Developing Entrepreneurial Capability and Mindset: Business Plan

This report delves into the development of entrepreneurial capability and mindset, featuring a reflective discussion on the nature of entrepreneurship, associated issues, opportunity creation, and essential knowledge and skills. It includes a business plan for a coffee shop named 'Kaffiene,' detailing business specifics, market and industry analysis using Porter's Five Forces, value proposition, customer analysis, operations and management plan, and financial considerations. The report concludes with a reflective log, summarizing the learning journey and experiences gained throughout the entrepreneurial endeavor. This document is available on Desklib, a platform offering a wide range of study tools and solved assignments for students.

Developing
Entrepreneurial Capability
and Mindset

Table of Contents
INTRODUCTION...........................................................................................................................3
ASSESSMENT SUB-TASK 1........................................................................................................3
Reflective Discussion.......................................................................................................................3
What is entrepreneurship:............................................................................................................3
Issues of Entrepreneurship...........................................................................................................3
Entrepreneurial opportunity creation and recognition, or the new venture creation process......5
The entrepreneurial knowledge and skills...................................................................................6
ASSESSMENT SUB-TASK 2........................................................................................................6
Business Plan...................................................................................................................................6
Business Details...........................................................................................................................6
Market and Industry analysis.......................................................................................................7
Value Proposition and customer analysis....................................................................................8
Operations and management plan..............................................................................................10
Appreciation of financial issues.................................................................................................11
Reflective Log................................................................................................................................12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Entrepreneurship is referred as the act of establishing and operating with the
help of innovative and creative ideas which are helpful for achieving productivity I the
industry. It is considered as the ability and capability of an owner to manage the
functions of their business. The current assessment will explain a reflective discussion,
business plan and reflective log.
ASSESSMENT SUB-TASK 1
Reflective Discussion
What is entrepreneurship:
An entrepreneur is a person who runs its self business, taking most of the risk
and also enjoying the rewards. The procedure of settling up a business is known as the
entrepreneurship. The entrepreneur is generally seen as an innovator (Olanrewaju and
et.al 2020). A source of brand-new thoughts and goods, facilities, and business or
process few examples are: famous entrepreneurs is Bill Gates, Mark Zuckerberg, Steve
Jobs etc.
Issues of Entrepreneurship
Capital:
An individual who wants to start its own business requires monetary value but as
a new business owner facing difficulties in funding. There are several ways that can
help in managing small business funding (Pham, 2018). It can be done by lending
money from friend or family or to have a bank loan. Much experience businessperson
consider that self -fuel growing framework is the best and is less risky.
Right Business:
The main factor reasons behind the failures of new enterpriser is the inability of
choosing the correct business and doing it in the proper way. To achieve success in the
new enterprise task is that it requires excellent product or facility that adds value to the
buyer's life. Maintaining ethics and exactly giving the product that was promised
because if facing failure in doing it then it will result in the bad mouth publicity of the
business.
Too many Competitors :

Having to deal with contender in the same marketplace is very challenging to
survive. The only way to attract the buyers is to bring in something that is according to
trend or is new in the market. Customers get attracted by huge range of products and
variety of things.
Hiring Employees:
The hiring of candidates is very tough for the new entrepreneurs doing the recruitment
call and reviewing resumes and doing interview session etc. and even after that they
end up with the incompetent individual. I also faced many problems in hiring the
potential candidate in starting of my venture but after doing a proper research and
discussion i was able to hire right person.
Finding customers :
If the product or the facility that business is giving to people are adding value to
their life then there is no requirement to spend a big amount of fund in the promotion in
the starting level. Customers automatically will reach. Approach buyers that shows
interest in the product or service. I also faced issues in finding the new customers at the
starting of my venture but slowly customers started to show interest in my product and
service.
Finding Business Partner :
Searching for a trustworthy partner is of the most essential task that a new
entrepreneur needs to execute. An incorrect business partner will give a negative and
bad reputation and brand image. It is challenging to judge the partner initially but if it
shows any of the incorrect actions or intention break partnership immediately. As a new
entrepreneur I also had faced this issue and I took immediate action in dissolving the
partnership.
Entrepreneurial Personality Traits :
The trait theory holds that entrepreneurship formulated because the respective
called entrepreneur controlled to a definite particular taints or features and ability. Which
made them confident to creating new thought and creating a new venture.
Passion is feature of entrepreneurs while a good payday at the end of the day is
good for motivation, entrepreneurs tend to be more motivated by a passion for their
offering as well as by a feeling to make a difference (Mathews, 2018). This passion or

thrust also assist to prolong entrepreneurs during time period where disheartenment
can otherwise manifest itself. Being able to make decisions quickly is a vital feature for
entrepreneurs because there is difference between success and the failure.
Entrepreneur is not only to have a good decision-making ability but also they require a
power to make those decisions quickly so that they don not loose the opportunity. The
entrepreneur has the vision that what they want to achieve and in what manner they can
accomplish their objectives and who they want to be on there side to reach the goal.
The vision helps them to direct in the direction of the opportunities that probably no one
else had found yet. They also have the power to understand their vision to other people
like their staff and investor.
Entrepreneurial opportunity creation and recognition, or the new venture creation
process
Opportunity recognition is a process that is discovered in the manner that respective
and businesses with an entrepreneurial mindset coming new business venture or
thoughts. In several ways it is a constant brainstorming in that an individual searches for
new and improved manner of solving the problems. It can also be a fresh business
thought or a brand-new product or service launch that fulfil buyers demands and
expectation. A businessperson can once have a thought and few points and considered
it by I can make money doing this it is an example of opportunity recognition.
Recognizing the idea benefits and capability of it can be beneficial to the specific
people. Seizing these thoughts and make them into new opportunity that drive company
success by forming a new stream of revenue.
Opportunity recognition is very essential because it aids in the business to stay
relevant and successful in the long period (Mumi, 2020). As an entrepreneur I have
experienced this thing that grabbing and creating opportunities for the business is must
and it helps in the growth of the business. Also, when I was processing the new venture
process I faced a lot of difficulty and trouble in many factors like finding the capital for
the venture and hiring the efficient staff and finding the right business to start and there
were many other points that I have faced while stetting up my new venture.

The entrepreneurial knowledge and skills
Entrepreneur plays an important role in any economy, utilizing their skills and opening
essential to evaluate needs and introducing excellent new ideas and thought to the
marketplace. Entrepreneurship proves to be prosperous in taking the risks of forming a
start-up is rewarded with the net profit, honour and continued increasing
possibility(Chienwattanasook, and Jermsittiparsert, 2019). There are some features of
an entrepreneur that I have acquired while doing business is the communication every
entrepreneur needs a great communication skills to run its venture. Excellent
communication skill is required for both the individual who runs solo businesses or runs
a 500 employees company. Entrepreneur needs to master all types of communications
like one-to-one person talk or group discussion and written communication. Another skill
I have learned is sales the soft skill of sales goes hand in hand with the communicating
is essential to be successful. Being an entrepreneur I learn to sell anything. Ability to
learn is among the most vital skills I had acquired the ups and down as an entrepreneur
I have faced is unavoidable but as an entrepreneur I have learned a high ability to learn
and a desire to learn. If as person I learned in every situation and even from failure, this
skill was very vital in becoming a prosperous entrepreneur. Failure can help expand one
knowledgeable and understanding of business.
ASSESSMENT SUB-TASK 2
Business Plan
Business Details
The new business idea describes the establishing of a coffee shop named as
Kaffiene which is a new concept coffee serving place which aims to develop new and
innovative ideas to increase customer satisfaction. The coffee shop will offer a premium
taste of quality coffee beans that are sourced from special placed for giving a
wholesome experience to the customers. The business will be established in the UK
market in order to provide the population with the best experience of enjoying their
coffee time (Doern, Williams and Vorley, 2019). The organization will start from a small

cafe having a sitting of 20 customers with over 8 staff members to prepare and serve
the customers with the best coffee beverages and snacks. The organization will provide
additional services to the customers like live sports matches, video games, live music
etc. for attracting a variety of audience towards the coffee shop. It will also have a
beautiful interior design for providing the customers with the best experience of
spending quality time at the cafe.
Market and Industry analysis
Market analysis
The organization will analyse the market demand by conducting surveying on
various social media platforms that are useful in order to understand the customer
needs. A suitable survey will be prepared by the organization for understanding the
demand of the customers and preparing effective strategies for the development of the
business. Surveys are useful in order to identify the specific market trends which are
crucial for the business to interpret and develop innovative policies (Wadhwani and
et.al., 2020). These market research surveys will provide adequate information to the
customers about the salient features of the current market needs and what steps will be
beneficial in order to achieve higher quality of output.
Industry analysis
The industry analysis is an appropriate tool for evaluating the position of a
business in the market. Porter's five forces model is an effective tool for giving an idea
about the different elements of the food and beverage industry and increase its chances
of gaining competitive advantage in the industry.
Competitive rivalry
There are different competitors like Society Cafe, Laynes Espresso, Foxes Cafe
etc. in the industry that have a significant market share in the industry and enjoy
dominance over the new businesses (Irfan and et.al., 2019). This factor has a strong
force over the business which has a significant impact on their profitability in the
industry. It will be crucial for the business to develop their USP and provide the
customers with special services that are different from these competitors.
Bargaining power of suppliers

Suppliers have a low power in the industry as the network of supply chain is wide
in the food and beverage industry having many suppliers to choose from (Song, Wang
and Zhu, 2018). The new business may be able to get their resources at ideal rates due
to this situation and gain better position in the industry.
Bargaining power of buyers
This force has high power in the food and beverage industry as there is an
availability of many coffee service providers in the industry. The switching costs are low
for the customers which creates issues for the business to maintain their sustainability
in the industry. The buyers have an option to choose their ideal brand and satisfy their
needs which can have a negative impact on the business to successfully operate in the
industry.
Threat of new entrants
This force has a high power in the industry because setting up a coffee business
requires less capital and resources than other businesses. This factor creates
opportunities for several new players to enter in the market and gain a significant
market share. A small cart of stall may also sometimes gain more recognition than a
well structured cafe as the food industry is highly dependent on the taste that ios
provided by businesses.
Threat of substitutes
There are multiple substitutes that are available in the industry that has a
negative impact on the business. This force has high threat on the business as the
substitutes like tea and certain regional drinks have a high preference in the market and
people may consider them other that consuming coffee.
Value Proposition and customer analysis
Customer analysis
Kaffiene will identify and analyse their customers with the help of the STP
analysis which is an effective model to understand the special features of the potential
customers of the business and how they will be targeted by the business. It helps a
business to prepare appropriate strategies for targeting their customers and gaining
competitive advantage in the industry.

Segmentation
The coffee shop will focus on the population of UK and establish their outlets at
prime locations such as airports, parks, gas stations etc. for attracting audience towards
their business. It will promote the business to the people between the age of 18-50 as
they are considered as the regular customers of coffee businesses who like to visit
these cafes and enjoy their quality time (Jukova and et.al., 2019). The audience from
varied genders, backgrounds and cultures will be approached by the business for
increasing the popularity and market share of organization in the industry.
Targeting
Different segments will be assessed by the business for preparing appropriate
strategies and targeting them on the basis of the interest in the business. The
organization will focus on the potential customers that have medium to high income as
they are most likely to have frequent visits to the coffee shops. The organization will try
to provide a traditional taste and ambiance to the customers for improving their
engagement towards the business practices. These practices are beneficial for the new
business to develop better practices for the customers and increase their engagement
towards the coffee shop.
Positioning
It is the last stage of the model which explains the marketing strategy that is
adopted by the business to reach out to these target customers for generating
awareness among them. Kaffiene will run promotional campaign on various social
media platforms in order to increase the knowledge of customers about the new coffee
shop (Souza and et.al., 2020). It will promote the unique services such as video games,
live sports matches and music that is offered by the business to their customers. It will
be try to develop an effective image among the users and develop better posts and
stories on these platforms.
Value Proposition
The unique value proposition that is offered by the coffee shop is that is will
resource the finest coffee from different markets in order to provide a premium taste to
their customers. It will be useful in providing a better experience to the customers and
increase their motivation to visit the coffee shop on a regular basis. Certain extra

services will be provided by the business to their customers such as comfortable sitting
environment, video games, soothing atmosphere, live sports matches and music etc.
which has a positive impact on the buying behaviour of the customers. With the help of
these practices the organization will try to provide the customers with a wholesome
experience of enjoying their coffee time.
Operations and management plan
Aim:
The main purpose of the organization is to develop new and tasty dishes and
beverages for the customers and provide them with a unique experience. It considers
offering quality services to their customers and becoming the most preferred place for
coffee in the country.
Objectives:
 To improve the market share of the business in the industry by establishing
outlets at prime locations.
 To increase the engagement of customers and increasing popularity of the coffee
shop in the industry.
 To gain competitive advantage in the industry by providing unique services to the
customers and increase their loyalty towards the brand.
Location and facility management:
The coffee shops will be situated at the prime locations of the country such as
parks, malls, gas stations, etc. that will be useful to manage the supply chain
appropriately and increase the effectiveness of the management system that is adopted
by the organization. It will be beneficial to have better access of the suppliers and the
clients in order to improve their engagement towards the coffee shop and develop a
better competitive advantage (Kieltyka and et.al., 2022). Various services such as
parking, instruction boards etc. will be provided by the business for these stakeholders
to easily enjoy the services that are offered by the business. These additional services
will be useful in building an effective image among the customers and increase their
engagement towards visiting the coffee shop. These practices are considered as
suitable for the new business in attracting audience and improve their experience.
Inventory:

The finest and high quality raw material will be sources by the organization
through trusted suppliers in order to provide a premium experience to the customers.
Suppliers will high reputation will be identified by the business for gaining their inventory
with high quality and desired prices. The inventory will be managed by the organization
with the help of expert staff members that will examine the different aspects of inventory
management and prepare effective strategies for its overall development.
Operations:
The daily operations of the coffee shop will be managed with the help of several
factors that are beneficial for the business to gain competitive advantage. The different
operational factors such as resources, employees, stakeholders which are crucial for
the organization will be organized appropriately by the business which is beneficial to
achieve better quality of output in the industry (Kraus, Breier and Dasí-Rodríguez,
2020). These functional areas are important for the business in order to establish better
coordination between the members. With the help of effective coordination the
employees will be able to improve their performance and achieve higher quality of
output.
Management of employees and teams:
The employees will be provided with the adequate training and guidance for
providing better services to the customers consistently. A better organizational culture
will be helpful in increasing employee satisfaction and increase their engagement
towards the business (Souto and Rodríguez-López, 2021). Appropriate rewards will be
provided to them on the basis of their contribution towards the organizational goals.
Appreciation of financial issues
The appreciation in the currency rates may create issues for the business to
successfully operate in the competitive environment. These financial issues are
considered as one of the most important for the business as it has a negative impact on
profitability of the company. The appreciation of prices of resources and inventory may
create different issues for the business to maintain their profitability and provide better
services to the customers.

It has a negative impact in the buying power of the organization and may reduce
its capacity to achieve higher results in the business environment. These financial
issues can decrease the effectiveness of the organization to produce their desired
outcome and improve its sustainability in the environment. The appreciation of these
resources can impose restrictions for the business to evaluate their performance and
gain competitive advantage (Olanrewaju and et.al., 2020). The business will prepare
appropriate strategies for the negative impact of these aspects on their operations and
increase their overall development. It is significant to address these issues in order to
make effective changes in the strategy and improve sustainability of the organization. It
is crucial for the new business to manage their finances and remain profitable in the
environment.
Reflective Log
What was the
development
activity?
What was I expecting
to learn?
What have I
learned?
How will I apply
this learning?
Problem solving
skills
I was expecting to
enhance my problem
solving ability with the
help of the
entrepreneurial
experience.
I have learned to
solve complex
problems efficiently
and reduce silly
mistakes in
performing the
business activities.
I will solve
complex problems
regularly and
monitor my
efficiency for
achieving higher
quality of output in
the industry.
Communication
skills
I wanted to improve
my ability to
communicate and
I have learned the
important attributes
and ways which are
I will try to
communicate with
many people and