Trendy Clothing Store: Enterprise and Entrepreneurship Business Report

This report outlines a business plan for establishing a trendy clothing store, "Trendy Wardrobe," focusing on enterprise and entrepreneurship. It details the motivation behind the venture, driven by the increasing demand for fashionable clothing, particularly among young adults. The plan covers the process of generating the business idea, including market research, feasibility studies, and financial planning. Key aspects include identifying potential market opportunities, assessing the attractiveness of the industry using Porter's Five Forces, and defining the business's vision to provide affordable, trendy clothing for all age groups. The report concludes that the business plan is viable and offers significant profit potential if executed effectively, emphasizing the importance of understanding customer needs and preferences. Desklib provides access to similar business plans and study resources for students and entrepreneurs.

Enterprise and
entrepreneurship

Table of Content
 Introduction
 Motivation to incorporate trendy clothing store
 Process involved in generating the business idea
 Feasibility studies conducted
 Details of products and services which are offered
 Potential market opportunities

Table of Content
 Attractiveness of the industry
 Vision of business
 Conclusion
 References

Introduction
 Enterprise is a group of qualified individuals who are responsible for its success and failure by
working for it.
 All the individuals work together to ensure the achievement of various short term objectives so
that the organization can achieve the long term goal it actually aspires.
 The enterprise is divided into various departments where individuals are recruited as per the
necessary qualifications so that they can carry on the business operations in a systematic and
organized manner.

Motivation to incorporate trendy
clothing store
 Now-a-days everyone is focused and quite concerned about how they look. In order to look
best, one have to be well dressed.
 Trendy clothes are popular among all sections of the people but the youths are most aware of
the latest trends prevailing in the market.
 The want and desire to look best is increasing day by day which is motivating entrepreneurs
to startup a trendy clothing store.

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 Significant amount of profitability and much chances of success pushes them to make their
business idea a reality.
 Further, the youths are very fashionable now-a-days and want different dresses to wear daily
such as in universities.
 This makes the chances of success of the clothing store quite high.

Process involved in generating the
business idea
 Look down to suggest the idea – The first step to generate a business idea is try to bring
something new or innovative from the past experiences.
 Advice from friends and family – For the success of any business, it is very Important
for the business to be customer-oriented.
 Brainstorm solution for the set idea – It is now time to improve the networks so that
more and more people are aware of the processed idea.

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 Validate the set idea to ensure success – Now “Trendy Wardrobe” will take measures to
ensure the success of the idea and the planning made. The measures include steps such as
developing customer base in a significant amount, collection of funds and so on.
 Make it a reality – Gathering and arranging funds to invest in the business as capital will
be the last step in making the “Trendy Wardrobe” store a reality.

Feasibility studies conducted
 Conduct an analysis – It is an analysis performed to analyse the business environment of the
organization or store, “Trendy Wardrobe” so that the employees who are going to work for the
entity are provided with the best facilities. The analysis is performed to evaluate their needs
while working.
 Prepare an income statement – It is important to have an idea about the estimated cost and the
revenue the organization may earn in the future, once it has been established. An estimated
income statement is prepared to know if the business will have any future or not.

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 Market research – It is the sole step of the process and is extremely important as
it helps to know the needs and demands of the customers revolving in the
marketplace.
 Preparation of opening balance sheet – Balance sheet is a part of financial
statement which is mandatory for every type of organisation to be made.
 Analysis of data and its review – Review of plan is important for its execution
and success. It helps in analysing the risks and barriers if any that lie in the way.

Details of products and services which
are offered
 “Trendy Wardrobe” will be established for the residents to provide them with the
latest trendy and fashionable clothes.
 It will help satisfy the desire of the people to wear trendy clothes.
 The purpose of the establishment of the clothing store “Trendy Wardrobe” is to
serve the residents all over the globe, especially the ones in UK with the latest
trendy clothes of the year.

Potential market opportunities
 Identification of opportunities at the right time is very important for the growth
and progress in any business.
 While doing any business, there comes several opportunities in the way.
 It is important for the organization to grab as much opportunities as it can for
making the business successful.
 These opportunities will help “Trendy Wardrobe” to know their customers' needs
and preferences well, the products they want, the quality they will like, etc.