University Entrepreneurship: Augmented Reality Business Plan Report

This report details the business plan for an augmented reality (AR) based start-up, focusing on offering AR products and services to both individual customers and businesses, particularly for marketing and customer relationship management. The report outlines the business model, including core strategy, financials, resources, and operations, based on the Barringer/Ireland Business Model. It also presents a comprehensive business plan with budget, cash flow analysis, staffing needs, competitive analysis, and marketing strategies. The report justifies the elements of the plan, emphasizing the importance of product differentiation and strategic use of AR technology to achieve a competitive advantage, while also addressing sustainability and long-term growth strategies, and concludes by emphasizing the importance of innovative technologies.

Running head: ENTREPRENEURSHIP, INNOVATION AND START-UPS
ENTREPRENEURSHIP, INNOVATION AND START-UPS
Name of the Student:
Name of the University:
Author’s Note:

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EXECUTIVE SUMMARY
This report outlines the business model and the business plan for the commercial business
venture which I intend to establish. The business venture would offer augmented reality based
products and services the individual customers and also the business corporations which take the
help of the same for marketing, customer relationship marketing and other purposes. The paper
thus begins by highlights the business idea and along elucidates the different attributes of the
business model which would be used through the usage of the business model. The report next
outlines the business plan along with the rationale for the selection of the business idea, the
stakeholders, target market and others. A justification for the selection of the different attributes
of the business model had also been provided in the paper. Lastly, the report concludes by
outlining the manner in which the venture can attain sustainability and long-term growth.

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Table of Contents
1.0 Introduction................................................................................................................................4
2.0 Overview of the Business Plan..................................................................................................4
3.0 Skills required to be a successful entrepreneur..........................................................................5
4.0 Business Model..........................................................................................................................5
4.1 Core Strategy.........................................................................................................................6
4.2 Financials...............................................................................................................................6
4.3 Resources...............................................................................................................................7
4.4 Operations..............................................................................................................................7
5.0 Business Plan.............................................................................................................................8
5.1 Budget....................................................................................................................................8
5.2 Cash Flow and Breakeven.....................................................................................................8
5.3 People....................................................................................................................................9
5.4 Competitive Analysis.............................................................................................................9
5.5 Porter’s Five Forces Analysis................................................................................................9
5.6 Marketing Plan.......................................................................................................................9
6.0 Justification of the Elements....................................................................................................10
7.0 Sustainability and Growth.......................................................................................................10
8.0 Conclusion...............................................................................................................................11
8.0 References................................................................................................................................12

3ENTREPRENEURSHIP, INNOVATION AND START-UPS
Appendix 1: BUSINESS MODEL................................................................................................18
Appendix 2: BUDGET..................................................................................................................19
Appendix 3: JOB ADVERTISEMENT.........................................................................................23
Appendix 4: COMPETITIVE ANALYSIS...................................................................................24
Appendix 5: Porter’s Five Forces Analysis...................................................................................25
Appendix 6: Marketing Plan..........................................................................................................26

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1.0 Introduction
As opined by Schaper (2016), the effective usage of new innovative technologies had
become one of the most important processes through which the business corporations are trying
to attain competitive edge in the business markets of their operation. Morris et al. (2018) are of
the viewpoint that the adequate usage of the different innovative or the disruptive technologies
like augment reality, ‘internet of things’ and others helps the business corporations to create as
well as capture value for their stakeholders. According to Kirzner (2015), it had become
important for the entrepreneurs to take into account these innovative or for that matter the
disruptive technologies for the business models or the business plans that they formulate for their
new business ventures. However, at the same time it needs to be said that the entrepreneurs for
the usage of the different disruptive technologies need to take into account the feasibility of the
usage of the same within their venture or for that matter the competencies of the venture that
they have created. This paper outlines the business model and also the business plan for the
commercial business venture which would be based in augmented reality that I have formulated.
2.0 Overview of the Business Plan
The commercial business venture will offer products and services which would be based
on the disruptive technology of augmented reality. The concerned commercial venture would
specifically focus on the products or services which require the usage of augmented reality. More
importantly, along with the individual customers the concerned commercial venture would also
focus on offering augmented reality solutions or products to the different business corporations
that are operational in the nation of Australia. For instance, it had been seen that the different
business corporations are taking the help of the disruptive technology of augmented reality

5ENTREPRENEURSHIP, INNOVATION AND START-UPS
within the spectrum of the marketing practices, customer relationship management and other
processes used by them and thus it is likely that the augmented reality based services offered by
the concerned venture would be greatly appreciated by these business corporations of the nation
of Australia. This in turn is not only likely to substantially enhance the target market or for that
matter the customer base of the concerned venture but at the same time would enable it to attain
the required level of success as well.
3.0 Skills required to be a successful entrepreneur
Burns and Dewhurst (2016) are of the viewpoint that there are various important skill-
sets that the entrepreneurs are required to have so as to successfully launch new business
ventures and also make the concerned venture a profitable one. As discussed by Storey (2016),
an important skill set that the entrepreneurs are required to have is the ability to adequately
identify the right kind of business ideas which are likely to help them to gain the required
amount of success. However, for the effective attainment of this particular end the entrepreneurs
are required to have critical decision making ability, risk taking attitude, ability to work under
pressure and others (Burns, 2016). More importantly, the entrepreneurs are also required to have
adequate management and leadership abilities so as to effectively manage the diverse affairs of
the business venture that they establish (Parker, 2018). These in short are some of the most
important skills that the successful entrepreneurs are required to have so as to gain the required
amount of success.
4.0 Business Model
Lubik and Garnsey (2016) are of the viewpoint that the entity of business model denotes
the detailed or for that matter the systematic plan which is being followed by the business

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corporations for the effective management of its different operations processes. Adding to this,
Demil et al. (2015) have noted that the business model also requires the business corporations to
identify the customer base or the target market that they want to focus on, the services or
products that would be offered by them, the different sources of revenue, finances and others.
The Barringer/Ireland Business Model would be used for the formulation of the adequate
business model for the concerned business venture. More importantly, the entrepreneur would
also take into account the four components of the concerned business model, namely, core
strategy, financials, resources and operations (Refer to Appendix 1).
4.1 Core Strategy
The entrepreneur intends to take the help of the strategy of product differentiation for the
products or the services which would be offered to the business clients or the individual
customers. For instance, it had been seen that there are various business corporations which offer
innovation or technology based solutions or services to the business clients and the usage of the
same have helped the business corporations to gain a substantial amount of success as well.
However, the concerned business venture intends to attain a unique market position by
specifically focusing on the disruptive technology of augmented reality for the business solutions
or the services that it would offer to its customers and the adequate usage of the product
differentiation strategy will help the corporation to attain this particular objective.
4.2 Financials
The entrepreneur himself would make an initial investment of $40,000 and the remaining
capital needed for the establishment of the venture would be taken as loan from the banks.
Furthermore, the entrepreneur would also try to get investors to support the different business
services or the solutions that the venture would offer. The major revenue stream or for that

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matter the source of revenue would be the business services or the solutions that the venture
would offer.
4.3 Resources
There are various resources that the entrepreneur would need for establishment of the
business venture and also the services that it would offer. These are technological resources,
human resources, financial resources and others.
4.4 Operations
The entrepreneur intends to hire a number of highly qualification engineers who would
offer the required business services or solutions to its business clients. In addition to the
engineers, the entrepreneur would also hire a team of individuals who would be entrusted with
the job of customer relationship management. Moreover, the different backstage and the front-
stage activities would also be synchronized so as to offer the best quality to the clients.
Furthermore, the different online channels or for that matter the platforms of social media would
be used for effectively promoting or advertising the business solutions or the services offered by
the venture.

Running head: ENTREPRENEURSHIP, INNOVATION AND START-UPS
5.0 Business Plan
As discussed by Barringer (2015), the entrepreneurs along with the identification of
business ideas are also required to formulate a detailed plan on the basis of which the entire
affairs of the business ventures established by them needs to be managed. Adding to this, Lee,
Hallak and Sardeshmukh (2016) have noted that the entrepreneurs are required to establish their
business ventures by effectively analyzing the business environment and thereby select the
business idea which is likely to offer them the maximum amount of benefit.
5.1 Budget
The initial investment for the establishment of the venture would be made by the
entrepreneur however the additional financial resources which would be needed will be taken
from the banks as business loans. In addition to these, the entrepreneur would also look for
suitable investors or business partners who would invest the required amount of capital into the
venture so as to facilitate the growth of the venture and also to effective manage its different
business processes (Appendix 2).
5.2 Cash Flow and Breakeven
The capital needed for the venture after the initial investment made by the entrepreneur
would be obtained from the different banks and also the national government via diverse grants
and others (Refer to Appendix 2). In addition to these, it is seen that the local government of
Queensland offers different kinds of support services to the start-up business ventures and the
entrepreneur is hoping is get these support services for the expansion of the scope of the
concerned venture.

9ENTREPRENEURSHIP, INNOVATION AND START-UPS
5.3 People
The entrepreneur would recruit professionally trained engineers and technicians well
versed in the usage of the disruptive technology of augmented reality. Furthermore, the focus
would be on the attributes of dedication, hard-work, loyalty and others during the process of
recruitment (Refer to Appendix 3). More importantly, the entrepreneur would also hire a sales
team which would be entrusted with the sale of the business services offered by the venture and
also the management of customer relationship as well (Refer to Appendix 3).
5.4 Competitive Analysis
The business venture under discussion here is not likely to face any substantial amount of
competition in the business market of Australia on the score of large number of business
corporations that are offering disruptive technology based business solutions or services to the
business corporations (Refer to Appendix 4).
5.5 Porter’s Five Forces Analysis
An analysis of the business market of Australia in which the business venture under
discussion here intends to operate indicates that it will not face any significant competition
within the same (Refer to Appendix 5). However, it is important for the concerned venture to
take the help of adequate marketing and other business strategies to attain a higher level of
growth.
5.6 Marketing Plan
The entrepreneur will take the help of social media marketing and other similar digital
marketing strategies for the promotion of the business services which would be offered by it. For
instance, the majority of the competitors of the concerned venture are taking the help of these

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marketing strategies and the success attained by them clearly indicates that it is possible for the
concerned venture also to attain success through the usage of the same (Refer to Appendix 6).
6.0 Justification of the Elements
The entrepreneur took the help of the business model created by Barringer because of the
manner in which it suggests the four important aspects that the business corporations are required
to take into account for the creation of their business model. More importantly, the adequate
usage of this business model helped the entrepreneur to create adequate strategies, financials,
resources and also operations plans for the business venture that would be established. This in
turn helped the entrepreneur to effectively formulate the blueprint of the business venture on the
basis of which the entire business operations or for that matter the business activities would be
modeled. Furthermore, the effective usage of the four components of the business model under
discussion here is likely to help the business venture to create as well as capture for its business
clients and thereby gain the desired competitive edge as well.
7.0 Sustainability and Growth
Kuratko and Morris (2018) are of the viewpoint that the business corporations are
required to take into account the construct of sustainability since it helps them to attain long-term
growth by the optimum utilization of its resources and also the usage of sustainable practices.
Furthermore, the notion of sustainability also becomes important for the business corporations
since it not only helps the business corporations to gain competitive edge but also achieve its
business objectives or goals. In the particular context of the business venture under discussion
here/ the entrepreneur would take the help of adequate sustainable practices and also promote the
optimum utilization of the organizational resources to attain long-term growth or sustainability.

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For instance, the disruptive technology of augmented reality would be used by the entrepreneur
in an ethical as well as legal manner for the business solutions or services that it would offer to
its business clients. Furthermore, the concept of business ethics would also be followed by the
entrepreneur for modeled the different activities of the venture. In addition to these, the adequate
usage of the business model and also the business plan is also likely to help the business venture
to attain sustainability by synchronizing the different processes of the venture and also helping it
to deliver the required value to its customers. It is likely that these activities would enable the
concerned business venture to attain sustainability or long-term growth in the business market of
its operation.
8.0 Conclusion
To conclude, the entrepreneurs along with the selection of the right business ideas, which
will enable them to derive the maximum benefit, are required to formulate adequate business
models and business plans. These are important since it will enable the entrepreneurs to create
the kind of blueprint of the ventures which will enable them to fulfill the objectives with which
the business venture was established in the first. These aspects of the process of entrepreneurship
become apparent from the above discussion of the same in the particular context of the
commercial-business venture based on augmented reality that I intend to establish.