Innovation and Entrepreneurship: Blush and Bloom Business Plan

This report presents a comprehensive business plan for Blush and Bloom, a startup in the clothing industry. The plan outlines the company's innovative business idea, focusing on unique clothing designs and trendy styles made from soft fabrics like Chenille and Chiffon, with a touch of different countries' traditions. It includes an industry profile, business model, and point of differentiation, highlighting the challenges faced, prospective customers, and a detailed marketing plan. The report also conducts a competitor analysis, explores sources of funding, and addresses intellectual property considerations. The business model encompasses key partners, activities, value proposition, customer relationships, channels, segments, resources, cost structure, and revenue streams. Challenges such as sustainability, digitalization, consumer shifts, and increased competition are also discussed. The marketing plan details the product, price, place, and promotion strategies. Overall, the plan aims to establish Blush and Bloom as a successful player in the fashion market by offering differentiated products and services.

Innovation and
Entrepreneurship

Executive summary
Business plan is the direction or the roadmap which helps businesses to move in that particular
way. Planning is done in advance so that the business knows what activities they have to conduct
for achieving the objectives. It is considered to be very important element for the business as it
helps to document all the important things and converting the things into reality. In the beginning
of every business, the owner conducts the planning so that they know each and everything
clearly. This helps in facing the risks and to meet the changing business environment which can
impact the performance of the business.

Table of Contents
Executive summary........................................................................................................................2
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Start up Business idea.............................................................................................................1
Industry Profile.......................................................................................................................1
Business model.......................................................................................................................2
Point of differentiation...........................................................................................................3
Challenges to the Business idea.............................................................................................4
Prospective customers............................................................................................................5
Marketing Plan.......................................................................................................................5
Competitor analysis................................................................................................................6
Sources of funding..................................................................................................................6
Intellectual Property...............................................................................................................7
CONCLUSION................................................................................................................................7
References:.......................................................................................................................................8
Books and Journals.................................................................................................................8

INTRODUCTION
Innovation is the development of new ideas into reality which is different from the others
in market. On the other hand, Entrepreneurship means to establish the business and to organise
and run the activities in the business with the aim of achieving the objectives(Wu and Si, 2018).
Entrepreneurship and innovation goes hand in hand because the entrepreneurs are the one who
conduct different innovation in the market which is why the government also promotes their
business. For today businesses innovation has become the important element without which the
business would not be able to survive for the longer period. Blush and Bloom is the startup
business in London who deals in all sought of clothes for girls and women. The business has
launched different and innovative products in clothing which is different from others. This report
will cover start up business idea, industry profile, the business model, point of differentiation,
challenges faced, prospective customers, marketing plan, competitor’s analysis, source of
funding, intellectual property.
MAIN BODY
Start up Business idea
The business Blush and Bloom is a start up business in clothing sector. The business deals
in all types of styles in clothes and the accessories which consist of heavy to very light
(Gunasilan, 2019). They make great designs of clothes which are trendy and modern and the
price at which they are selling the product is reasonable and affordable compared to the other big
brands. The business is producing the clothes largely in the fabric of Chenille and Chiffon which
is the softest material and the designs which are made on it are very different and unique. Blush
and Bloom just want to make some differentiation in the clothing line by selling the products
with different style and in the trendy nature. Also the major difference which the business has
considered in its clothing line is that designing the clothes which has a touch of different
countries tradition and this is what makes the business different and is also demanded by the
people.
Industry Profile
The fashion and clothing industry plays significant role for the economy in UK and which is
known for different ranges of designer clothes. The industry is getting full support from the
government and has made different innovation in the clothes which are being demanded by
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different people of different countries. The fashion which exists in the country has originality
and is under different professionals who have given different styles and designer to the country.
UK is best in getting the degree in fashion and clothes and excels in many other things which are
related with the fashion (Bandera and Thomas, 2018). Now the consumers are well informed
about the different fashion and in similar way they demand from the big companies and
businesses those things. Now the technology has improved and with the designs which are
designed is also unique and different. Because of the current pandemic the clothing industry has
now turned into an online business and Blush and Bloom have also started their business online
by developing a website.
Business model
It is system or a tool which helps to understand the business in a great way and that to
systematically(Mas-Tur, Guijarro and Carrilero, 2020). In this the idea behind establishment of
business can be clearly understood by the people. Blush and Bloom has also developed their
business model has this will help to draw a picture about the business idea and it explains
the whole process of getting into the business idea and telling people about why the business
came up. Below is the business model of Blush and Bloom-
Key Partners:
 Technolog
y partner
 Suppliers
Key Activities:
 Design
 Manage
website
Value
Proposition:
 To
provide
Customer
Relationships:
 Developing
good
Customer
Segments:
 Women
and girls
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 Retailers
 Logistic
Partners
 Promotion
 Packaging
design
the clothes
in unique
and
different
designs
and that
too in very
soft fabric.
 Customise
d clothes
with
reasonable
costs
which are
offered by
others.
communicatio
n with
customers
 Taking
feedbacks
from them if
some changes
they require.
 Retailers
Key Resources:
 Human
resource
 Capital
 Raw
materials
Channels:
 Social
media
 Stores
 Wholesal
e
channels
Cost Structure:
 Production
 Promotion
 Distribution
 Salary
 Energy cost
Revenue Streams:
 Online services
 Wholesale offerings
 Collaborations
 Online store
Point of differentiation
Blush and bloom was started to produce the clothes which are soft and have unique designs
in it. The business is also selling its products which has the designs of the rich traditions of
different countries which is demanded by the people(Chege and Wang, 2020). Other big brands
are not selling such products and this is the foremost and important things which make Blush and
bloom different form its competitors. The formal wear which the business has started producing
is different in nature because of the high quality fabric which is used in it and does not make it
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older even by many washes. Comparing this with other brand which generally gets old and the
prices spend by the customer is also high for such clothes(Ferreira, Fernandes and Ferreira,
2019). Comparing Blush and Bloom with accessories which includes bracelets, handbags,
earrings, watches and many more things is different to what is sold by other brands. The business
is able to provide the unique styles of accessories to the women and girls at a very reasonable
price which are similar or can be called substitutes of other brands. Many consumers like to
come in the store to make the purchases because they think the fabric which is of chenille and
chiffon are the best materials for wearing it daily and those women who are working have variety
of options to shop form unlike others who have only limited stock.
Challenges to the Business idea
When the owner thinks about starting a business and that too in clothing sector has to face
many risks and challenges. Blush and Bloom have also faced some challenges while working in
the clothing industry which are mentioned below-
 Sustainability- To start a clothing business the owner has to think of some ideas to
reduce the pollution in the environment. This is because the clothing business has to face
the pollution while making the production and so was faced by Blush and Bloom.
Consumers have now become environment conscious and they purchase from those
brands which are focusing o such factors.
 Digitalization- It means to use the technology while making any promotions or may be
in the stores by which consumers also gets attracted. Development in the technology has
also made it problematic for the business as they have to inculcate in their business also.
Blush and Bloom have started making the use of digital technology so that they can
promote their products in new way and different from others.
 Consumer shifts- This is the main issue which is faced by the business which is of
changing demands of the consumers for their clothes (Khaire, 2019). The styles and
trends in the clothes changes in little time which makes it difficult for the clothing
business to clear their old sale while brining the new stock. Because of this Blush and
Bloom has to face major losses.
 Increased competition- Due to the increase competition in the market the clothing
business has to face many challenges to reach up to their point. Blush and Bloom have
always tried to be different from others in comparison with the products or making
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promotion. But it will take time for them to beat the other companies in the market and
become the top most in the country.
Prospective customers
Prospective customers are those who will willingly make the purchase form the shop when
they are satisfied with the business fully(Bonfanti, Del Giudice and Papa, 2018). They are the
ones who are attracted towards the products which the business is selling and will make the
purchase and have the financial resources to purchase it. Blush and Bloom have to consider these
prospective customers if they want to increase their sales. The best customers for any business
will be those who will make the purchases quickly without any delay. But it is the responsibility
of the business to satisfy some of their needs by which consumer does not make any hesitation.
 The best customer for the business will be those who make the quick purchase from the
shop but this can be done only when the quality of products are good.
 Before making purchase customers first see the price and then they think for making the
purchase. Blush and Bloom have kept the prices of the product less compared with that of
the competitors so that the consumer can make quick purchase.
 Customer service of the business must be the best as the problem which is faced by the
customers is more regarding the services. Blush and Bloom service work 24/7 by which
any consumer having nay issue can ask from the services.
Marketing Plan
Marketing plan is the strategy which has to be followed by the businesses for their
marketing and promotional activities(David and Terstriep, 2018). In this, Marketing mix is the
tool which helps the business to bring new products considering all the important factors. 4P’s of
marketing mix have been discussed below in context with Blush and Bloom-
 Product- Blush and Bloom have come up with the range of formal clothes for women
which can be used by the daily working women and those who goes for attending official
meetings. But the formal clothes can be purchased by anyone as it different from what is
provided by the competitors.
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 Price- The price which is kept by the business is affordable and can be purchased by any
person and is not just for high living consumers(Apostolakis and Margaritou, 2018).
Blush and Bloom have kept the range of the product less form other big competitors.
 Place- The stores of the business are located on the best place because of which
consumers does not have to face any difficulty. Now the store is also operating in online
and offline manner.
 Promotion- Blush and bloom uses different channels of doing their promotional activity
which involves social media, writing blogs and articles, you tube channels and making
video advertisements.
Competitor analysis
Marks & Spencer- It is a big brand which deals in clothing, food products and home products.
The current revenue of the company is $181.9 million dollars which is the highest among the
other brands(Rezazadeh and Nobari, 2018). The company specialises in different designs of
clothes and they sell the products for men, women and children.
Next plc- It is similar to that of Marks& Spencer and it also deals in clothing, footwear and
home products to the people. It is one of the largest and the biggest clothing retailer in UK and
has the annual turnover of $4.3 billion in the year 2020.
Burberry- It designs clothes which are ready to wear which includes the coats which is the most
famous product of this company. The materials and the designs which are used in the products
are unique and different from others. The annual revenue of the company was $633 million in
the year 2020.
Sources of funding
Source of funding are those by which the business can acquire the money an can invest in
their business if they are not having enough cash to invest in their business (Gleason and
Murschetz, 2019). Blush and Bloom have taken the help form two different sources of funds
which are mentioned below-
 Angel investors- Angel investors are those who invest in the startup business because of
the idea and think that the business will succeed in the near future. But with this, they ask
for ownership in the company or some debentures. Blush and Bloom have also taken the
help of this source in the beginning of the business.
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 Crowdfunding- It is the method which is used by the business start up to raise funds
with the help of websites. They take the funds from individual investors, families and
friends which is used for operating their daily activities.
Intellectual Property
Intellectual property is the right which can be used by the inventor, writer or any other
person which produces the thing which is different and unique from others and has not been
made or produced till date. Blush and Bloom have also taken the help of Intellectual property
rights-
 Patent- It is that right which is given to inventor of the product by the government for
not giving the right of selling or making of a similar product(Gu and Qian, 2019). In this
way the design is saved from other being copied by any other person because of which
Blush and bloom have taken the help of this right.
 Trademark- It is the right which is given to the businesses for their symbols or any mark
which defines their business identity. After registration, no other enterprise can copy the
symbol of the other business. Blush and Bloom have also taken the security of trademark
so that other business does not copy it.
CONCLUSION
From the above report it can be concluded that both entrepreneurship and innovation are
important as the entrepreneurs are the one who make innovations in their products and also at the
same time provide job opportunities to people. Entrepreneurs make innovation in their product
because it helps them to grow their business and makes them relevant. The business has also
made innovation in their products which is different and unique from other who is selling the
similar products. For the competition which exists in the market makes it very important for the
business to make some innovation as it helps in improvement in the business actives and helps
the business to grow.
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References:
Books and Journals
Apostolakis, S. and Margaritou, K., 2018. Is Eurasian Economic Union governance effective?
Implications for the strategic entrepreneurship and innovation. International Journal of
Comparative Management. 1(3). pp.255-272.
Bandera, C. and Thomas, E., 2018. The role of innovation ecosystems and social capital in
startup survival. IEEE Transactions on Engineering Management. 66(4). pp.542-551.
Bonfanti, A., Del Giudice, M. and Papa, A., 2018. Italian craft firms between digital
manufacturing, open innovation, and servitization. Journal of the Knowledge
Economy. 9(1). pp.136-149.
Chege, S.M. and Wang, D., 2020. Information technology innovation and its impact on job
creation by SMEs in developing countries: an analysis of the literature
review. Technology Analysis & Strategic Management. 32(3). pp.256-271.
David, A. and Terstriep, J., 2018. Innovation in informal ethnic entrepreneurship–a result of the
opening of the EU’s borders?. In Transformational Entrepreneurship (pp. 58-77).
Routledge.
Ferreira, J.J., Fernandes, C.I. and Ferreira, F.A., 2019. To be or not to be digital, that is the
question: Firm innovation and performance. Journal of Business Research. 101. pp.583-
590.
Gleason, J.P. and Murschetz, P.C., 2019. Online Interactivity and Achieving Business Value
Through Digital Media Entrepreneurship. Journal of Media Management and
Entrepreneurship (JMME). 1(2). pp.14-30.
Gu, W. and Qian, X., 2019. Does venture capital foster entrepreneurship in an emerging
market?. Journal of Business Research. 101. pp.803-810.
Gunasilan, U., 2019. Entrepreneurship as a Driver of the Digital Transformation. International
Review of Management and Marketing. 9(5). p.23.
Khaire, M., 2019. Entrepreneurship by design: the construction of meanings and markets for
cultural craft goods. Innovation. 21(1). pp.13-32.
Mas-Tur, A., Guijarro, M. and Carrilero, A., 2020. What Type of Entrepreneurship Leads to
Sustainable Development? A Configurational Approach. Social Indicators Research,
pp.1-14.
Rezazadeh, A. and Nobari, N., 2018. Antecedents and consequences of cooperative
entrepreneurship: A conceptual model and empirical investigation. International
Entrepreneurship and Management Journal. 14(2). pp.479-507.
Wu, J. and Si, S., 2018. Poverty reduction through entrepreneurship: Incentives, social networks,
and sustainability. Asian Business & Management. 17(4). pp.243-259.
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