Skills and Qualities for New Venture Proposal

This article discusses the skills and qualities required to ensure the success of a new venture proposal. It covers decision-making, risk-taking, managerial, time management, and leadership skills. The article also emphasizes the importance of training and development for employees.

Contents
INTRODUCTION 3
P1: Investigate and explain a new venture identifying specific target markets and undertaking
competitive analysis 3
P2: Determine specific physical and nonphysical resources that would be require for the launch of a
new venture 5
P3. Produce a credible proposal of the new product 5
P4 Skills and Qualities required in order to ensure final proposal as a reality 7
P5 Ideas for advertising/ marketing of new product 9
P6 Advertising plan for the pre-launch and launch of the new product 10
P7 Cash Budget for the launch of venture 11
P8 An appropriate legal structure for the venture 14
CONCLUSION 15
REFERENCES 17

INTRODUCTION
Entrepreneurs are the innovator that seeks the opportunity while other pursues it as a risk.
The self confidence of an entrepreneur helps them to successfully create as well as start new
venture that is based upon unique perspective which act as an opportunity to settle the upcoming
requirements of customers. A subsequent unit of the innovator firmly manages rapid growth of
start up by overview the market situation appropriately (Cannice, 2018). Adequate efforts carried
out by new venture helps to resolve the problems of target market and successfully gain
competitive advantage over others. For the better understanding of report Healthy Bread
Creation venture has been launched within UK. It serves fresh and sugar free bakery items to its
audience without actually compromising the taste. This report cover topics like core resources
required to launch a new business venture. Develop desirable skills and capabilities required to
launch a new business venture. Further, carry out appropriate promotional activities and prepare
budget for better launch of venture.
P1: Investigate and explain a new venture identifying specific target markets and
undertaking competitive analysis
Healthy bread creation has launched their venture within United Kingdom which is a
great hub of various restaurants as well as cafe. The company product is based on the innovative
idea where all the Bakery products are serviced by catering existing requirement of customer.
Like, with the increase in health consciousness amongst customers they prefer to get the
combination of healthy as well as tasty food item. The company has effectively plan to offer
diverse products as well as customized services by taking all the healthy measures in mind.
Around twenty staffs are hired by new venture to whom effective training and development is
provided to deal with potential target market successfully.
Target market
Target market refers to the specific category or homogeneous market that is classified on
the basis of preferences, taste, income, lifestyle and various other factors. In context to the
Healthy bread creation have targeted to almost all customers that prefer to buy bakery products.
The main target market which is identified by Healthy bread creation includes youth, adult and

fitness lover who look for the combination of better taste and nutrition value. The characteristics
or factors which are identified by respected company for its target market of target market are
listed down below:
Behavioral factor: The market is bifurcated on the basis of consumption pattern,
purchasing power and lifestyle of customer. Healthy bread creation focuses to expand its market
share by adopting the latest trend. Nowadays, most of the people have substitutes their choices
simply on the basis of ingredients. So efforts are put in by entrepreneur to bring desirable
changes.
Psychographic factor: The market is classified on the basis of opinion, views,
personality and values of people. In case of new venture has operated on the basis of
psychographic factor where it focuses on high and middle income group people and offers them
wide number of choices in bakery items which can be consumed without actually compromising
their health.
Competitor analysis
Competitive analysis helps new venture to formulate effective relationship with different
forces that helps to effectively deal with the rivalry operating in similar type of business.
Application of Porter’s five force model helps to carry out competitive analysis effectively.
Bargaining power of supplier: As Healthy bread creation is new in the market of United
Kingdom due to which suppliers have high bargaining power (Hale, 2018). In this case the
company need to maintain suitable relationship with its vendors so that they receive quality raw
material and at desirable prices.
Bargaining power of buyer: Although there are various bakery shops but the company
has come up with unique concept where they offer the Bakery products which are sugar free and
can be consumed by all people. Further, it lead to low bargaining power of buyer which assist
company to gain suitable amount of profitable margin.
Threat of substitution: In case of sugar free bakery products the threat of substitution is
low which leads to competitive advantage for Healthy bread creation. Promotion techniques can
desirable help in successful launch of new venture.

Threat of new entrant: The threat of new entrants is moderate as due to globalization
there are various entrants that incorporate new venture based on innovation. To deal with this
situation respective venture needs to constantly draw out plan to attract the local residence.
Competitive rivalry: Food and beverage industry comprises of huge competition so high
competitive rivalry acts as a challenge for new venture in terms to sustain their market in the
competitive environment. The main target market of new venture is youth and adult that prefers
desirable sitting area spending time with their friends and family. To overcome competitive
pressure and survive in turbulent market it is essential for new venture to sustain its relationship
with internal as well as external stakeholders. Although the Health bread creation has come up
with an innovative idea that is to serve the combination of healthy and tasty bakery items still
systematic data needs to be maintained to operate as per the changing trend with the objective to
gain sustainable development.
P2: Determine specific physical and nonphysical resources that would be require for the
launch of a new venture
Resources are the desirable part of an organization that helps in the better functioning of
business. Desirable use of both tangible and intangible resources better helps in organization
growth and planning.
Tangible resources: These are basically resources that are used in day to day activities
of business which includes use of inventory, cash and equipments. These resources help in
carrying out the operations of new ventures.
Human resources: It comprises of the staff or employees of bakery shop like chef and
waiters that helps in contributing the development of new venture. Herein, Healthy bread
creation offers adequate training to enhance the skill and better deal with potential customers.
Physical resources: Availability of the land, premises, raw material and installation of
machinery helps in the operation of business to perform the routine activities without any
external disturbance or hurdle.
Financial resources: This resource involves the use of the capital which is invested by
the entrepreneur in order to commence the business. Budgets are prepared for a specific duration

to maintain the balance between the inflow and outflow of cash. It helps to reduce the
unnecessary expenditure of company.
Intangible resources: These resources can only be experienced like it involves the
goodwill or reputation of company which is received on the basis services delivered to ultimate
consumer. Along with that it comprises of skills and capability of employees based on which
innovation are performed in challenging environment.
Thus, Healthy bread creation which is new venture requires the combination of both
tangible as well as intangible resources with the objective to effectively carry out business
activities. Initially, tangible resources like land, premise, capital and involvement of personnel
are highly required to make the business activities functional. Further, effective understanding of
the external market and responding according to the changing requirement helps in developing
the unique image as well as suitable goodwill of company.
P3. Produce a credible proposal of the new product
In order to start a venture or offer new product in market, it is essential to develop a viable
and strong proposal that consist of all the information associated with the venture. There are
various elements that are required to consider while developing a proposal such as objectives,
mission, vision and many more. There are some essential steps required to follow in order to
develop effective proposal is given below:
Executive summary Healthy Bread Creation is a new venture, which has been
launched in United Kingdom. It offer fresh & sugar free
bakery products of good quality in the market. This venture
take place by analysing the market trends as well as customer
requirements that will help in gaining success rapidly at
marketplace.
Company description Health Bread Creation is going to launch in UK, it serve fresh
and sugar free products. The main objective is to provide
healthy products to customer that assist in attracting more
number of people, which in turn has positive influence on sales
and profitability of an organisation.

Market analysis It is important for higher authorities of an organisation to
analyse the market before offering something new at
marketplace. It increase the acceptance level of new product
and service in market that leads to raise in performance as well
as productivity of an organisation. By the assistance of Market
analysis, an entity is able to gain success and retain in market
for longer time period. There are many ways to analyse market
conditions such as STP, SWOT analysis, Competitor’s
analysis, PESTEL analysis and many more. With the help of
this, companies gain an understanding about the opportunities
present at market and the threats that impact on their overall
performance. One of the main objective behind market
analysis is to search out potential customers & competitors in
order to decline the level of risk.
Financial projection Financial projection plays an essential role at the time of
launching a new venture. It is important for Healthy Bread
Creations to have adequate funds so that activities are carried
out timely and effectively. There are various sources of fund
such as crowdfunding, bank loans, and financial institutions so
on. The total funds required for the new venture is € 30,000.
Benchmarking Benchmarking is mainly used to compare performance as well
as processes with the other similar industry prevailing in the
market. Healthy Bread Creation required comparing various
things like competitors, market trends, recent changes and
many more. It allows them to compete in the market and
develop a positive image in market. By analysis of these
factors, the company is able to fulfil requirements of customer
and sustain in market for longer time period. It is important for
company to evaluate the performance with the set standards,
which allow them to make improvements and develop
effective strategies in an effective manner. One of the reasons

behind benchmarking is to make comparison with other similar
in order to offer best features in the market.
All the above aspects assist an entity to evaluate the performance while developing
proposal for the new venture in order to gain desirable results.
Gantt chart: Gantt chart is an effective toll of time management that will be used by researcher
for managing time of each activity (Collison and Marchesseault, 2018). These activities are
shown in graphical way:

P4 Skills and Qualities required in order to ensure final proposal as a reality
There are various skills as well as qualities required in order to successfully launching the
product at marketplace. The skills and capabilities are given below:
Skills:
It is an ability of a person to achieve its goals on the specified time period. In addition to
this, it is important for an employee or an individual to have skills in order to meet with targets
and work with full potential towards the goals. The skills required are given below:
Decision making skills: It is important for entrepreneurs to have effective decision
making ability as it help in attaining objectives effectively. Nowadays, there are various factors
that have getting changed rapidly and in order to deal with this, it is important for entrepreneurs
to take effective and rapid decision by considering all the factors associated with the venture.
Risk taking ability: One of the essential skills required in order to gain success. Every venture
is associated with the risk and it is important for an entity and entrepreneur to handle the risk.
One of the risks associated with the new venture of healthy bread creation is customer
acceptance. It the new product is not accepted by the customers then it gets failed at marketplace
that leads to the wastage of resources such as money, time and so on.
Managerial ability: It is important to have managerial skills that involve effective planning,
organizing and monitoring as well. In order to launch new venture of providing sugar free and
fresh bakery product, it is important to have the ability to manage all the operations and utilize
all the resources in an effective manner. In addition to this, it also involves delegating the
responsibility and clear roles to the workers, which is important for successfully launch the
venture.
Time management: Another important skill that is required in order to implement
activities in an effective manner. It is important to manage all the activities considering the time
period so that overall objective is achieved effectively (Mazzarol and Reboud, 2020). For
managing all the activities related to the new venture, an entrepreneur can make use of Gantt
chart that help in dividing the overall task in an effective manner by considering the time factor.

Leadership skills: This skill is important for launching out new product as well as service in
market. For implementing activities associated with the new venture, it is required to hire new
employees and providing them positive workplace environment and culture as well. Adoption of
right leadership style helps an entity to gain an understanding about the attitude and behavior of
employees. It is determine that when a new venture is launch, it is required to provide training
session to employees so that they get better understanding about the new venture. In addition to
this, leaders help in motivating and inspiring staff a member that leads to increase in productivity
as well as efficiency of company at the marketplace.
All this skills and abilities help in implementing out all the activities of new venture in an
effective and appropriate manner. In addition to this, it also helps in attaining success and retain
in market for longer time period. This skills and capabilities is acquired by providing a training
session to staff members by experts and leaders. It will help company to enhance their level of
efficiency in order to carry out activities in a proper manner associated with launching of new
venture. Moreover, it is determine that giving the similar task to staff members for practicing
also improve skills and abilities. Along with this, it also ensure success of venture in a timely and
best manner as well.
P5 Ideas for advertising/ marketing of new product
One of the major factors associated with the acceptance of new product in market is
promotion and advertising. By the assistance of promotion and advertising techniques, an
organization can reach to maximum number of people and aware them about the new product
offered in the market. There are various factors consider by managers while planning for
advertising activities such as time, cost and many more. The strategies used by an entity for
promotion of product are given below:
Online marketing: It is considered as most effective way of promoting a product. In
order to promote about healthy bread creation and its unique feature, entrepreneur can make use
of online marketing. There are millions of people using social medial applications such as
Facebook, Instagram, YouTube, Twitter and many more (Cannice, 2018). It helps an
organization to aware large number of people about new offering rapidly and effectively. One of
the advantage of using this technique is, it is cost effective and reach to maximum number of
people quickly. In the social media application, giving reviews is an option that might something

consider as a disadvantage as people can give negative comment and every people is allowed to
see this. This develops negative mind set towards the brand and declines the overall productivity
of an entity.
Pricing strategies: The organization can develop effective pricing strategy for the
product that help in attracting more number of people in an effective manner. in addition to this,
it is essential for manager of Healthy Bread creation to identify competitors price and then set the
price as it help in offering right price in market, which attract customers that will lead to increase
in sales as well as profits of the new product. The advantage of pricing strategy is it helps in
attracting more number of people and gain leading position. Sometimes, in order to beat the
competitors price, the profit margin is decline that is consider as disadvantage of the strategy.
Publicity: Nowadays, people are relying on the word of mouth associated with the
product. For promoting the new venture that is “Healthy Bread Creation”, an entrepreneur can
make use of friends, family, relatives who spread positive word of mouth about the new product
to the another people they meet. It helps in raising the sales of product that leads to earning of
higher profits. It does not occur cost to the organization and is consider as advantage of publicity
strategy.
Web based showcasing: Herein, managers can directly contact or deal with the clients
by using various applications, chat box window and many more. The higher authorities of
Healthy Bread Creation can make use of online applications in order to interact with people as it
help in developing positive mind set of users towards the brand. It will assist in attracting more
number of people and also help in increasing customer base level of product. This will help
owners of Healthy Bread Creation to increase their sales as well as profit margin and is
undertaken as advantage of strategy. In addition to this, people did not give their time in order to
listen about products as is the disadvantage of web based showcasing strategy.
For marketing of new venture, one of the suitable and effective strategy is online
marketing. There are various applications such as Facebook, Instagram, YouTube and many
more help company to promote their product as well as services. It is determine that millions of
people using social media application due to which an entity is able to reach large number of

audience quickly and effectively. This will leads to increase in sales and profit level in a rapid
and appropriate manner as well.
P6 Advertising plan for the pre-launch and launch of the new product
It is determine that advertising as well as marketing plan require pre-launch and launch of
the new product offered in the market. This is as follows:
Pre-launch: As per this section, it is important for the owners to develop their own
website as it helps them to interact with people and gain their attention towards the product. In
relation to the Healthy Bread Creation, it can develop an attractive tag line that helps in gaining
eyes of people on new products. It is also help in promoting the product and develop positive
mind set people associated with the new offerings. In addition to this, the owners can make use
social media applications such as YouTube, Facebook and many more promotional tools as it
help in creating awareness of product to large number of people rapidly and effectively. At the
time of prelaunch promotion, the owners can offer discounts in order to attract people and
educate them about new venture.
Launch: Herein, activities are take place after the launching of new venture in the
market. It is important for owners of Healthy Bread Creation to focus on promoting their product
and to reach maximum number of people. The organization can use strategy such as giving high
discount to first 100 customers as it grab the attention of people towards the new product. The
organization can promote its unique feature that is fresh and sugar free bakery items as it is
determine that people living in UK are concerned of their health and prefer to consume those
product that is fresh and organic as well. In addition to this, after the launching, company can
take feedback and reviews from their customers in order to make improvements and fulfil their
requirements in an effective manner. This will help in gaining trust of customers and enhancing
sales as well as profit of company. In order to promote product after the launch, it can make use
of social media and put the feedback and reviews of its customers. It is determine that nowadays
people see the reviews of product and services before using. Getting a positive review will help
in developing positive mind set and enhance sales and brand image of new venture effectively.
Moreover, it can conduct advertising and marketing campaign that help in creating awareness to
more number of people and increase profitability of new venture.

Brand development: It is essential for the owners of Healthy Bread Creation to
effectively and smoothly perform their operations as well as activities. In addition to this, it is
important to provide quality products to customers as it help in developing positive brand image
in market. It also aid company to gain success and attain competitive edge at marketplace. In
addition to this, spreading positive word of mouth towards the product also help in developing
the brand and building market position in an effective manner.
P7 Cash Budget for the launch of venture
It is important for the owners to develop an effective budget in order to ensure smooth flow of
activities as well as operations of the venture. By the assistance of proper budget, an organization can
allocate the funds properly and ensure availability of funds for activities. In addition to this, it also help
in performing day-to-day operations in an effective manner (Nuscheler, Engelen and Zahra, 2019).
The owners of Healthy Bread Creation is required to consider factors such as operating cost,
promotional cost, liabilities, resources and many more that is needed to develop an effective budget.
The budget plan Healthy Bread Creation is given below:
Pre - launch cash budget:

Post-launch cash budget:

From the above budget, it is analyzed that pre-launch budget of Healthy Bread Creation
for the month January, February, March, April, May and June associated with total cash flow is
10000, 3000, 3000, 4500, 1500, 3500. If it is talked about the launch budget of Healthy Bread
Creation in relation to total cash is 9200, 2000, 7500, 3000, 5000, 6500. It is determine that
there is increase in the cash inflow that directly leads to growth and development. Therefore, it is
state that overall performance of Healthy Bread Creation will going to achieve success as well as
growth in United Kingdom.
P8 An appropriate legal structure for the venture
There are various types of rules and regulations developed by government for all the
locations that is required to be follow in order to carry out operations in an ethical and proper
manner as well. Health Bread creation want to start a venture in the markets of UK and it is
important for owners to follow all the laws made by the government such as health and safety,
quality of food, licensing and many more. The different type of ventures is give below:
Sole proprietorship: Herein, all the business activities are run by a single person and is
liable to bear the risk. The decision making is in the hands of owner and it involves flexible as
well as simple legal structure.
Partnership: Herein, partnership is made between the two people and they follow all the
rules that are written in the partnership deed (Allen, 2019). The profits are divided among the

partners equally or as per the deed. Along with this, the risk is also share among the partners. It is
important for partners to maintain a good relations and work mutually in order to gain success
and attain leading position at marketplace.
From the above mentioned type of ventures, it is determine that business structure of sole
proprietorship is more suitable and effective for the new venture. In case of sole proprietorship,
the decision making is rapid and owner has the right to take decision. In addition to this the loss
as well as profit is also bear and earn by single person and is considered as strength of this
venture. Sometimes the decision taken by owner is wrong and business did not get success in
market, which occur high loss to an individual and is undertaken as a weakness of Sole
Proprietorship type of ventures. The sole proprietor has the opportunity to turn its business into
partnership, joint venture without consider any other person. Moreover, the sole proprietor has
the opportunity to communicate its idea globally and develop brand image and market position
of product high in an effective manner.
SWOT analysis
Strength Weaknesses
 Sole proprietorship is one of the
prominent manner to start a business
without going through any legal
formalities. In addition to this, the
profit and loss is bear by an individual
only and it does not require to open
any separate bank account for
business.
 The weakness of such structure is lack
of input. It is determine that an
individual cannot put the same level of
skills as well as input that a
partnership or corporation will. It may
sometime leads to failure, if no proper
strategy and skills is used.
Opportunity Threats
 Sole proprietor have the opportunity
to turn its business into partnership in
order to expand their business
operations and to earn higher profits.
 The loss occur in business is bear by
only one person that is consider as
threat of sole proprietorship. In
addition to this, the financial assets of
a person is at risk if any losses and

incidents take place.
CONCLUSION
From the above study, it has been concluded that it is important for owners to identify the
market as well as customer requirements before launching venture or offering new product in the
market. In addition to this, it is essential to make use of social media applications in order to
promote and create awareness of product in the market. In addition to this, budget plan is
developed in order to ensure availability of resources that leads to smooth and proper functions
of activities as well as operations. There are various skills is required in order to launch a new
venture that is leadership skills, time management, conflict management, managerial skills and
many more. It is important for an entity to offer unique features in order to attain competitive
advantage and develop the brand in the market.

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