Launching A New Venture

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This report discusses the process of launching a new venture, focusing on a Delish-on-the-go restaurant in the UK. It covers topics such as target market identification, competitive analysis, resource management, and promotional strategies. The report also includes a pre and post-launch plan for the new venture.

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Launching A New Venture
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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1.................................................................................................................................................3
P2.................................................................................................................................................5
P3.................................................................................................................................................6
TASK 2............................................................................................................................................7
P4.................................................................................................................................................7
TASK 3............................................................................................................................................8
P5.................................................................................................................................................8
P6.................................................................................................................................................9
TASK 4..........................................................................................................................................10
P7...............................................................................................................................................10
P8...............................................................................................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16
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INTRODUCTION
In current times, there are various ventures which are developed into marketplace and are
involved in different industry with an intent to gain profitability. So, a person having effective
competencies as well as skills for managing and operating business in smoother way, then new
venture launching will provide profitable results. Moreover, an individual launch its venture at
any location whether into regional or global marketplace. The main intent of business
establishment is to accomplish the customer requirements into its targeted industry (Bachmann
and et. al., 2020). This report is based upon a Delish-on-the-go restaurant that is going to
introduce within UK marketplace. The topics discussed in this report are identification of
particular target market as well as competitive analysis, determination of tangible and intangible
resources and proposal to introduce new business. Moreover, skills and capabilities required to
launch a new venture as well as effective promotional activity are described. Apart from this,
monthly cash budget and legal form for initiating new venture are also discussed in this report.
TASK 1
P1.
Delish-on-the-go restaurant is a new venture that plan to introduce into the market of
London with various cuisines. They provided healthy and tasty food items of numerous countries
with intent to grab the attention of numerous consumers across the world. Such as Chinese,
Spanish and many others are few cuisines name that can be provided through restaurant. The key
preferred areas for initiating a new venture is London as it have huge number of audiences and
high crowd that can enhance its revenue and possibilities of making new business successful. By
performing investigation, this has been identified that various audiences likes to come at those
restaurants in which it may get several countries dishes. Thus, this becomes effective ideas to
provide various countries dishes within a single location that is in London marketplace.
Entrepreneur of respective restaurant perform analysis as well as assessment of
marketplace so that they can able to determine the targeted audiences (Domurath and et. al.,
2020). After deciding it, the manager of Delish-on-the-go restaurant plan and formulate
strategies for grabbing the attention of audiences effectively and efficiently, for instance, they
develop its promotional as well as advertisement strategies as per targeted customers. Moreover,
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Few powerful elements are assess as well as analyses through respective restaurant in order to
attain its goals in more effective manner. So, some are discussed below:
Determining particular target market: Target market is considered as the identification of
consumer groups from target market in which firm is planning to provide their products. Market
identification assists a firm to determine consumer groups who represent similar kind of features
like gender, location, taste, lifestyle and many more (Dulovits and Tewelu, 2020). Before
introducing new venture that is Delish-on-the-go restaurant into London, UK, its owner has to
determine the potential customers. Respective restaurant target markets are categorised based
upon:ï‚· Demographics: This kind of segmentation is depends upon gender, religion, income level
and others that impact the practices of business very much. So, it is needed to evaluate
them in effectual way and consequently make decisions and plan of action for grabbing
the attention of more customers towards restaurants. Such as families and teenager are
more interested to visit in such type of restaurant where it can have various dishes of
different countries. Thus, strategies have to be developing for them.ï‚· Behavioural: This kind of segmentation is depends upon decision, behaviours and usages.
Such as, at present times, teenagers behaviour is to try something new so it has been
analysed that they may have keen interest towards varieties of dishes which can be
provided through Delish-on-the-go restaurant. So, based upon which food items have
been marketed.ï‚· Psycho-graphic: This kind of segmentation depends upon personality as well as lifestyle
of person. Such as person of high income group are very much preferred to visit to
restaurant for getting taste of various countries dishes.
Competitive analysis: Initiating a new business is not a simple task as there are huge
competitors available within marketplace what are operating their ventures since many years. So,
competition is very much higher mainly into food sector in which huge number of small
restaurants are there who are running same kind of business and may provide a hard competition
to new venture (Fisher, 2020). Thus, for sustaining into competitive marketplace, effective
strategies are needed to be used through Delish-on-the-go restaurant owner. So, this helps them
to take decisions related to initiating new restaurant into London marketplace and to attain large
consumers but beside this, there are various competitors like Liman restaurant, the Led Bury and
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many more who gives them tough competition. As all these restaurants are tough competitors so
that they required to formulate effectual decisions and strategies such as to do improvement in its
menu card on continuous basis so as to grab the attention of huge clients.
P2.
Resources are vital requirements of all type of firms either it is small, large or medium as
this assists them to implement business practices effectively and efficiently. So, to initiate new
business they should have appropriate amount of resources with assistances of that they can able
to perform futuristic actions. This can be categorised in tangible and intangible (Fisher and et.
al., 2020) . Tangible resources are the assets that are available in physical manner means it can
be touchable. This involves staff, funds, machinery and many more. Whereas intangible
resources are considered as such assets that may not be touched but play even role attaining
organisational success and growth. Delish-on-the-go restaurant provide various food items to UK
audiences so, it should have effective resources such as human, finance and many more so that
they can able to provide tasty and healthy dishes or services to their clients. Such as for making
the tasty food items they may required experienced cooks who can able to accomplish the
audience’s needs. These kinds of resources are explained below:
Intangible resources: This considered as assets that are not having any physical presence
but contributes evenly into the business success and development. This consists goodwill,
trademarks and others. This may be obtained through business in order to perform their practices
effectively (Israeli and Avery, 2020). Such as making healthy and quality dishes assists them to
retain loyal consumers for longer time as well as mat also able to develops effective relationship
with them. Usually, the consumer may attracted towards restaurants which have better reputation
as well as goodwill within marketplace so, it is vital for Delish-on-the-go restaurant owner to
provide a healthy and delicious dishes at reasonable prices for enhancing consumers satisfaction
level that assists them to attain effective image as well as goodwill. This is also vital for new
venture like Delish-on-the-go restaurant for securing its creative ideas from its competitors by
utilising various tools like patent, trademarks and others because of this new venture may
achieve their own positions into marketplace by facilitating tasty dishes of various countries
which distinguish them from other competitors.
Tangible resources: This is considered as those assets that need to be presented visually
within firm such as machinery, human resource and others. It plays crucial role in accomplishing
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customer requirements. Within all these resources, funds are considered to be the key resources
depend upon whole futuristic practices are implemented as well as resources are obtained. Thus,
this should be needed for Delish-on-the-go restaurant owner to has effective amount of funds
because of which it may purchase significant resources to implement its business practices
effectively. Moreover, human resource are also vital as it provides more potential for enhance
consumer satisfaction level.
P3.
The person may become effective business man when it has appropriate competencies as
well as skills for developing good decisions and strategies for successful of new business
(Lekovic, Vojinovic and Milutinović, 2020). For instance, performing investigation about
audiences tastes assists in development of proper policies in order to grab the attention and
influence consumers buying behaviours. So, futures plans for Delish-on-the-go restaurant are
discussed below:
Executive Summary Delish-on-the-go restaurant is new business
that is developed with intent to provide tasty
dishes of various countries to grab the
attention consumers across the world. This
consists Tacos, Som Tam and others.
Company description Business owner entering into new food
marketplace by initiating a new restaurant in
London, UK. The main intent of Delish-on-
the-go restaurant is to gain more profitability
as well as capturing huge market share.
Market analysis The environment of business is difficult as
well as contingent in nature that includes
external and internal aspects. Such aspects
can either develop pessimistic or optimistic
affects upon restaurant business practices.
This needs to be performing PESTLE and
SWOT analysis through business owner for
analysing such convincing aspects and
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consequently develops decisions. Some
market opportunities can they may provide
delivery services to its customer and other.
Financial protection Resources are vital component that supports
new business to attain success as well as
development in short duration. Thus, this
should need for respective restaurant to has
appropriate sources like funds because of
which it may obtain required assets to
perform business practices. Some source of
finance that can be used are bank loan, crowd
funding and others.
TASK 2
P4.
Rather than resources, the new venture success as well as development also needs an
effectual development of strategies that can be formed only if owner has proficient competencies
and skills. Thus, this is essential for business owner to obtain various skills for developing their
business successful. Some of them are discussed below:
Management skills: This is crucial for business owner to obtain management skills for
managing and controlling business practices in profitable manner (Martin, Javalgi and
Ciravegna, 2020). Such as, resource allocation to particular areas of activities in which it assures
that they may obtain profitable results into nearer future. Delegating role and accountabilities to
staff is also a vital part of managerial skills. So, with assistance of these competencies, respective
restaurant owner can effectively attain growth at less time. Moreover, this can be obtained and
developed through attending various training sessions.
Decision making skills: business environment is totally complex because of various
internal and external aspects that can impact business owner decision to initiate new venture that
is Delish-on-the-go restaurant. For instance, decision making skills are needed for becoming a
successful entrepreneur as this assist them in making effectual strategies so that it can able to
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deals with such factors that may impact new venture and operate it in smoother way. Moreover,
this skills can be obtained and developed through analysing various situation effectively and
enhancing the concentrating power.
Capability:
Ability to determine strengths and weaknesses: As a business owner, an individual should
have capability to determine strengths and weaknesses of their own as well as consequently firm
can formulate strategies effectively and efficiently. In another way, when the business owner
become competent to determine their strengths and weakness then this will assists them to make
effective decisions that drives them towards gaining profitability and growth (Morris and
Kuratko, 2020). So, the Delish-on-the-go restaurant’s owner has capabilities of finding as well
as assessing its strength and weakness appropriately that aids them to formulate effective
decisions that mat maximises its restaurant profitability. In order to formulate particular strengths
owner may consider suggestion from experienced people and perform investigation to identify
strengths and weakness under expertise guidance.
TASK 3
P5.
For spreading the information about dishes in order to enhance or attract huge consumer
across the globe, Delish-on-the-go restaurant owner required to opt various promotional channels
that are discussed below:
Social media platform: This is considered as an effectual platform in which business man
may simply identify its targeted consumers and aware them about several dishes for grabbing the
attention as well as influencing its interests (Neilson-Slabach, 2020). It involves Face book and
others by which respective restaurant owner can able to invite individuals of various countries to
visit at its places. With the help of this respective restaurants can able to give ads about their
product or services that they are going to provide.
Mobile billboards: This is also considered as vital promotional tools that assist to attract
the consumers towards the goods or services provided through restaurants. For instance, owner
of Delish-on-the-go restaurant formulate punch lines, logos and others so that it may simple
recognised into marketplace.
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P6.
When a person plan to introduce its new venture, it should has to plan strategies as well as
procedures as per both circumstances which is pre launch period and post launch period that
assist them to operate its business in appropriate and effectual way (RJ2020). Within this plan,
business owner formulate plan of action initiating from market analysis to execute particular
strategy. Therefore, management of Delish-on-the-go restaurant to develop appropriate pre and
launch plan that increase its profit are described below:ï‚· Market analysis: Herein, new venture owner perform market analysis where it determine
the consumers of London are using which types sites more. So, owner of Delish-on-the-
go restaurant perform market analysis through which it can able to understand its targeted
customers and marketplace surfing sites and through this they can plan strategies to
promote their products or services consequently which assists them to increase profit and
consumer’s number. Product design and promotion: Aftermarket analysis, firm’s management develop goods
or services that they are planning to promote and provide to its consumers. Herein, they
also decide how it will do product or service promotion so that they can grab the attention
of various audiences and influence them to spend amount towards it (Rose and et. al.,
2020). The restaurant owner develop plan of action for offering product or service to its
clients like multiple cuisines, playing zone, library and many more as well as promoting
them in effective way. They have to decide techniques and design for representing its
products or services into various sites, social media and so on that influences audiences. Develop promotional activities: as per this step, firm’s management develop strategy and
plans related to activities of promotion as well as development of brand. Herein, firm’s
owner opt effective promotional activity or channel from various means that directly
assist them to increase its brand awareness. The Delish-on-the-go restaurant’s
management adopt promotional media that assists them to maximise its business as well
as awareness. By it respective restaurant’s owners perform brand promotion and develop
brand awareness within marketplace and among people through utilising numerous
promotional means like print media, social media and others.
ï‚· Implementation: After performing whole above step a person execute its plan of action
effectively and efficiently. Within this, Delish-on-the-go restaurant’s owner executes its
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strategies related to market analysis, product or service promotion and other, that it
develop for attaining its objectives appropriately.
Launch process:ï‚· Product analysis: After performing whole pre- launch promotion procedures, the owner
of business perform product and promotion analysis where it evaluate its goods or
services are seen and prefer by clients or not. It also determines that its service and
products provide satisfaction and accomplish the requirements of its potential customers.
The Delish-on-the-go restaurant’s management perform analysis of product and
promotion to satisfy its targeted clients and provide value knowledge about product or
services appropriately.ï‚· Evaluate responses: Herein, targeted customer responses through various reviews,
comments and other are being evaluated through venture so that it may plan as well as
formulate new strategy as per the needs. The restaurant’s owner does analysis of
feedback where it assesses customer responds and then creates updated strategy as per the
responds.ï‚· Perform modification: Herein, after assessing customer respond the management of firm
plan or formulate plan of action as per overall changes as well as do some creativity in its
promotional activity that assists venture for accomplishing the consumers requirements
appropriately and plan based upon feedback of its clients.
 Implementation: Herein, the restaurant’s management execute plan of action that it
create from the customer’s feedback or responses. This assists respective restaurant for
knowing about customers and satisfying its client’s requirements effectively and
appropriately.
TASK 4
P7.
Cash budget is vital for venture to prepare for identifying information regarding the money
spent upon a singular practices while performing to attain expected target. This provides
information associated with cash outflow and inflow into firm over time passes (Toohey, 2020).
This facilitates guidance o management for allocating funds effectively and efficiently which
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will assure them for obtaining profitable outcomes in returns. Thus, it is needed to formulate
cash flow budget for Delish-on-the-go restaurant.
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As per the above cash budget, it has been analysis that establishment of new venture is
effective decisions. As cash inflow and outflow shows the liquidity of organisational situation in
well defined manner. For both cash budget like pre and post are compared then take appropriate
decisions.
P8.
Legal form of entity is essential for initiating any venture in order to develop effective
decisions with particular implications related t utilisation of resources and assets in more
appropriate way into an accounting period. There are several kind of legal form where entity is
performing through complying significant norms (Younger and Fisher, 2020). This is helpful for
firm to develop more optimistic depends upon provided circumstances within a given legal frame
work. As per legal structure of businessman, it is having numerous options to operate its
practices in many ways. Like partnership, sole traders and others. Some legal forms are
discussed below:
Partnership firm: In this, there are two individuals who decide to operate the business in
mutual manner with intent to gain larger profitability. This is developed by developing
partnership deed that includes whole condition which is associated with mutual agreement like
profitability and loss ratio and other. Herein, the partner’s liabilities are limited up to capital
invested through them within partnership firm (Launching a new venture, 2018).
Sole trader: According to this kind of business that is performed through a person. Herein,
there is not any legal differentiation between business as well as owners. This is also considered
as one of the most simple business type that performs in order to enhance and try to accomplish
future intent in appropriate way. This has been determine that any sole trade business has
unlimited debts towards their own firms that is having overall control upon practices. In this, less
investment amount is required for initiating such type venture with utilising fewer norms that is
needed to execute its business.
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For this report, Delish-on-the-go restaurant initiates its ventures as partnership firm as huge
numbers of sources are available for funds. Moreover, because of having higher competition into
marketplace there huge possibility of losses that is evenly develops through partners that
minimises single individual burden. In addition to this, various ideas facilitated through partners
assists in making appropriate decisions.
CONCLUSION
As per the above report, it has been concluded that launching a new venture is not a simple,
business person has to perform market investigation as this helps them to get knowledge about
targeted customers and marketplace. As Market identification assists a firm to determine
consumer groups who represent similar kind of features like gender, location, taste, lifestyle and
many more. There are mainly two kinds of resources such as tangible and intangible as it helpful
to initiate new business they should have appropriate amount of resources with assistances of
that firm can able to perform futuristic actions.. Moreover, they should have effective
competencies for performing business in appropriate way. As new business also needs many
promotional practices such as social media platform, mobile billboards and many more which
will be helpful in spreading the information about dishes as well as to enhance or attract huge
consumer across the globe. In addition to this, it also formulate cash budgets as this shows
business liquidity position which will be helpful in grabbing the attention of various customer in
effective and efficient manner.
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REFERENCES
Books and Journals
Bachmann, A. K. and et. al., 2020. Improving entrepreneurial self-efficacy and the attitude
towards starting a business venture. Review of Managerial Science. pp.1-21.
Domurath, A. and et. al., 2020. New venture adaptation in international markets: A goal
orientation theory perspective. Journal of World Business. 55(1). p.101019.
Dulovits, S. and Tewelu, Y. H., 2020. New venture financing order and founder preference: A
multi-case study of Austrian Tech startups.
Fisher, G., 2020. The Complexities of New Venture Legitimacy. Organization Theory. 1(2).
p.2631787720913881.
Fisher, G. and et. al., 2020. Entrepreneurial hustle: Navigating uncertainty and enrolling venture
stakeholders through urgent and unorthodox action. Journal of Management Studies.
Israeli, A. and Avery, J., 2020. Thingtesting: Launching a Brand Discovery and Testing Digital
Community.
Lekovic, B., Vojinovic, Z. and Milutinović, S., 2020. Cooperation as a Mediator between
Entrepreneurial Competences and Internationalization of New Venture. Engineering
Economics. 31(1). pp.72-83.
Martin, S. L., Javalgi, R. R. G. and Ciravegna, L., 2020. Marketing capabilities and international
new venture performance: The mediation role of marketing communication and the
moderation effect of technological turbulence. Journal of Business Research. 107. pp.25-
37.
Morris, M. H. and Kuratko, D. F., 2020. The fit between type of venture and entrepreneur.
In What do Entrepreneurs Create?. Edward Elgar Publishing.
Neilson-Slabach, N., 2020. A Comprehensive Business Plan for Launching the New EdTech
Company Dais Social Group LLC DBA DaisNotes.
RJ, R., 2020. Lessons Learned from Launching and Advising a Student-run Technology
Consulting Venture. ISEDJ. 18(5). p.65.
Rose, S. and et. al., 2020. Launching for success: The effects of psychological distance and
mental simulation on funding decisions and crowdfunding performance. Journal of
Business Venturing, p.106021.
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Toohey, G. ed., 2020. Experience and New Venture Performance: An Exploration of Founder
Perceptions. Cambridge Scholars Publishing.
Younger, S. and Fisher, G., 2020. The exemplar enigma: New venture image formation in an
emergent organizational category. Journal of Business Venturing. 35(1). p.105897.
Online
Launching a new venture 2018. [Online]. Available through:
<https://www.exed.hbs.edu/programs/lnv/Pages/default.aspx>.
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