Turning a Vision into Action PDF

Turning a Vision into Action

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Identifying specific target markets and undertaking competitive analysis for Lima London
.....................................................................................................................................................1
P2. Tangible and intangible resources that would be required by Lima London for the launch
of their new venture....................................................................................................................2
TASK 2............................................................................................................................................4
P3. Credible proposal to launch a new venture in Lima London................................................4
P4. Skills and capabilities required to launch a new venture of Lima London and how they are
acquired or developed.................................................................................................................5
TASK 3............................................................................................................................................6
P5. Different promotional activities and channels that will support the launch of the new
venture and justifying their choice for Lima London.................................................................6
P6 Develop an appropriate promotional activity plan for both launch and pre -launch of the
new venture.................................................................................................................................6
TASK 4............................................................................................................................................9
P7 Producing an itemised monthly cash budget for the pre-launch phase of the venture and the
12-18 months preceding launch the organization.......................................................................9
P8. Legal form for the venture stating why it has been chosen for Lima London....................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Entrepreneurship is an activity of starting a new business, developing, organizing and
managing the venture along with bearing any risks involved with a view of making profit. In the
initial phase, an entrepreneur develops a model which is followed by the availability of physical,
financial and human resources for shaping up an innovative idea or thought (Allee, 2012). This
assignment will discuss about several techniques for idea generation, new thoughts on
entrepreneurship, identification of opportunities, feasibility study of target market, organizational
practicability and trends in environment. Also, it discusses the analysis of competitors, skills or
responsibilities needed for business, promotional activities, pricing strategies, budget setting and
legal structures for the successful implementation of business plan and thereby, launches a new
venture for starting a small to medium enterprise in UK with an aim of profit and market share
earnings.
Present study will be explaining about the promotional activity plan for new ventures and
produce pre-launch cash budget to accomplish the set aims and objectives by the company. study
has been taken Lime Restaurant & Bar.
TASK 1
P1. Identifying specific target markets and undertaking competitive analysis for Lima London
Entrepreneur is the responsible person for success or failure of a business idea or service.
For successful implementation of the innovative thought of starting a new venture, they need to
undergo several feasibility studies including market research of the target market and collecting
competitive information to understand the market trends so that it can then strategically plan its
operations to minimise risks. Launching a new business or franchise in a rapid changing market
where there is increased competition is a challenge. Entrepreneur when selecting a SME business
should consider and conduct certain analysis like raising capital, determination of objectives,
selection and recruitment of qualified and skilled employees, etc.
Lima is a restaurant in London which serves Peruvian cuisine which blends unique
flavours and techniques with a combination of different cultures. It is a SME which already has
operations and flourished in the UK. Now, setting up the franchise of Lima in Manchester aims
at expansion of their business to gain brand value and market share (Bläsing and et.al., 2012). It
is providing a cuisine of different culture to make it reach to the world through spreading their
restaurant chain by establishing the brand and attracting customers.
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People of UK are lavish and spend more money on new and innovative products or
services. The market also has the potential for food industry and as Lima London being a unique
food joint in type of cuisine it provides the hurdle of competition won't trouble this
establishment. They need to take some steps for competitor analysis like defining Lima London's
market, creating list of direct competitors, analysing and summarising rival's products and
strategies, comparing and keeping the accuracy of competitive investigation.
Customers spending on each of the menu of Lima London
Cuisine Estimated expenditure on each of them
Desserts £10
Wines £30
Lunch £75
A La Carte £20
P2. Tangible and intangible resources that would be required by Lima London for the launch of
their new venture
Opening a new restaurant needs to consider several things. Starting a business requires
assets which may be tangible and intangible that is necessary for conducting its operations
successfully.
Location and concept- Lima London's idea of providing a Peruvian cuisine makes it
unique in the UK and is a fine dining restaurant which already has its operations in country.
Opening this brand in Manchester as per conducted researches will benefit firm due to increasing
demand of variety food by the youth and middle aged people.
Commercial workspace- According to the needs of Lima London, acquiring a vacant
space or property and even leasing can be done for setting up the restaurant. Designing and
renovating can be done as per the requirement (Chen and Mooney, 2011). The design and
ambient location of Lima London makes the customers feel relaxed and enjoy the food. Keeping
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the customer's wants and needs while choosing the building location and its designing helps in
establishing a welcoming ambience for clients.
Equipment and supplies- A new restaurant needs major appliances like refrigerators,
freezer, dishwasher, cookware, utensils, etc. They also need tables and chairs for dining areas,
large sinks, storage shelves, prep tables, etc. The supplies for meal preparation can be bought
from wholesalers and markets.
Permits and licenses- Lima London's entrepreneur should obtain several permits like
filing articles of incorporation and attaining tax identification number, health services, liquor
licenses, etc. to avoid the legal obligations. The chef should be experienced and must pass all
food safety courses.
Staff- The employees recruited to Lima London are skilled and experienced so that they
can render a pleasant experience to guests at the restaurant. Hiring should be for kitchen, floor,
wait staff and bartenders as they are the integral part of a restaurant and perfect individual should
be appointed for each position to deliver efficiency in work.
Advertisement- Advertising is necessary for new restaurants to put the name of Lima
London in the eyes and mind of general public. Traditional methods like newspaper and radio
ads can be supplemented by social media like Facebook, Instagram, twitter, etc. (Flood, 2010).
Maintaining a good website by including menu, ample information and attractive design can put
a much better impression on customers by attracting them to the brand.
Items Cost
Advertisement £50
Staff £90
Permits and licenses £100
Equipment and supplies £50
Commercial workspace £150
Location and concept £160
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TASK 2
P3. Credible proposal to launch a new venture in Lima London
For a new business start-up, Lima London needs to create a business plan by including
the information for a successful strategy development. It exposes a firm's strengths and
weaknesses as well as reveals ways to benefit from these capabilities and minimize the risks.
Customer- Starting Lima London in Manchester will provide the start up with numerous
customers mainly of young and middle aged as there are food lovers who always want to try
something different. The market for Peruvian cuisine and interest to this culture is present in the
city as there are people who love this particular preparation and will dive into the brand.
Management- Lima London's efficient management team works towards attainment of
expansion of business and maintains activities for growth and development. Starting business
includes managing operational functions, employees, decision making, etc. They need to look
into the financial planning and cost control methods to manage production processes and flow of
capital in organization.
Opportunities- Lima London being a unique cuisine has the possibility of attracting
customers who are potential and have interest to this particular preparation. The clients who are
ready to try this style of food is an opportunity for the firm. Also, being a variety, it can attain
more customers from UK where the people are ready to spend on new and fresh ideas.
Market research- Lima London needs to conduct several market feasibilities to gain
knowledge about the economy and market so that it can plan its strategies and develop action
plans according to the analysis.
Competition- As there are a number of restaurants and hotels in UK, Lima London will
have to face competitors who provide various varieties of foods. The rivals to this firm may be
companies like The Ledbury, Leon and The Alford Bistro.
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P4. Skills and capabilities required to launch a new venture of Lima London and how they are
acquired or developed
Starting a new business is an important step by an entrepreneur and before that, there is a
need of considering several factors (Goodale and Milner, 2013). They must possess some skills
and responsibilities which are necessary to launch a new venture. They are:
Being organized- Keeping a track of all the forms is needed for registering the business
like registration and sales tax forms. Time should be given to look into the locations of business,
keep track of potential employees and vendors, put an advertising plan and make sure of the
finance.
Ability to manage and raise money- Managing cash is important for business
management. Proper allocation of funds and budget are important to keep a balance of the
expenses and costs. To invest, there is a need of understanding the source from money or capital
can be obtained along with the way to convince client to make business good without risk.
Identify strengths and weaknesses- An entrepreneur needs to identify the capabilities of
their organization to make use of it for gaining advantage over rivals and to understand its
weaknesses to minimize risks.
Finance and accountancy- Lima London needs a good team for finance analysts and
accountants to keep the bookkeeping, accounting and investment in a proper way (What Skills
Are Needed to Start a Business, 2018). The accurate records and financial data helps the firm in
achieving good market growth and increase capital also to attract potential investors.
Leadership- Lima London must have efficient leaders to lead the team of employees and
make them motivated as well as inspired to get the work completed with efficiency and
effectiveness (Allee, 2012). Better leadership provides the business to function smoothly and
conduct the operations of management successfully.
Communication- Effective information and message exchanges between the employees
and top level executives in Lima London will ensure good working of the restaurant. It will assist
company in carrying out its business functions effectively as there is need for communication
among the workers and supervisors with managers for solving any issues or problems inside or
outside the organization.
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TASK 3
P5. Different promotional activities and channels that will support the launch of the new venture
and justifying their choice for Lima London
There are many ways to promote a new product or service of a business. But choosing the
right activity and channel can help Lima London with best results (Wilby and et.al., 2010). Many
marketing activities will focus on communicating to customers the features and benefits of the
company and its services. They are:
Social media contests- Giveaways, contests are very common marketing tool. These are
easy way of connecting with customers and bring more followers and fans for Lima London's
social media platforms. Facebook, Instagram and Twitter make the customers an exclusive
chance to be the first person to get their hands on Lima London's unique food cuisine.
Email marketing- Lima London can follow these kinds of promotional tools for reaching
to its customers through newsletters as it is the best and easy way to promote services offered by
company. It allows quick and simple sharing of news of new products, photos and information
with customers.
Facebook Ads- It is a huge market window which Lima London can use to promote its
services (Bläsing and et.al., 2012). It is an effective tool as the users of this platform are more
than 1.44 billion for around the world. This helps in targeting the audience shortly because of its
impressive data collection which permits businesses to target by age, gender, location, interest
and more.
Search Engine Optimization- It is a tool which will help Lima London's website to
appear on top of the page when someone searches for it online. It is by using chosen keywords
which are commonly used when anybody searches for its products or services and will boost
Lima London in page rankings to make someone click on the site.
P6 Develop an appropriate promotional activity plan for both launch and pre -launch of the new
venture
In order to launch new product or services in the market spread the company awareness
and brand value for the future enhancement. In order to launch the business or pre-launch the
business should need to follows some set steps to get the final productive outcomes (Barraket,
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and et.al., 2016). For that it requires for the business to start thinking which is latest and effective
to attract number of buyers. Launch or pre-launch plan which is highly focused on who are
trying to reach and the actions. Pre-launch of new venture should clearly define some points such
as given below:
 What are the objectives and purpose of the new business?
 What must be done to achieve these objectives?
 When is the right time to pre-launch for the business?
Pre-launch process
Start by setting the business aims or objectives
Lima restaurant needs to set their business aims and objectives before promoting the
business services in the market. It helps to ensure and let others know the main purpose of the
new business. New business entrepreneur more focused on three aspects Acquisition, behaviour
and outcomes. The first objective of every new business is to generate the maximin traffic
volume of the customers (Hersche and et.al., 2019). In fact, sometimes it effects in negative
manner to in some failure. Like reached 10,000 buyers of which none of them are interested that
benefit the business or on the other hand, reached at 1000 users of which 1% taken interest that
benefit business.
To invent new business the main objective of the business should be is to sustain the
product quality and enhance the business awareness in the market by effective promotional
activities or advertisement on TV, magazines, newspaper, or social media sites.
Identify the target customers to whom company wants to reach
Next step towards the opening new venture is to set the initial customer by research and
making marketing plan (Kuratko, and Hornsby, 2017). The best way to perform this activity is
by preparing the customer mapping map in which all particular things have already mentioned in
that plan. Such as business objectives, purpose, target customers, services or products, customer
value, their preferences, customer touch points etc. in other words, it define the best way to get
the market success and build good impact on the overall business performance. It helps Lime
Restaurant to get higher customer interest and long-term business growth.
Define and set prioritise the actions company wish to take
In this next promotional activity plan where company set and make planning before
launching the business into the market. In present days, where large number of businesses has
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focussing on the social media sites for which they focused on to attract customer on websites at
the first time.
Choose a date
Next step or process in the activity plan that company would be taken which is set the
dates of launching the new venture capital. This is the main decision that company taken and if
they chose in wrong way (Pardo and Alfonso, 2017). It would be given negative impact on the
overall business activities. Such as company should need to analyse the market and then launch
the new business as per the consideration of all environmental factor and as per the basis of
market position as well.
Develop and analytics measurements model and configure analytics package
As soon company open or publish web page. They need to analyse and understand what
exactly people are doping from those pages. Company needs to analyse the needs and wants of
the customers in order to attract high volume of customer traffic on the website. As soon as
possible is to create the new success in the market. In order to determine the analytics material
growth. Company should need to adopt Google analytics requirements are likely to required new
managing work systematic growth and long-lasting result-oriented goals. in order to set up
google analytics company needs to follows this step
 Create a google analytics account
 Configure or tracking the code.
 Set-up funnels, goals and custom reports.
 Set up link your google webmaster tools account.
Finalise launch and promotion strategy
This is the final step in order to launch the new managing effective business goals. that is
to measure the best developing results and growth in order to attract the best developing results
for the company. In this task you want to be focused promotion strategy should be focussed on
prospective customers (Stal, Andreassi and Fujino, 2016). E.g. Cold prospects, warm prospects,
friends and collaborators, influences, etc. promotional strategies affect highly on the overall
business level in terms of different manner and purposeful leading opportunity and goals. There
are three types of launch post release, release, Pre-Release.
Monitor the brand
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Considered this step is the most challenging and developing result-oriented task for the
business who newly started their business in the market. In order to monitor the brand value and
company should need adopt some effective working performance goals and techniques to build
up the new market opportunity. In this company should tend to adopt the long-lasting way to
enhance the long-lasting building goals. Lima London Restaurant can acquire different tools to
track the business growth and brand value such as Google Alerts, Tweet Deck or Social Mention
in order to settle their new venture business in UK.
Launch promotional activities
Start the social media feeds early: Lima London should need to start the business promotional
activity in to more effective manner in order to develop the new enlarging performing area
(Watson, McGowan, and Cooper, 2016). Besides, company should need to engaged with social
media platform to gain the customer interest through some areas Instagram, Twitter, Facebook
etc. Document also restaurant can share its menu items on the websites to attract more customer
group.
Capture the holiday Rush: Lima restaurant should need to focus on holidays where
chances of customers are become more and enlarging. Besides, it also affects the business into
more effective and challenging manner in order to bring the new opportunity cost.
Promote services or awareness through E-mail marketing: In order to promote services
and products, Liam London also should need to use E-mail marketing to lead market opportunity
and effective development growth. For websites visitors so they can subscribe send out regular
newsletter to the subscribers that offer discount codes, helpful articles, secret sales and product
launches. In order to promote the company services, business should need to use attracting
promotional activity in order to gain the buyers attraction towards the new business.
Launch a new business is the complex process where business man needs to face both negative
and positive effects of the business (Wei and et.al., 2018). Besides, another focus should be on
the target customers which is the most necessary in the initial stage.
TASK 4
P7 Producing an itemised monthly cash budget for the pre-launch phase of the venture and the
12-18 months preceding launch the organization.
Lima Restaurant should need to be considered high effective and learning style growth and
new developing phase and effective growth. To opening the restaurant business lease shop
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business lease is extremely important and effective learning opportunity and task. in order to
prepare the budget for pre-launch stage (Zaremba, Bode and Wagner, 2017). Lima London
should need to required huge amount of investment in order to accomplish the proper effective
planning and getting estimated results.
Such as rent, location improvement costs, miscellaneous opening expenses, Marketing,
Advertising, etc.
Pre-launch cash budgets if Lima London for one year
Costs (£)
Initial investment £5500
Additional Costs
Rent 550
Furniture 250
Advertisement 200
Domain 150
Overheads 350
Marketing 400
Location improvement costs 250
Raw material 500
Human Resource salary 650
Miscellaneous expenses 550
Total £ 3850
Cash budget is important for the new ventures in order to analyse and set the extimated
prices of the expenses. New venture is the new working task in order to sustained in the long-
term target goals and get the best outcomes and results. Cash budget is necessary to accomplish
the best development results in order to meet out the best growing performance. Lima London
should need to follow as per the long-term goals and making the highest performance in the
competitive market (Zaremba Bode and Wagner, 2017). New venture business should need to
invest huge amount on the initial activities. This makes the process more valuable and enlarging
in order to sustained in the market. Lima London has invested £5500 on the business. Lima
London expected to invest amount £550 on rent and £250 on furniture which is required to
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attract buyers towards the services and growth. Besides, out of it the expenses incurred and
deductions are reduced. The estimate payment on marketing activities would be £400. Overall,
Lima Round should need to focused on the large following activities in order to sustained in the
long-lasting results.
P8. Legal form for the venture stating why it has been chosen for Lima London
One of the major decisions that Lima London has to take regarding legal configuration
which will define its liabilities and rights of participants in the business's ownership, control,
personal liabilities, time period and financial structure. For a Small and Medium Enterprise, the
best choice is to go for a partnership structure as it is simple and inexpensive to establish and
maintain. Lima London is a partnership-based business organization where two or more people
shares the ownership of the restaurant. The law does not differentiate between owners and
business like in proprietorships (Flood, 2010). Partners of Lima London have a legal agreement
which sets decisions to be made, sharing of profits, disputes settlement, admission of future
partners and how partners can be bought out or steps for dissolving when needed (Forms of
Business Ownership, 2018). If there is no defined process there will be greater problems and they
must decide on time frame and capital contribution of each to avoid splitting up of partnership.
Lima London also considers several types of partnerships like:
General partnership: Partners dividing responsibility of management, shares of profit or
loss according to the agreement. It is easy and not so much expensive to create and operate.
Limited partnership and partnership with limited liability: This form is not usually used
for operating short term projects or for investing in capital assets. It is more complex and formal
than general partnership (Goodale and Milner, 2013). It is more expensive to create and here
partners can raise cash without involving outside investors in business management.
Joint venture: This kind is for a specific time period or a project. If this is repeated by
partners it will be recognized as an ongoing partnership and will distribute accumulated assets
upon the dissolution of entity.
Lima London uses a partnership form of operations because of the following advantages:
 It is easy to establish but time should be invested in developing the agreement of
partnership.
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 More than one owner makes the possibility of increased fund raising for the capital need
and investment.
 Profits generated from the business flows directly through partners and there is no other
medium in between.
 Partners with complementary skills get benefited from the business usually.
From all the above types of legal forms Lima London should be choosing Partnership as
this will be considered to be most appropriate and correct. There are many reasons for choice of
partnership for Lima London like there will be no single person to take all loss. There are more
easy steps for coming into agreement within partnership and many possibilities of sources of
funds are there. So, it is suggested that partnership type of legal form must be chosen for
company to launch in Manchester.
CONCLUSION
From this report on turning vision into action of launching a new venture, it can be
concluded that entrepreneurship is an important factor needed to make a start-up or business
innovative and successful. It has been assessed that firm is required to attain sustainable business
practices and offering new products and services while considering societal concerns. It also
helps in conducting marketing research which assists the organization to attain knowledge about
the economy, consumer patterns, and trends of change and competitor information.
As per the above report it has been discussed the promotional activity plan or process to
launch the new venture. For that, study also presented the cash budget for new venture which is
most necessary for every new businesses.
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