Analyzing Business and Entrepreneurship Concepts

This assignment delves into various business and entrepreneurship concepts, including the analysis of resources, innovation strategies, and entrepreneurial ventures. It covers topics such as tangible vs. intangible resources, incubators for new entrepreneurs, and the importance of social support during business creation. The assignment also touches on technological innovation, product development in new ventures, and the role of spousal expectations in entrepreneurship.

Launching A New Venture

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 New venture identify specific target market and undertaking competitive analysis.............1
P2 Specific tangible and intangible resources that would be required for the launch of a new
venture.........................................................................................................................................2
TASK 2............................................................................................................................................3
P3 Credible proposal to launch a new venture............................................................................3
P4 Skills and capabilities required to launch a new venture and how they are acquired or
developed....................................................................................................................................5
TASK 3............................................................................................................................................6
P5 Different promotional activities and channels that will support the launch and justify their
choice..........................................................................................................................................6
P6 Appropriate promotional activities plan for both launch and pre-launch..............................7
TASK 4............................................................................................................................................9
P7 Monthly cash budget for the pre-launch phase of the venture and the first 12–18 months
preceding launch.........................................................................................................................9
P8 Appropriate legal form for the venture stating why it has been chosen..............................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
As per today's business environment, to start a new business it is important for
entrepreneur having proper knowledge about all the market trends and situation. For attaining
better success, entrepreneur set as well as develop new and innovative ideas for launching a new
venture in order to attain positive outcomes. Along with this, at the time of starting a new
business entrepreneurs face various issues and problems towards market trends, competition,
growth and culture (Datta, Mukherjee and Jessup, 2015). All the factors that are mentioned
above may have a negative impact on an organisation so it is important that company consider
these elements in order to run their business in an effective manner. With the help of this, new
firm easily enhance their profitability level at market place. In this assignment we have to select
Tasty Treat cafe, is a new business venture at UK. Present report is based on various resources
which required at the time of launching a new business. Along with this, different skills and
capabilities are also analyse in this report which may aid in attaining positive outcomes. In
addition of this, various mediums of promotion are also discussed in this project which leads in
creating positive brand image at market place. At the last, cash budget is made by company to
analysis their actual performance.
TASK 1
P1 New venture identify specific target market and undertaking competitive analysis
In UK market number of people start their new venture with the purpose of attaining
better growth level. Basically, half of the population wants to run their business for gathering
larger number of profitability. Along with this, globalisation is also an important term which
provide number of opportunities to small and new venture to develop in new market place for
attaining higher growth level. In this context, Tasty Treat cafe start their new business in food
and beverage sector in which they serve variety of food services to their customers in order to
attain their satisfaction. Along with this, it is also important for business organization to
effectively analysis as well as examine all the factors that largely impact its operational
activities. With the help of this they easily grab customers attention and at the same time also
achieve larger marker share (Ghimire and et. al., 2015). By analysing all factors, firm improve
their positive performance level with the purpose of attaining competitive advantages.
As a new business, Tasty Treat come in market with new and innovative ideas and
services in which they serve variety of dishes to its customers for grabbing their attention and
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interest as well. With the help of this they create string customer base within their business
which may leads in increasing profitability level at market place. Along with this, there are some
effective elements which evaluate by business to attain set goals and objectives in appropriate
way. All these are as follows: Identifying particular target market: It is one of the important element which used by
company to determine the target market in order to generate larger profits. Basically the
main of all the business organization is to enhance their marker share by attaining better
success at market place (Ke and et. al., 2015). In this context, Tasty Treat should identify
the specific target market for producing as well as manufacturing quality goods ad
services as per customers demand which may leads in attaining better profitability level.
In this context, the main target of selected cafe on adults, family and teenagers who are
likes to spend their time on restaurant and also eats variety of food items. Along with this,
they also examine customers taste and preferences to invite as well as attract large
number of customers towards the cafe and its services. This will aid in attaining better
success in new market place. Along with this, Tasty Treat also target middle class people
in which they provide their quality food services at affordable price which may leads in
attaining better results.
 Competitive analysis: It is an essential element which used by number of companies
before launching a new venture. In this they should analysis all the market trends and
another factors in order to determine their positive and negative impact on business
operations. In addition of this, number of competitors are exist in market who operate as
well as sell their same products and commodities at affordable price. In this Starbucks is
one of them which is biggest and popular brand in UK. As they serve quality services to
customers. In this for established their their positive brand image Tasty Treat have to
analysis competition at market lace to enhance their USP in appropriate way.
P2 Specific tangible and intangible resources that would be required for the launch of a new
venture
Tasty Treat cafe is new venture in UK market in which they offer quality services to its
customers as per their taste and preferences. Along with this they also better as well as quality
features within their product line in order to manufacture best coffee to its customers (Ke and et.
al., 2015). For this they company import coffee beans form another countries to make taste
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coffee which leads in capturing customers attention towards the services (Tangible Vs. Intangible
Resources, 2017). It directly contribute in enhancing the profitability level at market place. In
this context, there are two types of resources such as tangible and intangible which used by
company to maintain their sustainability at market place and at the same time also grab number
of opportunities to expand their business activities in most effective manner. Both resources are
as follows:
Tangible resources: It is one of the important and effective physical resources which
used by business organization to attain profitability level. It includes machine, land, building and
another assets which may contribute in overall success of the comp[any at market place. In this
context, Tasty Treat use quality machines and equipments within their manufacturing process in
order to produce quality services to its customers in most effective manner. On the other hand,
company also provide better direction to their workers like training and development
programmes which may leads in enhancing their performance and productivity as well. With the
help of this employees perform their best and attain positive results.
Intangible resources: This element also consider as an important resources which used
by the company to create their positive brand image at market place. The main example of
intangible resources are trademarks, customers relations and many more which is essential for
company to enhance their productivity level at market place. Basically this type of resources are
not in physical in nature but it highly contribute in establishing strong brand image. In context of
cafe, they should focus on offering quality products and services to its customers which may
leads in attaining positive outcomes by accomplishing set targets.
Hence, both terms are used by business organization to established their positive brand
image at market place, by these they easily attain long-term and short term goals and objectives
in most effective manner. Cost of launching will depend on market in which they Tasty Treat
cafe is about to launch their services as it is the crucial part which needs to be considered. If they
get a place in busy market then cost will be not very high as people will come to know. But in
case if their location is at corner of any locality then cost will be high as they need to carry more
stronger advertisement campaigns months before cafe is launched. Cost of staff will also vary
depending upon their roles they have to carry out. Like salary of servicing staff or waiter will be
less as compare to chef. Apart from this, cost associated with equipments will be high and as it is
a new venture then they do not need to have large machineries as it will take time to have more
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customers, so small equipments will serve their purpose. This is due to the fact that initially it
becomes difficult to acquire so much funds that every aspect can be taken into consideration.
TASK 2
P3 Credible proposal to launch a new venture
For attaining positive outcomes, proper proposal is more important for business
organization to produce as well as offer quality goods and services to its customers. Along with
this company have to provide better information to its customers towards their services which are
serving in the cafe (Ke and et. al., 2016). With the help of this, firm grab number of opportunities
to invite larger customers and at the same time also enhance their market share. In this context,
Tasty Treat cafe prepare as well as create a proposal in which firm established their brand image
and attain set goals and objectives in appropriate time frame. This can be understood by
following points:
Executive
summary
Tasty Treat Cafe works at small and local level and offer various food
items but they are specialized in cold coffee with ice-creams in different
flavours. Other than this, they are offering pastries, cakes, cookies etc., as
complimentary.
Company
Description
Firm is new in market area and is located in Elizabeth Street, 64th Avenue,
London. the compound is spread in around 2500 square feet. the area was
booked by the organization one year back. Now owner of Tasty Treat are
thinking of expanding their business in other areas too. This will assist
them in increasing their sales and as a result enhancement in profit can be
seen.
Market Analysis Before launching their business in a particular market, tasty Treat is
considering all the factors that can hamper or help them increasing their
business in an appropriate manner. For this, company is conducting SWOT
and PESTEL analysis and it will assist them in knowing the nature of
market in a proper manner.
Marketing strategy With the change in time, many market strategies have evolved. Therefore,
Tasty Treat id using all these approaches so that they can reach to
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maximum number of people (Khan and et. al., 2015). Apart form this, they
are optimizing various mediums like internet, social media, advertisement
etc.,
Financial
Projection
There is necessary that organization have sufficient amount of money
while launching or establishing a new business at market area. The
estimated cash that was decided by Tasty Treat was £2,05,300 to
£3,00,100. To obtain this, they are merging with different stakeholders and
other organization.
Benchmarks It is considered as an important concept that help the organization in
making comparison between business operations performed by other
companies. therefore, by setting a benchmark firm can attain success in
their business activities.
P4 Skills and capabilities required to launch a new venture and how they are acquired or
developed
Enough skills and knowledge are more important for people for launching a new venture
in new market. Because with out these no body can able to run their business in smooth way
(Koirala and et. al., 2016). Along with this, people who are start their new business having
proper knowledge towards the implementing as well as formulating strategies which may leads
in attaining positive outcomes in most effective manner. With the help of this cafe easily enhance
their sales and profitability as well in market place. In this context, there are some appropriate
factors which required for running a new business are as follows: Marketing and customers services: For making popular brand, it is important for
manager of the company to having this kind of skills in which they easily collect as well
as gather relevant information about customers taste and preferences. In this context,
Tasty Treat cafe serve their quality services to its customers by effectively implementing
better marketing policies which leads in enhancing overall growth of the company at
market place. This will aid in creating customers base in most effective manner. Time management: It is one of the important for manager to manage time and entire
business activities in effective way. By having this kind of skill make appropriate plan
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which leads in attaining set goals and objectives. In addition of this, it is important for
manager to execute all the business activities as per appropriate time basis and also
provide quality services in market place. This will aid in attaining better results which
contribute in enhancing profitability level. Management of finance: Enough financial fund is more important for business
organization to perform their activities and producing quality services for its customers.
Thus, it is important for business organization to evaluate requirement of the finance at
the time of establishing new venture in market place (Kuratko and Hoskinson, 2016). In
addition of this, company also implement financial strategies for preparing budget which
may leads in determining the overall performance of the company. This will also aid in
determining the actual requirement of the fund. Better communication: Effective interaction is more important for business and its
workers to effectively deliver quality services to its customer as per their requirements.
With the help of this employees easily communicate with its target customers and
provide them information about company services (Liao and et. al., 2016). Along with
this, by using effective communication customers also get attracted and influences to
consume company services which directly contribute in increasing profitability level.
 Project management: It is an important department which provide customers taste and
preferences. In which manager take feedback and survey in which company easily
understand the customers views. Along with this, they also determine all the strategies
which required by project to manage all the activities in most effective manner.
Thus, all these are more important factors which should be consider in their business
organization to enhance the profitability level at market place. This will contribute in enhancing
brand image and market share as well.
TASK 3
P5 Different promotional activities and channels that will support the launch and justify their
choice
Promotion is an important activity for every business organisation to promote their
products and services in market place. With the help of this a new venture easily enhance their
overall sale by offering quality services to its customers. Basically, promotion activity influence
customers to buy company products and services in effective manner which directly contribute in
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enhancing profitability level at market place. In context of Tasty Treat, they use new and
innovative promotional activities such as advertisement and many more to promote their services
to invite larger customers towards the company. In addition of this, Tasty Treat use social media,
internet and their personal blogs to inform their customers towards the services. Along with this,
there are some another promotional activities which used by company to capture larger market
share. There are various promotional activities can be used by firms while launching any new
venture as it supports to promote their products and services in target markets. Such promotional
channels assists firms to reach large group of customers in a certain time period and influence
them to purchase organisational offerings; it results enhancement of sales revenues and
profitability of firms. It is also liable for improving brand image of the company at marketplace.
Below defined several promotional channels which are being used by Tasty Treat, such as-
Personal selling – It is a form in which firm sells their products by face to face meeting
with customers. In this, sellers promote their goods through their attitude and appearance.
Direct marketing – There is should be implemented direct communication with
customers without any involvement of mediators is known as direct marketing. Basically, it is
used to deliver firm's messages to customers to whom it will produced; it is liable for getting
tremendous growth for firms for long term period. The main method of direct marketing is
internet that will contribute to make effective interaction with consumers.
Publicity – Most of corporate associations uses diverse mediums in order to manage
healthy and positive relations with customer. Although, there are several methods through which
firms get information about firms and its offerings as well; it enables to raise brand image of the
company in target market and generate more loyal customers for it.
Advertising – It is known as a form of paid communications in order to promote products
and services of the company. Developing an advertisement is based upon mission, money,
measurement, media and message. Many companies employ advertisement professionals in order
to support them to endow TV adds, advertisements can be done through newspaper, magazines,
radio etc.
Online marketing – It lets businesses to go directly with customers. Online marketing
can be done through emails, internet, official websites, social media sites. There are various
social media channels, i.e. Facebook, Twitter, Instagram allows to follow customers and
recognise their needs and wants in the best possible manner. It also manage issues by quickly
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responding towards criticisms or negative perceptions as well as increases vulnerability for
business brand.
P6 Appropriate promotional activities plan for both launch and pre-launch
Promotional activities are essential part of organisation by which organisation can enhance
their profits and position with respect to other companies who render their services in same
sector. This enables them to attract large number of customers towards their services and
products so that they can attain level of satisfaction (Pan and et. al., 2016). There are different
kinds of promotional methods which can be used by Tasty Treat cafe. They comprises of
hoardings, magazine, billboard, newspapers, television and many other. Management of cafe will
be responsible for selection of promotional activity as per their need so that they can reach out
maximum number of people. Information is gathered related with taste, preferences, income
level, attitude and many other factors so that appropriate method can be searched out. By taking
into consideration all these factors Tasty Treat cafe can analyse market environment for attaining
high position.
Product analysis: Management of Tasty Treat cafe needs to have strategies by which they
can plan their services and give their customer high quality products. This will assist them to
improvise level of satisfaction of consumer. Before Tasty Treat cafe launch their new
commodities within market it is necessary to analyse the demands of market and develop
products accordingly to have competitive edge within market (Paradkar, Knight and Hansen,
2015). They can have offers at small scale for buyers, this will lead to growth and affirmative
results can be obtained. If it happens then organisation can render offers at large level and if it is
not so then they need to make changes in their strategies.
Market analysis: It is the responsibility of management to identify trends which prevails
within market. This will assist them to analyse current market scenario and formulate plans and
strategies for future accordingly. It is one of the critical factors as Tasty Treat cafe can determine
the location where they can render their services and also they can identify whether it will be a
appropriate place or not so that they acknowledge that they can attract more customers. Apart
from this, management can also acquire knowledge related with competitor’s plans and
strategies.
Investigation of financial resources: Financial capabilities are must to be acknowledged
by organisation before they set up their entire business. Without effective funds it will not be
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easy to carry out operations in required manner. Thus there will be enhancement in quality as
well as productivity of services rendered by Tasty Treat cafe. By providing quality products, it
becomes easy for an organisation to attract more number of customers and satisfy their needs.
Furthermore, there are certain factors which create impact on business, they are
mentioned below:
Positioning: It is crucial activity which is conducted by organisation to enhance their
brand image within market by creating strong affirmative brand image within minds of
individuals. Tasty Treat cafe is making use latest and innovative technologies to prepare their
food thereby fascinating more number of customers towards them (Albort-Morant and Oghazi,
2016).
Brand development: Tasty Treat cafe can create their brand image within heart and mind
of customers by providing them with quality services. This will also lead to enhancement in
equality with respect to their competitors, this will allow them to have competitive edge within
market and thereby generate high profits in effectual manner.
TASK 4
P7 Monthly cash budget for the pre-launch phase of the venture and the first 12–18 months
preceding launch
Preparing a budget is one of the important activity for business organization to executing
all the activities in appropriate way for attaining positive outcomes. Along with this, budget
consider as a financial documents which consider overall cost, assets, liabilities and so on. All
these are used by the company at the time of establishing their new venture in market place
(Bolumole and et. al., 2015). In addition of this, budget define actual expenses and incomes of
the company within a specific time frame. With the help of this manager of the company easily
take future decision in most effective manner. In this context, cash statement of Tasty Treat are
as follows:
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P8 Appropriate legal form for the venture stating why it has been chosen
Every company whether it is larger or small, all are responsible for follow all the rules
and legislation of government authorities. By this, company maintain ethical work environment
within their workplace and market as well (Kaye Nye Jr and Ayres, 2015) (Craft And et. al.,
2015). In context of Tasty Treat cafe consider all the norms which develop as well as made by
the government. Thus, company easily improve their working performance an market place.
Along with this, there are some laws and legislation which follow by the Tasty Treat within their
process are as follows:
Federal Equal Employment Opportunity Commission (EEOC): This law enable the
company to identify if any discrimination is being faced by an individual at work place related to
sex, gender, caste, colour or religion. Therefore, it will assist the firm in providing appropriate
environment where worker can perform their task for getting effective results.
Worker's Compensation: This law was formulated by the Government of United
Kingdom and this provides benefits and rights to employees in terms of losses due to deaths,
accidents. They make sure that all the facilities are provided like medical expenses, rehabilitation
and many more. Therefore, regulatory bodies of United Kingdom are formulating these laws by
determining all the factors so that maximum benefits can be provided to citizen of the nation.
Partnership: Tasty Treat cafe can opt for a business where different people can invest
their capitals to start or launch a venture. Usually, partnership refers to legal form of business
operations in which two or more than two people share profits as well as responsibilities of
business (Pan and et. al., 2016). If any loss occurs then these partners will be equally liable
towards this. Apart from this there is general, limited and joint venture partnership. These
partners are involved in carrying out operations and activities associated with their business.
Franchising: It is an arrangement where franchiser (one party) grants franchisee (another
party) to make use of their trade-name or trademark and business processes as well as system to
manufacture products or services as per certain specification. Tasty Treat cafe is using this as it
helps them save their cost. This results in gaining recognition within the market, have standard
designing process, elaborated ways through which business operations and promotional can be
activities can be carried out. It will provide cafe with a licensed privilege by which they can
carry out their functionalities and manage their returns.
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Community interest companies: It is a type of a company in which organisations use
their revenue and profit for good of society. This was introduced by United Kingdom in 2005.
Primary objective of this is that surplus obtained by businesses is reinvested within community
or business rather than being investing on shareholders to gain more profits.
Thus, it is a basic law that must be follow by the entire organisation and if they don't implement
this rules than company may face penalties.
CONCLUSION
From the above mentioned report it can be concluded that, launching as well as starting a
new business is more effective activity in which it is important for company to having proper
knowledge about new venture and market situation as well. By this business easily attain better
success at market place. Along with this, it is also necessary for company to include skilled and
capable workers and also ensure that they are know about all the rules and regulation of the
company. This will aid in enhancing the chances of attaining positive outcomes. Furthermore,
knowledge about tangible and intangible sources are also important for workers to improve
overall performance of the company at market place.
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REFERENCES
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incorporating gold nanoparticles. Optics express. 24(2). pp.A33-A43.
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ideas devoid of resources and capabilities?. Technovation. 41. pp.1-10.
Albort-Morant, G. and Oghazi, P., 2016. How useful are incubators for new
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Kaye, C. R., Nye Jr, J. S. and Ayres, A., 2015. Working with a Rising India: A Joint Venture for
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Online
Tangible Vs. Intangible Resources. 2017. [Online]. Available through:
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