Business Plan for Vision Younger: Entrepreneurship Report Analysis

This report provides an executive summary and detailed analysis of the Vision Younger business plan, focusing on the development of an anti-aging cream for women. It outlines the company's vision and mission, product details, and target market. The report describes the business as a sole trader ...Read More

Entrepreneurship, Enterprise
and Innovation
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EXECUTIVE SUMMARY
In this report it has been described about starting a new business that is vision younger. so,
the vision is to improve the business productivity and profitability in the marketplace and
mission is to expand the business and to attract women through the ant-ageing cream. the need of
product is that because product developed is anti aging cream for women. It will be used for skin
care of women and will be made 100% natural. Moreover, target market is of women who of
middle age of 35- 40 years. furthermore, it has been described that business is based on offering
anti ageing cream to women by launching a new product. thus, business will be based on
innovator concept.
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Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................4
REFERENCES................................................................................................................................9
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INTRODUCTION
Vision: To improve the business productivity as well as profitability in the marketplace.
Mission: To expand the business, also to attracts more and more women through the ant-ageing
cream.
How company will be set up- The company will be privately set up and is of sole trader. in that
there will be 20% share given to Nivea so that product developed is of high quality. It is sole
trader because profit earned will not be shared with anyone (Caloffi, and Mariani, 2018).
Details of product- Here, product developed is anti aging cream for women. It will be used for
skin care of women and will be made 100% natural.
Detail of market – It is evaluated that market size is of women who of middle age of 35- 40
years.
Detail of need- here, need is because in market there is no such type of cream which is 100%
natural. Alongside, creams which exist are made of chemical and is having side effect on
women. besides, cream which exists are of low brand and cost. thus, it has not been able to gain
trust and satisfaction of women. they are not able to rely on them.
Aim
to generate sales of $1500
to generate sales of $2500
to generate sales of $3500
Different types of entrepreneurs
Entrepreneur are those convert their idea into business. this is done to provide new
products and services to society and people. It enables in improving their lifestyle and
contributing to society. However, different types of entrepreneurs exist who possesses various
traits and features. they are defined as below : (Types of entrepreneurs, 2019)
Innovators- they are those who come up with new idea and start business. they think differently
and develop unique product or service. basically, these entrepreneurs highly differentiate their
product in the market (Drobyazko, and Sergiychuk, 2019).
hustler- they are those who work hard and focus on efforts. they are motivated by their dreams
and desires. Also, they focus on goals and are risk takers.
Imitators- As name depicts imitators are those who coy idea of business and improve it. they
make product by changing its features, design etc.
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Researcher- The name depicts that entrepreneur do extensive research and then start business.
they believe that business will be highly successful as in dept data and info is gathered. thus, lot
of time is needed to launch product
Buyer - they are those entrepreneurs who acquire other successful business. It is because they
are having high wealth.
Here, examples of successful entrepreneurs are Mark Zuckerberg founder of Facebook.
he created an App by taking risk and lead his team as well. Today, he is a billionaire and total
worth of company is $54 billion (Hou, 2020).
Another example is Oprah Winfrey who is TV host, actress, and started her show in
1986. She is self motivated and successful leader as well. Also, she is richest African American
in 20th century.
What type of entrepreneurship organization will you set up?
I will set up researcher idea business in which I will develop new product and launch into
market. for this I have to do research in market about what are needs of women, market size, etc.
thus, as an entrepreneur, I possess leadership quality which help in leading staff. So that it helps
for improve overall business performance, launching a new product for middle aged women.
Self Motivation
It is common quality, which helps in succeeding. It is an essential part to push the
business with its own quality. In order to make an effective plan before launching the anti ageing
cream in the market
Leadership quality
This is another important quality of successful entrepreneur which has become a leadership
quality to provide the guidance of their team members (Kruja, 2020).
Take risks
it is important for entrepreneur to take risk as without taking risk success can not be
gained. so, this is best quality to handle the business performance while implementing an
effective strategy.
What type of entrepreneurship model will drive the market need, technological push, market pull
or cyclical model?
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It is evaluated that innovator model will enable in driving market need. this is because it
will enable in finding need of people and then developing new products. besides. technology can
be used in it as well. However, new services will be offered and pulling market from it.
Define what a small, medium and large organization?
A small enterprise is on in which there are 50 or less workers. they operate in small area
and earn less profit.
Medium enterprises are those in which there are 250 or less employees working. they
cover more area as compared to small one. they help in improving social life of society and
people.
Large enterprises are in which there are more than 250 staff workers. they operate at
global level and earn huge profit.
Review Government statistics to determine the number of different types of businesses
There were 5.9 million private businesses in the UK in 2019 – more than 99% of which
are SMEs. They account for 60% of all private sector jobs in the UK, a total of 16.6 million.
Review data on social enterprises
there are total 471000 social enterprise in UK. Also, 9% of SME in UK are social.
besides, 99000 enterprise has 371000 staff and rest other are not having any staff (Ma, and
Dong, ,2018).
Explain three different entrepreneurs and review their history and behavior
There are many successful entrepreneurs who are role model and examples. they are
running successful business all over the world. These entrepreneurs is having different
personality and characteristics. Moreover, they have unique concept and idea of starting a
business and offering products and services to people. So, here 3 entrepreneur taken are :
Jeff bezos – He is world’s richest man and owner of amazon. he was born in 1964 in Mexico and
did electrical engineering from Princeton University in 1986. he was having interest in
computers. In 1994 he started online book store amazon.in. in 1998 company diversified
business and sold more products. his characteristics is that he is an innovator. his drive for
creating some new was highly satisfied. also, his innovative skills led to developing of new
concept. also, he was risk taker as he took risk of starting his own business. however, jeff was
hoard worker as he believed in fact of possibility. thus, he also took right decision at right time.
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Bill gates – Bill gates is founded of Microsoft. he was born on October 28, 1955 in Washington.
he graduated from lakeside in 1973 (Minto-Coy, , Cowell, and McLeod, 2016) In 1975 he was
founded Microsoft and sold only basic computers. at 23 he put himself as head of company. Bill
was a great leader and encouraged people as well. he motivated them by showing them right
path. besides, he was passionate about computers. Besides that, Gates created a vision that what
he wants to achieve. so, for that he followed a step based approach. he is also a smart workers as
in college as well as in office gates worked till last. this led to achieving of outcomes.
Elon musk – He is an entrepreneur who founded x.com in 1999 and spaceX in 2002. musk was
born in 28, 1971 in south Africa. (Hou, 2020) he completed his education from Canada Queen’s
university. also, he dis Bachelor degree in physics. musk found tesla in 2003 which designed
electric cars and battery products. Elon musk is hard working as he worked for 100 hours in
week. due to this, he is productive and attained goals. besides that, he is risk taker as in 1995 he
invested in x.com company. However, he works on concept of feedback loop that is by taking
feedback of staff in company and doing self analysis. this enabled in improving process.
I also possess some traits as I am risk taker. I know how to lead team and motivate staff. i
need to work hard in order to achieve my goals and make this business as successful. also, I need
to find out new idea of promoting product.
Situational analysis
For being in the competition and attracting more women it is important to analyse internal and
external factors.
SWOT
SWOT analysis tool plays an important role as it allows companies in identifying its own
strengths, weaknesses, opportunities and threats. Some internal factors of Vision Younger are:
Strengths
• Skilled workforce is one of the main strength which allows it to attract more women and
influencing them to buy qualitative product.
• Vision Younger provide customized treatment option to women by anti-aging company.
• It is flexible in adapting situations and attracting customers (Gürel and Tat, 2017).
Weaknesses
• Imposed legislation of checking chemical in products is delaying delivery of products.
• Lack of promotional activity is other main weakness.
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Opportunities
• It can take advantage of developing organic cosmetics for women.
• Ability of using official website as delivery and promotional is providing opportunity of
increasing online customers.
Threats
• High intensity of competition is the main threat.
• Legal issues related to trade and operation is other threat.
PESTLE
Political: Political stability in cosmetic market gives profitability to this company to
some extent but due to increased health awareness and allergies, some regulations and political
risks are increasing because of diversification.
Economic: Economic stability of the UK is having positive effects on performance of
Vision younger. Due to employment rate and effective economy, people invest in such products.
But global slow down and interest rate can create problems for it and limits expansion of
business.
Social: This company do not make use of chemical to great extent in Anti aging cream
and increasing demand of middle-aged women of it for looking young is beneficial. This current
needs of middle-aged women can increase demand and sales of this company.
Technological: It is identified that this company is making use of technology for
delivering products which can help it out to take advantages (SHTAL and et.al., 2018). On the
other hand, increasing use of advanced technology by other companies is increasing competition
and also putting pressure to make all functions digital which can increase its cost.
Legal: There are several legal requirements which need to be followed by this company
such as checking of products, minimum use of chemical etc. This checking of products delay in
delivery of products. But by following all rules it can protect itself against lawsuit and make
itself sustainable.
Environmental: As per the environmental law it is important for companies of using
natural resources and ingredients and do not hurt anyone and it is the main key of Vision younger
of becoming successful.
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Porter's 5 forces Intensity Justification
Buyers power high Due to availability of several brands and
shops, buyers have more bargaining power.
Suppliers' power low There are several suppliers in this industry
and by which this intensity is low.
Threats of substitutes Low There are several products in the market but
as like anti-aging there is no substitute in the
market.
New entrants Medium There is no requirement of heavy
investment and anyone can enter this
market.
Competitive rivalry High There are several well-known brand in this
industry such as L'Oreal and others.
Positional strategy
Having clear knowledge of target market can allow company to focus on them and increasing
sales.
Segmentation
It is not possible for company to focus on the whole market so by segmenting or dividing a
market into groups based on characteristics help it out to accomplish goal. It uses demographic
on the basis of gender and behavioral segmentation (Jan and Victor, 2019).
Targeting
In demographic segmentation it targets mainly women over 35-40 years. In behavioral it targets
women who are skin conscious and have spending habits.
Positioning
By focusing on only behavioral and demographic segmentation and 35-40 years of women. By
making use of official website it is positioning itself that by using this anti-aging cream women
can look younger.
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Marketing mix
This strategy and function can make this company able to make people aware about features and
select the best product by comparing all details with other companies such as:
Product: Anti-aging is a product of Vision Younger. By providing it, company wants to
women look better as it helps in removing dark circles, spots and patches and making skin clear.
It is made up of natural ingredients so, there is no side effects of this product.
Price: Reasonable and penetration pricing strategy will be used by this company in order
to allow middle income of people to afford it. Set price of this product will be £10-£20. Blending
brush is free with this product.
Place: It is going to sell its product at both offline or online as per the convenience of
customers. Till now company do not have several its own brand stores but till then it will deliver
products online and one physical store.
Promotion: As per the current market trends it is focusing on online promotional
activities through social media platforms and official website (BARTŮŇKOVÁ, 2017). By using
varieties of ways of promotion like direct selling, sales promotion, discounts, E-mail marketing
and others it is making aware to people.
Impact of organizational structure on sustainability on innovation and creative solution
Organisational structure plays an important role as it allows workers and company to
perform functions in an effective manner by guiding and telling them a proper way of
performance. By making an effective use of organisational structure by which workers of all
level can interact with each other, company can promote innovation and sustainability. For
example: Companies which make an effective use of organisational structure where employees
are required following a flow of message and are also allowed to communicate with others then
they are more likely to bring sustainability and innovation within business by discussing and
sharing information (Maletič and et.al., 2016).
Employees when they interact in an effective manner then they also develop effective
ways of solving problems with collaboration and it can only be possible with organizational
structure. So, it can be said that Vision Younger require focusing on this area and selecting the
best OS.
Organisational processes and practices: For generating idea, innovation, sustainability and
problem solving organisational practices also play an important role like employees' engagement,
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flexibility, commitment, rewards and others. It allows employees to become loyal and supporting
company in accomplishing their goals and by generating unique ideas, bringing creativity and
innovation it allows company to make its products and services different from others.
So, overall it can be said that by focusing on organisational culture, practices and
satisfaction of employees' it can meet its pre-determined goals.
Advantages and disadvantages of sustainability of an idea and innovation
Sustainability innovation plays an important role as it is a process in which company
consider some sustainability factors like environment, finance and social into its own system
from idea generation by making use of research and development. Innovation is one of the best
way of making business sustainable and increasing customers' retention rate and that is why,
Vision Younger focus on developing new beauty product names anti-ageing with natural
ingredients (Albert, 2019). There are some advantages and disadvantage of sustainability of an
idea generation and innovation such as:
• It can help company in decreasing energy related cost.
• Attracting as well as increasing new customer rate.
• Boosting workplace morale and bringing innovation in workplace is other advantage.
Disadvantages
• Due to this, companies are avoiding depletion of natural resources for maintaining
ecological balance.
• This company also using natural ingredients in anti-ageing cream which may hurt
requirements of future generation.
Implementation and control
After planning and performing functions and using strategies it is important to measure
effectiveness of performance and also identify the actual position before launching products.
With the help of using effective controlling and monitoring tools, Vision Younger can view as
whether it is going on as per planning or there is requirement of changes.
By making use of KPIs or customers relation management it can identify effectiveness
of customers' experience and their satisfaction level. This performance monitor tool can also
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make able to this company to know both effective and ineffective areas where it needs
improvement and where it is effective. As per the monitoring it can make changes in its own
strategies and ways of performing for accomplishing goals in an efficient manner (Liu and et.al.,
2016).
Employees retention rate can also make it able to know whether employees are happy at
workplace and are effective or not. Controlling tools also allow company to monitor project's
quality by identifying all characteristics and comparing features with needs of target market as it
meets to them or not.
CONCLUSION
From the above study it has been summarized that strategic development and innovation
in product played a vital role as it allows companies in making its position in the market and
attract customers. It has also shown importance of situational and positioning analysis by making
use of PESTLE, Porter's 5 forces, SWOT and STP tools. Further, it has shown importance of
using marketing mix strategy in order to promote unique and new product in the market to meet
goals. Lastly, it has discussed controlling functions for evaluating effectiveness and viewing as
workers are performing as per planning or not.
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REFERENCES
Books and journals
Albert, M., 2019. Sustainable Frugal Innovation-The connection between frugal innovation and
sustainability. Journal of Cleaner Production, 237, p.117747.
BARTŮŇKOVÁ, A., 2017. Online marketing in Cosmetic industry (Doctoral dissertation,
Vysoká škola finanční a správní).
Caloffi, A. and Mariani, M., 2018. Regional policy mixes for enterprise and innovation: A fuzzy-
set clustering approach. Environment and Planning C: Politics and Space, 36(1), pp.28-
46.
Drobyazko, S. and Sergiychuk, S., 2019. Entrepreneurship innovation model for
telecommunications enterprises. Journal of Entrepreneurship Education, 22(2), pp.1-6.
Gürel, E. and Tat, M., 2017. SWOT analysis: a theoretical review. Journal of International Social
Research. 10(51).
Hou, G., 2020, April. Evaluation of Innovation and Entrepreneurship in Enterprise Talents Based
on Structural Equation Model Analysis. In Journal of Physics: Conference Series (Vol.
1533, No. 4, p. 042026). IOP Publishing.
Jan, A.D.A. and Victor, D.S., 2019. Measuring the Effectiveness of Segmentation, Targeting and
Positioning Strategy of L’oreal Products in Kingdom of Saudi Arabia. IJO-International
Journal of Business Management. 2(09). pp.68-79.
Kruja, A.D., 2020. Enterprise investments, innovation and performance: Evidence from
Albania. International Journal of Innovation in the Digital Economy (IJIDE), 11(1),
pp.68-80.
Liu, S. and et.al., 2016. Understanding, monitoring, and controlling biofilm growth in drinking
water distribution systems. Environmental science & technology. 50(17). pp.8954-8976.
Ma, K. and Dong, J., 2018, June. School-Enterprise Cooperative Innovation and
Entrepreneurship Courses and Case Library of Emerging Engineering Education.
In International Conference on E-Learning and Games (pp. 263-267). Springer, Cham.
Maletič, M. and et.al., 2016. Effect of sustainability-oriented innovation practices on the overall
organisational performance: An empirical examination. Total Quality Management &
Business Excellence. 27(9-10). pp.1171-1190.
Minto-Coy, I.D., Cowell, N.M. and McLeod, M., 2016. Introduction: Breaking the barriers:
Entrepreneurship, enterprise, competitiveness and growth in the Caribbean. Social &
Economic Studies, pp.1-13.
SHTAL, T.V. and et.al., 2018. Methods of analysis of the external environment of business
activities. Revista ESPACIOS. 39(12).
Online
Types of entrepreneurs, 2019. [online] Available through : <
https://lonelyentrepreneur.com/types-of-entrepreneurs/>
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