Skills and Qualities for New Venture Proposal

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.