Unit 1: Enterprise in the Business World
Added on 2020-10-23
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Professional Development
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Unit 1: Enterprise in the Business WorldStart-Up Business Course Work – Learning Aims B & CContents PageContentPage1.My Ideas for a Start-Up Business2.My Business3.Business Plan4.Business Model5.APPENDIX – Copies of your questionnaires, secondary researchetc.6.Observation records/Witness StatementsPage 1 of 19
Unit 1: Enterprise in the Business WorldStart-Up Business Course Work – Learning Aims B & C1.My Ideas for a Start-Up BusinessUnder this section you are required to outline two-five ideas you first thought of for your business before you chose your final idea. You may bullet point this and it need only be a paragraph – half a page long.My first idea was to sell different but unique clothing items online as in this generation majority for people use online shopping as it is less time consuming and easier to access online. This idea was mainly targeted towards older women aged between 40+, the reason why I did not choose this type of business to run is because I personally thought my business would not become successful as majority of older customers don’t like shopping online as this would decrease the my business states. And it would not be as popular as other websites because some older customers might not visit my website as they might find it harder and may not get used to the websites.My second idea was to sell makeup products as most of the girls in this generation wears good amount of makeup. However I changed my thoughts on this business idea because I predicted that it would cost more money for different makeup products as there are different kinds of makeup products and also there’s different shades which I would have to buy double the amount for same products. Also knowing that there are other big companies that produces cosmetics such as MAC or Rimmel London and many more, I would find it hard to business and attract new customers as most people would chose MAC because it is known worldwide. And also mentioning some people might not wear makeup so some of the un-used products would be waste.My third business idea was to produce different types of bags that would be suitable for any occasions. The price range would be a bit expensive as it was going to be handmade fabrics to be unique as well as attractive to customer’s eyes. Also the target market was ages 12-30+ as well as for unisex so it would be suitable for men and women. The reason why I did not choose this business to run is because we might have to use animal skin to produce some bags and this might cause some problems as some customers might be against animal cruelty. Page 2 of 19Priya Rajbhandari, 10Gn
Unit 1: Enterprise in the Business WorldStart-Up Business Course Work – Learning Aims B & C2.My BusinessIntroductionThe business idea that I have chosen to produce in Greenwich market is to open a retail shopwhich I will be selling different types of clothing’s especially for women that are more intofashion. I will try to make the prices of my clothing affordable for an example £10- £60maximum as I don’t think it’s cheap nor that expensive as we will be using high qualitymaterials. And I chose Greenwich Market as there would be large amount of the people whoare currently studying in Greenwich. There is a University located in central Greenwich andknowing that large amount of young adults like shopping this would gain new customer. Sothis is the reason why locating our in Greenwich will attract young as well as older costumersincluding the visitors because there isn’t that much of retailer shops around that area.The reasons I have chosen this idea to sell clothing items because when I travelled to Greenwich market I’ve noticed that there isn’t that much of clothing stores so if I locate my in that location there would be a greater chance of it being successful because more people come and buy my products. The gap in the market that I have noticed that it was lacking clothing items also clothes with standard prices. My Unique Sell Point would be to sell as much of the clothing products we produce with standard price so the customer come to my shop and not shop in the other retailer stores.Market ResearchPrimary ResearchI conducted some primary research by handing out a number of questionnaires analysed the results which helped me to see which companies are my competition and what clothing items that the audience like wearing.Also this bar chart would help my business to be more successful the reason for this is because this bar chart shows which stores most customers goes too and this will help us to see which store we’re competing with. By looking at the graph this shows that majority of the customers like shopping in New Look; meaning that I need my business to attract more customers than New Look and need to contain the same kinds of products but better so the customers would come to my store.Also in the graph I can also see that Zara , RiverIsland andMissGuided is not successful at attracting customer as the prices of their products are expensive so I would need to make sure that my items are affordable.Page 3 of 19
Unit 1: Enterprise in the Business WorldStart-Up Business Course Work – Learning Aims B & C2) Page 4 of 19
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