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New Business Entrepreneurship Assignment

Added on - 17 Jun 2021

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Running Header: Entrepreneurship New Product New BusinessEntrepreneurship New Product New BusinessAuthors Name:Authors ID:
Entrepreneurship New Product New BusinessExecutive SummaryCompanies who start a new business venture more likely to analyze the market trends carefully.There are numerous risks that companies are facing to being with their start-ups like managingcost and proper utilization of resources. Research about the market and competitors is one of thechallenges that most of the companies face nowadays. It has been reported by the businessprofessionals that development of a business plan is essential for a company to achieve theirtargeted goals and to gain the competitive advantage in the market. The report covers essentialdetails about developing a business plan for a new business ventureprosthetic limb electronicoperated. The below presented is the marketing plan that has been developed for promoting andestablishing the brand identity and recognition in the market regions.
Entrepreneurship New Product New BusinessContentsIntroduction......................................................................................................................................4Entrepreneurial business plan..........................................................................................................4Primary parts of Entrepreneurial business plan...............................................................................4Business Planning............................................................................................................................5Business Plan for Shippit.................................................................................................................6Business Goals.................................................................................................................................8Management Plan............................................................................................................................8Market Research and Analysis........................................................................................................9Types of market research.................................................................................................................9Marketing Plan...............................................................................................................................10Operational Plan............................................................................................................................11Conclusion.....................................................................................................................................13References......................................................................................................................................14
Entrepreneurship New Product New BusinessIntroductionAustralia is well known for having a stable economy rate as compared to other countries of theworld. The country is facing challenges for the stability of small businesses and also the newentrants in the market. The most famous small businesses include retailing, travel & tourism, ITservices, healthcare centers and many more (Armstrong, Kotler, Harker and Brennan, 2015).This report is going to discuss the existence of new business ventures in the market. A marketanalysis will be done and accordingly different types of business plans will be discussed in thisreport. Importance of a business plan and how these are implemented for the given product willbe discussed in detail in this report.Entrepreneurial business planIt is a kind of written document that describes the business activities that is performed by a smallbusiness venture. It demonstrates which type of plan you want to work on and how you will begoing to achieve it. It includes the planning of business strategies in collaboration with the otherteam members of a company (Abam, 2018). Group meetings are organized by the seniormanagers to proceed with the decision-making process. Entrepreneurial business planentrepreneurs deal with the investors of a going project. Deals with the company’s suppliers arealso managed effectively using such a business plan. Entrepreneurs have to visualize the conceptof the market trend that they want to accomplish for their business. This type of plan is requiredto analyze the potential risks that are occurring in the market. It helps the entrepreneurs toeffectively collaborate with the investorsPrimary parts of the Entrepreneurial business planBusiness Concept: in this discussion about an industry, business structure,product/service, and the planning for business success is done. All these things arenecessary to be considered when determining the business concept.Marketplace Section: in this part, the potential customers of the business are identified,buyer's journey and buyer's persona is created. Also, the competitor analysis is also donefor the business to identify the potential risks and to plan out their mitigation strategies.
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