Launching a New Venture PDF
Added on 2020-10-23
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Launching a New Venture
Table of Contents
INTRODUCTIONVentures are the subsidiary or business firms which are established by the entrepreneurswith an aim of earning profit by providing their services and products. Entrepreneurs shouldhave the necessary skills and capabilities for managing the business ventures in effective manner.The businesses needs to conduct market research for expanding their operations and activities forearning more profit and revenue. The taken firm in this assignment report is Aghor foods whichis a venture established in UK and expanding their operations in Europe. This report willdetermine the specific target markets and competitive analysis along with the tangible andintangible resources which are required for the launch of a new venture. The project discussingthe target market which decides the success of new venture into new venture. Along with this,kinds of resources including tangible and intangible are also briefly explained under the report.In addition with this, credible proposal, skills and attributes to become a successful entrepreneur,promotional activities and cash flow statement for pre and post launch of new venture are alsodiscussed under this report.TASK 1P1.Aghor foods is a new business venture in the UK market who provides a wide range offood products to the consumers in UK. This venture is established for providing a variousvarieties of food products such as Thai, Spanish,Indian, Chinese etc. to the customers. Theselected location for this venture is London due to the huge number of customers who visit thelocation. The restaurant can attract these customers from various nations n order to provide themfoods according to their cultural taste. The entrepreneurs of this venture has conducted marketresearch in order to determine the needs and preferences of these customers in order to providethe food accordingly. So it can be said that the idea of this venture is quite good and has potentialto grow (Caselli and Negri, 2018).An entrepreneur starts a business by partnering from their colleagues and family forgetting the required support in smoothly running the business. The ideas and suggestions fromthe friends and family are beneficial for the venture in accomplishing the desired growth andsuccess. This venture has rented an area of around 1600 square feet near London Eye on lease of6years with a hope of running new venture without facing any barriers or obstacles As this
restaurant is formed in partnership which makes easy to avail funds from their different sourcessuch as own capital, financial institutions which are around £340000 to 349560.ObjectivesTo provide the tasty food to the customers of different nationTo enhance the profit and revenue of the venture by providing quality based foodproducts.To enhance the satisfaction level and loyalty of customers.Mission: The mission of Aghor foods is “to enhance the experience of customers by providing thetasty and quality based food products to the customers of different nations”.Target marketCustomers are the major target of any business whose needs and requirements must befulfilled by the business in order to gain growth and success in the market. So it is necessary forthe entrepreneurs to determine the conditions and trends of market in order to formulate the plansand strategies. The trends in the customers in terms of taste and preferences can impact thebusiness performance and success of the Aghor foods. The market is mainly segmented into 4types which are Geographic, Demographic, Psycho-graphic and Behavioural.Geographic: This segmentation is based on the place or location at where the newbusiness venture has been established. The place preferred by the entrepreneurs is based on thecrowd and number of people who can visit the restaurant. This location is determined byanalysing the situations which exist in locations. For instance: London is a famous place for thetravellers as a huge number of tourist visit the location. Due to this the London is chosen by theentrepreneurs as chances of customer visiting the restaurant are high in this location which willassist the firm in enhancing their growth and revenue (Cosenz and Noto, 2018).Demographic: This segmentation is based on the religion, culture, gender, income leveletc. of customers which can impact the business operations and functions. Therefore,entrepreneurs needs to analyse these factors properly and take the decisions accordingly forattracting the customers towards the restaurant. For example, Teenagers and families shows moreinterest in visiting such restaurant as they prefers the food from multiple nations.
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