Launching New Venture INTRODUCTION 1 TASK 11 P1 Investigation of target market 1 P2 Specific tangible and intangible resources required for launching new venture

Launching New Venture INTRODUCTION 1 TASK 11 P1 Investigation of new venture for identifying specific target market 1 P2 Specific descriptive and intangible resources that required for a new venture 2 TASK 23 P3 Credible proposal to launch a new venture 3 P4 Skills and capabilities required to launch a new venture4 TASK 36 P5 Different promotional activities and channels for launching new venture 6 P6 Develop an appropriate promotional activities plan for both launch and pre-launch 7 TASK 48 P7 Monthly

Launching New Venture

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Investigation of new venture for identifying specific target market......................................1
P2 Specific tangible and intangible resources that required for 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.......................................................4
TASK 3............................................................................................................................................6
P5 Different promotional activities and channels for launching new venture............................6
P6 Develop an appropriate promotional activities plan for both launch and pre-launch............7
TASK 4............................................................................................................................................8
P7 Monthly cash budget for the pre-launch phase......................................................................8
P8 An appropriate legal form for the ventures..........................................................................10
CONCLUSION..............................................................................................................................11
REFRENCES.................................................................................................................................12

INTRODUCTION
Launching a new venture is concept which defines that individuals have ideas and
thoughts which they implement to establish a new business in market and generate adequate
revenue. Entrepreneur require to have appropriate skills and abilities to formulate plan, budget
and regulate operations effectively. Along this, they even need to have adequate funds, material
and workforce to conduct activities in such manner that appropriate products and services are
delivered to customers (Wales, Wiklund and McKelvie, 2015). Present report is based on Spice
on Wheel which is fast food chain that is establishing their outlet in British museum, The two
Tates, Buckingham palace that are famous places in London. This assignment specifies
information about examination executed by entrepreneur to acknowledge target market; thereby
conduct business activities according to market situations. Owner needed adequate tangible and
intangible resources to launch a new venture in market. Businessperson require to have
capabilities and skills which help them to design plan and use different promotional channels and
activities to execute operations efficiently. Thus, administration formulate cash budget and legal
tactics to attain goals and objectives.
TASK 1
P1 Investigation of new venture for identifying specific target market
Spice on wheel, is a new venture that going to be launched and select three most
populated located of London. Its will offer fast foods to their clients those are mostly visitors. So
that, menu card should be depended on traveller needs and requirement. In order to full fill all
wants of different nation, it will select method of 'meal of the day' thus change according to
country. For example, on Monday food is related to India, on Tuesday menu is belongs to US
and so on. The main objectives behind this venture is provide different kind of foods with new
taste of their consumers through this they are able to achieve goals and objectives in limited
period of time appropriately. To get attention of large number of clients they are using several
promotional activities like point of sale material, guerrilla marketing plan and many more.
Through this activities, firm are able to gain attraction of large number of individual in an
effective manner. Resulted achieve goals effectively in specific time (Santos and et. al., 2015).
To launch a new venture, firm name is Spice of wheel, for this no land area should be
required but on innovative bus has selected and sell their product through this model. But in this
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lot of competition are already exist. In addition to this, entrepreneur has purchase a bus and
modify it according to their theme plan and many more. For launching a new venture, owner
want to arrange funds approx £ 1,50,000 to £2,00,000.
Objectives:
 The main objectives is to provide several kind of food taste to person those are belongs to
different nations.
 Develop positive and good brand image at market place.
 Experiment in food on continuous basis so that easily provide satisfaction to visitors.
Mission: “To serve different kind of food to consumers for satisfying their needs and
wants effectively”.
Identifying target market: It is a most important step in which identifying target
customers on business man needed to consider while develop marketing plan effectively. The
main target client is visitors or travellers those are came from different other nation and needed
new taste and at one stop. Approx three wheel are purchasing and located it into three different
location in London. For this, firstly, they research on several country foods and their specialities
and select chafe those are able to produce various kind food with taste to their consumers. A part
from this, they are choosing menu day to day basis and focus on each one visitor, entrepreneur
are select three location in London is British museum, The two Tates, Buckingham palace. They
are identify number of visitor those are related to different nation and make report person are
come from how many countries. That help to make menu accordingly to full fill each one
individual demand effectively (Martin and Javalgi, 2016).
Competitive analysis: It is one of most important factor which are must to consider by
each one entrepreneur. They are identifying strategies as well as policies those run their business
in same field and develop their own action of plan in order to compete competition effectively.
Through this, person are able to attract large number of individual toward their shop and product
thus help to increase sales, profitability and get long run sustainability at market place (Bijker
and et. al., 2012).
Porter's five forces model:
It is an analysis tool that uses five industry forces to evaluate the intensity of competition
in an industry and their profitability. Therefore, For the better understanding of this new venture
Spice on wheel follows this model, which is described below:
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Competitive rivalry: In this concept, there are huge number of competitors and their
capabilities in the market. According to this many competitors providing lot of product and
services in a market so that can minimise the market attractiveness of Spice on wheel.
Threat of substitution: When buyers can easily find their substitute product with good
and attractive price or better quality of prices so that buyers can easily switch their services or
product with another company. So that it can be a huge competitors for an organisation.
Threat of new entrants: According to this an organisation low amount of capital is
required to enter a market and there is no government regulation. Therefore, spice on wheel can
easily maximise their market with lots of food varieties in a different way.
Bargaining power of buyers: In this situation, buyers have the power to demand lower
price or higher product quality from an organisation producers when their bargaining power is
strong. Therefore, buyers are price sensitive and so that some buyers can adjust in this situation.
Bargaining power of suppliers: It allows to sell higher price or low quality of their
buyers. It directly affects the buying firms profits because suppliers have strong bargaining
power when there are few suppliers and lot of buyers. It affects the buyers as well as organisation
in order to gain profitability in a effective manner.
P2 Specific tangible and intangible resources that required for a new venture
Entrepreneur require adequate funds, material and manpower to conduct business
operations effectively. It is essential that individual formulate plan and have sufficient resources
to establish a new venture and business to generate appropriate revenue. Spice on Wheel
provides quality and diverse food items in their premises to provide things in according to needs
and wants of people. This is a fast food enterprise which provide coffee things and various street
products as per taste and preference of individuals. Administration has set reasonable rates in
respect to other cafe and bakeries which help them to attract large number of customers; thereby
enhance sales and profit. Tangible and intangible are two forms of resources which company has
to establish good reputation and deliver adequate things in market (Launching a new venture,
2018).
Tangible resources: This component include physical things such as tools, equipments,
plants and machinery and various other items to execute business operations in adequate manner.
Entrepreneur of Spice on Wheel require a van, microwave, refrigerator and other instruments to
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manufacture food items and provide fresh products to consumers in respect to their taste and
preferences.
Intangible resources: Patent, trademark, copyright and goodwill are various elements
which are designed by government to provide security to organisations. Spice on Wheel owner
has register company name, logo, symbol and tactics to safeguard idea from rival firms. This
benefit management to protect innovative and creative thoughts being used by other individuals.
Along this, they even are able to enhance market image and position (Burns, 2017).
Thus, these entrepreneur of Spice on Wheel has appropriate tangible and intangible-
resources which help them to deliver adequate food items to customers in according to their taste
and demands. This helps company to provide variety of things to have large customer base and
improve sales and revenue.
TASK 2
P3 Credible proposal to launch a new venture
Business proposal is designed by entrepreneur to have design system and implement
adequate tools and techniques in system in according to vision and mission statement. It is
essential that appropriate operations are executed to provide appropriate items and services in
market in according to needs and wants of people (Caselli and Negri, 2018). Owner even require
to have accurate and complete information about operations which benefit them to arrange
adequate amount of funds for business; thereby complete goals and objectives within defined
time. This is business proposal of Spice on Wheel which is stated below:
Executive Summary: Spice on Wheel is mobile restaurant which provide fast food items
that is street food and deserts such as Tapioca, cookies, ice-cream, shakes and so on.
Company Description: Spice on Wheel is firm which is set up by entrepreneur to execute
innovative ideas that is to set up a movable food outlet in London. Three branches are being
opened in British museum, The two Tates, Buckingham palace are various destinations which
have large number of visitors. This helps management to have adequate customer base which
help them to enhance sales and profitability (Fernhaber and Li, 2013).
Market Analysis: This technique is used by entrepreneur to have complete information
about needs and wants of people. It is necessary that business operations and strategies are
designed in according to market situations. Hospitality industry has large number of competitors,
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so it is essential that owner uses appropriate tools and technologies in system. This help Spice on
Wheel to provide food items in respect to taste and preference of people; thereby attract
customers to visit outlet.
Financial Projection: Entrepreneur of Spice on Wheel formulate budget which
comprises information about amount of funds required in respect to purchase adequate resources
to set up new venture in British museum, The two Tates, Buckingham palace.
P4 Skills and capabilities required to launch a new venture
Entrepreneur need to have adequate skills and knowledge to transform ideas into set up a
new venture in market in according to needs and wants of people. They require to have adequate
funds, material and workforce to execute business activities effectively. For efficient
management of resources owner require to have ability to locate things and design system in
respect to vision, mission, goal and objective business is started by owner (Hmieleski, Cole and
Baron, 2012). These are various traits and abilities that helps individuals to make business
successful are defined below:
Good planning capabilities: Entrepreneur require to have ability to formulate adequate
program and plan about different activities required to be executed to deliver items in according
to taste and preference of people. It is necessary that Spice on Wheel has proper procedure and
sequence formulated for each activity, so that appropriate things are manufactured and delivered
in market.
Management skills: This trait define that owner need to have adequate amount of
resources to organise system and make it function effectively. Owner of Spice on Wheel has
sufficient funds, material and manpower which benefit firm to deliver food items in according to
taste and preference of people. Along this, administration even frame policies and tactics to
conduct business activities in proficient manner.
Communication skills: Entrepreneur need to have skills and ability to interact with
members to direct them and inform about tasks and duties required to be executed to achieve
targets assigned to them by top personnels. Owner of Spice on Wheel has good communication
ability which help them to organise business activities effectively and deliver items and services
to people in according to their needs and wants. Also this, they will be able to retain staff for
longer period by informing them about goals and objectives of firm (Kariv, 2013).
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Domain knowledge: Owner require to have accurate and complete information about
market conditions. This help them to anticipate various ideas and thoughts; thereby establishing a
new venture in according to demands of people. Individual will be able to operate business
activities only if they have complete information about tools and techniques that are
implemented in system.
Risk taker: This trait define that entrepreneur need to have adequate money to purchase
raw material and various resources to execute appropriate business activities. It is essential that
individual is ready to take risk as funds invested in business might not be able to utilised
properly.
Leadership skills: This tactic specifies that businessperson require to direct members and
provide guidance to make staff perform tasks effectively. Management provide duties and tasks
to employees in according to their skills and abilities. Along this, they even formulate strategies
and policies to give instruction to workers about activities (Klotz, and et. al., 2014).
Customer service skills: Entrepreneur main target to launch new venture is to execute
business operations in according to needs ans wants of people. Spice on Wheel is fast food chain
which is established by individual to provide variety of things in respect to taste and preference
of customers. Owner need to use latest tools and techniques to deliver fresh and quality food
items to people.
Marketing abilities: Administration require to have ability to promote information to
public about different variety of items and services. It is necessary that appropriate marketing
plan which includes information about marketing mix that is product, price, place, promotion,
people, process and physical evidence. Spice on Wheel is new venture being set up in London,
so entrepreneur uses advertising, sales promotion, personal selling, online marketing and social
media to aware individuals about company and attract them to purchase products according to
their needs and wants.
Thus, businessperson of Spice on Wheel comprises these skills and capabilities which
help them to conduct operations adequately and generate appropriate revenue from business.
Henceforth, this is an innovative firm which is launched by entrepreneur to provide adequate
facility to people. This outlet provides variety of fast food items to people of London.
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TASK 3
P5 Different promotional activities and channels for launching new venture
Every organisation has marketing department whose responsibility is to design
appropriate marketing plan which help management to design system and execute business
activities effectively. It is essential that adequate promotional techniques are used by Spice on
Wheel to launch firm and aware public about business. Promotional activities include various
tasks conducted by manager to enhance market image and reputation are stated beneath (Kuratko
and Hornsby, 2017):
 Formulate strategy and attractive message to attract people.
 Identify different forms of promotional techniques.
 Select best tools which help them to target customers and inform them about products
and services.
These are various promotional tactics that are used by company are stated below:
Direct marketing: This technique is used by entrepreneur to inform people about items
and services to attract them and make them purchase things in according to their needs and
wants.
Advertising: Television, radio, newspaper and magazine are various tools used by Spice
on Wheel to grab attention of people by communicating them about new venture set up in market
(Morris, 2015).
Social media: Facebook, YouTube, Twitter and Google are various techniques used by
Spice on Wheel to attract people by informing them about place of venture, products and
packages. Along this, management provide various effective sales promotion programmes such
as coupon, voucher, rebate and various offers to influence people and persuade them to visit
outlet.
P6 Develop an appropriate promotional activities plan for both launch and pre-launch
Entrepreneur require to establish good market position and goodwill to attract people.
Spice on Wheel which is new venture established in London need to use different promotional
techniques to inform public about business and products. Marketing team uses various
promotional techniques to inform people about launch of business and different variety of food
items. This help them to grab attention of people and establish brand image in market. Thus, it is
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necessary that company makes promotional activities plan for both launch and pre-launch are
defined below (Read and et. al., 2016):
Pre-launch promotions: Spice on Wheel which is fast food chain need to inform people
about their setting outlet in market. It is essential that entrepreneur has adequate funds and
resources to execute business activities effectively. Along this, they even need to assess needs
and wants of people to design system and implement appropriate tools and technologies to
provide quality food food items to customers. These are techniques used for pre-launch are as
follows:
Advertising: Television, radio and newspaper are tools used by Spice on Wheel to inform
people about launch of company to assess whether public has requirements to get movable
restaurant. This helps entrepreneur to have accurate and complete information about thinking and
ideas of people in respect to this form of organisation.
Publicity: This is another tool that Spice on Wheel use to establish good position and
image in market by informing people about set up of chain in London. This helps management to
attract investors and influence them to have adequate funds to organise business operations in
efficient manner (Salamzadeh, 2015).
Launch promotion: Spice on Wheel uses various promotional techniques to inform
people and attract them to visit outlet to purchase food items in according to their taste and
preference. It is necessary that customers have information about outlet which help entrepreneur
to grab attention of people and establish good image and goodwill in market. These are tools
used by company are described below:
Sales promotion: Spice on Wheel entrepreneur has designed various offers such as
discount, rebate, vouchers and coupons to attract people by providing food items at appropriate
rates. This help superior to establish competitive advantage and position higher than rival firms.
Social media: Facebook, Twitter, Blogging, YouTube and Instagram are various tools
used by Spice on Wheel to inform people about variety of food items to attract customers.
Online marketing: E-mail is appropriate tool used by Spice on Wheel to establish connection by
people by providing them information about venture and food items. Along this, management
even give data to customers about packages and various offers to attract them and influence
consumers purchase things in respect to their taste and preferences (Fisher and et. al., 2017).
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TASK 4
P7 Monthly cash budget for the pre-launch phase
Entrepreneur require to have adequate capital to purchase appropriate resources that is
raw material, machinery and various instruments to organise business activities effectively. Spice
on Wheel is new venture which is being set up in London. Owner constitute budget plan which
defines information about allocation of funds in each activity. It is essential that management
provide variety of food items in respect to needs and wants of people which help them to
construct good position and image in market. Thus, this is monthly cash budget which is stated
below (Wales, Wiklund and McKelvie, 2015):
Year 2018 July August Sept Oct Nov
Food Sales amount 42,152 42,563 43,526 43,568 44,124
Beverage Sales 19,751 12,451 12,456 13,452 14,528
GROSS SALES (Total) 61,903 55,014 55,982 57,020 58,652
COGS
Food 14,525 14,046 14,364 14,377 14,561
Beverage 6,515 3,113 3,114 3,363 3,632
GRAND TOTAL 21,040 17,159 17,478 17,740 18,193
GP 40,863 37,855 38,504 39,280 40,459
General and
Administrative
Workers Salaries 15,476 13,754 13,996 14,255 14,663
Management Salaries 3,400 3,400 3,400 3,400 3,400
Employer
Taxes/Benefits (15%
Wages) 2,265 2,058 2,087 2,119 2,168
Employees
Compensation (6%
1,133 1,029 1,044 1,059 1,084
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Wages)
Advertisement 800 800 800 800
800
Bookkeeping 150 150 150 150 150
Credit Card Charges
(1%) 619 550 560 570 587
Insurance 250 250 250 250 250
Legal and Professional
Fees 100 100 100 100 100
Misc. Other 250 250 250 250 250
Office Supplies 175 175 175 175 175
Rent 3,200 3,200 3,200 3,200 3,200
Repair and
Maintenance 300 300 300 300 300
Small Equipment 200 200 200 200 200
Telephone [phone]
Garbage 200 200 200 200 200
Utilities 1,200 1,200 1,200 1,200 1,200
Total Gen. and Admin.
(Fixed) 29,867 27,766 28,062 28,378 28,876
NET PROFIT OR LOSS 10,996 10,089 10,443 10,901 11,583
SBA Loan 3,582 3,582 3,582 3,582 3,582
Cash Flow After
Financing 7,414 6,507 6,861 7,319 8,001
Draw 4,000 4,000 4,000 4,000 4,000
Net Cash Flow 3,414 2,507 2,861 3,319 4,001
Accumulated Cash
Flow 5,921 8,782 12,101 16,102
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Average Daily Sales /
22 days 2,814 2,501 2,545 2,592 2,666
Dec Jan Feb March April May June
YTD
2019
44,325 44,658 45,210 45,325 46,251 46,325 47,125 5,35,152
15,574 15,487 16,421 16,251 17,452 17,245 17,845 1,88,913
59,899 60,145 61,631 61,576 63,703 63,570 64,970 7,24,065
-
14,627 14,737 14,919 14,957 15,263 15,287 15,551 1,77,215
3,894 3,872 4,105 4,063 4,363 4,311 4,461 48,806
18,521 18,609 19,025 19,020 19,626 19,599 20,013 2,26,021
-
41,379 41,536 42,606 42,556 44,077 43,972 44,958 4,98,045
- - - - - - - -
14,975 15,036 15,408 15,394 15,926 15,893 16,243 1,81,016
3,400 3,400 3,400 3,400 3,400 3,400 3,400 40,800
2,205 2,212 2,257 2,255 2,319 2,315 2,357 26,618
1,102 1,106 1,128 1,128 1,160 1,158 1,179 13,309
800 800 800 800 800 800 800 9,600
150 150 150 150 150 150 150 1,800
599 601 616 616 637 636 650 7,241
250 250 250 250 250 250 250 3,000
100 100 100 100 100 100 100 1,200
250 250 250 250 250 250 250 3,000
175 175 175 175 175 175 175 2,100
3,200 3,200 3,200 3,200 3,200 3,200 3,200 38,400
300 300 300 300 300 300 300 3,600
200 200 200 200 200 200 200 2,400
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150 150 150 150 150 150 150 1,800
200 200 200 200 200 200 200 2,400
1,200 1,200 1,200 1,200 1,200 1,200 1,200 14,400
29,256 29,331 29,784 29,768 30,416 30,376 30,803 3,52,684
-
12,122 12,205 12,822 12,788 13,661 13,596 14,155 1,45,361
3,582 3,582 3,582 3,582 3,582 3,582 3,582 42,984
8,540 8,623 9,240 9,206 10,079 10,014 10,573 1,02,377
4,000 4,000 4,000 4,000 4,000 4,000 4,000 48,000
4,540 4,623 5,240 5,206 6,079 6,014 6,573 54,377
20,643 25,266 30,505 35,712 41,791 47,804 54,377
2,723 2,734 2,801 2,799 2,896 2,890 2,953
P8 An appropriate legal form for the ventures
Organisation require that business activities are executed in according to market
conditions. It is essential that entrepreneur of Spice on Wheel formulate strategies and design
system which help them to execute business operations effectively and deliver appropriate food
items in according to taste and preference of people. Sole Proprietorship: This is form of venture which define firm which is started and
regulated by particular individual which conduct operations to generate adequate profit
from business.
 Partnership firms: Two or more people comes together and sign agreement to use funds
and resources adequately; thereby execute business activities in effective manner.
Spice on Wheel is food chain which is started in sole proprietorship; so entrepreneur
frame rules and regulations to make system function in according to government laws and
legislation. This help owner to utilise funds and deliver appropriate food items in market in
according to taste and preference of people (Santos and et. al., 2015).
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CONCLUSION
From the above report, it can be concludes that new venture are established in market to
enhance and develop state of nation. Individual has innovative ideas and thoughts which is
executed to establish business firm and deliver appropriate items and services in market.
Entrepreneur need to has adequate tangible and intangible resources to conduct business
activities effectively. Along this, they even require to have appropriate skills and abilities to
design system and take decisions about cash budget and policies in respect to government
legislations. Thus, promotional techniques such as advertising, online marketing, social media
and sales promotion are used to attract customers and enhance sales and profitability.
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