Business Plan for Innovative Tech Venture: Entrepreneurship & BD

This document presents a business plan for a new venture called EasyPay, a digital payment solution. It begins by differentiating between causation and effectuation in entrepreneurial decision-making, followed by an outline of the new venture creation process. The plan highlights the relationship between innovation and entrepreneurship, conducting an STP (Segmentation, Targeting, and Positioning) analysis for EasyPay, and identifying key competitors. A proposed business model is detailed, emphasizing EasyPay's unique approach to B2B transactions and additional customer services. Furthermore, the document discusses various strategies for entrepreneurial organizations in different phases (startup, growth, underperformance), and qualitative and quantitative planning tools for risk assessment. The plan aims to establish EasyPay as a user-friendly and efficient payment platform, empowering local businesses and revolutionizing transaction processes.

ENTERPRENEURSHIP
AND BUSINESS DEVELOPMENT
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TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
MAIN BODY ..................................................................................................................................4
Causation and effectuation...........................................................................................................4
New venture creation ..................................................................................................................4
Relationship between innovation and entrepreneurship .............................................................5
STP analysis of Easy Pay ............................................................................................................5
Competitors .................................................................................................................................5
Proposed Business model of Easy Pay........................................................................................5
Strategies used by entrepreneurial organisations-........................................................................7
Qualitative and quantitative planning tools used for assessing the risk-.....................................9
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13
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INTRODUCTION
Causation means cause and effect relationship between the different variable, one
change in a variable cause the change in the other variable cause action is the goal
oriented process. Effectuation is the means oriented process, which focuses on
affordable loss and it create the view of the future this study will going to discuss
the causation effectuation, new venture creation and the true relationship between
innovation and entrepreneurship, this will also conduct a STP on our company
which is digital payment method and largely known as easy pay and it will show
why the business is feasible it will also discuss the concept and proposed structure
of the firm, also this will show the kind of business and marketing strategies that
the entrepreneur will use to have a success in the business.
Working of the new venture-
EasyPay is the new business who is offering the services of digital payment mode
to the customers. This company partners with the banks and provides online mode
for payments of banking system. The services provided by this company is online
recharge, bill payment, online transaction of savings accounts as well of the current
accounts. This company came with the innovative idea of easy and smooth
payment of business to business (B2B) transactions by cutting off all the problems
and issues faced by the companies for making large transactions. Other digital
payment companies asks for much details every time of the transaction but
EasyPay company will help its customers in providing the smooth and easily
processed transactions. Along with this, it will also help customers the platform
from where they can take loans, make investments in FD, purchase the movie
tickets, flight tickets and many more facilities related to the digital services of
payment.
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MAIN BODY
Causation refers to the pre defined goals in which the decision parameter include
the maximization of return it deals with the uncertainty of future through business
planning and competitive analysis It exploits the capabilities and the resources.
Effectuation refers to mean oriented process which shows up the emerging goals
and in which the decision parameter include the affordable loss. Dealing with
uncertain future through the pre commitment and analysis. It exploits the
environmental contingencies. This is the type of business firm in which the
company is owned by its shareholders who have purchased the company shares on
the market value.
New venture creation
Venture creation means the transfer of ideas in the term of reality it identifies the
establishment of any of the organization. it has mainly 3 stages to start a new
business which include exploring, planning and launch all these factors are very
important let’s discuss all of these stages in brief
Exploration – this means exploring the the type of business that an organization
will be of or the type of organization that the entrepreneur is finding, it can be
technological, IT, sales, marketing etc. In the world of imaginations there are so
many business ideas that an entrepreneur can have and make it into reality. This
process tells the reality of entrepreneur and his decision making skills which will
tell whether the entrepreneur will able to run the business effectively and
efficiently. The exploration of the business idea is much harder process which is
directly referred to seeking all the phases of the business
Planning – Planning means setting objectives and targets and formulating an
action plan to achieve , planning is deciding in advance what to do and how to do ,
planning completes the gap between where we are and where we want to be
planning has it’s own importance while the creation of venture, without planning
no one can set up a business a run it for long term planning sets the goals and
objective of the business for the short as well as long run planning has it’s own
process which includes- setting up the objectives, developing the premises,
identifying all the alternatives, evaluating all the alternatives, selecting the best
alternative, implementation of plan and follow up action
Launch – Launching is the final stage that comes after planning it is the final
execution of what the entrepreneur has explored and planned and it shows the
variable that are affecting business after the launch, this step is the necessity as it is
already planned and explored, the business idea is planned or explored to launch.
By the way of launching entrepreneur can see the exact tangible asset that he has
imagined or explored.
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Relationship between innovation and entrepreneurship
Both of these are the same face of one coin whenever the one thing take place the
other is already presented. Innovation means the productive change in services or
products that attracts the customer to purchase the product or services whether the
entreprenuership means the establishment of a some economic activity that helps to
fullfil the wants and desires of customers by providing what they want it also
increases the standard of living of the people of the country. Innovation and
entrepreneurship correlate with each other in the world of business, both of them
are the agesnt of active success and the presence of different idea acts as the
fueling power for a successful business venture
STP analysis of Easy Pay
Segmentation :- People’s with smart phones looking for cashless payment.
Targetation :- people of young and middle age.
Positioning :- Easy pay can be used as an alternative of cash to make the payments
for daily needs.
Competitors
Phone pay, paytm, finshell pay, Mi PAY are some of the competitor of our
organisation easy pay.
This company came with the innovative idea of easy and smooth payment of
business to business (B2B) transactions by cutting off all the problems and issues
faced by the companies for making large transactions. Other digital payment
companies asks for much details every time of the transaction but EasyPay
company will help its customers in providing the smooth and easily processed
transactions. Along with this, it will also help customers the platform from where
they can take loans, make investments in FD
Proposed Business model of Easy Pay
Easy pay is a very simple and useful business model which is designed in order to
make the payment process faster and safe for the customers. It provides the local
stores with a point of sale system which can be used to make the payments to the
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suppliers in the network of the business. The customers can quickly and easily
make the payment of bills with the help of this tool. The goal of the company is to
organize the unorganized market by providing an easy platform for the betterment
of the payment processes.
A framework for explaining the new venture creation includes the major
perspectives which are the organization created by them, characteristics of the
individuals, and the environmental surroundings of the venture and the process of
the start of the new venture. The organization is perhaps the foundation where all
the business practices takes place and the entrepreneur conducts his business
practices. Characteristics of individuals are the traits that the people which are
related to the venture possess. The environmental surroundings are the overall
atmosphere around a venture including all the infrastructure. The process is again
the most crucial part it requires all the efforts of the management in order to reach
the goals set by the management of the venture.
The business model will run on basis of the vision of the venture by
empowering the neighborhood shops to promote themselves and convert them into
service centers for conducting all types of payment and retail services. The
platform will also be utilized by the shopkeepers in order to manage their sales and
inventory. The focus has always been on differentiating the services which is
enabled through advanced technology and the speed at which the customers are
consistently served be it the retailers or the household. The venture will work
towards bringing a revolution in the world and changing the transaction making for
people a lot easier and convenient. The services provided by the company are
developed in order to provide the customers with an overall great experience of the
payment platform. The business model of the new venture is designed by
considering customer needs and it is made simple and effective to use.
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Strategies used by entrepreneurial organisations-
Using effective strategies would help the business in growing as well in promoting
the new business in the market (Bocken and Snihur, 2020.). Strategies used by
businesses in start-up phase are such as-
1. Launching referral program- This is the most basic and used strategy in
which companies allow their customers in promoting the product for the
company. Using effective tools for referral will help company in creation of
product and promotion.
2. Social media marketing- The digital marketing should be used effectively
as it is most powerful platform at start-up phase. Building presence on the
digital platform as people nowadays are attracted more by seeing on the
social media platforms. This is strategy is the most effective strategy for
attracting customers and highlighting the target audience. Providing
benefits and offers- Providing them with something useful and best quality
product which will provide benefit to the customers can be offered
(Muramalla, and Al-Hazza, 2019). Offers are the most significant element
for start-up offers can be such as buy one get one free, cashback offers etc.
This strategy is used by almost every new business because it helps in
attracting large number of customers.
3. Empower local communities- Companies are using resources of the society
so in return they must provide good quality product to them. This strategy of
supporting local communities will help the companies to attract more
customers. This creates a good image of the company by serving to the
society.
Strategies used during growth period-
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1. New markets- During growth period of the business, evaluating the new
markets for the current product of the company. That is expanding the sales
to new city or country for more growth of the business.
2. Diversification- Offering wide range or variety of the products to the
customers grows the business. Developing the existing product for the
existing customers or new customers will expand the business.
3. Franchise buying- The companies goes for acquiring the franchise as it
encourages the growth of the company. These business already has powerful
market customers and support of the franchiser as well as the recognition of
the business.
4. Efficiency- This strategy generally involves in improving the efficiency of
the company which will help in increasing the productivity level of the
company (Hicks 2021).
Strategies used for underperformance of the company-
1. Matching employees to the required skills- The underperformance of the
company occurs when there is uncertainty of employees about their job
roles. Stating clear responsibilities and requirements of skills will help in
avoiding this problem. Hiring candidates who are not appropriate for the role
will lead to underperformance of the overall company as they will not be
able to work effectively.
2. Providing training- The Company faces this problem when employees are
not prepared for their job roles. Providing them with proper training will
help in reducing this problem. Training is very important for correcting the
underperformance of the company because by this employees will work
efficiently.
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Qualitative and quantitative planning tools used for assessing the risk-
Risk Management tools and techniques are used by the businesses for identifying
the risk and mitigating them (Wilhelmsen. and Ostrom, 2019. ).
1. Risk Register- Risk register is used to identify the risk and describes its list.
It then provides the explanation of the risk on the businesses as well as the
plan to deal with the risk. It enables the project manager to prioritise the risk
and then assigns an individual for resolving this risk (Landoll, 2021). This
is the strategic tools which is used to control risk in the business. It gathers
the data of the risk and responds to it. Once the risks are identifies then they
are added to the software this then tracks the risk. The dashboard of this
software provides the glance of the level of the risk.
2. Probability and Impact Matrix- The another tool used for risk assessment
in businesses is probability and impact matrix tool. It helps in giving priority
to the high level risk which has much impact on the business. Wasting time
on the small risk as well as exhausting resources on this will have much
impact on the business. This technique enables to combine the probability
band impact of the individual risks ads give ranks according to their level.
By following this technique each risk can be understood in the businesses so
if any risk occurs immediate action could be taken.
3. Risk Data Quality Assessment- This technique helps the project managers
of the businesses to use the data which has been collated for the identified
risks. This enables business to understand the accuracy, quality, integrity as
well as reliability of the risk related to the collated data of the risk. By
examining and evaluating these parameters the risk can be assessed.
4. Risk Assessment template for IT- This tool was specially designed for the
IT companies in identifying their risk in the organisation. In this, the list of
the risk is kept as well as it is helpful when the project is executed in the
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business as it has space of collecting the risks. One of the feature of this
technique is that it consists of the spreadsheet which has inbuilt calculator
which helps in calculating the likelihood of the risk as well as the impacts of
the risk on the business.
Common mistakes made by entrepreneurs at start-ups-
1. Lack of marketing- The main problem with the new businesses is that they
don’t have effective marketing strategies (Dinnar and Susskind, 2018). This
is the most common and biggest mistake made by the entrepreneurs. Having
best product or services is not enough effective marketing would only help
the company in attracting the customers.
2. Hiring employees on salary based- Entrepreneurs at launching of the new
business hires the candidates with the low salary rather than focusing on
talents and killed employees. This is mistake which they make and this
hinders the growth of the company (Silva, et.al. 2021).
3. Taking ego at workplace- Working in organisation means the entrepreneur
has to ensure the attitude as taking ego to the workplace is not the positive
behaviour. It can be damaging for the business because at the start-up phase
as a founder itself responsible for maintaining proper culture at the
company.
4. Delusions of Ideas- Many of the entrepreneurs makes delusions that they
are having the best and perfect idea. Because every business comes up with
new and innovative idea to lead in the highly competitive market.
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CONCLUSION
This study has discussed about the online cashless payment application which is
easy pay , this is an digital organisation which is used as an alternatives of cash, it
has also shown the causation and effectuation effect, the concept of new venture
creation with its stages - exploring, planning and launching. It has also discuss the
relationship between the entrepreneurship and innovation. And has shown the
feasibility study of the organisation easy pay it has also given the strategies of the
organisation, which has given the STP and competitors of the organisation.
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