Developing Business Plan Report for a New Entrepreneurial Venture

This report presents a comprehensive business plan for a new entrepreneurial venture focused on a prosthetic limb electronic operated product. It begins with an executive summary highlighting the importance of market analysis and business planning for new ventures. The report delves into the core components of an entrepreneurial business plan, including business concepts, market analysis, and financial considerations. It provides a detailed market research and analysis, marketing strategies, operational plans, and financial goals. The report also discusses the management plan, business goals, and the importance of customer service, retention, and efficiency. The report emphasizes the significance of business planning, market research, and the development of effective strategies to achieve competitive advantage, manage costs, and identify business opportunities. The report concludes by providing a framework for developing a successful business plan, including financial strategies and customer-driven approaches. The report covers essential details about developing a business plan for a new business venture prosthetic limb electronic operated. The below presented is the marketing plan that has been developed for promoting and establishing the brand identity and recognition in the market regions.

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Entrepreneurship New Product New Business
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Entrepreneurship New Product New Business
Executive Summary
Companies who start a new business venture more likely to analyze the market trends carefully.
There are numerous risks that companies are facing to being with their start-ups like managing
cost and proper utilization of resources. Research about the market and competitors is one of the
challenges that most of the companies face nowadays. It has been reported by the business
professionals that development of a business plan is essential for a company to achieve their
targeted goals and to gain the competitive advantage in the market. The report covers essential
details about developing a business plan for a new business venture prosthetic limb electronic
operated. The below presented is the marketing plan that has been developed for promoting and
establishing the brand identity and recognition in the market regions.

Entrepreneurship New Product New Business
Contents
Introduction......................................................................................................................................4
Entrepreneurial business plan..........................................................................................................4
Primary parts of Entrepreneurial business plan...............................................................................4
Business Planning............................................................................................................................5
Business Plan for Shippit.................................................................................................................6
Business Goals.................................................................................................................................8
Management Plan............................................................................................................................8
Market Research and Analysis........................................................................................................9
Types of market research.................................................................................................................9
Marketing Plan...............................................................................................................................10
Operational Plan............................................................................................................................11
Conclusion.....................................................................................................................................13
References......................................................................................................................................14

Entrepreneurship New Product New Business
Introduction
Australia is well known for having a stable economy rate as compared to other countries of the
world. The country is facing challenges for the stability of small businesses and also the new
entrants in the market. The most famous small businesses include retailing, travel & tourism, IT
services, healthcare centers and many more (Armstrong, Kotler, Harker and Brennan, 2015).
This report is going to discuss the existence of new business ventures in the market. A market
analysis will be done and accordingly different types of business plans will be discussed in this
report. Importance of a business plan and how these are implemented for the given product will
be discussed in detail in this report.
Entrepreneurial business plan
It is a kind of written document that describes the business activities that is performed by a small
business venture. It demonstrates which type of plan you want to work on and how you will be
going to achieve it. It includes the planning of business strategies in collaboration with the other
team members of a company (Abam, 2018). Group meetings are organized by the senior
managers to proceed with the decision-making process. Entrepreneurial business plan
entrepreneurs deal with the investors of a going project. Deals with the company’s suppliers are
also managed effectively using such a business plan. Entrepreneurs have to visualize the concept
of the market trend that they want to accomplish for their business. This type of plan is required
to analyze the potential risks that are occurring in the market. It helps the entrepreneurs to
effectively collaborate with the investors
Primary parts of the Entrepreneurial business plan
 Business Concept: in this discussion about an industry, business structure,
product/service, and the planning for business success is done. All these things are
necessary to be considered when determining the business concept.
 Marketplace Section: in this part, the potential customers of the business are identified,
buyer's journey and buyer's persona is created. Also, the competitor analysis is also done
for the business to identify the potential risks and to plan out their mitigation strategies.

Entrepreneurship New Product New Business
 Financial Section: this section is most important for the accounts department in an
organization. It consists of the cash flow statements, break-even analysis, and other
finance-related spread-sheets. It enables the account manager to create an effective record
of data or information that is transferred on a daily basis.
Business Planning
Business planning is the step by step process which describes the flow of business activities in an
organization. It formally states the business goals that are necessary for a company to achieve.
Profits in business do not occur by simply starting it up, rather, it requires business planning,
resource planning, development of effective strategies etc. (Arrawatia, 2018). Business planning
is done to achieve targets like satisfying customer needs, analyzing market requirement and
many more. Prosthetic limb electronically operated is a new product and it will take minimum of 1-2
years to earn profits for the development cost applied. There is a main role of investors when
starting a new business venture. Investors ensure the companies that financial resources will be
provided to the company whenever required. Business plans are created to focus on the internal
and external environment of a company. Business plans are the decision-making tools that are
required by the company to attain competitive advantage in the market.
Example: business planning is done for the non-profit organizations according to the requirement
and no much focusing on receiving financial profits (Baker and Saren, 2016). But a business plan
that is made to attract the number of customers in the market, it is made to receive expected
benefits.
Developing a business plan requires knowledge in the different functional areas of an
organization like accounts, sales/marketing, human resources etc. The business disciplines that
are followed by a business plan include supply chain management, intellectual property and
many more.
A business plan allows companies to gather the useful information which is necessary to manage
cost, find out business opportunities and evaluate overall business success (Brand and Rolland,
2018). It ensures to the companies that their information and other resources which helps in
consuming less time and money.

Entrepreneurship New Product New Business
Questionnaires for a business plan
 Determine the interoperability of the business
 Discuss the business concept
 Feasibility study for the business
 Mention details of the overall cost applied for a business start-up
 Prepare a proper schedule for achieving business goals
Business Plan for Prosthetic limb
 Business Profile- Prosthetic limb is an artificial and electronic limb that is considered as
replacement to the natural limbs or a substitute for the loss of limb. The product has been
designed for aiding the handicapped individuals.
 Market research- This type of research is executed by the business organization for
developing data or generating information about the marketing trends, fluctuations and
perceptions of the customers. This research will aid in developing the strategies and plans
while promoting and selling the product. When the annual cost or budget is cleared by the
company, it becomes easier to recognize market value of the company. Deals with
contractors on a certain product or service are a part of market research. Requirements of
customers, opportunities, etc.
 Operational strategy- These types of strategies are important for a business plan as it
examines the short-term and long-term objectives of a company (Dorosh, 2017). An
efficient management team always prefer to develop an operational strategy for their
business. Some of the operational strategy that can be followed by the business firm are-
Corporate strategy- It promotes cross-functional communication between the
management team members to take effective decisions for a business.
Customer-driven strategy- This ensures that the customer’s requirements are fulfilled and
within the given time duration (Edwards and Wilson, 2017).
Developing core competencies- It ensures that the company has a workforce of efficient
employees who are skilled in different fields of the industry (Galiano, Rodríguez and
Saco, 2018)

Entrepreneurship New Product New Business
Competitive Priorities- When the market analysis is done the opportunities, threats,
strengths, and weaknesses, political and legal factors are considered. This is helpful in
creating the best possible strategy for the company.
Product and Service Development- In this type of strategy opinions from customers are
collected to ensure that the reliable and good quality products will be launched in the
market (Haight, 2017). If the customers will be satisfied with the product, it will
indirectly increase sales of products for the company.
 Products/Services- proper description of the product should be given so that customers
can understand as to why they should that particular product. Product idea should be
unique to attract customers (Haque and Anastase, 2017). Customers should be to
differentiate the product from the other products.
 Marketing Plan: this is kind of document that is used to portray the information regarding
the basics of advertising and marketing strategy for a business. A marketing plan is a
roadmap for the marketers to know the demands of customers and the effectiveness of
their product in the targeted marketplace. The marketing plan is created before one year
of launching the new product in the market to attract more number of customers. A
company’s marketing plan keeps on changing along with the change in market trends. It
is a type of blueprint that consists of all the necessary information about the target
audience, cost, resources required, stakeholders involved in the project and many more
under one document (Lane and Dieterlen, 2018). The marketing strategy of a company
can be created appropriately analyzing the strengths and opportunities.
 Financial Strategy- a financial strategy is developed keeping the achievement of long-
term goals for a company. It includes all the information regarding the company’s
finances. It is used to decide which type of action can be taken for the company to
enhance the business operations.
Business Goals
To achieve success in a business, it is important to determine the goals and objectives. Business
goals are defined as to the point and specific for the company (Lopez, 2017). The targets have
been set up by the higher authorities of a company to make decisions while determining the
company’s goals and objectives. Some of the business goals that need to achieve are as follows-

Entrepreneurship New Product New Business
 Profitability- company has to focus on the regular expenses and the profit statistics
annually so that company’s profitability can be enhanced.
 Customer Service- The requests of customers will be accepted and the highly skilled
employees of the company will be made responsible to handle the customers efficiently.
 Retention- Improvements in company’s retention is mandatory to satisfy the demands
made by the customers (Peck, 2017).
 Efficiency- In order to improve the productivity of the company, managers has decided to
provide staff training to the employees working in the organization.
 Growth- The business organization wants to expand their business to different cities and
even overseas. For this, a company is continuously analyzing the market risks and finding
their appropriate solutions.
Management Plan
This is a part of a business plan that contributes to managing all the project related activities like
project scheduling, planning and strategic planning (Plekhanov, 2018). Management plan helps
the companies to analyze the functional areas which need to be improved and also to understand
the clarity of company's goals and objectives. A management plan can be developed by
following simple steps-
 Assess your situation: It is important for the companies to collect information about their
current situation in the market. Identification of what our company can achieve
considering their strengths and opportunities available in the market (Pratama, 2018).
 Set Priorities: When expecting reliable outcomes for a business plan, managers of the
company should set their priorities before constructing a business strategy.
 Set Goals: For an effective management plan, goals should be described before
implementing the business strategy.
 Create accountability System: The team members of the firm have to collaborate together
in managing the accounting operations of the company. As the data is very crucial each
staff members should be assigned a responsibility so that work can be managed fastly and
efficiently (Shinohara and Saika, 2018).

Entrepreneurship New Product New Business
 Evaluate and Review: Employees should work on different projects and then later assess
the benefits and losses that are achieved by the company. Reviews can also be taken from
customers by receiving their feedbacks for a particular product or service.
Market Research and Analysis
Market Research and Analysis can be used in tracking the business activities performed by the
competitors of the company. Market research is done to know what are the trending policies
going on in the market, activities of the competitors and the value of the company as compared
to their competitors in the market (Shorrick, Aspinall and Serpis, 2017). Marketers gather the
information regarding the market size, market value, competitor’s strength, and the other related
information required for a business success. Market research also allows companies to
understand the requirements of customers and provide information as to how a product can be
marketed.
Types of market research
1. Primary Research- Primary research is further categorized into two sub-categories
quantitative and qualitative research.
2. Secondary Research- This type of research is conducted by contact with the external
stakeholders of the company like suppliers or investors.
Focus Groups: This is completely based on observation of the people participated in focus
groups. in this market research, a group of people is asked certain questions about the business
and they have to make a discussion on that. This helps to know about the taste of customers for a
particular product or service.
One-on-one interviews: this is a time-consuming process but detailed knowledge about the views
of customers.
Phone Surveys: The data is collected for a product by calling the customer who purchased that
product. Then, the data is sorted and an average result is counted about the marketing of a
product.

Entrepreneurship New Product New Business
Marketing Plan
This provides an overview of the effectiveness of the marketing strategies that are developed by
the company. In this type of plan, all the related functional areas of a company are associated.
Marketers need to understand the current position of the company in the market to plan for better
ideas and approaches. A marketing plan is important for a business as it provides all the
necessary details of a customer, sponsor, supplier, investor and other external stakeholders of the
company. It provides risk management strategies for the businesses to overcome the challenges
faced by the company. Besides that, management of resources is done, budgets are improved and
other business processes are enhanced. A marketing plan will be helpful for the product to
analyse marketing strategies, to manage budgets, to know about the needs of the market and to
maintain project success within the given time duration.
The business entity can use some of the ways to evaluate the effectiveness of their marketing
plan-
 Return on Investment: This is used to ensure whether the applied development cost for
the business will provide desired results or not. It provides the investments records to the
company and state issues (if any). Each investment can be broken down into smaller
fragments to analyze the outcomes.
 Sales Numbers: it helps in analyzing the current position of sales procedure in the market
and what strategies can be used to manage the sales for the company.
 Customer Response: After implementing a marketing plan, next step is to analyze
whether the customers are affected by it or not. It means that positive or negative
responses have to be taken from the customers to have an effective growth in the
business.
 Market Expansion: If the number of sales of products or services starts to increase at an
expected rate then the company must notify a change in their market expansion value.
This will essentially state that the products are liked by the customers and there is a scope
for the company to have a growth in their business.

Entrepreneurship New Product New Business
Operational Plan
It is the detailed overview of the contribution that the staff members make in order to achieve
organizational goals. The regular business operations are tracked and their reliability is analyzed.
The four questions who, when, what and how much is answered in an operational plan.
 What- The information regarding the business activities that need to be performed
regularly is collected.
 Who- The person responsible for handling the business operations of the company are
considered
 When- Task scheduling is done for the small and large projects of the company
 How much- It describes the status of finances for the company
Financial Plan: A Financial plan is related to the accounting details of the company measuring
the current account statistics and what can be the profits achieved by the company in coming
years. Companies need to maintain their budgets so that they can analyze where the expenses are
going on in the company. Record of profits, sales record, employee salary, etc. is all counted
when developing a financial plan. Cash flow statement, balance sheet, and income statements are
the three main components of a financial plan for a business. It describes the profits or losses that
the company has achieved annually.
Shippit can design their financial plan by-
 Knowing about investment: A company must ensure that some percentage of their profits
will be spent and the other part will be moved on to the savings. This will help the
prosthetic limb that is the product to make effective decisions to invest money in their
business.
 Identification of Goals: When the document is created which consists of objectives that
need to be achieved by the company then it makes easier for the company managers to
evaluate success for their business (business.gov 2018).
 Prioritise the Goals: Once the document is created representing goals and objectives of
the company, set priorities for each of the planned goal. This will help the company to
analyze the profits or losses that it will have within few years.

Entrepreneurship New Product New Business
 Calculate future costs: For the applied development costs on the improvement for the
company’s business activities, it is important to determine the costs that the company has
to pay in future.
 Choose investment option: the company can decided what kind of goals they are planning
to achieve such as short-term, long-term or medium-term goals.
Action plan- it is a detailed plan that is used by the companies to take relevant actions for
achieving success in the market. It details about the risk mitigation strategies and the
tools/techniques used to perform business activities. An action plan is created by the company so
that the step by step procedure can be followed to achieve the targeted goals in their business. An
action plan is helpful for the project managers to monitor about the project activities like whether
the scheduled activity is performed on the given time duration or not. It is quite sure that a
structured plan allows companies to construct better strategies as compared to the raw data. An
action plan provides individual responsibilities to the team members so that tasks can be
accomplished within the limited time duration. Considering these advantages of an action plan,
Shippit can implement an action plan for their business so that the daily routine activities can be
managed properly (Smallbusiness 2018). This will allow companies to evaluate the potential
risks associated with their business and can find the appropriate feasible solution for the
identified risks.
Issues related to action planning:
Team collaboration is mandatory. Each team member has to give his individual contribution to
achieving a project activities based task. If any of the team members fail to accomplish his it
might lead to project failure which is one of the issues related to action planning. Insufficient
guidance to the staff members is also an issue. If the staff members are not able to understand the
activities of an action plan then it will create the loss of the company.
The effectiveness of plan-
The above sections have discussed the different plans that can be used by an organization to
evaluate risks and to mitigate them. An entrepreneurial business plan will help the entrepreneurs
in deciding to choose reliable suppliers for their business. Also, entrepreneurs can deal with the
different investors so that they can get sufficient amount of financial resources for running their

Entrepreneurship New Product New Business
business. As the business of the product is required to be expanded, therefore, marketing
planning will be beneficial in managing the marketing strategies developed to increase the sales
of products (Duermyer 2017). The marketing investments can also be made reliable to use as this
plan will help the firm to manage the overall development cost applied to their business. Besides
this, an action plan, operational plan, financial plan and other plans are advantageous for the
company to achieve their targeted goals and expand their business (Ward 2017). These plans will
be useful for the managers of the entity to take an opportunity for increasing economic value of
the company in the market.
Conclusion
This is to conclude from this detailed report that business plan for Prostethetic Limb is required
to have an effective marketing plan to have a sustainable growth in the business environment.
The report has discussed various business plans that can be implemented by business
organization to attain competitive success in the market. The product is successfully running its
business to different cities to Australia and now wanted to make expansions outside Australia.
Therefore, business plans were studied to analyze the effectiveness and advantages it can provide
to the company. It can also be concluded that the discussed business plans will prove to be useful
as a company can understand the requirements of customers by using competitor analysis and
market research method. Customer requirements are the basic and most important thing a
company has to understand which can be easily done by using activities performed in business
plans.

Entrepreneurship New Product New Business
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