Entrepreneurship Development: Value Proposition, Business Canvas, and Financial Plan

This document discusses entrepreneurship development and its importance in economic growth and employment generation. It focuses on Photo Travel, a company offering photography services and digital marketing. Topics covered include value proposition canvas, business canvas model, and financial plan. The role of CFO and CMO in customer engagement and marketing strategy is also explored.

Entrepreneurship
Development
1

Contents
INTRODUCTION...........................................................................................................................3
VALUE PROPOSITION CANVAS...............................................................................................4
Customer Value Proposition Canvas...........................................................................................4
LEAN BUSINESS CANVAS.........................................................................................................5
Business canvas model................................................................................................................5
C LEVEL SPEICALIST..................................................................................................................9
Customer engagement plan and CMO marketing strategy..........................................................9
FINANCIAL AND FINANCING PLAN......................................................................................11
Financing plan...........................................................................................................................11
SUMMARY...................................................................................................................................11
Why should investors invest in venture.....................................................................................11
REFRENCES.................................................................................................................................13
APPENDIX....................................................................................................................................14
2

INTRODUCTION
Entreprenurship development is determined as a procedure through which an individual
can enhance its skills as well as knowledge related to entrepreneur by attaining training programs
and classrooms. The main motive of establishing an entrepreneurial unit is to increase numbers
of entrepreneurial venture around the world who generally have unique and innovative ideas or
thoughts for attracting customers and retaining them (Cecora, 2019). Entreprenurship
development also helps in nations in development of economy and generating employment. The
respective report is based on Photo Travel which provides comprehensive and professional
photography services through their latest digital photography equipments. Moreover, they also
provide services related to digital marketing, advertisement, campaign, brand project
photography, blogger editors and many more. They also create customize packages according to
the requirement as well as budget of the client.
At respective report of entrepreneurship development I am performing role of CFO
(Chief Finance Officer), who conducts monitoring and management of all financial activities at
the workplace. These people are Head of Financial as well as Accounting Department who
perform activities related to finance management and risk operations of business venture. Along
with this there are several role of perform by Chief Finance officer such as they conduct
auditing, controlling of activities, treasury, financial planning, budget development and many
more activities (Far and Rezaei-Moghaddam, 2019). In addition to this they also provide
guidance as well as supervision to subordinates of their department so that they can perform task
properly according to planning.
Photo Travel developed objective which is related to profitability and sales of venture
through understanding objective they able to develop strategies as well as conduct work
accordingly. The estimated sales of respective company at initial year are 200000 units and they
are expected to get revenue of 250000. Along with this Photo Travel also predicted their total
cost which is of 100000. The main of developing this report is to understand business plan of
Photo Travel so that further strategies or plan can be developed properly. Topics included in the
respective report are value proportion canvas, business canvas model and financial plan.
Moreover it will also include CMO marketing strategy and plan for customer engagement.
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VALUE PROPOSITION CANVAS
Customer Value Proposition Canvas
Customer value proposition canvas is considered as process of marketing segment that
generally focuses on a particular targeted customer group. It is determined as main factor which
through which an organization will ensure that they are providing quality as well as effective
services and products to their potential customers according to their requirement and need (Horst
and Murschetz, 2019). By adopting this canvas several benefits can be attain such as employees
can develop or design products or services according to customers requirement and expectations
through that business can be boost at potential marketplace. There are main two sides of
customer value proposition canvas and both sides are divided into three aspects, explanation of
all aspects are given below:-
The right side of customer value proportion canvas show information related to customer
profile that is bifurcated into three factors such as customer job, gains and pain as well as it is
essential for Photo Travel to consider these factors while developing decision related to its
offerings (Jones and Sakong, 2020). Gain factor is related with the effectiveness of services
which are provided by Photo Travel such as it is effective in nature, efficient produce within
given time frame, save time of public transport, professional services and outcome, own comfort
and luxury services option. These are main gains attain by customers by hiring services from
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Photo Travel. Another aspect is pains which may customer experience while availing services
such as time management and photo edits, traffic and organizing bespoke tour. Third aspect is
jobs that are conducted by a company and customers while getting services from the Photo
Travel and that will include book a photographer and vehicle, sightseeing, professional high
quality photos, organizing of tour and so on (Mitra, 2019). These are the main services which are
experienced by a customers or audiences when they avail services and products from the Photo
Travel.
In addition to this, left side element of customer value proportion canvas is divided into
three aspects that will include products and services, pain relievers, gain creators; these all
aspects help in conducting work in effective as well as successful manner. In respect of Photo
Travel services offer by them are professional photo shoot or photography options for tour of
London, United Kingdom. Along with this they also provide luxury vehicles such as Mercedes V
Class. Second aspect is pain relievers offer by respective company are two services can be
booked as one, time saving and comfortable services as well as they also have professional who
click effective photos which lead to significant landmarks on customers for a lifetime. Through
this respective company able to attract more and more customers as well as it will also help in
retaining customers for the lifetime. Last and third aspect is gain creators which will include
luxury vehicles, develop tour packages for visiting most famous landmarks in London, United
Kingdom. Along with this they also offer bronze, silver and gold packages as well as they also
customize packages for satisfying customer’s need and demand.
LEAN BUSINESS CANVAS
Business canvas model
Business canvas model is determined as tool or techniques that are used by an
organization for dedifferentiating different elements of any business unit. The main objective of
developing or creating this model is to aware stakeholder that can be internal or external about
the business ideas or thought as well as it will also develop understand about the business key
areas (Morozova, Popkova and Litvinova, 2019). By developing effective business canvas model
an organization able to attract more and more investors toward themselves and it will also
encourage them to invest in business venture. For management it is essential to mentioned all
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necessary and detail information of business in business canvas model because through that they
able to attract more investors for attaining more funds. In respect of Photo Travel, it is a new idea
according to which they offer huge and creative options of photography which attract more and
more customer at the potential marketplace as well as this will also attract investors at huge ratio
(Pinkovetskaia and et. al., 2019). By developing business canvas model respective company able
to provide wide information to the investors which encourage them to show proper interest and
provide funding to the business. Business model canvas of Photo Travel is given below:-
Key partners
Barclays Bank
 They
will
facilitate
the
business
by
providin
g
financial
support
Nikon Cameras
 They
offer
testing of
new and
existing
products
Canon Cameras
 They
Key activities
 They main
activity is to
offer
photography
as well as
chauffeur
services
around
London,
United
Kingdom.
Value
proposition
 Professio
nal photo
shoot
option
with
luxury
vehicle.
 Effective
service,
time
saving on
public
transport,
professio
nal
photograp
her, full
of
comfort
and so on.
Customer
relationship
 Through
the Phone
assistance
, Social
media
and Live
chat
through
Website.
Customer
segment
 Bloggers
 Influenc
ers
 Fashion
editors
 Travel
editors
 Digital
creators
 Wedding
arrange
ments
 Tourists
Key resources
 Suppliers
 Logistics
 Management
Team
 Development
Team
 Branding
name team
Distribution
channel
 Different
medium
of Social
media
 Travel
bloggers
 Influence
rs
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will also
provide
testing
option of
new and
existing
products
MTC
Chauffeuring
LTD
 They
will
provide
services
like
vehicles;
last
minutes
arrangem
ent as
well as
they also
helps in
overflow
work
situation.
 Financial
team
 Develop
ment of
package
according
to
customers
need and
requireme
nt. Option
of
Bronze,
Silver and
Gold
package.
 Mobile
Marketin
g
 Word of
mouth
Cost structure
 Estimation of startup cost is around £ 100
000.
Revenue stream
 Website
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 Fixed cost will include Rent, car
insurance and camera insurance.
 Variable cost will considered Employees,
photographers, chauffeurs, marketing,
bills, camera maintenance and supplies.
 Advertisements
 Selling of photo presets and stock
images
 Additional services options like printed
photo and albums according to customer
demand.
Key partners: It refers to those persons who take part in the company decision making
process as well as they also provide funds for conducting business activities in effective manner.
In respect of Photo Travel their main partners are Barclays bank who provides funds to them for
conducting activities proper (Rezaei-Moghaddam and Izadi, 2019). They also have Nikon and
Canon Cameras as a partner who sponsor them cameras for testing and reviewing as well as they
also have MTC Chauffeuring LTD as partner who provide support related to vehicle and
arrangements.
Key activities: It is determined as activities which a company conduct in order to boost
their business and gaining high profitability ratio. In respect of Photo Travel their key activity is
to offer wide range of photo shoot options along with chauffeur services at the famous location
of United Kingdom i.e. London.
Key resources: It is considered as those resources or material through which a company
can conduct their practices in effective manner which help them in attaining their desire goal as
well as objectives (Roberts, Murray and Kim, 2019). In respect of Photo Travel their key
resources are suppliers who supply camera and other products, logistics, management team,
development team, branding name team and finance team. Through these resources respective
company able to conduct their business activities in effective as well as appropriate manner.
Value proposition: It is determined as one of the main aspect of model which is essential
to considered while developing decision related to the business operations and functions. In
respect of Photo Travel their value proposition activities are photography options with luxury
vehicle, time saving on public transport, professional photographer, full of comfort services as
well as they also provide customize services to customers.
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Customer relationship: This is determined as activities that are conducted by an
organization for attract customers as well as developing proper relationship with them so that
company can attain their desire goal in successful manner. In respect of Photo Travel, they will
adopt phone assistance, different social media channel and live chat through websites.
Distribution channels: It refers to different channels of distribution which a company
can adopt in order to deliver their products or services in proper manner to its potential
customers because through that they can attain desire goal as well as objectives (Sergi and
Scanlon, 2019). In respect of respective business they adopt channels like travel bloggers,
influencers, mobile marketing, word of mouth and different channels of social media.
Customer segment: It is determined as particular section of customers on which an
organization is focusing as well as they develop products or services for them. In respect of
Photo Travel their segmented customers are bloggers, influencer, fashion and travel editors,
digital creators, wedding arrangements and tourist.
Cost structure: In is determined as cost which is incurred during conducting business
operations and functions so that they attain their desire goal as well as objectives effectively. In
respect of Photo Travel their estimated cost is nearby £ 100 000 and they bifurcated their cost
into fixed as well as variable cost which helps them in developing budget.
Revenue stream: It is determined as activities which are conducted by an organization in
order to generate high revenue at the marketplace (Sitdikova and Starodumova, 2019). In context
of Photo Travel, their revenue stream are website, advertisement, selling of stock image and
photo presets as well as they also have addition service option like printed photo, albums and
other material according to customers.
C LEVEL SPEICALIST
Customer engagement plan and CMO marketing strategy
Customer engagement plan is determined as procedure by which an organization can
attract and encourage its potential customers so that they can retain with firm for long time as
well as it will also help in enhancing brand value of company at the potential marketplace. By
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developing customer engagement plan, company able to growth its business at market which
help in gaining competitive advantage (Uduji, Okolo‐Obasi and Asongu, 2019). Along with this
for conducing effective customer engagement plan an organization need to conduct effective as
well as attractive advertisement so that they can attract huge numbers of customers toward them.
In the process of development of effective customer engagement plan CMO (Chief Marketing
Officer) plays an important role as they handle activities related to marketing such as
advertisement, brand awareness, promotion, distribution strategies and so on. CMO also help in
conducting smooth functioning of company by enhance its brand value at marketplace. They also
do reporting to chief executive officer on regular basis as they are responsible for handling all
operations related to marketing in effective manner.
In respect of Photo Travel, which offer wide and unique range of photography options to
the potential customers so that they get encouraged to avail their services. In order to this CMO
of respective company will perform several duties such as they conduct planning of marketing
activities so that they can attract more and more customers toward the services successfully.
CMO will market that Photo Travel is offering wide range of photo shoots options according to
the budget of customers and this will help them in covering and attracting all income class
people in effective as well as efficient manner. In addition to this, respective company chief
marketing officer can also adopt different social media channel such as facebook, twitter,
linkedin, instagram and so on. This is so because through this respective company able to cover
wide range of customers from domestic, local and international level. Through this they also able
to develop as well as retain effective customer’s relation and it also help in resolving quarries of
customers properly (Varga and et. al., 2020). Chief marketing officer of Photo Travel also need
to consider budget while planning the marketing or promotion activities because that will help in
develop proper strategies through which they can attain desire goal and objective in budgeted
form. Along with this they also need to consider several other aspects while developing
strategies such as cost of travelling, camera, suppliers, employees, investors and many more
because that will help in developing proper decision. Moreover, by considering these factors
respective company chief marketing officer able to attain its desire goal as well as objectives in
effective manner and it will also help them in attract more customers.
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FINANCIAL AND FINANCING PLAN
Financing plan
Financial plan is determined as the comprehensive statement of an individual or a firm’s
long term aim that is related to its security, saving details, well being, investment strategies and
many more (He, Lu and Qian, 2019). This can be developed by a company independently or
along with any professional financial planner. The main aim of conducting financial planning is
to do financial activities as well as management in effective as well as successful manner. In
respect of Photo Travel they come up with new and innovative idea that is related with the
offering wide range of photo shoot option at the beautiful location i.e. London, United Kingdom.
Along with this, respective company also offers customize services to their customers according
to their budget as well as requirement. For this they conduct financial planning and for that they
estimate sales, profitability and total cost which are shown in appendix of report. The estimated
sales of Photo Travel are 200000 and for which they are predicting to get revenue of 250000 at
the initial year. Along with this their estimated total cost is of 100000 through which they can
conduct their business operations properly and successfully.
SUMMARY
Why should investors invest in venture
Photo Travel is the new business development concept which is created by team and
according to this business plan they will provide different types of photo shoots options
according to the customers or client demand and requirement. That will include services for
digital marketing lie advertisement, brand promotion project; campaign etc. as well as they also
provides luxury photography options for the fashion influencer, tourist, wedding arrangements,
and travel bloggers and so on. Along with this they also offer customize services according to
customer’s need, demand and comfort. This idea of Photo Travel is unique as well as creative
which help them in attracting investors because through this idea investors generate high
profitability and market shares. Through this idea of providing different options of photo shoots
for customers according to their requirement respective company will able to attract more and
more customers. In addition to this Photo Travel able to attract more investors as well as
encourage them to invest those in their business respective company will attract huge section of
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customer which include middle class, upper middle class and upper class. This is so because
respective company offer wide range of services as well as that can be customize according to
customer’s requirement.
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REFRENCES
Books and Journals
Cecora, J., 2019. Cultivating grass-roots for regional development in a globalising economy:
innovation and entrepreneurship in organised markets. Routledge.
Far, S. T. and Rezaei-Moghaddam, K., 2019. Multifunctional agriculture: an approach for
entrepreneurship development of agricultural sector. Journal of Global
Entrepreneurship Research. 9(1). p.23.
He, C., Lu, J. and Qian, H., 2019. Entrepreneurship in China. Small Business Economics. 52(3).
pp.563-572.
Horst, S. O. and Murschetz, P.C., 2019. Strategic media entrepreneurship: Theory development
and problematization. Journal of Media Management and Entrepreneurship
(JMME). 1(1). pp.1-26.
Jones, L. P. and Sakong, I., 2020. Government, business, and entrepreneurship in economic
development: The Korean case. Brill.
Mitra, J., 2019. Entrepreneurship, innovation and regional development: an introduction.
Routledge.
Morozova, I. A., Popkova, E. G. and Litvinova, T. N., 2019. Sustainable development of global
entrepreneurship: infrastructure and perspectives. International Entrepreneurship and
Management Journal. 15(2). pp.589-597.
Pinkovetskaia, I. and et. al., 2019. Female entrepreneurship development in the Russian
Federation. Amazonia Investiga. 8(18). pp.111-118.
Rezaei-Moghaddam, K. and Izadi, H., 2019. Entrepreneurship in small agricultural quick-impact
enterprises in Iran: Development of an index, effective factors and obstacles. Journal of
Global Entrepreneurship Research. 9(1). p.17.
Roberts, E. B., Murray, F. and Kim, J. D., 2019. Entrepreneurship and innovation at MIT:
Continuing global growth and impact—an updated report. Foundations and Trends® in
Entrepreneurship. 15(1). pp.1-55.
Sergi, B. S. and Scanlon, C. C. eds., 2019. Entrepreneurship and Development in the 21st
Century. Emerald Publishing Limited.
Sitdikova, L. B. and Starodumova, S. J., 2019. Corporate agreement as a means of providing
security in the course of entrepreneurship development. Entrepreneurship and
Sustainability Issues. 7(1). pp.324-335.
Uduji, J. I., Okolo‐Obasi, E. N. and Asongu, S. A., 2019. The impact of e‐wallet on informal
farm entrepreneurship development in rural Nigeria. The Electronic Journal of
Information Systems in Developing Countries. 85(3). p.e12066.
Varga, A. and et. al., 2020. Estimating the economic impacts of knowledge network and
entrepreneurship development in smart specialization policy. Regional Studies. 54(1).
pp.48-59.
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APPENDIX
Cost structure
Particulars Amount Amount
Fixed cost 32000
Rent 2000
Car insurance 10000
Camera insurance 15000
Variable cost 68000
Employees salary 3000
Photographers salary 5000
Chauffeurs 5000
Marketing expenses 15000
Bills 10000
Camera maintenance 15000
Supplies 15000
Total cost 100000
Revenue stream
Particulars Amount
Sales (120000-100000= 200000) 200000
Revenues:
Website 10000
Advertisements 15000
Selling of photo presents and stock images 10000
Additional services 15000
Total 250000
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BEP= Fixed cost/contribution
Contribution per unit = Sales - variable cost
= 200000-68000
= 132000
Contribution per unit (100 units) = 132000/100
= 1320
BEP= 32000/1320
= 24.24 or 24 units
Cash flow analysis:
Particulars Amount Amount
Cash receipts: 200000
Opening balance -
Sales 200000
Total 200000
Cash payments: 100000
Rent 2000
Car insurance 10000
Camera insurance 15000
Employees salary 3000
Photographers salary 5000
Chauffeurs 5000
Marketing expenses 15000
Bills 10000
Camera maintenance 15000
Supplies 15000
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Total 100000
Net balance of cash (200000-100000) 100000
Sources of funds
 Bank loan
 Using personal capital
 Usage of funds
Usage of funds
 Rent payment
 Salaries payment
 Advertisement cost payment
 Payment to suppliers
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