Skills and Capabilities for Launching a New Venture

Launching a new business venture

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
P1 Investigate a new venture classifying specific target markets as well as undertaking
competitive analysis...............................................................................................................3
P2 Determine tangible & intangible resources that are needed for launch of a new venture.5
P3 Produce credible proposal in order to launch a new venture............................................6
TASK 2............................................................................................................................................7
P4 Assess skills and capabilities required to launch a new venture and how they are needed7
TASK 3............................................................................................................................................8
P5 Explain various promotional activities that provide support to launch & justify their
choice......................................................................................................................................8
P6 Develop a proper promotional activity plan for both launch and pre-launch...................9
TASK 4............................................................................................................................................9
P7 Produce an itemised monthly cash budget for pre-launch phase of venture and the first 12–
18 months following launch...................................................................................................9
P8 Suggest a proper legal form for venture stating why it has been chosen..........................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
In present time, the individual person wants to start their own organisation in any sector. For
that, it is necessary to conduct appropriate research in order to assess suitable industry in which
their organisation survives for longer period of time. The new organisation is formed along with
the plan as well as expectation through which financial gain follow. The investigator focuses on
using time and resources in order to develop and marketing innovative services in order to start a
new business. In this report, the coffee shop as a new venture named as Beans coffee Cafe is
going to start in UK market. They provide herbal and organic coffee to its user in order to satisfy
them. In this report, there is an explanation regarding new venture assessing specific target
market and also focus on achieving competitive edge. In addition to this, they also provide
description regarding tangible or intangible resource that is helpful in produce credible proposal
in order to launch new business venture. It is necessary to analyses skill in order to start a new
business. Apart from this, there are different kinds of promotional activity which is used for
promoting the business. It is necessary to produce cash budget for pre-launch phase related to
venture and a legal form that is required for venture is discussed. Their main purpose is to satisfy
need and demands of user in order to increase sales margin in future period of time (André, Cho
and Laine, 2018). The business venture definition is a new business that is formed with a plan
and expectation that financial gain will follow. After the need is determined, an investor
or small-business person with the time and resources to develop and market the new service or
product can start a business venture.
TASK 1
P1 Investigate a new venture classifying specific target markets as well as undertaking
competitive analysis.
Beans coffee Cafe is a new venture of food as well as beverages sector that is going to
introduce their organisation in UK. They provide different type of coffee such as flavoured
coffee, organic and herbal coffee, hot chocolate and so on. There are different kind of services
which attract user in respect of cafe such as they establish or build little library for user who are
book lover, they are also kept different kind of novel and also they open different play area like
indoor games for its children and so on. In addition to this, Beans coffee Cafe also focus is on
organising some different kind of program that is connected to singing and poetry that is helpful

in retaining customer for a longer period of time. They also conduct research for identifying taste
and preferences of user that is necessary in retaining them for a longer time period (Watson,
Stuetzer and Zolin, 2017).
Target market Beans coffee cafe focuses on providing coffee according to need of user.
The management team of this cafe focuses on targeting youth as its user. In context of UK, the
culture of nation agrees in enjoying life, in context with this, the youth must be targeted for
accomplishing goals as well as objective in timely manner.
Competitive analysis it is determined as an assessment of marketing plan for assessing
uniqueness of goods and services and also focuses competitors in order to understand their
strategy which will be helpful in conducting different task in proper way (Aslam and Hasnu,
2016).
Porter five forces model is appropriate tool for every sector to assess competition level
for new business venture during particular phase of time period. In reference of Bean’s Coffee
cafe, they adopt this model for assessing current position in order to start their business first.
Therefore, this model is depending upon five factors these are given below:
Competitive rivalry of Beans Coffee Cafe is determined as high and there is different
popular Cafe in UK that provides unique coffee to its customers for satisfying them. Thus, it is
necessary for Beans Coffee cafe to provide superior quality coffee to its user for achieving target
market.
Bargaining power of buyer in context of cafe, bargaining power of user is high as it is
determined as a new cafe and as per demand of user, price of goods may vary. Therefore, the
goods offered by Beans Coffee cafe is determined as unique but still its user prefers to select
already prevailed cafe. The management team of Cafe should increase quality level for achieving
target customer.
Bargaining power of suppliers is determined as a high for this kind of cafe. Hence, it is
new in market and there is different kind of suppliers for specific coffee beans for serving. In
context of this, the management focuses on maintaining positive relationship along with supplier
for bye for purchase raw beans during the period of time (Villani, Linder and Grimaldi, 2018).
Threat of substitute herein, threat of substitute of goods is determined as a moderate as
Bean coffee is determined as a unique for user that helps in achieving competitive edge over