Entrepreneurship Assignment: Launching a New Venture
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Added on 2020-06-06
Entrepreneurship Assignment: Launching a New Venture
Added on 2020-06-06
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Launching a New Venture
Table of ContentsINTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................4P 1 Investing and explaining a new Venture..........................................................................4P2 Determining tangible and intangible resources that would be required for the launch of anew venture............................................................................................................................5TASK 2............................................................................................................................................6P 3 Proposal for launching a business....................................................................................6P 4 Assessing the skills and capabilities required to launch a new venture...........................7P5 Different promotional activities and channels..................................................................8P6 Develop appropriate promotional activity plan...............................................................10P7 Cash Budget....................................................................................................................11P8 Legal form for the ventures.............................................................................................13CONCLUSION .............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONEstablishing new business venture can be both excitement and frightening. It isconsidered to be as very complex and difficult task which requires proper planning. Asineffective plans can create barriers in the successful establishment of an organisation. Anentrepreneur in order to establish and run business in successful manner required development ofseveral skills, knowledge and core competencies. It is very important for an entrepreneur todevelop the understanding about several provisions, laws and procedures before starting abusiness. As this strategy will assist business owner in eliminating the barriers which mightoccur in establishment of business. It will also help in ensuring success. Business owner isrequired to fulfil all regulatory as well as statutory requirement when establishing new businessventure.The purpose of present report is to develop the understanding about the procedureinvolved in establishing a new business venture. It has focus on identifying the risk involved inlaunching of new organisations. Study will also include the detail about the promotionalactivities which can be adopted by new start up for gaining the market share and achieving goodposition in the market.TASK 1P 1 Investing and explaining a new ventureAn entrepreneur of new business venture is planning to launch new business first hotelbusiness in domestic market. After achieving the growth and success in local market, businessowner will make plans as well as formulate strategies for expanding the business operations ininternational market. As this strategy will help business owner in gaining the experience whichwill be beneficial in establishing leading position in an industry and gaining the competitiveadvantage in the market. When making the plan for starting a new business venture, it is requiredby an entrepreneur to conduct market research. As this tactic will help business owner inidentifying the target market and gaining knowledge or information about the level ofcompetition in an industry. Conducting market research is also important as it will help anentrepreneur in identifying the suitable market for positioning their goods or services. In additionto this, internet can be used as a tool for gathering information about the market situation andcompetitors (Burns, 2017).
As business entrepreneur is planning to establish near Mall in London. This place hasbeen selected by business owner for opening a hotel, as there is large population visit mall everyweekend. So, this demographic strategy will assist business owner in targeting customers. Beforeestablishing a business, an entrepreneur is required to conduct competitor’s analysis, as thisstrategy will assist an individual in identifying the plans or tactics adopted by its competitors forattracting the customers. Competitor’s analysis will assist an entrepreneur in measuring theintensity of competition. It will also assist manager in identifying the appropriate ways forreducing the negative effect of competition on the customer’s services and other businessoperations. It is required by an entrepreneur to develop understanding that an organisation mighthave to face tough competition with internal companies in the market. An entrepreneur isrequired to analyse markets or market segments served by their competitors etc. Secondarysources of information are recommended as an excellent starting point .An entrepreneur of Delta hotel is planning to target working men and women. Thisdecision has been taken on the basis of assumption that working men and women generallyprefer to buy readymade food items as they do not have time for cooking. This target customerswill help an organisation in achieving business objectives and increasing sales as well asprofitability. An entrepreneur has planned to position their products or services in niche marketin order to reduce the influence of competition.The Delta hotel has to face stiff competition from following competitors: Park plazaHotel, Central hotel, Travel lodge etc. These are the giant companies who have captured bigmarket share and gained the customer loyalty (Thomas, 2016).P2 Determining tangible and intangible resources that would be required for the launch of a newventure.There are several intangible and tangible business resources are required for starting thenew business venture. These resources are essential as it provides firm an opportunity to fulfilthe basic needs of business and add value to the company. Some tangible resources which arerequired for launching of new business includes building, human resource, and finance,machine, documents, equipment etc. Intangible resources include entrepreneur skills, knowledgeabout business or product etc. Market is also considered as intangible resources which cannot bepurchased. It is required by an entrepreneur to utilise both tangible and intangible resources in anefficient as well as effective manner. As this strategy will assist business entity in increasing the
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