Planning A New Business Venture Assignment - Unicorn

Planning a new
business venture

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Analysis of different types of business concerns based on their risks, benefits and
limitations...............................................................................................................................1
1.2 Analyse sources of finance for different business concerns.............................................2
1.3 Legal considerations regarding planning of a business venture.......................................2
TASK 2............................................................................................................................................3
2.1 Analyse market conditions that impact on setting up a new business venture.................3
2.2 Analyse gaps in the market for potential products...........................................................4
2.3 Analyse target markets for a business venture.................................................................4
TASK 3............................................................................................................................................5
3.1 Develop the mission, vision, aims and objectives of the business...................................5
3.2 Interpret external factors to justify need for your business product.................................6
3.3 Specify the business product to meet needs.....................................................................6
3.4 Propose business structures and systems that will deliver business aims and objectives 7
3.5 Produce business planning forecasts based on targets.....................................................7
3.6 Identify business responses if targets not met..................................................................8
TASK 4............................................................................................................................................8

4. Covered in PPT...................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Planning is a quite important process which affects overall functionality of a business
concern. Business ventures normally get initiated at a quite smaller scale. Many a times money
or capital can be invested by more than one individuals or a groups. Main aim of people who
invest in funds is mainly earning higher profits . Business ventures in competitive market get
initiated due to demands of market or lack of supply (Kuratko and Hornsby, 2017). This report
has been framed on Unicorn which is a small scale business concern located in Manchester, UK.
It is basically a grocery store that deals in organic food products at fair prices. This report
encompasses various topics such as different types of business concerns along with their risks
and benefits. Also this report focusses on various factors that drive market potential along with
skills that help in developing business cases. Lastly this report mentions details regarding
pitching of a business proposal.
TASK 1
1.1 Analysis of different types of business concerns based on their risks, benefits and limitations.
Case Scenario: This report has been framed base on a supermarket chain store of UK
named as Unicorn groceries. This organisation was basically chosen so as to evaluate the impact
any new development idea or plan has on small and medium sized business concerns.
Business concerns can be of various types depending upon their size scale and area of
operations as well. These business concerns can further be divided into 5 broad categories:
Type of business
concern
Risks Benefits Limitations
Sole
Proprietorship
Personal assets of
individual are considered
as assets of business
It is owned by one person
hence decision making
becomes quite easy.
Raising higher
amount of funds is
quite difficult.
Partnership Each partner is jointly
and severally liable for
another.
Higher amount of profits
can be generated as
compared to sole
proprietorship.
Decision making is a
complicated process
Company There are a number of It is a separate legal Business decision
1