BM564 Enterprise and Entrepreneurship: Royal Satchels Business Report

This report outlines a business plan for Royal Satchels, a new startup focused on manufacturing and selling affordable, lightweight leather satchel bags for working professionals. The motivation for this venture stems from the growing leather industry and the identified market need for less expensive...Read More

BM564 Enterprise
and
Entrepreneurship

Index
• Introduction:
• MAIN BODY
• Motivation for the selection of business
• Explanation of Feasibility studies performed
• Description of new product to be launched in the market
• Evaluation of Potential opportunities present in the market
• Assessment of the attractiveness of leather industry
• Description of Vision of the company
• Conclusion
• References

Introduction
Entrepreneurship basically refers to producing a business idea in order to satisfy the new
demands of customers. The main purpose of entrepreneurship is to provide effective
solutions to the real world problems faced by the customers. For this report, Royal satchels
is selected as a new start-plan in which the company will offer soft leather and medium
size satchel style of bags to business working men.

Motivation for the selection of business
The idea behind new start-up plan related to manufacturing light leather quality satchel
bags for men is driven by many factors. First reason is that the growth rate of leather
industry is huge in the market. There is golden opportunity for establishing a quality leather
satchel product in the market. The other factors is that there are many expensive and
heavier satchel bags present in the market.

Marketing mix
The marketing mix model will support the company in targeting large
number of customers in the market. The following are the 4
marketing mix of the Royal Satchel company are:
Product:
Price:
Place:
Promotion:

Process adopted in the course of building new
idea
The new business idea related to selling affordable leather satchel is possible only after
carefully understanding the current trends of the market especially unexplored market. In
the leather bags market, it has been noticed that the customer wants are shifting from
expensive range of leather satchel bag to affordable satchel bag without compromising in
quality.

Explanation of Feasibility studies performed
The feasibility study supported the Royal satchels that whether the new business idea will
successfully generate the profits or not. This is considered as the crucial step that helps
Royal satchels to know that the new business idea will be able to satisfy the demands of
customers in proper manner or will fail to meet with their demands(Noordin, 2019). The
proper market research has allowed Royal satchels to gain an insight about the needs of
working professionals

Description of new product to be launched in
the market
The Royal satchel company will provide to its professional male customers an easy to carry
as well as export quality leather satchel bags. The new and improved satchel bag will be
affordable as compared to the prices of other competitors in the market. In relation to this,
the satchel will be lighter and will be more spacious from inside which will benefit the
working professionals to store their laptops as well as some heavier files in the most
convenient manner.

Evaluation of Potential opportunities present
in the market
The market growth opportunities for leather bags is increasing at the faster speed rate in the
European markets especially UK market. The rise in the demands of working professionals
of UK for using an inexpensive as well as lighter leather made satchel bags. The growth
opportunities for the leather bags will me more as UK is importing larger number raw
materials such as leather than any other country present in the world.

Assessment of the attractiveness of leather
industry
The leather bag industry is the evergreen industry that enjoys higher market size as well as
increased growth. It has been identified that leather industry will grow at the rate around
5.9% from 2021 to 2028. The bag leather industry in UK have more competitions due to
present of many companies that sell leathers at higher rates. This provides an advantage for
Royal Satchel to provide their potential customers with lighter as well as more affordable
ranges of satchel bags.

Description of Vision of the company
The vision of Royal Satchel company is to become world's most sustainable manufacturer
of leather made satchel bags. The company will provide commitment to deliver superior
quality products without charging high prices. The company is also committed to adopt
technology that will guarantee lowest damage to the natural environment.

Conclusion
The report has covered the business plan for the new start-up company in which it was
identified the motivation behind choosing to sell leather made satchel bags. The report has
also covered the process involved in the development of new business idea. Moreover, the
report has also produced the feasibility analysis in order to know the effectiveness of
business plan.

References
• Samper, C., 2020. Business Proposal. Ars Necto (Doctoral dissertation, Sotheby's
Institute of Art-New York).
• Zong, H., 2021, January. The Study of Two Competitive Firms in the Online Pet
Industry and a Business Proposal Solving Stray Pet Issue in China. In 2021 12th
International Conference on E-Education, E-Business, E-Management, and E-
Learning (pp. 348-354).
• Noordin, N.R., 2019. Fundamentals of Entrepreneurship ENT300 Business Proposal
(Education Toys For Child’s Development).
• Scaini, E., 2021. To Levy or Not To Levy, There Lies the Question: The Application of
Section 147 of the Business Insolvency Act Levy in the Course of Proposal Proceedings
since the Topsyn Case. Banking & Finance Law Review, 36(3), pp.529-537.
• Tanimoto and et.al., 2018, July. Proposal of secure business architecture by visible light
communication system. In 2018 7th International Congress on Advanced Applied
Informatics (IIAI-AAI) (pp. 817-822). IEEE.