Entrepreneurship Development: Lean Start-Up and Business Objectives

Entrepreneurship
Development

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Description of the lean Start-Up.................................................................................................1
Description of the Business Objectives related to Profit, sales revenue and profit margin for
the first three years of operation..................................................................................................2
Explanation of the Customer Value Proposition Canvas............................................................3
Explanation of the ‘Lean’ Business Model Canvas....................................................................4
Description of the possible future developments or changes in direction..................................7
Reason to provide finance to this Lean Start-Up........................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9
Appendix 1.....................................................................................................................................10
The Marketing Plan...................................................................................................................10
The Operational plan.................................................................................................................10
The technical Solution and Information Technology plan........................................................11
The Human Resources and Organisation Plan..........................................................................11
Appendix 2.....................................................................................................................................11
The Financial Plan.....................................................................................................................11
.......................................................................................................................................................12

INTRODUCTION
Entrepreneurial venture is a business starting by an individual or group of individuals to
fulfil unmeet needs of consumers in society. The person who started business is known as
entrepreneur. This person having prime liability of setting up business activities by taking risks
and identifying opportunities in market. It is a duty of an entrepreneur is to frame the goals and
objectives for further direction of staff members in right direction. Starting of new business is not
easy task. This requires lots of efforts and research. The different aspects on which needed to
focus includes market size, opportunities, risks, resources, regulations, competitors and
investment. Effective level of planning help an entrepreneur to understand needs and building
appropriate strategies (Aidis, 2017). This will definitely have positive impact from where
possible to attain desired level of success. There is also huge impact of external factors on
business activities. These are not in control of a organisational management so they always
needed to research about these to gain knowledge about conditions. This will provide an
opportunity to identify both opportunities and risks so able to take decisions accordingly for
ascertaining sustainability in business operations. The main aim of this report is also to analyse
different market determinants in development of successful working plan for a new business.
The current new business idea is about development of mobile application that will enable
consumers to draw a customised design which they want to be printed on their ordered t shirt.
The aspects covering in this report includes description of the lean Start-Up, description
of the Business Objectives related to Profit, sales revenue and profit margin for the first three
years of operation, explanation of the Customer Value Proposition Canvas, explanation of the
‘Lean’ Business Model Canvas, development of the detailed development plan, description of
the possible future developments or changes in direction and reason to provide finance to this
Lean Start-Up.
MAIN BODY
Description of the lean Start-Up
The main business idea is about development of mobile application that will enable its
users to draw a customised design which they want to be printed on their ordered t shirt. This
business idea is based on modern trend where people wants to wear t shirts on trendy and current
themes. There is huge scope of such business activities in clothing industry. This will provide an
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opportunity to build distinct image where people will easily get their own taste of t shirts at their
home. It is totally mobile application based business. Once the order will received from
consumer side, production is starting at workplace to prepare the same. There are no physical
stores at any place. All the consumers who want customised t-shirts has to place order over
mobile application (Ayoade and Agwu, 2016). T-shirt will be delivered within 3 to 4 working
days of ordering at the provided address of consumers. This idea determined after market
research where trend identified in market about customised t-shirts. So, the option of designing
prints over t-shirts will be effective in nature to attract different number of individuals from
diversified categories. This is very much in trend among youth who like to experiment with their
clothings and styles. The another category that get influenced from same is individuals belonging
from fashion industry. This will present as opportunity to design t-shirts on different themes and
showcasing same on different occasions accordingly. The another benefit associated with this
business is its overall nature of digitalised operations. Large number of people from young
generation present over digital platforms and simultaneously using different applications to
perform their day to day routine activities. This nature of friendliness help in attraction of youth
towards mobile application and usage of services to fulfil their desires regarding clothings. Also,
marketing over different social media platforms aid in spreading awareness about business
among youth in speedy manner. This will must having positive futuristic impact that aid in
increasing its number of users.
Description of the Business Objectives related to Profit, sales revenue and profit margin for the
first three years of operation
Development of business objectives is important to direct staff members (Ganiya, Yinusa
and Lawal, 2016). This will aid in clarifying points on which they have to focus or work for
ascertaining overall business objectives. Business objectives in relation to the current business
idea are presented below;
 To gain 20% of market share in initial period of 6 months working
 To establish profit margin of 20% within time period of 2 months from starting business
operations
 To gain profit of 1 million from working of 1 year
 T improve each quarter sales by 10%
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