Launching a New Venture

This document provides a comprehensive guide on launching a new venture in a chosen business. It covers topics such as identifying target market, conducting competitive analysis, required tangible and intangible resources, and necessary skills and capabilities. The document also discusses promotional activities and channels to support the new venture.

Launching a New Venture

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 New venture for the chosen business through identifying specific target market and
attaining competitive analysis.....................................................................................................1
P2 Specific tangible and intangible resources that are required for launching new venture......2
TASK 2 ...........................................................................................................................................3
P3 Proposal to launch new venture in business..........................................................................3
P4 Skills and capabilities required for launching new venture...................................................4
TASK 3............................................................................................................................................5
P5 Promotional activities and channels to support new venture.................................................5
P6 Promotional activities for new venture..................................................................................6
TASK 4............................................................................................................................................7
P7 Cash budget............................................................................................................................7
P8 Legal form for the venture.....................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
In order to make successful results and outcomes, new venture establishment helps to
attain creativity at workplace. It assists to deal with time and set different activities through
connection also establish to create work performance activities. In addition to this, there are
mainly 3 elements that make successful results in respect to launch new venture such as speed to
market, visibility and making good impression (Antolín-López, Céspedes-Lorente and Pérez-
Valls, 2015). In order to focus on the present report, it is based on a small business, Small White
Elephant Cafe which deals in different targets and activities as well. This is the small business so
that it is important to create long term activities with following present report. It covers new
venture establishment with attain competitive analysis at workplace. Furthermore, it includes
tangible and intangible resources to launch the target market in systematic manner.
TASK 1
P1 New venture for the chosen business through identifying specific target market and attaining
competitive analysis
Establishment of the new business carry different functions and operations to attain
desired results at workplace. In this regard, starting enterprise consider opportunities that allows
to spend more and attain desired quality as well (Alvedalen and Boschma, 2017). Small White
Elephant Cafe establishes their new food restaurant in UK so that they need to implement more
time, energy and courage. Therefore, following steps need to be implemented at workplace: Target market: Starting the business considers mission and goal that assists to attain
desired results at workplace. In this way, mission accomplish with knowing business
development program in Small White Elephant Cafe. With the help of taking advantages
in estate company, development activities establish their operations to make innovative
results. Therefore, the chosen business needs to know about the industry in which the
chosen business establishes their brand. As per the target market requirement, customers
are attracted towards the business. With this consideration, the chosen business need to
focus on the new base of customers towards the enterprise has looking (Antolín-López,
Céspedes-Lorente and Pérez-Valls, 2015).
 Competitive analysis: At last, the chosen business has responsibility to make business
map. This is because business plan of map consider document that guide from the
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creation and make completion of start-up. List of expectations and reward implemented
in it. Hence, operations develop to make up to date results. In the market, there are
several competitions, so that it is useful element to considered proper competition in the
areas by Small White Elephant (Wales, Wiklund and McKelvie, 2015). It helps to
understand particular person requirement in the business. For instance, in the UK
different coffee cafe exist that create impact on the chosen business. This is because,
unique features and creativity they applied on the enterprise so that it helps to attain more
significant advantages at workplace. However, the selected cafe need to put their extra
efforts to attract customers in the business to make systematic work performance in the
business environment (Alvedalen and Boschma, 2017).
P2 Specific tangible and intangible resources that are required for launching new venture
In respect to attain more specific results, in Small White Elephant Cafe requires tangible
and intangible resources through new venture could be develop. Physical and other consideration
helps to make innovative results at workplace. Therefore, it will assist to look building and
deliver larger aspects that are relevant and cover purpose of the organisation. It is also considered
proper accounting which describes terms, conditions and other important elements that are
needed at workplace (Antolín-López, Céspedes-Lorente and Pérez-Valls, 2015). In this regard,
following tangible and intangible resources required to establish new venture:
Tangible resources: Tangible resources are major aspects of the business. It assists to
represent proper functioning with opportunities as well. Therefore, economic benefits ascertain
to distribution of goods, provision of business and make creative results. Rental services of the
assets also establish to describe physical attributes such as equipment, land, vehicle, etc. All
these aspects helps to make valuable results with identify cost as well. Furthermore, there are
other aspects measure such as building machine, special treatment from accounting perspective,
etc. Main purpose of the chosen business to implement these tools is that collaborate assets to
improve cash flow.
Intangible resources: Intangible resources also play major role in the business to make
future benefits and attain systematic work performance. In this regard, patent for hand held
mobile ratio also considered brand name of the enterprise to generate more revenue and profits at
workplace. Intangible assets included in Small White Elephant Cafe intellectual property,
goodwill, etc. These elements helps to generate useful outcomes with anticipate income and
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generate through more effective results at workplace. Main aim to implement this element is that
consider patent, trademarks, copyright, etc. All these aspects helps to make continuous
operations and functions according to the price. It represents value of the intangible assets with
include patent, brand name, etc.
TASK 2
P3 Proposal to launch new venture in business
In order to develop effective results, business plan consider at workplace that assists to
perform several numbers of activities and seeking with entrepreneurs to convey vision with
potential outcomes. Small White Elephant Cafe need to focus on the following aspects to launch
their new venture in market: Product and service feasible: In the certain cases of Small White Elephant Cafe requires
important consideration to invest new operations at workplace. In this regard, the chosen
business need to concentrate on the investment amount to carry idea. In this situation,
firm consider plan to build and implement technology (Wales, Wiklund and McKelvie,
2015). In order to build the services deliver of products and services needed to perform
functioning in team. Market requirements of particular product and service: After assessment of feasibility
of products and services, Small White Elephant Cafe need to identify market demand of
particular element. This is because, it helps to increase productivity and developing
effective results at workplace (Agrawal, Catalini and Goldfarb, 2014). Product and service profitability sold: Further, running in the business also consider
products and services profitability in the business environment. In this way, it is
important to generate more revenue through sold products and services. In respect to
make new venture plan, financial statement of Small White Elephant Cafe assess in
profitable manner. Return on investment: Firm venture also consider profitable outcomes with needs to
deliver profitability. It also makes excess of the return on investment with desire results.
In the new venture of Small White Elephant Cafe, firm expectation must be develop as
per the investment consideration. Therefore, return will be getting to make effective
results.
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 Existing management run outcomes: New venture planning requires prospective ideas in
the management team. In this way, successful operations considered operate development
and good management system as well. Therefore, Small White Elephant Cafe able to
prepare and focus on the execution of activities as well. HR: In respect to look towards the new venture, it is important to implement HR
functions and operations. It is helpful to consider recruiting, training, development, etc. It
will assist to look innovation and creativity. Quality: Furthermore, quality in new venture of chosen business needed to perform
functions and operations with quality features. It will help to attain desired results and
earn more effectiveness as well.
 Procurement: Procurement in the enterprise consider as the action that undertaken to
procure something new in Small White Elephant Cafe. It will help to attain more
significant results.
P4 Skills and capabilities required for launching new venture
With respect to establish new venture, it is important to look towards the innovative
functions and operations at workplace. In this way, different types of skills and capabilities
needed in Small White Elephant Cafe. In order to run business newly, entrepreneur considered
their outcomes in following manner: Strategic financial planning: It is the main element that make successful results in the
business environment to launch the product and services. In this way, Small White
Elephant Cafe need to concentrate on the start-up founders to make strategic think and
attain competitive advantages as well. Careful plan also made that is useful to make long
run results and outcomes (Agrawal, Catalini and Goldfarb, 2014). Marketing skills: Further, marketing skills carry basic and core segmentation outcomes
with targeting and positioning. In order to make competitive advantages, it is important to
look towards the brand management, consumer behaviour and consider idea formulation.
With the help of the marketing background from the institute, it is important to set
credibility and funded in systematic manner (Ross and Byrd, 2015). Presentation skills: In order to establish new venture, it is important to look towards the
business communication and call ups for presentation. In this way, it is important to set
for customers and meet with right team as well. In fact, it is important to make
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concentration on the venture capitalists and funding agencies. Peers also helps to make
innovative results and outcomes at workplace (Agrawal, Catalini and Goldfarb, 2014). Building strong network: All employees of Small White Elephant Cafe need to take part
to make strong network. In this way, set of customers, well wishers, refers, etc. elements
need to consider important part in business. All these aspects meet with right results and
attain desired results as well.
 Accounting skills: Most of the start-up businesses requires proper focus on the basic
understanding towards effective skills and development (Klotz, Hmieleski and Busenitz,
2014). In this way, it is important to read proper balance sheet, cash flow statement,
understand financial statement, etc. Therefore, business relates their activities to attain
more systematic work performance. In respect to implement accounting skills, in
financial planning, there are several benefits consider at workplace. In this way, advance
skills with finance develop for accounting software and spread sheets. Therefore, it is
more important to create proper combination which compiling different kinds of
information and data at workplace. Further, it also assists to manage reward system to
attain financial goals in creative consideration.
TASK 3
P5 Promotional activities and channels to support new venture
In order to make proper promotion, it is important to look towards the activities and
channels as well. This is because, distribution element helps to develop marketing plan to get
proper attention and promotion as well. It helps to consider distribution activities with regular
review and selling methods (Burns, 2017). Location also establish to reach towards the sales and
profitability as well. Therefore, following tools implemented in Small White Elephant Cafe to
support new venture:
 Coupons: It is one of the best way to increase participants at workplace. In this aspect,
Small White Elephant Cafe can respond through provide coupons to respond towards
existing customers. Coupons users also switch towards the brand but they never leave
business permanently (Marion, Eddleston and Deeds, 2015). In this way, the company
has also advantaged to repeat coupon chain brand loyalty.
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 Price off-deals: Price off premium deals in the promotional activity as 10-25% reduction
incentive. Therefore, regular users often stock up on the products (Wales, Wiklund and
McKelvie, 2015). In addition to this, Small White Elephant Cafe also need to provide
free product as premium so that customers could be attracted easily. For example, free
coffee with ordering 2 large size burgers.
 Focus on competitors: In order to focus on the business, there are maximum competitors
exist such as direct, indirect and future. All these tools helps to focus on the some
innovating activities which help to Small White Elephant to compete with different
businesses. In respect to focus on them, the chosen business need to analysis their
effectiveness which helps to attain systematic results in organisation. In addition to this,
competitive analysis will be gain to attain more profitability and effectiveness to regulate
performance in positive consideration. As results, it impacts positive on the business.
 Challenging the status Quo: Most of time sales person consider their process as linear
aspect which prospect and choose competitors. In this way, decisions could be taken on
the basis of competitors position in market. Hence, Small White elephant can adopt
important solution for the program.
 Finding value wedge: In this aspect, effective solution could be implement to make sure
that competition can be consider in systematic way. Therefore, around 70% activities
need to focus from the competition which helps to attain value wedge that is unique and
important to the business.
 Advertisement: This is one of the best tool in front of Small White elephant to promote
their products and services in different areas of the world. It is the best aspect to focus on
maintain effectiveness.
 Campaign: Campaign is series of operations in which goals and objectives could be
accomplish towards particular areas.
 Sponsorship: Further, sponsorship assists to consider different events and software
development program. It assists to focus on maintain creativeness at workplace.
P6 Promotional activities for new venture
Promotional activities helps to attain systematic work performance for new venture to
develop the target market and consist more products and services as well. In this way, product
and services promotion considered marketing function (Kuratko and Hornsby, 2017). In addition
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to this, there are different types of the promotional activities implemented that consider by the
Small White Elephant Cafe. They are as follows:
Pre launch
Product: In respect to launch the new product, the chosen business adopt food products
in which they organise activities to provide breakfast, lunch and dinner menu. It will assists to
perform functions and operations that consider to make systematic work performance at
workplace.
Price: Further, the organisation need to determines competitive pricing on their products
and services so that they are able to make effective functioning and attain more customers at
workplace.
Place: In the UK, there are different places where Small While Elephant can develop
their consideration and attain desired results as well. It will assist to gather more customers
towards the enterprise.
Promotion: In order to promote the products and services, there are several promotional
tools has been implemented such as advertisement, social media, public relation, etc. All these
aspects helps to attain more systematic work performance in the business environment.
Process:In order to adopt the process, the chosen business adopted systematic work
performance through they are able to deliver creativeness in their products and services at new
venture. As results, it will help to attain significant advantages in the business.
Physical evidence: Physical evidence element help to attain more significant advantages
to look on the some creative consideration. It will assist to make sure that creativity and
effectiveness develop in the business to look on the innovations and creativity.
People: With this regard, there are several staff members exist who take part to attain
desired goals and objectives in the business.
Post launch Advertisement: Advertisement consider successful results in the business with
developing advertisement for product and services. In this way, brand develop with the
newspapers, radio, television, magazines, etc. (Park, LiPuma and Prange, 2015.). All
these activities helps to attain desired results and learn with the successful advertisement.
It will assist to make successful results.
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 Personal selling and telemarketing: Effective personal selling system relies on the
systematic interpersonal and communication skills. Therefore, excellent products and
services knowledge assists to develop systematic work performance in the business
(Butticè, Colombo and Wright, 2017). In this way, ability also develop to sell products
benefits with its benefits to attain desired results at workplace. Publicity: Further, publicity also create through sending media and releases with
broadcasting media as well. Therefore, interview program also help to attain systematic
results at workplace (Santos, Caetano and Curral, 2015). In this way, broadcasting media
activities deal with word of mouth. In this way, public relations also develop to make
systematic work performance in the Google enterprise. Short term sales promotions: In the market, Small White Elephant Cafe product and
services consider with using coupons, contest, etc. These activities helps to find the
benefits in the business. With the help of the proper benefits of coupons websites, the
chosen organisation can attain their targets and goals at workplace (Antolín-López,
Céspedes-Lorente and Pérez-Valls, 2015).
 Direct marketing: Direct marketing includes letters, emails, etc. that assists to meet with
the innovative functions and operations in the business. In this way, new people could be
target who follow the business in systematic manner. In this regard, personal selling,
telemarketing, etc. consider systematic work performance in the business. Therefore, it
will help to make innovative results at workplace of Small White Elephant Cafe. It
creates positive impact to reach towards the target audience with right promotional mix
(Hantman and Gimmon, 2014).
From the above description, it can be stated that combination of these elements
considered positive impact to target the maximum number of customers. It will also help to
include right promotional activities and satisfy customer requirements as well. It improves
results and ability to reach with multiple customers to target the market. Therefore, the company
able to increase their systematic work performance at workplace easily (Ross and Byrd, 2015).
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TASK 4
P7 Cash budget
Budget consider operational plan in which effectiveness of the business could be
increasing in successful way. Therefore, it will assist to consider financial terms and bases with
expenditure and income.
In respect to make new business venture, it is important to look towards the cash flow
that helps to attain desired results at workplace. In this regard, credit needs assist to make proper
functioning in the business to focus on the financial institutions. Capital expenditure and
activities also need to look in Small White Elephant Cafe so that new business could be develop
successfully. Cash budget is continuously process which assists to make proper consistency
through compare budgeted program with using ratio system and financial statement. It also help
to maximise payment system in systematic manner at workplace (Morgan, Anokhin and
Frishammar, 2015). Hence, necessary changes are needed to make high profits and revenue. In
this context, following cash budget has been developed at workplace:
Cash Budget for new venture in Small White Elephant Cafe
Beginning balance £320.00
Add:
Estimation of collection of account receivables £750.00
Estimate cash sales £250.00
£1,320.00
Less
Estimate payment on account payable £800.00
Estimate cash expenses £150.00
Contractual payments £150.00
Quarterly dividend £50.00
£1,150.00
Estimated balance £170.00
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In respect to attain systematic work performance at workplace, it is important to look
towards the financial statement of Small White Elephant Cafe. This is because, it shows
fluctuation in the sales which turns from year to year. Inventory through systematic work
performance. In this regard, budget consider positive impact through checking reasonable
outcomes in the business. Therefore, it is important to look towards the relationship in different
past statement. Furthermore, it makes proper attention which includes longer aspects of the
unrecognised changes. There are different kinds of resources consider at workplace that assists to
meet with the sales and other potential sources at workplace (Arend, Sarooghi and Burkemper,
2015). Reserve of the chosen business helps to drawn the minimum cash balance that are
available at all times. Amount is also depends on the estimated future cash flow that make
positive impact on the functioning.
P8 Legal form for the venture
When business is started, every enterprise need to follow legal structure in which form
included. In this consideration, as per the business form must be describe at workplace to attain
systematic work performance at workplace. It also helps to make sure that systematic work
performances develop results (Agrawal, Catalini and Goldfarb, 2014). In the legal form, there are
different functions and operations develop at workplace to attain more profits and revenue at
workplace. For the selected business, partnership is the main aspect of legal form which is
beneficial to attain desired results at workplace. In this way, two owners exist for one business
only. Therefore, profits and losses flow directly among the partners. In term of general return, it
is important to look towards the tax returns. Partnership consider in different consideration so
that it includes debts and liabilities which possess various configurations of the profits. It also
helps to attain distributed profitability among the partners. There are two partners mainly
included who share profits and revenue in the businesses. There are two types of partnership
included such as general partners who possess unlimited liability with passive investors who are
not participating and liable only for extent of their investment (Schaper, 2016). It considers
common arrangements for the silent investors. On the other hand, another partner consider
limited liability partnership which often managing professional practices. Generally speaking
partners have unlimited liability for the actions but it is depends on the investment in the
business.
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Partners also need to write about the specific terms and conditions that consider reasons
for termination of partnership. In this way, decisions, specific responsibility, roles, etc. must be
share among the people so that the chosen business able to attain systematic work performance at
workplace (Alvedalen and Boschma, 2017). However, bad agreement in Small White Elephant
Cafe create negative impact which depends on the investment in the business enterprise.
CONCLUSION
From the above report, it can be concluded that launching new venture is the biggest task
for establish new operations and functions. In this consideration, it is important to look towards
the multiple customers and attain more significant outcomes in the business unit. It plays vital
role in the business environment with modern strategy. Online marketing activities also helps to
communicate proper priorities and other options of the strategy that implemented to make
effective functioning at workplace. Furthermore, it summarised about the tangible and intangible
resources that assists to perform systematic work performance in new venture. Small White
Elephant Cafe business has been selected that promote their operations and functions to make
wide area of restaurant. Report also articulated about the cash budget that help to target new
people with proper funding arrangements. Along with this, report provide competitive analysis in
which they need to focus on the market trends and development so that effective results will be
attain in successful manner. With the help of effective marketing mix, the chosen business will
be focuses on the extra benefits that helps to implement innovating and unique features as well.
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REFERENCES
Books and Journals
Agrawal, A., Catalini, C. and Goldfarb, A., 2014. Some simple economics of crowdfunding.
Innovation Policy and the Economy, 14(1), pp.63-97.
Alvedalen, J. and Boschma, R., 2017. A critical review of entrepreneurial ecosystems research:
towards a future research agenda. European Planning Studies, 25(6), pp.887-903.
Antolín-López, R., Céspedes-Lorente, J. and Pérez-Valls, M., 2015. Fostering product
innovation: Differences between new ventures and established firms. Technovation, 41,
pp.25-37.
Arend, R.J., Sarooghi, H. and Burkemper, A., 2015. Effectuation as ineffectual? Applying the 3E
theory-assessment framework to a proposed new theory of entrepreneurship. Academy
of management Review, 40(4), pp.630-651.
Burns, P., 2017. New venture creation: a framework for entrepreneurial start-ups. Palgrave.
Butticè, V., Colombo, M.G. and Wright, M., 2017. Serial crowdfunding, social capital, and
project success. Entrepreneurship Theory and Practice, 41(2), pp.183-207.
Hantman, S. and Gimmon, E., 2014. Dare to Dream: New Venture Incubator for Older Adults.
Educational Gerontology, 40(10), pp.737-744.
Klotz, A.C., Hmieleski, K.M. and Busenitz, L.W., 2014. New venture teams: A review of the
literature and roadmap for future research. Journal of Management, 40(1), pp.226-255.
Kuratko, D.F. and Hornsby, J.S., 2017. New Venture Management: The Entrepreneur's
Roadmap. Taylor & Francis.
Marion, T.J., Eddleston, K.A. and Deeds, D., 2015. The evolution of interorganizational
relationships in emerging ventures: An ethnographic study within the new product
development process. Journal of business Venturing, 30(1), pp.167-184.
Morgan, T., Anokhin, S. and Frishammar, J., 2015. The dark side of the entrepreneurial
orientation and market orientation interplay: A new product development perspective.
International Small Business Journal, 33(7), pp.731-751.
Park, S., LiPuma, J.A. and Prange, C., 2015. Venture capitalist and entrepreneur knowledge of
new venture internationalization: A review of knowledge components. International
Small Business Journal, 33(8), pp.901-928.
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Ross, L.W. and Byrd, K., 2015. Business Plan Competitions: Start-Up'Idols' and Their Twenty-
First Century Launch Pads.
Santos, S.C., Caetano, A. and Curral, L., 2015. Prototype models of opportunity recognition and
the decision to launch a new venture: identifying the basic dimensions. International
Journal of Entrepreneurial Behavior & Research, 21(4), pp.510-538.
Schaper, M. ed., 2016. Making ecopreneurs: developing sustainable entrepreneurship. CRC
Press.
Wales, W., Wiklund, J. and McKelvie, A., 2015. What about new entry? Examining the
theorized role of new entry in the entrepreneurial orientation–performance relationship.
International Small Business Journal, 33(4), pp.351-373.
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