Entrepreneurial Development Plan: Building For Britain

Desklib provides past papers and solved assignments for students. This report analyzes Building For Britain's entrepreneurial venture.

Business Entrepreneurial Development
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Table of Contents
Introduction................................................................................................................................3
Section 2.....................................................................................................................................4
Section 3.....................................................................................................................................5
Section 4...................................................................................................................................11
Conclusion................................................................................................................................11
Reference list............................................................................................................................13
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Introduction
The entrepreneurial ventures are spreading at a high rate in the existing generation and
therefore, there is high competition in the market as well. The entrepreneurs are the ones that
owns a small business and owns all the profits from the venture. The most essential skill that
differentiates an entrepreneur from a manager is that the entrepreneurs come up with unique
ideas that are highly appreciated by the customers of the present generation. The following
proposal depicts the entrepreneurial development of Building For Britain . This is a
construction company provides civil and building services to the customers in the United
Kingdom. The idea that can create a significant change in the development of the Building
For Britain is to create a website that can connect the labours including painters and plasters
with the construction company. The website shall provide the contingent workers with a for
that has to be filled up and then connect them with the companies that shall allocate work for
them.
The following proposal has a detailed abbreviation of the operational procedures of the
Building For Britain can develop their business venture by ensuring an appropriate marketing
and distribution. The proposal shall depict a business canvas model as well a in order to
depict the roles as well as responsibilities of the various departments of the organisation. The
entrepreneurial business venture is also depicted in this proposal.
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Section 2
Opportunity formation is one of the most important stage in the development of a business
organisation. Entrepreneurial opportunity helps to emerge on the individual aspirations of
with different social and economic benefits. Opportunity formation plays an essential role in
grab the market share of an existing market or a new market (Nambisan and Zahra, 2016).
The entrepreneurs can be able to schedule the opportunities and how those opportunities can
be achieved. BuildingforBritain has the opportunity of grabbing the market share of
Hampstead area of North London and working with Foxton constructions. The are is a rich
area so that this can be stated that the stakeholder has focused on the demographic sector of
the company in order to develop its businesses. There are also opportunities of expanding
business in other different markets but the stakeholder has targeted the market of Hampstead
area as most of the people of the country belongs to the medium to high income group in this
company. Entrepreneurs generally pursue those opportunities beyond the resources of the
company.
There are four main stages of opportunity formation that includes discovery, creation,
narrative and entrepreneurial interpretation (Suddaby et al., 2015). The opportunity formation
process may be uncertain. The entrepreneurs can be able to exploit form these processes. The
unemployment rate in the UK has been increased by 4% currently (ons.gov.uk. 2019). The
owner of BuildingforBrtain has provided the civilians of this country with job opportunities.
This has helped to contribute to the socio-economic factor of the country. The plumbers,
plasterers and other persons have been able to work with these companies easily. In this way,
the opportunity formation has helped to deal with the economic problems of the country. The
company has launched new services recently. 3D printing technology is being used by the
company to develop its groundwork services. 3D printing technology is beneficial for the
development of concrete extrusion technology (buildingforbritain.net. 2019). The company is
providing the freelancer contractors with the on-site and off-site fabrication of construction
components of the company. In this way, the company has differentiated their services form
other companies in the existing market .
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Section 3
Opportunity Development
Business Canvas Model
Opportunity development is a learning process for entrepreneurs. In this process,
entrepreneurs can understand the ways that will be beneficial for developing the products and
services of the company (Preller et al., 2018). The entrepreneurs can focus on the potential
customers, products and services when there are low risks. Potential customer retention
process is advantageous for any new entrepreneurial venture. Owner and project manager of
BuildingforBritain are trying to modify their groundwork services. It is stated that adopting
3D printing technology will be beneficial for service modification. The company has the aim
of working with a large organisation such as Foxton Construction Company. This service
modification will help the company more strongly and fulfil its aim. The development of the
organisation depends on the analysis of the roles as well as responsibilities of the functional
departments of the organisation. The owner should research the markets of the Hampstead
area of North London to expand business in that area. The opportunity development process
will be beneficial for the development of services. The organisation is new in the markets of
United Kingdom so that the owners of the company will need to take the help of opportunity
development process.
The following depicts the Business Canvas Model for Building For Britain:
Resources
 Office
 Equipment
 Human Resource
 Insurance
 License
Total -
Building For Britain
 Unique Selling Point: End
to end services and
quality materials
 Innovative idea: To
allocate work to the
unemployed labours in
the market through the
website
 Need problem:
Unemployed labours in
the market looking for
opportunities and
increasing growth of
freelancers and
contingent workers
 Solution: Provide the
unemployed labours
Segmentation
 Demographic
 Geographic
 Behavioural
 Psychographic
Customer relations
 Long term
 Advertisements
 Promotion
Activities
 Production
 Maintenance
 Financial calculation
 Survey
Channels
 Virtual
 Websites
 Mobile App
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with an opportunity to
work under standout
civil and building
industries
 Products and services:
Ground works, Brick
works, Roofing,
Masonry, Plumbing,
Electrical, Gardening,
Plasterwork and
carpentry
 Difference from the
competitors:
Partners
 Suppliers
 Venture Capital
 Bank Loan
Price Revenue
 Sale
 Payment
 Refuel
Table 1:Business Canvas Model
(Source: Created by the learner)
In order to create a suitable profit in the revenue, it is extremely important for the Building
For Britain to follow the above business canvas model that depicts a detailed comprehension
of the roles as well as responsibilities of the different functional departments of the
organisation. The activities related to the entire venture including the investments ad budgets.
There are different perspectives of the business that highly influences the operations as well
as productivity of the venture. The following depicts the different perspective of the business:
 CEO: The CEO or the entrepreneur of the Building For Britain has to ensure that the
entire management is operated and guided properly and they have to look for further
improvements for the idea that can help Building For Britain to gain significant
competitive advantage and revenue. The CEO or the entrepreneurs are regarded as the
experts of the business venture and therefore, the entire responsibility of the organisation
including the loss and gains of the venture lies under the entrepreneurs. The CEO also has
to ensure that the relations with the stakeholders are maintained the employees that are
recruited belongs to a reputed source (Kalinina et al., 2016).
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 Marketing: The marketing department has to ensure that the entire idea is delivered to
the common people through the application of media, channels, mobile apps and
websites. This shall allow the freelancers and contingent labourers to get the information
about the job and deliver suitable information in the website so that the project manager
can allocate works. The application of the social platforms has become common and
social platforms such as Facebook, Instagram, Twitter has a vast number of audiences,
and therefore, the organisations can promote their services (Wang et al., 2016).
Furthermore, the posters and templates can be used to draw the attention of the people of
the North London, Hampstead Area.
 Finance: The financial operations of the project have to ensure that the profits as well as
losses of the entire project are maintained. The financial management of the organisation
has to ensure that the losses included in the development of the project do not exceed the
entire profit earned otherwise the venture would run on loss. The financial department
also has to ensure that the venture is financed properly and the salaries of the employees
are recorded along with any incentives that have been provided to the employees based on
their performance (Pobegaylov et al., 2016).
 Operations: There are several operations that are involved in the idea of business venture
of Building For Britain. The recruitment of the new employees and allocating tasks to the
freelancers and contingent labourers including painters and plasterers have to be provided
with ongoing project of the Building for Britain organisation and therefore, the operations
of the individual projects are affected as the new employees or group of employees have
to execute a particular role (Ghoddousi et al., 2015). Therefore, the signing with the real
estates can provide the entrepreneurs with significant advantages in allocating jobs for the
new employees.
 Human Resource: The Human Resource Management is the responsible one to recruit
the employees. There are several employees in the market however, the operational
procedures include several tasks that has to be handled professionally and therefore, it is
extremely important for the HR to test the employees before they are provided with the
job roles (Abuazoom et al., 2017). The HR provides the training as well as an intense
orientation to the employees to provide a detailed understanding of the roles as well as
responsibilities of the employees for the betterment of the organisation.
 Partners: The business partners shall financial support in the development of the idea.
The partners of this particular venture include bank loans, venture capital and suppliers.
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The Building For Britain has to ensure that the an appropriate customer segmentation that
shall allow them to make suitable planning based on the demographical, behavioural,
psychographic and geographic factors of Hampstead Area, North London. The following
depicts the customer segmentation:
Type of
segmentation
Segmentation
criteria
Building For Britain
Geographic
Region
Density
North London, Hampstead Area
Urban
Demographic
Age
Gender
Life-cycle Stage
Income
Occupation
18-65
Male, female and others
Bachelor stage, Newly married couples, Full nest,
empty nest and solitary survivor
High
Professionals and executives
Behavioural
Degree of
loyalty
Benefits sought
Personality
User status
Soft core loyal
Reliability Sense of high status
Ambitious and determined
First time users, potential users
Psychographic
Social class
Lifestyle
Higher and middle class
Aspire-succeed and explorer reformer
Table 2: Market segmentation
(Source: Created by the learner)
In order to ensure that the entire venture is financially supported, it is extremely important for
the management of Building For Britain to analyse the resources of the organisation. The The
resources of the organisation includes the office, Human Resource Department, equipments,
insurance and licenses. The following table depicts the budget required for the development
of the business venture and the costs included in the operations of Building For Britain
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(Loosemore, M., 2016). The table below depicts the resources of the entire venture and the
development of the website. The entire budget of the resources has been depicted in the table
above. The initial investment of the venture is $50,000. The table has been depicted to
present the financial data of the business venture regarding the various sources that are
related to it:
Particulars Per unit(£) Total cost (£)
Office 18 18000
Equipment 12 12000
HR 12 12000
Insurance 5 5000
License 3 3000
Total cost 50 50000
Price 70 70000
Break-even point (in unit) 3.5
Table 3: Break event point
(Source: Created by the learner)
There are several activities that are involved in implementing the idea in the business venture
of the Building For Britain organisation. The activities involved in the development of the
business venture shall allow the management Building For Britain to develop suitable
initiatives that can enhance the effectiveness as well as efficiency of the procedures the
following depicts the activities involved in the idea of the business venture:
 Production: This refers to the activity of he the organisation to develop the products as
well as services that are available for the customers. Being a construction company, the
Building For Britain has a lengthy production procedure and therefore, the organisation
seek for greater workforce and the website can help the organisation to develop their
productivity as well as efficiency. The production process mainly includes building civil
projects as well as buildings. Several employees are included in the development of a
single project including the labours, construction manager, civil engineers, plumbers,
electricians and roofers (Darko et al., 2015).
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 Marketing: The idea of the website can yield significant profit in the revenue of Building
For Britain and also provide valuable opportunity to the unemployed workers in the
country and the freelancer and contingent workers that constitutes the majority of the
workforce of the country. However, the idea shall fail if it does not reach to the concerns
of the common people. Therefore, the management of the Building For Britain has to
provide the information through the distribution channels. The media channels, mobile
apps and social platforms shall be used in order to distribute the website in front of the
vast audience (Mokhtariani et al., 2017). Posters, memos, and advertisements in social
media and TV channels shall be sued in order to promote the idea in front of the public.
 Financial Calculation: The budgets have to be calculated in order to have a detailed
information about the overall expenditure as well as profits earned from the venture. The
financial department is the responsible department for the calculation of the financial
calculation. They have to record all the expenses of the organisation including the initial
expenses and the expenditure on hiring the technicians for the development of the website
and the maintenance of the website.
 Survey: The survey shall depict the needs as well as requirements of the common people
and thus help the organisation to develop suitable initiatives that can meet the
requirements of the customers. Furthermore, the opinion regarding the idea and the
unemployment rate of the country (Alwan et al., 2017). The survey shall also allow the
management of Building For Britain to gather the necessary information of the
contractors and the freelancers around the area.
The customer group that has been targeted are the groups that belong to higher class. This
shall allow the management of the Building For Britain to go for skimming pricing strategy
that can increase the revenue of the organisation significantly from North London Hampstead
Area. The development of business gets affected due to the pricing strategy as well. This is
because the organisation has to provide higher quality of services and products, which
involves greater investment on the operational procedures (Nelson et al., 2015). Despite of
the investment, the management of Building For Britain shall receive significant profit in the
revenue as the skimming price strategy shall allow the organisation to receive massive
profits. The higher classes of the people belonging to the Hampstead Area of the North
London are rich and therefore, they prefer quality of the products and do not consider the
monetary losses on investing for their future (Aalbers et al., 2016).
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Section 4
Recommendation
● The owner of the company will have to choose a specific business structure to ensure
maximum growth
● The website of the company should be developed as most of the workers will contact the
project manager or owner through the website
● Survey on both the existing market and newly targeted market should be conducted
● Several entrepreneurs in the market are trying to grab more market share so that the
company should promote their brand online and offline, which will be beneficial for creating
brand awareness (Eggers et al., 2016)
● Feedbacks from the clients and employees will be beneficial for identifying those areas,
which requires to be improved
● The company should introduce clients with new services so that they can be able to
differentiate their services from other competitive brands (Bellavitis et al., 2017)
● Continuous development in the services and products is beneficial for enriching the
corporate image of the company
Conclusion
This has been understood from the analysis that some processes are beneficial for the
development of entrepreneurial products and services. Entrepreneurial development is
beneficial for the improvement of knowledge and skills of the entrepreneurs.
BuildingforBritain is a new entrepreneurial organisation in the markets of Britain so that the
stakeholder of this company will have to develop entrepreneurial knowledge. This will be
beneficial for grabbing a larger market share of the targeted market. The business operation
of the organisation has been analysed from every perspective. Thus, it can be stated every
business function has to be maintained to achieve its goal of working with larger firms such
as Foxton Company. The opportunity forming and the new services of the company have
been provided in this study. It has been observed that the company has launched new
services. 3D printing service in groundwork is a new addition to their service portfolio. There
are some other entrepreneurial organisations, which do not provide customers with 3D
printing services so that this new addition has helped the company to differentiate from other
companies.
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It has been observed that the company has invested 50K pound for starting the business
venture in the country. The company is also using a lot of self-employed labors so that the
labour should be managed efficiently. The stakeholders and project managers have managed
human resources efficiently so that the productivity of the organisation can be increased. The
business canvas model, of the company, is analysed in this section in order to provide a better
understanding. The idea of the product proposition of the company has been achieved by
analysing the business canvas model. This has been observed that the entrepreneurial
organisation unlocks new job opportunities for the country. Moreover, a list of
recommendation is also provided in this study, which will be beneficial for the growth of the
company.
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