Building a Sustainable Organisation: Feasibility Study and Business Model for The Candle Shop

Building a sustainable
Organisations

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY ..................................................................................................................................3
Identification of concept of effectuation, causation and feasibility study for new venture as
well as exploring the relationship between innovation and entrepreneurship............................3
Assessment of competitor and STP analysis for evaluating the opportunity gap in market and
discussion about feasibility of business......................................................................................5
Drawing on Osterwalder’s business model canvass and Porter’s value chain, discuss your
proposed business model and explain how and why you think your new venture will work.....8
Business and marketing strategies should be adopted by entrepreneurs.....................................9
What are the financial techniques, planning tools and decision-making models that you could
use to assess and mitigate your risks?.........................................................................................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship refereed to ability and readiness in order to develop, organise and run a
business enterprises along with any uncertainties by which they can generate new profits. This
also helps in he analysing the capabilities of the people in order to run the new start-up business
in an most effective and efficient manner(Ikebuaku and Dinbabo, 2018). This concept of
business development focuses on short term and long term objectives which are set to attract the
customers by which they can contribute to the growth of them. For this report, the new start-up
business is The Candle Shop, which deals in the new innovative idea of designing home-made
candle. Furthermore, this report aims to analyse the consideration of entrepreneurship with the
help of new business start-up of The Candle shop. This also evaluate the relationship between
the entrepreneurship and innovation. Furthermore, it deals with the market strategies which are
use by the entrepreneur in order to maximise the growth of new business. This also give the
qualitative and quantitative technique to measure and reduce the risk associated with the
business.
MAIN BODY
Identification of concept of effectuation, causation and feasibility study for new venture as
well as exploring the relationship between innovation and entrepreneurship
Describe the concept of causation and effectuation for conducting feasibility study of new
venture.
It is being identified that there are entrepreneurial strategies which are termed as the
causation and effectuation in order to evaluate the performance of the given business. The
causation process helps in methods and means in order to attains the predetermined goals and
objectives of the entrepreneurship. Such strategies are effective tool which leads to survive in the
given competitive market(Mikhno and et. al., 2021). This simply means that both strategies are
effective which helps in the proper formation in the business so that they can sustain in the target
market for longer period of time. Decision-making approach is basically used to analyse the
entrepreneur environment as it is considered as the contingent and uncertain. As per this
approach, entrepreneur makes the plans and policies by which they can further implement in the
given business.

This concept of effectuation is basically termed as a practice which emphasis on
analysing the short-term objectives and certain opportunities in order to meet the available
resources in setting up new business. Firstly, they focuses on creating new means and methods in
order to make better use of technology. With the help of effectuation approach, new market can
be created in order to build the group or the network of the people which helps in analysing the
in order to achieve the success in the rival market. Effectuation is the better approach through
which contingency can be analysed, whereas causation helps in gaining the more knowledge
from the given sources of competitive advantages.
Feasibility study refereed to the practice which leads to analyse whether the plan is viable
in the given business condition or not. This respective study aims to analyse the certain factors
which are directly affecting the given business performance. This also leads to have success of
start-up business in the rival market. This respective feasibility study the new business model of
The Candle Shop which are given below:
 Conduct preliminary analysis: It is the first stage in which the feasibility studies
includes the screening of the business ideas and efforts which contribute to to the growth.
Moreover, the survey is being conducted for The Candle Shop is order to have better idea
for such type of business. This study also find the huge customers in the United Kingdom
in which people use home-made candle and also develop the interest to use in that
products. The new business startup does not have the more capital and also having
advantage of influencing the large customer base in the nation.
 Preparation of estimated income statement: After the analysis, enterprise expenses,
liabilities and assets are analyses. These are the major factor in order to analyses the
financial position of the business. This also eliminates the revenue capacity of new
business.
 Performing market survey: It is vital to analyses the geographical boundaries of the
buyer, purchasing capacity of potential buyer. This has been analyses that the market
share is quite impressive and it is growing well(Kitsios, and Kamariotou, 2019), There
are certain customers in UK who wants to buy the candles in order to have the interiors,
public places etc.
 Planning business operations: This is considered that day-to-day operations must be
analyses and evaluate on daily basis, cost of activities which are incurred within the