Entrepreneurship and Business Development: A Case Study of Washiron

Entrepreneurship and Business
Development

Table of Contents
Introduction......................................................................................................................................2
Main Body.......................................................................................................................................3
New Business Concept...........................................................................................................3
Market Analysis......................................................................................................................4
Organization Analysis............................................................................................................6
Financial Feasibility...............................................................................................................7
Value Chain Analysis.............................................................................................................8
Business Model Canvas..........................................................................................................9
Potential Risk and Mitigation Plan.......................................................................................10
Conclusion.....................................................................................................................................11
References......................................................................................................................................12

Introduction
Entrepreneurship can be defined as the process of developing and managing a business
organization with a motive to generate profit to achieve success in the competitive world. The
major aim of entrepreneurship is all about transforming the world by providing solutions to big
problems with a brand new initiative. An entrepreneurship business is running by an individual
who is considered as the creator and has to bear most of the risks of the organization. For the
present report, the new business concept which has been taken into consideration is 'Washiron'
which will be providing portable washing and iron machine along with optional folding service
as its features. The detailed study of the business plan of 'Washiron' is explained below with
complete industrial, market, organizational and financial feasibility analysis. Along with this, the
value chain model and business model canvas are also explained in consideration with the
potential risks associated with the business plan.
Main Body
New Business Concept
'Washiron' is a entrepreneurship firm which is providing a portable washing and ironing
machine which is having the key features such as washing, drying, ironing along with optional
folding service which completely works on battery. This product is having a unique feature that
it can iron as well as fold the cloths and can be carried to anywhere which becomes its unique
selling proposition (Huang‐Saad, Morton and Libarkin, 2018) . Washiron will be ensuring clean
washing of cloths as well as neat ironing and folding to meet the demand of its customer base.
The target market of Washiron is majorly households of all classes as well as the travellers. As
this is a portable product, it can be used for travel purpose as well. It is available through online
as well as offline stores. The offline store is located at 12, Uxbridge Rd, London while on the
other hand it is also available on online platforms such as Amazon and Flipkart. Washiron is
dedicated to provide high customer satisfaction by providing such a product which makes the
working easy anytime and anywhere at an affordable price among the competitors. In order to

beat the competition, Washiron is offering commitment to provide professional, prompt and
convenient services.
Industry Analysis
It is an important market assessment tool which help businesses to study and understand
the competitiveness existing in the marketplace. Industrial analysis majorly focusses on the
position of the company in the competitive market in relation to the other participants (Rossano-
Riveroand Wakkee, 2019). This type of analysis helps a business to understand the key
differences between the company's and its competitors’ products in order to use it to the full
advantage. For the purpose of current report, 'Porter's Five Force Model' is used to analyse the
accurate impression of the industry with the help of five forces mentioned below:
 Bargaining power of suppliers: All the companies in the technological sector purchase
their raw materials from many suppliers. Suppliers who are having a dominant position in
the market can easily decrease the profit margins of Washiron which will directly affect
its profitability. The company will have to face high bargaining power of suppliers
therefore; it is advisable to have great negotiation skills to save the profit margins as well
as build effective supply chain with multiple suppliers.
 Bargaining power of buyers: Buyers tend to have high demanding attributes. They focus
on buying best offerings at a minimum cost. Therefore, in relation to Washiron the prices
have been kept affordable with many features resulting into medium bargaining power of
the customers. Although, buyers may put a pressure in future in long run but for the
current phase the bargaining power will remain medium.
 Threats of new entrants: Innovation is something which can be brought by anyone in the
marketplace. It puts a pressure on Washiron to remain competitive in the market. It
should use low pricing strategy to protect its competitive advantage by creating barriers
for its competitors (Marniati and Witcjaksono, 2020). Therefore, the threat of new
entrants is high and it can be dealt by building economies of scale in order to lower down
the cost per unit.
 Threat of substitute products: When a new product comes into market meeting the
similar customer needs in some other way creates a threat to the company. In case of