
make appropriate use of planned techniques to having more public attraction for their
new enterprise (Shrader, 2012).
 Poster presentation:- It means company needs to design an attractive picture which
consist of necessary information for capturing the minds of millions of clients through
outstanding images.
 Brochure:- Its also kind of poster which must be used by company in their promotional
activities as it is also advanced method of gaining consumer attention.
Kaleidoscope coffee bar is working for making effective Launce of their business in the
domestic streets of United Kingdom for for which they are performing on the promotional plan.
For their cafe and coffee bar, social media ads, mobile billboard are linked along with major tag
line which is so appealing and provide information in best manner. This will be a inexpensive
techniques that can aid in meeting the concentrated consumer amount.
P6 Develop an appropriate promotional activities plan for both launch and pre-launch.
With the help of suitable arrangement or effective plan for the new business, focused
buyers can be able to achieved by the Coffee bar but after considering marketing plan and
promotional practises with in the organisation. It is important for business to make proper plan
for pre-launch and launch promotional practises that can help in attaining the target goals. Pre-Launch Promotion: Firm can frame a pre-launch website and page just before
launching the new business venture. There are different several tools, channels and
techniques of promotions mix that will be utilise for the pre-launch promotions of
Kaleidoscope coffee. As the firm is beginning up the new business venture, firm required
to be aware and inform individual for the new product and services. The logo which has
been frame by the company is known as “EAT, DRINK and FUN” other side it is also
required to have a appealing tag line along with their logo. This is major and prominent
7

function that provide aid in order to make them aware their target customers and
individual about new business enterprise (Bijker and et. al., 2012.).
 Launch Promotion: In order to establish, it is needed to keep recalling the target persons
and individual about the services and product or new business venture. It can be attained
with the help of updating social media post and practises in effective manner. There are a
range of social media platforms through which more customers can be reached. Other
side Mobile Billboards are very useful for the promotion of launching event along with it
firm can utilise the advertising, you tube videos and blogging and other different media
techniques for the promotional reason of Kaleidoscope coffee bar. It will be ensured that
all the potential customer of the brand is targeted so that the future sales can be
maximised. The marketing will be started so that curiosity in the customers can be
created which will further assist in attracting people.
TASK 4
P7 Monthly cash budget for the pre-launch phase.
This is very essential to understand the budget of the entire year plan in respect to cater
whole of identified practises of business with in a fixed financial amount (Kuratko and Hornsby,
2017). A cash budget will be preparing for the launch event so that it can be ascertained that how
much funds will be required for the whole activity. This will assist in doing arrangements of the
fuds in advance so that continuity in the operation is maintained and also the finance which is
one of the most important asset of business is utilised to its full capacity. By formulating the cash
budget areas that need high investments are identified well in advance which further assist in
keeping control over them. Through cash budget management can get the idea of cash inflow and
outflow in a particular time period which is important for ascertaining the capacity of business to
grow. Hence, here is detailed form of the planned budget which is explained such as-
8

Year 2018 Jan Feb Mar April May
Food Sales 42,152 42,563 43,526 43,568 44,124
Beverage Sales 19,751 12,451 12,456 13,452 14,528
GROSS SALES 61,903 55,014 55,982 57,020 58,652
Cost of Sales
Food 14,525 14,046 14,364 14,377 14,561
Beverage 6,515 3,113 3,114 3,363 3,632
TOTAL COST OF
SALES 21,040 17,159 17,478 17,740 18,193
GROSS PROFIT 40,863 37,855 38,504 39,280 40,459
General and
Administrative
Employee Salaries 15,476 13,754 13,996 14,255 14,663
Management Salaries 3,400 3,400 3,400 3,400 3,400
Employer
Taxes/Benefits (15%
Wages) 2,265 2,058 2,087 2,119 2,168
Workers Compensation
(6% Wages) 1,133 1,029 1,044 1,059 1,084
Advertising 800 800 800 800 800
Bookkeeping 150 150 150 150 150
Credit Card Charges
(1%) 619 550 560 570 587
Insurance 250 250 250 250 250
Legal and Professional
Fees 100 100 100 100 100
Misc. Other 250 250 250 250 250
9

Office Supplies 175 175 175 175 175
Rent 3,200 3,200 3,200 3,200 3,200
Repair and
Maintenance 300 300 300 300 300
Small Equipment 200 200 200 200 200
Telephone [phone]
Garbage 200 200 200 200 200
Utilities 1,200 1,200 1,200 1,200 1,200
Total Gen. and Admin.
(Fixed) 29,867 27,766 28,062 28,378 28,876
NET PROFIT OR LOSS 10,996 10,089 10,443 10,901 11,583
SBA Loan 3,582 3,582 3,582 3,582 3,582
Cash Flow After
Financing 7,414 6,507 6,861 7,319 8,001
Draw 4,000 4,000 4,000 4,000 4,000
Net Cash Flow 3,414 2,507 2,861 3,319 4,001
Accumulated Cash
Flow 5,921 8,782 12,101 16,102
Average Daily Sales /
22 days 2,814 2,501 2,545 2,592 2666
June July Aug Sept Oct Nov Dec
YTD
2018
44,325 44,658 45,210 45,325 46,251 46,325 47,125 5,35,152
15,574 15,487 16,421 16,251 17,452 17,245 17,845 1,88,913
59,899 60,145 61,631 61,576 63,703 63,570 64,970 7,24,065
-
10

14,627 14,737 14,919 14,957 15,263 15,287 15,551 1,77,215
3,894 3,872 4,105 4,063 4,363 4,311 4,461 48,806
18,521 18,609 19,025 19,020 19,626 19,599 20,013 2,26,021
-
41,379 41,536 42,606 42,556 44,077 43,972 44,958 4,98,045
- - - - - - - -
14,975 15,036 15,408 15,394 15,926 15,893 16,243 1,81,016
3,400 3,400 3,400 3,400 3,400 3,400 3,400 40,800
2,205 2,212 2,257 2,255 2,319 2,315 2,357 26,618
1,102 1,106 1,128 1,128 1,160 1,158 1,179 13,309
800 800 800 800 800 800 800 9,600
150 150 150 150 150 150 150 1,800
599 601 616 616 637 636 650 7,241
250 250 250 250 250 250 250 3,000
100 100 100 100 100 100 100 1,200
250 250 250 250 250 250 250 3,000
175 175 175 175 175 175 175 2,100
3,200 3,200 3,200 3,200 3,200 3,200 3,200 38,400
300 300 300 300 300 300 300 3,600
200 200 200 200 200 200 200 2,400
150 150 150 150 150 150 150 1,800
200 200 200 200 200 200 200 2,400
1,200 1,200 1,200 1,200 1,200 1,200 1,200 14,400
29,256 29,331 29,784 29,768 30,416 30,376 30,803 3,52,684
-
12,122 12,205 12,822 12,788 13,661 13,596 14,155 1,45,361
3,582 3,582 3,582 3,582 3,582 3,582 3,582 42,984
8,540 8,623 9,240 9,206 10,079 10,014 10,573 1,02,377
4,000 4,000 4,000 4,000 4,000 4,000 4,000 48,000
11

4,540 4,623 5,240 5,206 6,079 6,014 6,573 54,377
20,643 25,266 30,505 35,712 41,791 47,804 54,377
2,723 2,734 2,801 2,799 2,896 2,890 2,953
From the above cash budget this has been concluded that at the initial stage business is
doing good and is having surplus. Thereafter it increases with more surplus as compared to last
couple of month Hence the position of company’s cash flow is sufficient enough to make further
investments.
P8 an appropriate legal form for the venture.
This is important to select a suitable structure for the business. Governments of the
Nation has made this completion to fill the legal unit or organisation that can help in provide
sponsorship in the programs of UK. There are different kinds of categories that framed legal
structure of company. Kaleidoscope coffee bar is based in the Manchester, UK. Some of the
categories are detailed as-
Types of Legal Forms Sole Proprietorship: this refers to the single owner for the firm or small enterprise who
are responsible for the business practises and activities in effective manner. It is
inexpensive and simple process that create and operate reports of owner (Baron and Tang
2011). Partnership Firms: when two or more individuals are come together for creating and
generating a business is called as partnership firm. Person frames it because it is helpful
for having equal benefits.
 Public Sector: this kind of venture is owned and functions by the government of nation.
As per the analysis sole trader is must appropriate form of an organization because coffee
bar is a small firm due to which they are having limited funds. As a result, they get aware about
the loss or profit of an association. Hence, it aids in accomplishing business activities in much
better manner. In fact, there is absence of legal formalities.
12

CONCLUSION
Form the above report is has been concluded that beginning up a new business unit or
venture among the cut throat competitive market and rapid changes is full of different kinds of
trouble and challenges. Understanding and considering the enhanced interest for the individual of
the United Kingdom with in an organisation. There are two kinds of resources that the firm
required to maintain for example; tangible and intangible resources. With a purpose to bring out
a business in more prominent and better manner. Hence, an entrepreneur required to have some
specific skills and capabilities that can be helpful in order to capture success in their newly
opened business. Promotion is one of the prominent element required to be considered at time to
developing a new business entity.
13