Enterprise and Entrepreneurship: Teledoc Business Plan for Telemedicine Consultation in UK

This report discusses Teledoc's business plan for telemedicine consultation in UK, including proposed future business, target customers, competitors, skills analysis, profit and loss account, sources of funding, start-up cost, type of organization, and vision.

Enterprise and
Entrepreneurship

Table of Contents
INTRODUCTION ..........................................................................................................................2
MAIN BODY...................................................................................................................................3
Proposed future business.............................................................................................................3
Target customer...........................................................................................................................3
Competitors.................................................................................................................................4
Skills analysis..............................................................................................................................4
Profit and loss account and cash flows forecasting.....................................................................5
Sources of funding......................................................................................................................8
Start-up cost ...............................................................................................................................9
Type of organisation and the management information system required to control business....9
Vision for business idea..............................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
Books and Journals...................................................................................................................11
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INTRODUCTION
Enterprise can be referred to as a business which is run by an entrepreneur for the
objective of earning profits. The entrepreneurs found out the new idea which is different and
unique in the market and after conducting a research on the project which they have founded
they take the decision of starting a new business(Nhemachena and Murimbika, 2018).
Entrepreneurship means the entrepreneurs who conducts the activity which is developed on the
basis of innovation, finance and other things so that the innovations can be developed in
economic goods. Teledoc is a telemedicine company which is in UK in which the business will
be providing the online consultancy to the patients and has the e-health portal by which patients
are having the facility of seeing their own medical records. This report will cover proposed
future business, target customer, competitors, skills analysis, sources of funding and the vision.
MAIN BODY
Proposed future business
The proposed business is based on providing health care facilities to people as because of
the rise in pandemic people are unable to receive services from doctor so Teledoc business will
be providing such facility to people. The innovative strategy which is brought by Teledoc
business is that to cut down the cost of medicine which is spent on the health care facilities. The
business will be helping in this to eradicate the issues.
Target customer
The target customers of the business Teledoc will be Business to consumers(B2C) that
means the people who will require the medical facilities. The products and the services which
will be provided by Teledoc business will be needed by the patients in which they will be given
the facility to take online consultation from the doctors (Kayode and et. al., 2019). The main
USP of Teledoc business is that the patients can take the consultation from doctors with the help
of doing video conferencing. They will be handing over the medical image to patients and also
the data of the health and check-ups can be taken by patients with the help of e-health portal. The
increasing rise of COVID-19 pandemic has made the rise in telemedicine business because of
which people are now becoming serious for their health and for which they are making
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investment on their health check-ups. The target market for Teledoc business are every age
group of people because the medical consultancy is required by every individual. Also, the
business position of telemedicine consultation has been increased by 50% and the market of the
telemedicine is going to rise by $186.5bn by the year 2026.
Competitors
The competition in telemedicine business in UK is high where there are many
competitors which are existing and out of which it covers the Medio. Link, Babylon Health,
Tele medicine Clinic and many others. The market size of all the competitors which will be their
in the market is of around is in billions (Hägg and Schölin, 2018). The main thing for which
Teledoc will be able to become differentiated in the market is that the facilities which is provided
by them via online. They help in providing online consultancy to people so that people do not
have to face any such type of difficulty in taking consultation from the doctors. Telemedicine
have become the biggest in healthcare industry and not just people from the UK will be taking
online feedback from doctor other then that the people from other part of the world will be taking
the online reviews. The main aim of Teledoc company is to establish the business plan in UK as
soon as possible so that it becomes easier for the business owners to make the expansion and
increase in market share of a business.
Skills analysis
The main skills which are required for the development of any of the business plan
requires the knowledge of having the ability to delegate the task to employees. Work delegation
is not a simple task because it requires good research as the type of work which will be handled
by particular people(Kakouris and Morselli, 2020). I am this skill because after the development
of this business idea into reality I will have to make the delegation of work to other people
according to the capabilities and talents which they are having. The other skill which is required
for the development of a business plan is the Leadership skills because if I am not be having the
quality of leading people then it would become difficult to me to achieve the business objectives.
Leadership skills are those which helps in motivating other people and providing them the way
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as to how the objectives of a business will be accomplished. If I will not be having this skills
then the management of work will become difficult.
I will address the skill gaps on the basis on the basis of planning the the things as to which will
be helpful to me in making the identification of gaps analysis. After which, the other thing which
I will be doing is to make the comparison of the business goals with the skills(Azizi and
Mahmoudi, 2019). This will help in making the measurement of the current skills which I am
having and the skill which I need to develop.
Profit and loss account and cash flows forecasting
P&L account
in £ millions 12/31/2022 12/31/2021 (adjusted)
Assets
Non-current assets
Goodwill 8,537 8,427
Other intangible assets 2,436 2,590,
Property, plant and equipment
and right-of-use assets
2,935 1,670
Investments accounted for
using the equity method
652 658
Minority stakes and other
financial assets
1,320 1,143
Trade and other receivables 89 59
Other non-financial assets 922 851
Deferred tax assets 1,087 1,051
17,978 16,449
Current assets
Inventories 1,745 1,735
Trade and other receivables 4,523 4,443
Other financial assets 63 71
Other non-financial assets 1,092 1,002
Current income tax 178 156
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receivables
Cash and cash equivalents 1,636 1,405
9,237 8,812
Assets held for sale 102 82
27,317 25,343
Equity and liabilities
Equity
Subscribed capital 1,000 1,000
Capital reserve 2,345 2,345
Retained earnings 5,509 5,129
Bertelsmann shareholders’
equity
8,854 8,474
Non-controlling interests 1,591 1,364
10,445 9,838
Non-current liabilities
Provisions for pensions and
similar obligations
1,967 1,738
Other provisions 178 135
Deferred tax liabilities 95 127
Profit participation capital 413 413
Financial debt 4,612 4,638
Lease liabilities 1,116 32
Trade and other payables 363 353
Other non-financial liabilities 379 395
9,123 7,831
Current liabilities
Other provisions 214 299
Financial debt 388 660
Lease liabilities 276 7
Trade and other payables 4,840 4,718
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Other non-financial liabilities 1,908 1,839
Current income tax payables 78 88
7,704 7,611
Liabilities related to assets
held for sale
45 63
27,317 25,343
Cashflow
in £ millions 2020 2021
Group earnings before interest
and taxes
1,825 1,621
Taxes paid (424) (534)
Depreciation and write-ups of
non-current assets
1,118 855
Results from disposals of
investments
(90) (7)
Gains/losses from disposals of
non-current assets
(3) (62)
Change in provisions for
pensions and similar
obligations
(95) (113)
Change in other provisions (3) (20)
Change in net working capital (34) (178)
Fair value measurement of
investments
(143) (157)
Other effects (61) 32
Cash flow from operating
activities
2,090 1,437
– thereof discontinued
operations
– –
Investments in:
– intangible assets (313) (295)
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– property, plant and
equipment
(323) (325)
– financial assets (317) (258)
– purchase prices for
consolidated investments (net
of acquired cash)
(317) (556)
Disposals of subsidiaries and
other business units
228 113
Disposals of other fixed assets 330 191
Cash flow from investing
activities
(712) (1,130)
– thereof discontinued
operations
1 1
Issues of bonds and
promissory notes
75 942
Redemption of bonds and
promissory notes
(309) (400)
Proceeds from/redemption of
other financial debt
(67) (160)
Redemption of lease liabilities (247) (8)
Interest paid (260) (196)
Interest received 25 27
Dividends to Bertelsmann
shareholders
(180) (180)
Dividends to non-controlling
interests and payments to
partners in partnerships
(263) (356)
Change in equity 81 (59)
Other effects 17 18
Cash flow from financing (1,128) (372)
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activities
– thereof discontinued
operations
– –
Change in cash and cash
equivalents
250 (65)
Exchange rate effects and
other changes in cash and cash
equivalents
(12) 28
Cash and cash equivalents on
1/1
1,405 1,442
Cash and cash equivalents on
12/31
1,643 1,405
Less cash and cash equivalents
included within assets held for
sale
(7) –
Cash and cash equivalents on
12/31 (according to the
consolidated balance sheet)
1,636 1,405
Sources of funding
There are different sources of funds which will be required to the business to grow and expand
their business and those are discussed below-
 Debt capital- It refers to the funds which is borrowed by the business and which needs to
be paid in the future time(Rahma and Usman, 2019). The business can make the use of
this type of source of fund in which they can make the borrowing of funds in terms of
bank conventional bank loans.
 Retained earnings- These are the extra earning which is made by the business but are
not distributed to the shareholders or to any other client but rather then this it is reserved
for making the investment for better opportunities for growth in the business. The
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retained earning can be used for any of the purpose in which the business like Teledoc
can make the use of purchasing the equipments and spending it for research.
 Equity capital- It is also another kind of sourcing of funds which can be used by
business in the form of raising funds from the general public(Arias and Cruz, 2019). But
for this, the business has to give the ownership stake in the business to the people who
makes the purchases of shares.
Start-up cost
Start-up expenses In £
Legal 1,000
Stationary 2,500
Brochures 5,000
Consultants 15,000
Insurance 250
Rent 500
R&D 1,000
Equipment 3,500
Other 5,000
Total 33,750
Start-up assets needed
Cost Balance on starting data 494,000
Other shirt-term assets 5,000
Total Short term assets 499,000
Long-term assets 0
Total Assets 499,000
Total requirements 532,750
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Type of organisation and the management information system required to control business
The telemedicine business comes in healthcare and pharmacy business in which the
market of such type of business has been increased by billions. Management information system
(MIS) is a type of information system which is helpful in decision making, coordination, control
and for the information in the organisation(Indarti, 2020). The Teledoc company can make the
use of “Management Reporting System” in which the system is designed to make reports about
the operations and finances.
Vision for business idea
The vision which Teledoc business is having involves to remove the legal barriers which
is existing in the telemedicine sector (San-Martín and et. al., 2021). They have the aim of
brining medical service to all the citizen of UK and to make the preparation of nationwide
healthcare database. They also aim to make the use of robots for surgery in distant future.
CONCLUSION
From the above report it can be concluded that the telemedicine industry have been
evolved in recent times and with the coming of pandemic people have become serious towards
their health. People now want to take the recommendation from doctors about their health and as
the medical people are not able to reach to each and every patient this business idea will be
helpful for all the people in taking feedback about their health. This business idea will be useful
in the remote areas where it becomes difficult to people to reach.
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REFERENCES
Books and Journals
Arias, R.A.C. and Cruz, A.D., 2019. Rethinking artisan entrepreneurship in a small island: A tale
of two chocolatiers in Roatan, Honduras. International Journal of Entrepreneurial
Behavior & Research.
Azizi, M. and Mahmoudi, R., 2019. Learning outcomes of entrepreneurship education:
Entrepreneurship education for knowing, doing, being, and living together. Journal of
Education for Business, 94(3), pp.148-156.
Hägg, G. and Schölin, T., 2018. The policy influence on the development of entrepreneurship in
higher education: A Swedish perspective. Education+ Training.
Indarti, S., 2020. The effects of education and training, management supervision on development
of entrepreneurship attitude and growth of small and micro enterprise. International
Journal of Organizational Analysis.
Kakouris, A. and Morselli, D., 2020. Addressing the pre/post-university pedagogy of
entrepreneurship coherent with learning theories. In Entrepreneurship Education (pp.
35-58). Springer, Cham.
Kayode, S.M. and et. al., 2019. Teaching of entrepreneurship skills as the means to
sustainability. In TVET Towards Industrial Revolution 4.0 (pp. 97-105). Routledge.
Nhemachena, C. and Murimbika, M., 2018. Motivations of sustainable entrepreneurship and
their impact of enterprise performance in Gauteng Province, South Africa. Business
Strategy & Development, 1(2), pp.115-127.
Rahma, M.A. and Usman, O., 2019. Effect of Knowledge Entrepreneurship, Self Efficacy,
Entrepreneurship Motivation, on Social and Environmental Interest in Entrepreneurship
Students. Self Efficacy, Entrepreneurship Motivation, on Social and Environmental
Interest in Entrepreneurship Students (December 31, 2019).
San-Martín, P. and et. al., 2021. The teacher of entrepreneurship as a role model: Students' and
teachers’ perceptions. The International Journal of Management Education, 19(1),
p.100358.
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