Annotated Bibliography on New Venture Creation

The provided assignment involves creating an annotated bibliography on the topic of new venture creation, entrepreneurship education, and internationalization. The annotated bibliography includes a list of sources from various journals and books, covering topics such as counseling assistance, entrepreneurial networking, and institutional determinants of macro-level entrepreneurship. Each source is thoroughly referenced with details about the authors, publication year, journal or book title, page numbers, and a brief summary of the content. This comprehensive resource provides valuable information for students and researchers in entrepreneurship studies.

Launching A New Venture

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 New Venture of chosen organisation and identifying specific target market and
competitive analysis...............................................................................................................3
P2 Tangible and intangible resources that would required for launch of new venture..........5
M1 Investigate and explain a new venture for your chosen organisation, identifying specific
target markets and undertaking competitive analysis.............................................................6
M2 Discuss the strengths and weaknesses of the new venture and determine areas of risk. 6
TASK 2............................................................................................................................................6
P3 Proposal to launch new venture........................................................................................6
P4 Skills and capabilities required to launch new venture.....................................................8
M3 Explore the range of skills and capabilities required for the launch and critically assess
how they might be acquired or developed applying appropriate methods.............................9
TASK 3..........................................................................................................................................10
P5 Different promotional activities and channel to support launch of new venture............10
P6 Promotional activities plan for both launch and pre launch of new venture...................11
M4 Evaluate an appropriate promotional activities plan for both launch and pre-launch.. .12
TASK 4..........................................................................................................................................13
P7 Monthly cash budget for pre launch and first 12-18 months preceding launch of new
venture..................................................................................................................................13
M5 Justify an itemised monthly cash budget showing one off costs, on-going costs and
anticipated income post- and pre-launch..............................................................................15
CONCLUSION..............................................................................................................................19
REFERENCES..............................................................................................................................20

INTRODUCTION
In modern era, a person who is launching a new venture should have knowledge about
technologies and tools used by organisation already running their business at national and
international level. Globalisation is process of integration and interaction among various group
of people, government and companies. With increase in multifaceted and complex phenomenon,
globalisation is regarded as form of capitalist that integrate national and local economies into
unregulated market and global economy (Barbero and et. al., 2012). This provide helps to small
medium enterprises to establish new business at market because of support from government and
easy access of loan. Fashion and Trends is planning to start new business of clothing at England
market which deals in cloths for youngster at small level. Here, will be discussing about target
market and competitive analysis of Fashion and Trends along with requirement of tangible and
intangible resources in business. Proposal is created and skills and capabilities required is
analysed and developed at Fashion and Trends. There are different promotional activities which
support both launch and pre launch of organisation. Fashion and Trends have to make monthly
cash budget for requirement of money.
TASK 1
P1 New Venture of chosen organisation and identifying specific target market and competitive
analysis.
Fashion and Trends is planning to start up new venture of clothing for youngsters. This
is small enterprise which manufacture clothes for both boys and girls. The idea behind such
business is to bring creative and new trends clothes for target customers. This firm will be
launching business at England because it provide lots of benefits to new start up. Company wants
to survive in competitive market of clothing which is already existing in England. As it is
difficult for any company to start up new venture but if they establish at competitive market then
people will be aware of it very easily. Clothing retailer is facing challenging operation from past
few years in England . Price has fallen down due to widespread discounting and competition
which resulted into growth of revenue. Retailers have to work hard for retaining and drawing
consumers from department stores, rival supermarkets and online (Barringer, 2015). Market
research has been done for survival and sustainability in market.

According to IBIS World report, clothing retailing industry have low barriers for entrant
and less capital cost required which leads to higher success. Important cost which incurred for
establishment are wages, rent and purchase. It is difficult for entrepreneur to decide location for
firm which has positive and negative impact. For example, if company located business where
there is large number of footfalls on daily basis then it is great opportunity for success and vice
versa (Burns, 2017). Fashion and Trends is planning to start business in England as it has high
economy which has confirmed through market research. Due to change in taste, preferences and
competition market is changing. According to fashion and apparel industry report, it is expected
to rise revenue from $481.2 billion in 2018 to $712.9 billion by 2022. CAGR is expected to settle
between 2017 and 2022 by 8.8% in US, 8.7% in Europe and 14.1% in China. The Here
identifying specific target markets and competitive analysis of Fashion and Trends described
below:
Identifying target markets
It is very important component which is considered by organisation to decide objective
market to achieve end goal for creating bigger benefits. Every firm need to identifies their market
and produce as per need, want and preferences. In this scenario, Fashion and Trends have to
distinguish particular target for assembling and delivering quality goods. Target means group of
customers within available market which aims to provide resources and marketing efforts. It
consists of people having similar characteristics such as location, age, lifestyle and income.
Fashion and Trends has classified target market on basis of following segment such as:
Geographic- The number of people living in area is called geographic factors. Fashion
and Trends has target individual of United Kingdom which is largest country assist in increasing
sustainability and profitability of firm.
Demographic- When market is divided on basis of gender, religion, age is demographic
factors. Fashion and Trends has focused all types of religious, age group of 18 to 25 people who
are college going students or youngster for providing goods.
Competitive Analysis
Fashion and Trends is engaged in providing variety of products to their target people.
There is large competition existing in fashion industry which Fashion and Trends have to
analysed properly. Competitors are Next Plc, Marks and Spencer, Burberry which are providing
high quality goods (Chrisman and et. al., 2012). Here, it is responsibility of Fashion and Trends

to have unique and differentiate goods from competitors to survive in market. It helsp in
knowing everything about parties involved in competition.
P2 Tangible and intangible resources that would required for launch of new venture.
Fashion and Trends is a new start-up company that designs market and sells apparel
merchandise. This company will be growing industry, producing billions of dresses, suits and
other clothing and accessories that customers buy. There are various resources required in
business for sustainability and profitability in market. Out of which Fashion and Trends uses two
resources they are tangible and intangible which are described below:
Tangible Resources
Tangible resources includes cash, inventory, machinery, land or buildings which can be
easily dissolve and have a set value. These are analytic in accounting as they help a company to
understand it's financial status when entered on balance sheets and financial statements. Tangible
resources are only assets employees in company that can be seen, touch and can be valued easily.
These are of two types that company may own, current(things that the company will use for one
year)and fixed Assets(things that company will use for more than one year). Fashion and Trends
has marketable securities, cash and inventory as current assets and equipment, building and
computers as a fixed assets. Company will use fixed assets to produce money as it earns from
selling fashionable clothes called revenue (Ciabuschi, Perna and Snehota, 2012). Therefore
Fashion and Trends take great care to track and manage tangible resources that can remain
financially stable and carry on with operations.
Intangible Resources
Intangible resources are long term resources of a firm but have no physical substance and
usually hard to measure. The economic system is based on knowledge which represents
intangible assets and form an necessary part of the company’s value. Transformation of these
assets into tangible outcomes is a new way of reasoning and viewing company management and
human capital. Fashion and Trends has intangible resources as trademark, brand, Knowledge and
patent. This company need to use intangible assets that give individual selling points and impact
business worth in away that it wouldn't be used by any other company. These assets play an
important factor in a buyer paying a premium for Fashion and Trends company (Curley and
Formica, 2013). It also includes human, financial and physical resources described below:

Human- It include people such as executive, manager, workers and staff required in
business.
Financial- They make proper budgeting and planning for business to make decision.
Physical- It includes machinery, building and land.
M1 Investigate and explain a new venture for your chosen organisation, identifying specific
target markets and undertaking competitive analysis
Fashion and Trends is new organisation which deals in providing trendy clothes to people
in order to fulfils their need and requirement. This has focused target market which covers age
group between 18-25 to provide latest and trendy clothes to individual. It has target whole people
of United Kingdom for fulfilling their requirement in effective and efficient manner. There are
many competitors of clothing industry in market such as Marks and Spencer, Next Plc and other.
The respective firm need to analyse market in effective and efficient manner so that they can
survive in competitive market.
M2 Discuss the strengths and weaknesses of the new venture and determine areas of risk
The strengths and weaknesses of new venture are as follows:
Strengths- It can earn maximum profits and gain because it is new venture which
provide trendy clothes to their consumers in order to fulfils their requirement. This organisation
moves with changing market and world so that both individual as well as organisation can get
benefits.
Weaknesses- The main weaknesses of this firm is to survive in competitive market
because of huge competition in fashion industry. As it focus on trendy clothes only which is not
accepted by every consumers.
The various areas of risk can be in terms of human factor, market change, change in
rules, policy, law, cash flow risk and others.
TASK 2
P3 Proposal to launch new venture
Entrepreneur with helps of other business partner should make credible proposal which
clearly specified actual target that can be achieved through new firm Fashion and Trends. This
proposal is made under guidance of professional and specialist in order to achieve vision,
mission, objectives and clearly communicate with employees of organisation. This proposal can

be differ from one another and according to size of firm it is prepared. Fashion and Trends has
made following credible proposal:
Executive Summary Fashion and Trends is launching new business at England in order to
provide goods to customers. Decision regarding entering into new
clothing business is because of changing need and demand of people
and provide them with current trends products.
Company Description Fashion and Trends is small and medium sized company of England
which is dealing in producing and selling wide range of products to
their customers in clothing segment. It is established in order to
fulfils people requirement due to high demands (Podoynitsyna and
et. al., 2013).
Market Analysis Market analysis is very important for all types of company
establishing business in competitive era. Fashion and Trends has also
done research before establishing its venture in England market.
Various factors are influencing business such as political, economic,
management support. Fashion and Trends can use tools such as
SWOT and PESTEL analysis. It should adopt PESTEL to know
about market and industry scenario and competitors.
Financial Projection Entrepreneur should prepare appropriate cash flow in order to
identify actual cash incurred for launching new venture. In case of
shortage of funds, it can be fulfilled by help of raising from various
sources such as bank loan, partners capital. In case of establishing
Fashion and Trends cost incurred can be $100 to $150. Financial
projection should be handled by skilled, knowledgeable and
experienced person. It is biggest department of organisation.
Benchmarking Forecasting dynamic environment helps entrepreneur to set
benchmark which can be achieved within particular period of time. It
creates motivation among members to increase their efforts in
achieving pre determined targets with particular period of time.
Fashion and Trends can get success only if it communicate desired

goal and objectives to their people. It also helps in building
confidence to perform work with efforts and dedication (Valdez and
Richardson, 2013).
P4 Skills and capabilities required to launch new venture
Strategies are necessary to carry out task in firm to get growth and success in market
which can happen only if entrepreneurs has sufficient skills and knowledge. It is very important
for entrepreneur to have required skill and knowledge which are given below.
Skills
A skill is ability for carrying out task with determined outcomes within given energy and
time and divided into domain specific and general skills (Faems and et. al., 2012). Fashion and
Trends requires following skill to start up new venture such as:
Decision Making Skill- The internal and external factors of environment greatly harm
judgements taken in organisation by entrepreneur. Decision making skills should be very strong
for Fashion and Trends to take effective and suitable decisions for different plans and policies.
This skill is gained only after performing complex task or handling critical situations.
Risk Taking Ability- Due to dynamic nature of environment risk involved is high which
affects performance and productivity of company. Fashion and Trends entrepreneur should have
risk taking ability that are involved in business. Risk can be related with manpower, production,
competitors, productivity, profit. Each should be analysed properly and decision should be taken.
Management Skills- Management is way of planning, organising, staffing, directing and
controlling of business. All these are managed through helps of managing skill possessed by
entrepreneur in business. With assist of such skills, entrepreneur can easily assign role and
responsibilities to their working force in order to achieve goal and objective effectively. Fashion
and Trends can easily manage various activities with help of management skills.
Leadership Skills- Leadership skill helps in leading members towards desired goals for
execution of work. Such skills also provide training to improve efficiency of members of
organisation. Fashion and Trends entrepreneur possess such skill for better coordination and
communication with their workforce. This is acquired from improving communication, clear
vision and maintaining positive attitude (Fernhaber and Li, 2013).
Knowledge

Knowledge is familiarity, understanding or awareness of something or someone
including information, facts, descriptions acquired through education or experience by
discovering, learning or perceiving. It is practical or theoretical understanding of different
subjects. Fashion and Trends requires following knowledge for success running of business
which are described below:
Marketing and clients administrations- Entrepreneur should have sufficient knowledge
of marketing which is gained through research, analysis. As business will be operating in
competitive market so manager should have all possess required knowledge. Fashion and Trends
provide products to their set clients so they should know about taste, preferences and produce
accordingly (Hmieleski, Cole and Baron, 2012).
Time administration- Each and every task at organisation should be performed within
time framework. Entrepreneur of Fashion and Trends should manage time management in order
to complete work given in deadline and achieve goal and objective.
Project administration- Project administrator is professional organises necessary team
members and specialised in reporting, facilitating and analysing projects under guidance of
manager. Fashion and Trends entrepreneur should have knowledge about project which they are
working. These skills can be acquired and developed by solving complex problems and reading
books and magazine.
The above skills can be developed and acquired by attending seminars and conferences.
Also online classes, learning from others, participating in decision making, leadership and
reading books helps to develop skills and achieve goal and objectives.
M3 Explore the range of skills and capabilities required for the launch and critically assess how
they might be acquired or developed applying appropriate methods
The various skills and capabilities required for launching of new venture are as follows:
Skills- This includes risk taking, decision making, management and leadership skil. With
help of such skills entrepreneur can launch new venture effectively and efficiently.
Capabilities- Th new venture should be able to identify new trends, market and their
requirement for their business. With these capabilities they can easily launch new venture in
competitive market.
These can be acquired by learning and participating in different activities at organisation
for better outcome which can help them to achieve their set results.

TASK 3
P5 Different promotional activities and channel to support launch of new venture
Promotion is an activity used by each and every organisation whether it is new entry
market or a big name and fame. It eases work of interacting with customers and increases interest
towards product or services for promotional activities have been take place. Fashion and Trends
is new organisation in market deals with clothing sector for each group of society but mainly
focuses on youth of society. For this, promotional activities are good option for organisation to
attract good gentry of society and increase interest of customers in their product by detailing
them about products and it's specialities. Some techniques can be used by Fashion and Trends
for promotion of products are:
Offers customers an Exclusive Preview- In this type of promotional activities
organisation can arrange a grant preview or pre-launch parties of their products and can make an
exclusive offer to special and loyal customers to make them feel special. Fashion and Trends
can also do same by arranging grand preview and pre-launch parties at different locations where
they have to promote their product. This helps client to know about up coming products in
market and create excitement to purchase that goods (Kariv, 2013).
Social Media- Social Media is one of best way to promote products and services. It is
very familiar with more then 90% of society and message content is easy to understand and are
in the form of fun and cartoons. Fashion and Trends can promote product on Facebook,
Instagram because they are most growing social media of the world. It helps to contact with
customers globally and can increase followers by up-to 34%. Fashion and Trends use this media
as it focus on clothing for young generation and they are more attached to such media which has
high chances of generating profits (Kessler and et. al., 2013).
Email Marketing- It is one of best and easy way to come in contact with customers to
promote product. As customers open their mails on regular basis for business and out of them
44% of promotional emails are converted into sales. Fashion and Trends can also use this as it is
effective way to come in front contact to customers mind. As email marketing is used by Fashion
and trends for clients to increase more sales and profits.
Host Events- It is tough way of promotions but can give good results to organisation. In
this type of promotional activities organisation or promoter have to arrange some physical events

at different locations to make physical interaction with customers. Fashion and Trends can also
use this technique of promotion to increase physical interaction with their customers.
Personal Promotions- In this employees of Fashion and Trends visits customer and
provide clothing to wear on trial basis. It positively impact purchasing power and interest of
customers. It also helps in creating trust and loyalty towards firm and its products. It helps to
attract large number of customers and gain position in market.
P6 Promotional activities plan for both launch and pre launch of new venture
It is very important for entrepreneur to make effective strategies and plans in advance that
it before entering into market in order to influence target customers. Thus, entrepreneur of
Fashion and Trends should prepare effective promotional activities plan in order to enter into
competitive market at United Kingdom (Klotz and et. al., 2014). Following are promotional tools
which Fashion and Trend use for both launch and pre launch of products described below:
Pre-launch
It is marketing technique that let people about new product coming or introduced in
market at specific date in future. This is supported by many affiliates in which heavy promotion
of product is done before it is officially on sale. The main reason behind this is to create interest
and curiosity about goods among people and finally eager to buy that product. For this, Fashion
and Trends should prepare official website through that they advertise about products and service
with real pictures. Also provide opportunity to target market to go through reviews of their past
customers which assist firm to achieve reliability and trust (Kuratko and Hornsby, 2017).
Launch
It is the stage in which product is presented in front to public for first time and act of
creating, promoting and presenting. It is also final stage in which entrepreneur of Fashion and
Trends conduct opening ceremony of new firm in market where media capture each and every
moments. It is platform used by Fashion and Trends to communicate with consumer regarding
offering and benefits. It is telecasting in Television, radio, newspaper in order to create
awareness in people mind regarding new firm entering into market.
It has competitive pricing strategies and adopted newspaper media for promotion of
products.
Financial consideration to start a new venture

Some of financial consideration which need to be focused by an entrepreneur while
launching its new venture Fashion and Trends in United Kingdom which are described below:
Minimise overhead- An entrepreneur of Fashion and Trends should use best strategy to
limit its expenses in beginning. It is possible only if entrepreneur cut out unnecessary expenses
which brings no outcome to company in its establishment. For example, investing in decorating
of offices should be stopped.
Track and monitor spending- It requires an entrepreneur to track and monitor each and
every spending occurred in office in order to minimise wastage of cost and increases profitability
of business. It can be done through maintaining and preparing records of each transactions
happened in business on daily basis.
Invest appropriately- An entrepreneur of Fashion and Trends should ensure first about
return received in future on their investment and make an appropriate decision accordingly. For
example, decision of acquisition of land for establishing of new business in popular area such as
United Kingdom will bring profitable outcome to company in future. This also helps in earning
maximum profits for business (Laurell, Andersson and Achtenhagen, 2013).
Maintain cash reserves- An entrepreneur should maintain some cash reserves in case of
emergency for meeting their daily needs. For this, it must required to make effective decisions by
entrepreneur regarding maintaining cash reserves. For example, making major purchases during
economic downturn increases their liquid assets. These cash should be used only if required
otherwise kept in reserve account.
M4 Evaluate an appropriate promotional activities plan for both launch and pre-launch
The promotional activities plan for launch and pre launch are as follows:
Launch- Fashion and Trends can use various tools for promotion such as television,
radio, newspaper and others. This can help consumers to know about organisation and their
product has arrive in market and also called opening ceremony of system.
Pre-launch- It is stage where create awareness among consumer regarding arrival of new
organisation in market. This can help in creating curiosity among people. For this they can use
their website along with images for promoting products in market.

TASK 4
P7 Monthly cash budget for pre launch and first 12-18 months preceding launch of new venture
Cash Budget is an estimation related with acquisition of funds from different sources
according to needs and requirements to establish Fashion and Trends in United Kingdom market.
It is important to prepare in order to prevent situation from shortage of funds and to conduct
business operations more smoothly (Lim, Busenitz and Chidambaram, 2013). It helps in
decreasing the situations of wastage of funds and maximise utilisation of resources in an
optimum manner. Therefore, it is essential for an entrepreneur of Fashion and Trends to prepare
Cash flow budget at time of launch and after 12-18 months which are given as under:

It is private business which has partnership firm where there are more than two people
starting new venture in England. After analysis of market and economy it is planning to
establish.
M5 Justify an itemised monthly cash budget showing one off costs, on-going costs and
anticipated income post- and pre-launch

Pre launch
cash budget
Cash Flow
budget
Particulars Jan Feb Mar Apr May June
Cash inflows
Investment 8000
Credit sales 2000 3000 3000 4500 1500 3500
Total inflows 10000 3000 3000 4500 1500 3500
Cash outflows
Fixed :
Equipment’s 2000 2500 1500 2000 1200 1500
Variable :
Direct material 300 300 200 300 150 500
Total outflows 2300 2800 1700 2300 1350 2000
Net cash flow 7700 200 1300 2200 150 1500
Opening
balance 0 7700 7900 9200 11400 11500
closing balance 7700 7900 9200 11400 11550 13000

Particulars July August September October November December
Cash inflows
Investment
Credit sales 4200 1000 2000 800 1200 1500
Total inflows 4200 1000 2000 800 1200 1500
Cash outflows
Fixed : Equipment’s 800 200 300 100 600 300
Variable : Direct
material 300 400 500 100 100 400
Total outflows 1100 600 800 200 700 700
Net cash flow 3100 400 1200 600 500 800
Opening balance
1300
0 16100 16500 17700 18300 18800
closing balance
1610
0 16500 17700 18300 18800 19600

Post launch cash
budget
Particulars Jan Feb Mar Apr May June
Cash inflows
Investment 8000
Credit sales 1200 2000 7500 3000 5000 6500
Total inflows 9200 2000 7500 3000 5000 6500
Cash outflows
Fixed : Equipment’s 2500 1200 1500 2500 1100 1500
Variable : Direct
material 350 300 250 150 100 500
Total outflows 2850 1500 1750 2650 1200 2000
Net cash flow 6350 500 5750 350 3800 4500
Opening balance 0 6350 5850 11600 11950 15750
closing balance 6350 5850 11600 11950 15750 20250
Particulars July August
Septembe
r October
Novembe
r
Decembe
r
Cash inflows

Investment
Credit sales 1200 3200 1500 8200 1250 3210
Total inflows 1200 3200 1500 8200 1250 3210
Cash outflows
Fixed : Equipment’s 1200 600 500 500 1200 700
Variable : Direct
material 500 250 450 250 1300 500
Total outflows 1700 850 950 750 2500 1200
Net cash flow -500 2350 550 7450 -1250 2010
Opening balance 20250 19750 22100 22650 30100 28850
closing balance 19750 22100 22650 30100 28850 30860
CONCLUSION
It has been summarised from the above report that globalisation helps in creating large
opportunities for new and existing business. Here, new start up that is Fashion and Trends of
clothing business is done in United Kingdom market for people. The company have to first
identify target customer that is youngster age between 18 to 25 for providing products. Proposal
is prepared by Fashion and Trends to know about market, finance requirement and benchmark
used by firm. In order to run business various skills such as risk taking, management, problem
solving and knowledge regarding project, administration and clients is required by entrepreneur.
Also for creating awareness in minds of customer it should use promotional tools such as email
marketing, personal communications, host programs.

REFERENCES
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Curley, M. and Formica, P., 2013. The experimental nature of new venture creation. Springer.
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Online
Promotional Activities . 2018. [Online]. Available through: <https://bizfluent.com/info-7757914-
promotional-activities.html>.