Launching A New Venture Assignment (Solution)

Launching A New Venture

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Identify a new venture which focuses on target market and competitive analysis................3
P2 Determine a tangible and intangible resources for establishing a new venture.....................4
TASK 2 ...........................................................................................................................................5
P3 Develop a proposal to launch a new venture.........................................................................5
P4 Assess the skills and capabilities to start a new business venture........................................7
TASK 3............................................................................................................................................8
P5 Explain different promotional activities which was undertaken to establish an enterprise...8
P6 Create a promotional activities plan before launch and after launch.....................................9
TASK 4..........................................................................................................................................10
P7 Prepare an monthly cash budget for the pre-launch phase of the venture...........................10
P8 Suggest an appropriate legal form for the venture...............................................................12
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
In this modern era, number of entrepreneurs are coming with unique and innovative ideas
by grabbing market opportunities. Due to this, number of business are getting launched at
marketplace which resulted in changes and maximized competition in the society. It is a very
tough job because of the presence of huge competition in the market. An individual should
launch a new business after proper analysing the external environment so that it is beneficial for
the organisation (Scarborough, 2016).
This assignment is going to highlight a new venture which is set up by a talented and
knowledgable entrepreneur for earning livelihood. An entrepreneur want to open a small
association named as “Delight restaurant” in the mid-way of London.
In this report there is a discussion about the idea, how it will attract the larger number of
customer and earn competitive advantage. A starter have to develop a business plan, prepare a
budget and cash flow forecast for first year to start a new business. It highlight the resources
which was required to run a new undertaking. Along with this it also put light on the skills and
knowledge needed to establish a new venture.
TASK 1
P1 Identify a new venture which focuses on target market and competitive analysis.
An entrepreneur seek to open a new small business in the mid city of London . The
business or idea which has been undertaken in this report is a restaurant which should be open at
the place where is can find large number of individual such as colleges and working sector. For
running a food business it is necessary that the person and individual have the knowledge of
different food materials and its taste so that they can easily address the problems related to it and
deliver desired offering to consumers. For opening a new restaurant they take a place on the
lease for the period of 2-3 years. They takes the fund from any financial institution for carrying
out its activities. Currently they require the fund between £ 2533 and £ 3500. They should make
concern on their location of the restaurant because on that success of undertaking depends
(Kariv, 2013). The business want to offer all kinds of food to their client like Italian ,Mexican ,
Lebanese , Chinese and so on.
Target market : It a central focus on the basis of which other factors of the organisation
depends like distribution,price and promotion. An entrepreneur should take care of its target

because on that the business grow their market share. Business should target large number of
people on the basis of age , culture background ,income , family life and education etc. Business
should target specific group of customers in place of pleasing everyone. They should know who
is likely to buy the product at a market. Enterprise can target colleges,hostels , offices people
who want to buy high quality based product at reasonable rate..
Competition : Competition is good for the businesses because it motivates organisation
to continuously improve their services. But excess competition is very harmful for the business
because there is a big chances that it can occupy other companies client. The company is having
huge competition from the existing small restaurant like Alex partners ,le bistrot pierre , pho are
among the brands who can capture their share (Chrisman, McMullan and Ring,2012). They are
also having the threats from the nando's and wagamama's who are the larger chains expanding at
a more steady pace.
Porter's generic model : It describes how company generate competitive advantage in the
chosen market over its rival firm. It include three basic objective which organisation use to
achieve competitive advantage.
1. Cost
2. Differentiation
3. Focus
(a) Cost Focus
(b) Differentiation Focus
P2 Determine a tangible and intangible resources for establishing a new venture.
An entrepreneur wishes to start “Delight restaurant” at London. To start and successfully
run a undertaking there is a requirement of many types of resources. These can be in the form of
tangible and intangible.
Tangible resources : These are the necessary resources which is essential to bring the
business in existence. It includes all those things which individual can touch and understand.
Tangible resources include both fixed asset and the current assets such as inventory. An
entrepreneur have to gather various physical objects in order to run their restaurant business like
table, chair, place, bulbs light ,labour , billing machine . For starting a business individual
generally concentrated on the external things . Business persons put lot of money in such kind of
tangible substance because they believe more they spend money as they gain more profit. Due to