Risks Factors and Mediation (Strategic Options)

Added on - 28 May 2020

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Running head: ENTREPRENEURSHIP REPORT1 CoverEntrepreneurship reportUniversity NameStudent NameAuthors’ Note
2ENTREPRENEURSHIP REPORT2 Executive SummarySeasoned travellers already understand the significance of luggage. EzTravel Smart Suitcasecan be regarded as an ultimate product that can help travellers to avert all the trouble anddifficulties that are faced related to luggage. The current report elucidates in detail theproposed business details that include description of the product, mission and visionstatements along with aims and objectives. In addition to this, the current section alsoillustrates industry and market analysis of the proposed business along with the customersthat will be targeted. In addition to this, this study explains target customers and valuepropositions of the proposed product/service of the business. Moving further this segmentexplains in detail marketing strategy together with marketing mix that are developed formarketing the product. Furthermore, this section also outlines the operational plan,management team, resources, financial projections, associated risk factors along with the keymilestones.
3ENTREPRENEURSHIP REPORTTable of Contents4 Business Details......................................................................................................................34.1 Legal Form...........................................................................................................................34.2 Description of product/service.............................................................................................34.3 Mission & Vision Statements...............................................................................................44.4 Aims and Objectives............................................................................................................45. Industry and Market Analysis................................................................................................65.1 Industry size, growth and structure......................................................................................65.2 Industry and market trends...................................................................................................75.3 Market Research Findings (Primary Research Findings)....................................................85.4 Market segments and reasons for target market selection...................................................95.5 Buyer behaviour across segments......................................................................................105.6 Competitor analysis............................................................................................................105.7 Key Success Factors...........................................................................................................117. Marketing Strategy & Marketing Mix.................................................................................128.1 Key Operating Activities....................................................................................................138.2 Partnership/Scalability.......................................................................................................148.3 Business Controls...............................................................................................................148.4 IP Issues.............................................................................................................................158.5 Scalability...........................................................................................................................159. Management team and company structure...........................................................................15
4ENTREPRENEURSHIP REPORT10. Resources...........................................................................................................................1611. Financial Projections..........................................................................................................1612. Financing Plan & Valuation...............................................................................................1713. Risks Factors and Mediation (Strategic Options)..............................................................1814. Key Milestones...................................................................................................................1814.1 Graphic that details tasks that have the need to be accomplished up to date of launch...1915. Exit Strategy.......................................................................................................................20
5ENTREPRENEURSHIP REPORT4 Business Details4.1 Legal FormThe legal form describes the practical laws that are applicable for doing business in Vietnam.There are recent developments that are likely to affect businesses on the jurisdictions.Vietnam has essentially concluded certain negotiations with the European Union on the Freetrade agreements that is the EU-Vietnam Free Trade Agreement. This is anticipated to beratified by the member stares of the EU during the year 2018. EVFTA includes the following:-The complete elimination of particularly custom duties (that includes 99% of the entire tariffduties) (Trunget al.2015)-Reduction of various non-tariff barriers-Promotion of investment-Several other matters associated to free trade.The Vietnamese legal system was primarily modelled on fundamentally the French as well asSoviet System till the period of late 1980s at the time when Vietnam assumed the policy ofDoi Moi (Trunget al.2015). In particular, this transformed the entire economy of the nationfrom a centrally planned economy to particularly a market oriented economy. However, thegovernment of the nation also heavily regulates business transactions in association to variousforeign currencies (majorly US dollars). In addition to this, under the investment laws ofVietnam, there are certain incentives that are obtainable for specific geographic areas as wellas industries, as well as for high-tech along with technologically advanced enterprises. Again,for a multiple-member limited liability company or else a non-publicly listed corporation, the
6ENTREPRENEURSHIP REPORTmanagement has the need to apply for particularly an Investment Registration Certificate,Enterprise Registration Certificate (Trunget al.2015).4.2 Description of product/serviceEzTravel Smart Suitcase can be referred to as a product that can aid travellers to avertdifficulties associated to luggage. There are certain prominent functions assimilated in thisproduct namely built in GPS chip that can help in tracking location at real time, built-in scaleto avert overweight, USB port for charging electrical devices and all things are connected tothe smart phone through a specific application.Description of product features:4.3 Mission & Vision StatementsMission: “To offer technologically advanced designer smart suitcase at a revolutionary price,while directing the way towards socially-conscious business”
7ENTREPRENEURSHIP REPORTVision:“To make EzTravel Smart Suitcase an important part of all trips so that travellers canget pleasure from journey as well as the destination”.4.4 Aims and ObjectivesThe primary aim of the proposed business is to enhance the travel experience by deliveringthe most dependable, client-responsive, and inexpensive baggage delivery solution offeredglobally for travellers.The objectives of the company is therefore-To deliver positive travel experiences-Travelling is essentially a stressful activity fortravellers. However, we, the travel bag makers can make their trip enjoyable. We can try hardto surpass expectation by properly treating the luggage of the clients. The management of thecompany intends to depend on their experience as well as expertise to proactively makecertain that all trips can be made easier.-To earn long lasting loyalty of the consumers-The management of the company has thegoal of having more number of loyal clientele and that is the reason why the entire team ofthe business is empowered to arrive at the right decisions for the clients of the company.Thus, it can be hereby said that the management of the company shows appreciation for theloyalty of the clients and the role client’s loyalty plays in the process of attainment ofsuccess.-To communicate proactively as well as honestly-The management of the company intendsto make every effort to anticipate, prevent as well as overcome issues that might perhapsinfluence the travel experience of their client.-To pursue excellence-The management has the objective of attaining excellence andrealising that there is always room for improvement in everything the company does.
8ENTREPRENEURSHIP REPORT-To foster growth and develop learning experience-The business intends to foster growthand success. In a bid to continue to attain growth, the business intends to embrace all kinds ofchange as a natural procedure of forward progress.-To present humble, honest attitude and have fun-The administrative team of the companyintends to make every effort for doing the right thing and taking accountability for all theactions. The business management has the objective of treating the clients, peers, and partnersof business as well as our peers/rivals with utmost respect.5. Industry and Market Analysis5.1 Industry size, growth and structureRevenue generated from the "Bags & Accessories" segment in Vietnam amounts toapproximately US$69m during the year 2018.In this market, revenue is expected to reflect an annual rate of growth as per thefigure of CAGR 2018-2022 of approximately 24.4% leading to a market volume ofaround US$165m during the year 2022 (Andersonet al.2014).In this case, user penetration is at around 6.6% during 2018 and is anticipated tostrike the rate of 12.2% during 2022.The mean revenue for every user (ARPU) presently amounts to nearly US$11.01(Ferraro and Briody 2017).
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