Resources for Innovation and Startup Success

This assignment explores the crucial role of both tangible and intangible resources in fostering innovation within startups. It examines how these resources contribute to a startup's ability to succeed, drawing upon relevant examples and theories. Students are tasked with critically evaluating the significance of different resource types and their impact on innovation outcomes.

LAUNCHING A NEW
VENTURE

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Specific target markets and competitive analysis.................................................................1
P2 Specific tangible and intangible resource that would be required for the launch of a new
venture.........................................................................................................................................2
TASK 2............................................................................................................................................3
P3 Credible proposal to launch a new venture............................................................................3
P4 Skills and capabilities required to launch a new venture and how they are acquired or
developed....................................................................................................................................4
TASK 3............................................................................................................................................5
P5 Different promotional activities and channels that will support the launch..........................5
P6 An appropriate promotional activities plan for both launch and pre-launch.........................7
TASK 4............................................................................................................................................8
P7 Itemised monthly cash budget for the pre-launch phase of the venture and the first 12-18
months preceding launch.............................................................................................................8
P8 An appropriate legal from for the venture stating why it has been chosen............................9
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
In today's scenario, entrepreneurship is an activity in which every individual develops a
new business with innovative ideas. Basically, it starts with small scale in which a person create
various new ideas and ways to produce attractive products and services is known by
entrepreneur. Mainly, he/she is innovator, source of new ideas in order to develop a successful
venture at market place with the purpose of attaining profitability (Datta, Mukherjee and Jessup,
2011). Along with this, small business also plays an important role in improving their business
through creating a new venture at market place. It also helps in improving economic growth of
the country by delivering quality services to local people. For attaining competitive advantages,
small businesses expand their business in various countries and locations with advanced
technologies. By this, various businesses have grown their business and generate desirable
results. In this assessment we have select Mojo Jojo cafe, which is new venture in UK with
various factors. Along with this, various skills, knowledge and promotional activities are
mentioned in this project which help new business in improving their performance in market
place. Further, legal aspects and government policies are also discussed in this project which
must be covered before starting a new venture.
TASK 1
P1 Specific target markets and competitive analysis
It has been examined, mostly people of UK likes to work for their own rather than for any
other person. Almost half of the population is willing to start their business for generating
profits. Along with this, increase in globalisation also define various opportunities to them to
invest as well as develop their business in new market in for developing their growth level. In
context of this assignment cover new business in food sector which is Mojo Jojo cafe. In this,
business comes with new and innovative ideas to serve their services to number of customers in
order to get their satisfaction and attaining profits (Ghimire and et. al., 2015). For improving
overall performance, it is important for business to analyse entire factors of market so that they
easily enhance their performance level at attain competitive advantage at market place. In this
context there are some factors which is important for new business to determine in order to attain
success in market place. All these are as follows:
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Identifying specific target market: It is one of the important factors for every new
venture to evaluate their target market for providing their products and services in an effective
manner. As Mojo Jojo cafe operate their business in food services in which they have to
determine market. In this, they operate their cafe in the UK market because in this number of
high profile people spend their time in cafe and restaurant (Ke and et. al., 2015). Along with this,
number of tourists also visit that place so that they new business easily develop their cafe by
providing their quality products and services as per customers demand. By this company easily
attain maximum profitability level at established their new business.
Competitive analysis: It is also an important phase for every new venture before starting
their business. By this, firm easily develops their operations effectively. Mainly, competitive
analysis is an important which helps company to determine their competitor’s strengths and
weaknesses. Further, selected company faces higher competition in market place because various
another businesses operate in same sector such as Costa, The Chocolate cafe, Starbucks and
many more. All these companies are already established their strong image in UK market and
provide quality services to its customers. For attaining better results as compared to competitors,
company has to produce and offer quality as well as unique services to its customers at
affordable prices which may help in attaining competitive advantages in an effective manner (Ke
and et. al., 2015). In this context, there are some effective strategies which are used by the
company to analyse their market such as rivals of the firm, their strengths and weaknesses,
techniques of the competitors, their market structure, competitors’ products, rivals place, rival
products price and many more. All these are important which must be cover by the company to
perform better in market place.
Hence, both factors are help Mojo Jojo cafe in analysing the market in order to invest so
that they easily implement their marketing strategies and also improve their overall performance
at market place as compare to its rivals.
P2 Specific tangible and intangible resource that would be required for the launch of a new
venture
Tangible and intangible resources are the important for every new ventures for
establishing their business in market place (Tangible Vs. Intangible Resources, 2017). With the
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help of both factors company easily enhance their performance level. These can be understood
by following points:
Tangible resources: These are important assets for Mojo Jojo cafe because it define
various opportunities to generate benefits in effective manner. Basically it include various
resources such as land and building, vehicles, shop, and various equipments which helps
business organization to produce as well as offer quality products and services. In this, the cost
of the equipments is around £2500. All these tangible resources must be covered by selected
firm in which they easily add quality food services to its customers which leads them in attaining
higher profitability level and also enhance their productivity as compare to its rivals. It also
contribute in enhancing company capabilities in market place.
Intangible resources: These type of equipments are not visible but they play vital role in
business organization and also helps in improving their performance level at market place. It
include various resources like patents, copyrights, trademarks and many more which contribute
in creating a positive image at market place. All these are not used in producing the product but
it helps in promoting the products at market place (Ke and et. al., 2016). With the help of this
selected company easily improve their quality performance and attract number of customers.
Both sources are important for new business organization to implement business policies
which helps in attaining competitive advantage in effective manner. Along with this, company
have to follow legal framework in order to enhance their performance level and attain
competitive advantage.
TASK 2
P3 Credible proposal to launch a new venture
It is important for business organization to make an effective plan after start their
business which helps in improving their performance level at market place. Along with this, it
also define various benefits and resources to generate more revenue in appropriate way (Khan
and et. al., 2015). Apart from this, company face various challenges in market place and the
biggest is that its competitors who cover the area. For overcome by this selected company use
effective policies and techniques to serve their unique products and services at affordable cost
which may leads in attaining competitive advantage at market place form its rivals.
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Furthermore, It is also important for firm to analysis the overall market in UK. By this
they easily determine their features products and services and offer at cheapest cost. As analysis
the market they found that their competitors serve their services at high price. So that Mojo Jojo
cafe add more features within their product lines such as they offer cold coffee with ice cream,
add herbs within their products to promote healthy benefits to its customers (Koirala and et. al.,
2016). With the help of they easily enhance their overall sale and at the same also invite larger
number of customers. Along with this, company also serve organic food to its customers which
helps in reducing the overall cost of the conpany at market place and increase its profitability
level.
Thus, this will helps in boost up overall sale of the company at UK market which
directly contribute in growing the new business in most effective manner.
Credible proposal to launch a new venture:
It is important for every new business to make a proposal which help them in analysing
the chances of attaining success in market place. For attaining the same, Mojo Jojo develop a
proposal that can be understood by following points:
Introduction:
Mojo Jojo cafe start their new business in UK market to for offering their products and
services to its target customers. In United Kingdom number of start-ups are introduce their
business. In this various people comes for travelling as well visiting purpose.
Product and services:
Mojo Jojo cafe provide different type coffee to its customers as per their needs and wants.
The main focus of this company is to satisfy their needs and wants which may help them in
increasing their profitability level at market place.
Market analysis:
Mojo Jojo operate their business at UK market with the aim of capturing customers
attentions towards its unique and feature coffee. With the help of this, they improve the chances
of attaining success at market place. In this context, company target the young generation who
prefer to drink coffee and likes to spending their time at coffee shops. For increasing the
profitability level, company also promote their services in market place by using digital
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technologies like social media and another platform. This will contribute in enhancing the
chances of attaining success at market place.
Business development strategy:
It is also important for new venture to use an effective strategy to develop their business
at market place. In this context, Mojo Jojo use business development strategy to identify their
strength and weakness at market place and at the same time also develop a new promotional
capabilities to increase the customers demand towards its offerings.
P4 Skills and capabilities required to launch a new venture and how they are acquired or
developed
New venture required effective skills and knowledge which helps in implementing the
business activities in effective manner. By this individuals easily develop as well as establish
their positive image at market place by introducing creative as well as attractive products which
may influence ton customers to consume it effectively. It directly contribute in enhancing the
overall growth of the company at market place. Along with this, Brixit also play important role
because it define various benefits as well as support to the new business organization to
established their activities in effective manner. In this context, there are some effective skills and
capabilities which are important for every individual to start their new business at market place: Management of finance: Proper fund is more important for every business organization
to execute their activities in effective manner. So that it is important for firm to assess
their financial resources before starting a new business (Kuratko, D. F. and Hoskinson,
S., 2016). Along with this, new business have to implement effective financial strategies
within their process in order to evaluate the entire factors such as risk, market size,
budget, assets and liabilities. All these play important role in preparing and better planing
for financial requirements in appropriate way. Marketing and customers service: It is also an important skills which helps in gathering
all the relevant information about customers taste and preferences in order to make their
brand popular in market place. In context of Mojo Jojo cafe enhance their overall
performance level by using effective marketing policies which may leads in attaining
better targets and at the same time also create customers base.
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 Communication: It play important role in every business organization make better
communication at the time of dealing with customers. By this company easily provide
their product features and qualities in front of other. Along with this it also help manager
in motivating their workers so that they easily offer quality services to its customers and
attain goals and objectives. Project management: This capability is more important for top management which help
in managing entire project in effective manner. By this manager of the business easily set
their target and attain the same in appropriate way by determining the customers demand
towards its products and services (Liao and et. al., 2016).
 Time management: Time is more important for managing the whole business activities
in appropriate manner. By this company easily make effective plan to attain their goals
and objectives. Basically time management help company to understand the right time to
produce their quality products at market place for attaining better competitive advantage
for its rivals.
All these are important for new ventures to implement their business activities in most
effective manner. By this Mojo Jojo cafe easily attain competitive advantage in appropriate way.
TASK 3
P5 Different promotional activities and channels that will support the launch
Promotion is one of the important activity for every business organization to enhance
public awareness towards the company and its products. In context of Mojo Jojo cafe, they use
various promotional strategies within their business activities to enhance their performance at
market place. In this government provide better support to small business organization to
develop their business activities at market place. In this context there are some effective
promotional activities which use by selected business to promote their products and services in
front of customers are as follows: Personal selling: It is an effective activity of promotion which used by every business
organization to understand customers needs and demand. It define face to face
communication with their customers to sell their products. The main aim of this activity
is to influence their customers to consume its products and services as per their needs.
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 Publicity: It is also an effective activity which helps in promote company information to
the customers from the media (Pan and et. al., 2016). In this company giving their
product information in order to promote and create their brand image at market place. Advertising: It is an effective marketing communication in which company openly
sponsored to promote their products for the purpose of selling. It also helps in creating
customers demand towards the company products and services. Direct marketing: This activity of promotion is also effective in which company sell
their products and services direct to its customers by using cell phone, emails and
websites.
 Online marketing: In today's competitive market, it is one of the important and popular
promotion activity. It is also known by internet marketing in which company easily
promote their business and their products in larger number of customers. By this method
every business easily reach their customers and provide quality services to its customers.
All these are more effective activities which help organization to promote their company
products and services in front of customers. By this firm easily create customers base in effective
manner and improve their performance level. Apart form this, Mojo Jojo Cafe use online
marketing to enhance their image at market place by delivering their quality services to larger
number of customers. With the help of this company easily capture larger market share form its
rivals in most effective manner. Along with this, it also provide various opportunities to the
company to expand their business in another places which may assist in attaining competitive
advantage.
P6 An appropriate promotional activities plan for both launch and pre-launch
Promotion play vital role in creating the positive brand image of the company at market
place. Because it help Mojo Jojo cafe to promote their business activities by delivering quality
services to its target customers. With the help of this company prepare an effective planning to
launch their products in market place. On the other side, it also considered before launching the
products which may leads in increasing overall sale of company at market place. In this context
there are some effective activities which used by Mojo Jojo company before launching their
products at market place are as follows:
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 Product analysis: It is important for firm to understand about their products and features
which helps in determining their services in market place. Market analysis: It is also important to analyse the overall market before launching the
products in market. By this company easily assess competitors strategies and cost which
offer in market.
 Analysis of financial resources: The main responsibility to make an effective budget to
evaluate their requirements before launching a new products. With the help of this
selected business easily maintain their sustainability in market place and also reduce the
chances of creating any kind of issues.
Along with this, there are some another activities which used by selected company while
launching their products at market place: Positioning: It is important for business organisation which used by the company after
launching their products at market place. By this Mojo Jojo cafe set their image in market
place. Brand development: Mojo Jojo Cafe needs to develop its brand in market as soon as
possible. This firm has entered in the cafe-society with organic and hygienic food and
beverages (Paradkar, Knight and Hansen, 2015). Therefore, in order to become populous
among such type of organisation and marketplace, it should try to promote its product
and company label. It also require to attract customers by enriching the taste of unique
drinks and make them aware about its health benefits.
 Public relation: For promoting products of a newly opened organisation, Mojo Jojo Cafe
must use social and blogger sites of media. It will help this enterprise in advertising its
unique and high range of beverages and food in marketplace.
TASK 4
P7 Itemised monthly cash budget for the pre-launch phase of the venture and the first 12-18
months preceding launch
Budget is an important financial plan which define the entire activities of the company in
systematic manner. It includes cost, expenses, assets, liabilities and many more which used by
the firm at the time of executing their activities in effective manner. Basically it is a effective
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estimation of company expenses and revenue for a specific time frame to take future decision
which may leads in attaining better results. It define a appropriate plan to determine that how
many funds business will in up communing period of time.
Pre-launch cash budget (£)
Post launch cash budget (£)
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P8 An appropriate legal from for the venture stating why it has been chosen
An enterprise whether new or old and big or small needs to comply its workforce with
legislations. Since, Mojo Jojo is a partnership firm so, it has followed all laws and regulations in
its structure which helps to do the business in a smooth and legal manner. The term sole
proprietorship refers to business activities in which only ownership is responsible for all business
operations. In the partnership organization, 4 partners start their new cafe with the aim of
attaining success in market place. All partners are take risk for converting into financial
profitability. By this, they easily operate their business activities in appropriate way. In addition
of this, there are some legal forms of business organization which help in running new business
activities in appropriate manner. Partnership includes 2 or more than two person who are start
their business with the purpose of generating profitability level. Along with this, all partners are
also responsible for sign partnership deed in which all the terms and condition are mentioned.
This will help in performing all the activities in smooth manner.
Apart from this, partnership also issues and hold equity to making their legal forms for
attaining their set mission. Mainly it also shows mutual interests among partners in order to
exchange benefits. All the partners are responsible for any risk that occur within the business.
With the assistance of this, company can easily attain higher success at market place and at the
same time also enhance productivity level.
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CONCLUSION
From the above mentioned report, it can be summarised that it is more more important for
every new business is to analyse the market and competition before starting their business. Along
with this, promotional activities are also important to enhance public awareness towards the
business and its products so that company use effective channels which leads sin creating
customers base. Further tangible and intangible resources are also helps in improving
performance.
REFERENCES
Books and journals
Datta, A., Mukherjee, D. and Jessup, L., 2015. Understanding commercialization of
technological innovation: taking stock and moving forward. R&D Management. 45(3).
pp.215-249.
Ghimire, K. and et. al., 2015. Optical properties of single‐crystal Gd3Ga5O12 from the infrared
to ultraviolet. physica status solidi (b). 252(10). pp.2191-2198.
Ke, W. and et. al., 2015. Efficient fully-vacuum-processed perovskite solar cells using copper
phthalocyanine as hole selective layers. Journal of Materials Chemistry A. 3(47).
pp.23888-23894.
Ke, W. and et. al., 2015. Low-temperature solution-processed tin oxide as an alternative electron
transporting layer for efficient perovskite solar cells. Journal of the American Chemical
Society. 137(21). pp.6730-6733.
Ke, W. and et. al., 2016. Employing lead thiocyanate additive to reduce the hysteresis and boost
the fill factor of planar perovskite solar cells. Advanced Materials. 28(26). pp.5214-
5221.
Khan, I. and et. al., 2015. Synthetic approaches, functionalization and therapeutic potential of
quinazoline and quinazolinone skeletons: The advances continue. European journal of
medicinal chemistry. 90. pp.124-169.
Koirala, P. and et. al., 2016. Through‐the‐glass spectroscopic ellipsometry for analysis of CdTe
thin‐film solar cells in the superstrate configuration. Progress in Photovoltaics:
Research and Applications. 24(8). pp.1055-1067.
Kuratko, D. F. and Hoskinson, S., 2016. Technological innovation: Generating economic results.
Emerald Group Publishing.
Liao, W. and et. al., 2016. Lead‐Free Inverted Planar Formamidinium Tin Triiodide Perovskite
Solar Cells Achieving Power Conversion Efficiencies up to 6.22%. Advanced
Materials. 28(42). pp.9333-9340.
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Pan, J. and et. al., 2016. Surface plasmon-enhanced quantum dot light-emitting diodes by
incorporating gold nanoparticles. Optics express. 24(2). pp.A33-A43.
Paradkar, A., Knight, J. and Hansen, P., 2015. Innovation in start-ups: Ideas filling the void or
ideas devoid of resources and capabilities?. Technovation. 41. pp.1-10.
Online
Tangible Vs. Intangible Resources. 2017. [Online]. Available through:
<https://bizfluent.com/info-8365100-tangible-vs-intangible-resources.html>.
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