Entrepreneurship: Business Plan, Strategies, Performance Report

This report presents a comprehensive business plan for BamStraw Ltd, a sole proprietorship focused on manufacturing and selling eco-friendly bamboo straws in St. James’s, London. The plan details the company's mission and vision, emphasizing environmental sustainability and customer satisfaction. It includes a thorough analysis of business strategies across various departments such as human resources, marketing, and operations, highlighting their interconnectedness. The marketing plan focuses on promoting the straws as an environmentally friendly alternative to plastic straws, leveraging social media and online platforms for increased reach. The operational plan outlines the manufacturing process, quality control measures, and delivery strategies. Furthermore, the report addresses potential issues impacting small business management and effective business performance, offering insights into financial planning and risk mitigation. Desklib provides access to similar solved assignments and resources for students.

Entrepreneurship
Module
Contents

INTRODUCTION......................................................................................................................2
MAIN BODY.............................................................................................................................3
Introduction to business..........................................................................................................3
Business strategies of different department of BamStraw.ltd................................................4
Marketing plan........................................................................................................................5
Operational planning and performance..................................................................................7
Financial Plan.........................................................................................................................8
Effective business planning and performance........................................................................8
Potential issues arising that may impact the success of small business management through
entrepreneurship.....................................................................................................................9
CONCLUSION........................................................................................................................10
REFERENCES.........................................................................................................................11

INTRODUCTION
A business plan is a written article in which a company—typically a developer—explains its
objectives and how it intends to achieve those objectives. A business plan is a written
roadmap that outlines the company's marketing, financial, and operational objectives.
Business plans are important documents that are used for both external and internal
audiences. A business plan, for example, is used to seek investment or financing before a
company has established a track record. They're also a great way for executives to stay on the
same page with strategic action items and on track to meet the company's goals.The report
comprises of business plan created by an entrepreneur by considering business strategies,
marketing, operations, finance and legal status. The report also include the analysis of main
component of business and how they inter related, and demonstration of effective small
business performance and panning and also includes the issues arising which affect small
business management(Audretsch and Moog, 2022).
.
MAIN BODY
Entrepreneurship is the art of starting a business, which is essentially a new company
that provides a one-of-a-kind product, process, or service. It could be described as a creative
activity. An entrepreneur sees everything as a possibility and is biassed when making
decisions to capitalise on it. A developer or designer who creates new ideas and business
procedures in response to market demands and personal interests is referred to as an
entrepreneur. To be a successful entrepreneur, you must have strong managerial abilities as
well as excellent team-building abilities. Entrepreneurs with strong leadership skills have a
better chance of success. Certain political economists regard leadership, management
competence, and team-building abilities as essential characteristics of an entrepreneur. An
entrepreneur is a creator or innovator. (Ratten and Usmanij, 2021).
Introduction to business
The entrepreneur establish a small business plan for the manufacturing of straws
which is made up of bamboos trees which can be used again and again and are environmental
friendly. The name of the company is BamStraw.ltd. it is a sole proprietorship business and is

established in prime location of St. James’s, London, United Kingdom. The main activity of
the company is to manufacture the bamboo straws, marketing and selling it and provide
delivery services to its customers. More than 10 persons are employed in the business and
the overall capital of the business is approximately 65000 euro.
Mission of the company- With our environmental friendly products, we hope
to accomplish our goal of rewarding customers. We are dedicated to delivering a customized,
affordable, and healthy bamboo straw to boost more people to decrease waste by using
reusable straws wherever and whenever they can(Landström and Harirchi, 2018).
.
Vision of the company -To build a business that stimulates the use of environmentally
friendly items and prioritizes the use of bamboo straws over non-reusable straws.
Business strategies of different department of BamStraw.ltd
Business strategy plays a key role in the development and maintain of the business.
The personal performance cannot influence the business strategies in a right manner for
corporate management. There must be business strategy for all different departments such as
human resource, marketing department and others so that the plan runs smoothly without any
hazard. They help business in attaining set goals and objectives of business plan.
The entrepreneur has set various kinds of business strategy for different sector in the business
enterprises in order to achieve objectives of firm.
Administration and Human Resources Department- the main duty of the human
resource department is to manage all the activities of the coworker and assure that the work is
going according to procedure and process. It also addresses and resolves issues that have a
long-term impact on people management sequencers.
Marketing Department- the strategy of the marketing department is to ensure the
product marketing and involves activities of promotion of product so that the product reached
to large number of customers. It also practices social media to stimulate an organization's
business and mission(Sahut, Iandoli and Teulon, 2021).
Operational department- it is the duty of the operation management department to
ensure all the equipment and raw material are of good quality so as to run the smooth
operation and maintain all products and increase the productivity of the business. This

department is ultimately responsible for profit and loss, and it aims to optimize shareholder
return on investment)(Lipset, 2018).
.
Marketing plan
Support the "Save the Earth" campaign by purchasing eco-friendly Bamboo straws
from BamStraw.ltd. Because these straws are environmentally beneficial, they can be used as
a substitute for plastic straws. Furthermore, the growing demand for drinking liquids such as
juices and soft drinks, shakes are driving demand for bamboo straws around the world. The
usage of plastic straws has been restricted by the UK government. Bamboo straws are more
environmentally friendly than plastic straws because they are reusable, healthier for health,
strong, and durable. They also raise public awareness about the importance of using natural
products. As a result, it is a major driving force behind market approach.
Objectives of marketing- the main objective of marketing the product is to increase
the sales of the company and spread awareness among peoples for their health to use eco-
friendly bamboo straw rather than using plastic straws(Alvarez and Barney, 2020).
Analysis of marketing- the important aspect of marketing is to analyses the market.
The current demand in the market is the demand of eco- friendly products such as bamboo
straws which is made up of bamboo without any involvement of plastic material which affect
the environment. BamStraw.ltd could analyses different types of market to deliver their
products. The main advantage for the company is having the large market base(Julien, 2018).
Target market segmentation
 Size of the straw- the straw available in three different sizes such as
small, medium and large. Small straw can be used to drink ordinary
beverages, medium size straw can be used to drink fully liquid and
large size is suitable for drinking boba drink or any drink which has
topping on it.
 Usage- the main usage of the product is to drink different types of
drinks such as tea, coffee, juice, shakes and other liquid beverages.
 Industry- the product can be used or purchased in bulk by different
types of restaurants, juice corner shops, hotels, fast-food stalls,
continence store and many more.

SWOT analysis of the product
SWOT analysis is a toll which is used to identify the strength, weaknesses,
opportunity and threat to the company. The BamStraw.ltd can use this tool framework to
analyses its area of strength, weaknesses, opportunity and weaknesses(Hsieh and Wu, 2019).
Strength- the main strength of the company is it eco-friendly product. The
ecofriendly product is appreciated by the government and the public because of health
conscious customers. The product that the company manufactures can be used again
and again and is portable.
Weaknesses- there is less variation in the business and it focuses on one
source of material is the weakness of the company.
Opportunity- the main opportunity for making the product is that the Bamboo
straw is studier and can be used for a long period of time. And can be personalized.
Threat- the main competitor of this business is the metal straw and silicone
straw. The one main threat can be breakable due to natural material used which
cannot be modified.
4 P’s of marketing strategy
Product strategy- in order to set product apart from the competition in the
business industry, the company will always ensure that the product quality and safety meet
the needs of customers(Neck and Corbett, 2018).
Price strategy- The quantity of money or compensation offered by one party
to the other in exchange for products or services is referred to as price. It is critical since it
determines the earnings and survival of our organization. Internal and external factors
influence our pricing approach in order to maximize our profits. The external factor that
influences our pricing strategy in our organization is marketing management expense, while
the external factor that affects our pricing strategy is the competitive climate.
Place strategy- The organization selects the manner of delivery for the
product in adopting an appropriate that is also called as distribution strategy. The pacing
strategy is critical to the creation of a product's marketing plan. the business enterprises
has decided on a market, cafe, or restaurant.

Promotion strategy- The marketer's communication to deliver information
about the products to other parties is known as promotion. It is a marketing process involving
facts, persuasion, and customer impact. BamStraw.ltd. employs 'digital marketing, online
networking, or social media marketing' to attract clients' attention and get a larger market
share. To raise awareness about firm, the company created social media accounts on
Instagram, Facebook, Shopee, and Blogspot. Furthermore, online shopping has been popular
in this century, and all of these social media sites, particularly Instagram, have become the
most popular websites, with a high advertising rating. Many businesses utilise social media to
promote their products and services by including corporate information in their profiles. The
promotional content will be uploaded to social media platforms by the marketing team.
Because of the epidemic, the majority of people will be asked to stay at home. As a result,
using an online platform is the most convenient option to acquire anything we want without
having to leave the house(Kostakis and Tsagarakis, 2022).
Operational planning and performance
Location and places- the firm members in the warehouse will manage the
manufacturing and packing of bamboo straws, which will be marketed via online platforms.
The materials will be sent straight to the appropriate personnel for processing in accordance
with our customer's order. The production staff of company resizes and polishes the bamboo.
Facebook, instagram and other applications are the web platforms.
The bamboo was purchased from a Shoppe vendor, while the pouches were purchased from
Giftstalk Bhd. When firm ordered the pouch from the providers, the printing of the corporate
logo was also included. BamStraw.ltd also use Shoppe to order coconut fiber cleaning brush
stock and packing boxes. It also conducted a purchasing survey to ensure that goods were
affordable. Due of the Covid- 19 pandemic, all supplies are ordered online and delivered to
organization through specialized courier. The straw will be modified and supply to customer
using J&T express, ninja van and COD services, which will ease delivery.
Objectives of operations- the company goal is to produce bamboo straws in such a
way that all the tools and materials operate smoothly, and that all products are effective and
of high quality. The main aim of the company is to earn the trust and contentment of
customers with the services that involves preparation, packaging and delivery. The company
also ensures that his item is clear and safe to use. Furthermore, the company is solely
responsible for profit and loss, and strives to optimize shareholder return(Steininger, 2019).

Operation strategy- in order to meet the objectives of the company, the entrepreneur
have to set some strategies to ensure the smooth running of business. These strategy can be
formation of delivery services schedule, the company make sure that the product offer to the
customer meet the guarantee and ask for feedback for the product.
Financial Plan
A financial plan is a method of defining objectives, methods, and budgets for the
financial activities in question. This is done to guarantee that financial and investment
policies are successful and appropriate. In general, a financial plan is used to determine an
individual's present pay and future financial situation by predicting future income, asset
values, and withdrawal plans using current known variables. One of the most important
aspects of a corporation is the financial strategy. The following are some of the benefits of
having a financial plan- A financial plan directs the course of a company's operations. It also
aids in comprehending how finances affect a company's operations. It also aids in better
money management.
Effective business planning and performance
Most seasoned executives would tell you that business planning and performance are
inextricably linked. It's a waste of time to expect excellent performance without sufficient
planning. In the lack of planning, high-level success is more dependent on luck than on
business acumen. Business planning is a guide that will lead you to your goal: higher
performance. You can plan and then perform better if you understand the process and its
connections.
Significance- Due to a lack of time, most busy small business owners overlook the
planning function. Most people soon discover that they can't gauge their performance unless
they have at least a basic strategic and business plan. Although achievement is impossible to
identify without specified goals, tactics to meet or defeat the competition, and printed criteria
of measurement. The importance of preparing and implementing the tactics you select to
attain high performance cannot be overstated.
Function- Simple or elaborate strategic and business plans exist. It's more crucial to
see if they're clear, succinct, and logical. The plan, strategy, and goals should all be
understood by the audience. Goals should be clear, strategies should be acceptable, and
regarding the progress to performance should be measurable, whether you utilize these plans
for management, financing, or collecting investment money. You'll substantially boost your

chances of succeeding if you "done your research" by researching and thoroughly arranging
your plans.
Potential- It's possible that performance is a "changing target." Your performance is
linked to your company's long-term prosperity. Small firms, in contrast to giant corporations,
tend to blend people with the organization. As a result, your personal and performance goals
are inextricably linked to business objectives. You might, for example, set a sales objective
that specifies the quantity of units, selling prices, and gross sales dollars. The achievement of
these goals becomes a direct gauge of your performance as well as the success of your firm.
Time Frame- Your ability to measure performance is entirely based on your business
strategy. This is where you'll display your objectives, strategy, and procedures. Comparing
earlier results, such as income and operating expenses, before implementing your strategy —
the benchmark — to the results achieved by the conclusion of the current period can be used
to assess your company's performance. You'll also be eligible for a bonus. Even if you fall
short of your goals, you'll gain useful information in the form of quantitative performance
statistics that you can use to update and change your strategy in the future.
Potential issues arising that may impact the success of small business management through
entrepreneurship
Lack Of Proper Marketing- One of the major business issues that small businesses
face is a lack of adequate marketing. When you first start a business, you are not given a
notebook that contains all of the A-Zs of marketing and marketing strategy for your
company. It's critical to consider the amount of competition you're up against, as it's
outnumbering your expectations every day and will continue to do so. (Ahsan, 2020).
Money Management- A healthy cash flow can literally keep your firm afloat. It's one
of the most important factors to consider when trying to stay on top of your finances,
especially when it comes to your business earnings, in order to run a successful operation.
(Johnson and Schaltegger, 2020).
Maintaining Online Presence- To keep your customers afloat, you'll need citizens to
be aware of it and provide feedback on how or what you're doing. There is no better place to
increase brand awareness than the internet. It's an unquestionable opportunity for you to
provide useful content to your audience. This will also aid you in your marketing efforts.

Time Management- Although time is infinite, the number of hours a day would be
not. Starting a company will exhaust you and consume more of your time than you predicted.
Finally, being a businessman or small businessman necessitates the ability to multitask and
address all of your company's concerns. This is something that 90 per cent of business
owners have gone through. If you don't make an effort to manage your time, your knees will
collapse, and your business will struggle to keep up with you. In today's fast-paced
competitive environment, you're already running out of time. Those that are meticulous in
their time management are the ones who make a difference(Jena, 2020).

CONCLUSION
Based on the text above, it has been determined that BamStraw.ltd will provide them with
beneficial returns based on the business plan or business proposal sample that we have
created. We made conservative assumptions for the next three months because we know our
company is still in its early stages, as are marketing and promotion. The organisation creates
a methodical plan to achieve the goal. As a result, BamStraw.ltd. Bhd. believes our company
will continue to grow and become the most well-known brand on the planet.
REFERENCES
Audretsch, D.B. and Moog, P., 2022. Democracy and entrepreneurship. Entrepreneurship
Theory and Practice, 46(2), pp.368-392.
Ratten, V. and Usmanij, P., 2021. Entrepreneurship education: Time for a change in research
direction?. The International Journal of Management Education, 19(1), p.100367.
Lipset, S.M., 2018. Values, education, and entrepreneurship. In Promise of development (pp.
39-75). Routledge.

Sahut, J.M., Iandoli, L. and Teulon, F., 2021. The age of digital entrepreneurship. Small
Business Economics, 56(3), pp.1159-1169.
Landström, H. and Harirchi, G., 2018. The social structure of entrepreneurship as a scientific
field. Research Policy, 47(3), pp.650-662.
Alvarez, S. and Barney, J.B., 2020. Has the concept of opportunities been fruitful in the field
of entrepreneurship?. Academy of Management Perspectives, 34(3), pp.300-310.
Julien, P.A., 2018. The state of the art in small business and entrepreneurship. Routledge.
Hsieh, Y.J. and Wu, Y.J., 2019. Entrepreneurship through the platform strategy in the digital
era: Insights and research opportunities. Computers in Human Behavior, 95, pp.315-
323.
Neck, H.M. and Corbett, A.C., 2018. The scholarship of teaching and learning
entrepreneurship. Entrepreneurship Education and Pedagogy, 1(1), pp.8-41.
Kostakis, I. and Tsagarakis, K.P., 2022. The role of entrepreneurship, innovation and
socioeconomic development on circularity rate: Empirical evidence from selected
European countries. Journal of Cleaner Production, 348, p.131267.
Steininger, D.M., 2019. Linking information systems and entrepreneurship: A review and
agenda for IT‐associated and digital entrepreneurship research. Information Systems
Journal, 29(2), pp.363-407.
Johnson, M.P. and Schaltegger, S., 2020. Entrepreneurship for sustainable development: A
review and multilevel causal mechanism framework. Entrepreneurship Theory and
Practice, 44(6), pp.1141-1173.
Jena, R.K., 2020. Measuring the impact of business management Student's attitude towards
entrepreneurship education on entrepreneurial intention: A case study. Computers in
Human Behavior, 107, p.106275.
Ahsan, M., 2020. Entrepreneurship and ethics in the sharing economy: A critical
perspective. Journal of Business Ethics, 161(1), pp.19-33.