Skills and Capabilities for Launching a New Venture

a New Venture

Table of Contents
INTRODUCTION................................................................................................................................4
TASK 1 ...............................................................................................................................................4
P1 Investigate & explain new venture identifying specific target markets & undertaking
competitive analysis.........................................................................................................................4
P2: Analyse specific tangible & intangible resources that would be require for the launch of a
new venture ....................................................................................................................................6
P3 Develop and produce credible proposal for new product ..........................................................7
TASK 2 ................................................................................................................................................8
P4 Assess skills and capabilities required to launch a new venture & how they can be developed
.........................................................................................................................................................8
TASK 3.................................................................................................................................................9
P5 Discuss different promotional activities & channels that unpin launch ....................................9
P6 Develop an promotional activities plan for both launch and pre-launch..................................10
TASK 4...............................................................................................................................................11
P7 Prepare a Cash Budget for the launch of venture.....................................................................11
P8 Advise appropriate legal form for venture stating & why it has been chosen..........................13
CONCLUSION..................................................................................................................................14
REFERENCES...................................................................................................................................15
Books & Journal:...........................................................................................................................15

INTRODUCTION
Business is evolving with changing period of time and it plays vital role within in market.
An entrepreneur always start business with new idea & process with motive of creating a change.
Innovation & inventions are the major component of business which are needed to be carried out
properly. Shiro nine, a coffee shop has been launched UK. The coffee shop serves with all varieties
of coffee and other bakery items such as breads, snacks etc. This report includes identifying of
specifying market, tangible and intangible resources, proposal for launching a venture, skills &
capabilities required, different promotional activities, monthly cash budget and legal form. To run a
new venture in appropriate way it is important to conduct a proper market research with appropriate
considerations (Kirkley, 2016). Launching a new venture is not a an easy task and requires high
level skills & knowledge.
TASK 1
P1 Investigate & explain new venture identifying specific target markets & undertaking competitive
analysis
Shiro Nine, has launched their venture as well as business & is being considered as best
place for entertainment, spending quality of time etc. The coffee shop has been able to provide
quality of service, focused on current customer requirements as well as demands and at affordable
prices. Coffee has been always a great substitute for tea and other drinks, due to this many people
are addicted to coffee. After a market analysis and research, the chosen venture has planned to
provide all types of coffee with different flavours, taste & demands propose by customers. Also, to
provide customers with total satisfaction, the venture is hiring skilled staff & employees who have
the capability of handling customers in difficult situations (Kamasak, 2017).
Target market
It is defined as category of market which which is being identified on the basis of their
characteristics such as income, lifestyle, regions, taste etc. In relevance with Shiro Nine, they have
been targeting all levels of customers that consume coffee on daily basis and like to visit outdoor
places. By targetting market, it is easier to identify the potential customer for business. This assist
new business in
So, the characteristics of target market are given below-
Psychological factor- This type of market includes views, personality, opinions of people.
In relation with chosen new venture, they carry out their operations/ business activities on the basis
of these elements in which it targets high, middle & lower income group of people. Moreover, it

provides with coffee's with different options of flavours, add ons ingredient.
Competitor analysis
It is process through which entrepreneurs are able to maintain and manage relationship with
those forces who work with competitors and rivals of same category of business. To understand
competitor analysis, Porter five force model has been discussed-
Bargaining power of buyer- In the location, there are many other coffee shops who target
same market but in comparison with selected firm, they differentiate them selves from other shops
as they provides ad ons options of flavours to their targeted customers. With adaption of their
unique concept they are able to acquire low bargaining power which also leads to higher profit &
revenue (Bellia, 2017).
Bargaining power of suppliers- The venture Shiro Nine is newest in market and region
due to which they have to make networks within the business as well as with vendors. Thus,
suppliers have high bargaining power & also it results in dominating nature of vendors. So, it is
essential for them choose the suitable vendors for business or resources. They are the sources who
help in delivering of output and products to the end users and market. The suppliers often demands
high bargaining power with aim of providing low quality of products and gaining more profit.
Threat of substitution- In context with chosen venture, the threat of substitution is high
which leads to bad situation for business as changing demands of customers are dynamic in nature.
Substitution refers to replacement of existing product from a new one. To deal with this situation, it
is necessary for firm to produce & implement effective strategies so that problems could be faced in
most efficient manner (Dao, 2018).
Threat of new entrance- In reference with Shiro Nine, degree and threat of new entrance is
moderate as with the rising of globalization many new ventures are being establishing within the
market. Thus, the chosen firm need to be more aware & active so that new established business and
their activities are examined properly. New entrance have high power when there is no government
legislations, less present of competitors.
Competition rivalry- In this form of business, the competition of rivalry is quite high as
due to the increasing number of customers demand of beverages. In context with Shiro Nine, it is
challenging situation for them which is needed to be handled with environment analysis. It is
necessary for them to analyse their competitors so that strategies will be used accordingly.
So, after analysing the stated paragraph it shows that identifying of specific target market is
necessary so that owner is able to understand market situations in most efficient way.