Entrepreneurship Development Plan and Analysis for Candid Car

This report presents an entrepreneurship development plan for Candid Car, a business venture focused on providing car diagnostic services and solutions, particularly in the Mayfair area of London. The plan centers around enhancing the 'My Personal Mechanic' (MPM) device and related application to be compatible with all car models. The report includes an introduction to entrepreneurship development, outlining the business opportunity, opportunity formation, and development strategies. It incorporates a perceived uniqueness analysis of the product, a business canvas model, Porter Five Forces analysis, and a SWOT analysis to evaluate the competitive landscape and potential for success. The report emphasizes the importance of customer relationships, marketing strategies, and financial planning for the venture's growth and sustainability. The business aims to provide a user-friendly interface for car diagnostics, offering a complete solution for car-related issues, and aiming to expand internationally. The report provides a comprehensive overview of the business's strategic approach, competitive advantages, and potential for achieving market dominance in the car diagnostics industry.

Entrepreneurship
Development.

Table of Contents
INTRODUCTION...........................................................................................................................3
Proposed Development...........................................................................................................3
OPPORTUNITY FORMATION.....................................................................................................4
Perceived Uniqueness of Product...........................................................................................5
OPPORTUNITY DEVELOPMENT...............................................................................................5
Business Canvas Model..........................................................................................................6
Porter Five Force Analysis.....................................................................................................7
SWOT analysis:......................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneurship Development relates to the method of improving enterprises ' abilities
and expertise through classroom or other core programs and coaching. Entrepreneur implies to
individual who is prepared to take the challenge of setting up a business with the objective of
solving the financial or social challenge recognized (Biryukov and et. al., 2015). In this respect,
after evaluating the UK industry and social physics of individuals in London, the entrepreneurial
approach chosen is to initiate a Scanners for Car Diagnostic offering services for diagnosing real
car problems. This highlights the fact that this project consists of My Personal Mechanic
(MPM). The core business idea in this regard is enhancement or expansion of MPM device and
related application. Major plan is to enhance operational applications of MPM software to make
it compatible with all car models. It'll be launched in Mayfair London, UK under the name
“Candid Car”. The aim of initiating this enterprise concept is to create a performance
environment for individuals who are looking for effective care of car and diagnose car problems.
Such venture' s basic idea is Enhancement of My Private Mechanic in order to make it
compatible to all car models. Mayfair is an effluent region in London that is frequented by
thousands of individuals in a day including tourists, and this offers this commercial enterprise
with profitable possibilities to capture the imagination of a big section of the UK population and
achieve market advantage. In the current era, a firm that serves people's demands for quick
solutions of car problems. Providing a complete application for diagnosing all car problems will
provide the sustainable benefit over its competitors and help to increase this entity's revenues.
Proposed Development
Being a enterprise that addresses people's issues related to car and related accessories,
this concept has vast breadth to expand into a international entity with stores scattered across
different UK places. This initiative has the ability to develop an car diagnosing application that
provides effective solutions for solving car related problems and also provides guidance for
travelling with safety and security features. My Private Mechanic is a device that diagnoses real
car issues and translates the complication into an easier-to-understand version. It shows the
particular problems in the cars, the scope of the problem, the level of emergency, and the
associated costs to be incurred. The entrepreneur has also the opportunity of facilitating business
development and growth and converting Candid Car to a different place with a wider and rapid

appeal to a huge population. By expanding the scale of activities, this company has the
opportunity to maintain more clients on a regular basis by focusing on improving features of
MPM. It will allow the company gain fame through mouth to mount advertising via buyers who
are happy with My Personal Mechanic they are given and want their families, household groups,
colleagues or acquaintances to gain the same knowledge as them (Camp, 2015).
By focusing on enhancing customer-derived behaviours and developing good
relationships with clients through well-managed and friendly employees, this enterprise concept
offers an opportunity to boost revenues and profitability through a reasonable quantity within 1
year of release or official launch. By integrating some more advanced features to provide
solutions of car-related issues this company will warrant a unique feature and quality services by
meeting the requirements and expectations of individuals from distinct communities, religions or
cultural groups. Moreover, the business entity can readily achieve fast achievement and
development by developing a well-structured advertising approach and financial leadership
schedule, given that these policies and scheduling produce the required results within the
specified time-frame.
OPPORTUNITY FORMATION
The business idea of introducing a My Private Mechanic which offers advanced features
and user-friendly interface to diagnose car problems. More improvement in software can be
achieved by continually analysing and assessing the recent consumer demands and patterns and
getting understanding into the UK's general industry. The concept of this MPM software and
device is obtained from the research of existing businesses and products in Mayfair, London.
Study has shown that there is no universal tool which can assist individuals in diagnosis of car
problems even on a drive or emergency situations. Looking at it as an chance and seizing benefit
of it, the entrepreneur recommended the concept to develop and launch MPM device and
software (Fortunato and Alter, 2015). This enterprise will provide user-friendly interface and
innovative feature for identification and diagnosing car problems to make essential habit for
every car users. In addition company will provide other car accessories free of costs with
company's main product and timely updates in features and device of company to make
expansion in short period. Beside this company is also thinking on providing other supportive
tools which are compatible for all car models and ensure availability of these devices with
purchase of car by making collaboration with car manufacturer companies.

Perceived Uniqueness of Product
The unique characteristics of the suggested business proposal resides in the availability
within the same company channel of products from automotive industry. Furthermore, concept
of providing specialised software for diagnosing car problems, compatible with all cars is a
creative thought. It is basically suggested to ensure that no population division stays untouched
by Candid Car ' outstanding performance experience (Kansiime and et. al., 2018). The distinctive
point of sale for any organization is their item or product that separates the organization from
other businesses in same industry. The distinctiveness of this enterprise could be further
strengthened by spending in excellence and value-added service quotient improvements to create
a faithful client base and maintain exiting customers base. The entrepreneur must assure that the
company products are synchronized with the changing market environment and requirements
and expectations of differenent cutomers using different car models.
OPPORTUNITY DEVELOPMENT
An efficient business model is crucial for all the entrepreneur to assure that Candid Car
Business' concept can be transformed from a local outlets to a well-established business model.
By implementing such a business idea into some kind of domestic-international chain,
entrepreneur will assure Candid Car's performance and expansion within a short space of time.
The importance connected with creating such a business idea in an international business resides
in a well-designed organisational structure, efficient company design, growth schedule strategic
structure, and the implementation of appropriate and efficient business models (Khazaeli and et.
al., 2018). The entrepreneur may require enormous resources to bring out all the creation of this
entrepreneurial thinking into a enterprise venture, that could be procured through commercial or
personal outlets. Developing an effective market approach will allow the company to improve
Candid Car' current product and service distribution. This would lead to requirement of
modifications post evaluation and analysis in business plan. It will contribute to the MPM's well-
designed growth as suggested and envisioned by entrepreneur. In addition, if the undertaking
employs a amount of marketing strategies and techniques, it will help to attract the focus of a
loyal customer group and adapt to people's desires and requests.

Business Canvas Model
This shapes the organizational configuration or significant sections of Candid Car's
recommended business venture.
Key partner Only one proprietor is
called Edward Dale.
Key activities
 Production of MPM
sensors and developing
MPM Applications for
all platforms.
 Taking feedback of
customers seriously to
improve app and
device accordingly.
 Update of app and
device with new car
models and
circumstances.
Value proposition
 To make device and
app compatible with
different car models
and effectively
diagnosing car
problems.
Channel of Distribution
 Flat consumer-friendly
marketing.
 Mouth to Mouth
Publicity Social media sites
(Kurowska-Pysz,
2016).
Cost structure
 Initial or starting
investment is going to
be £ 120,000.
 Other sources are bank
loans and other
investor's funds.
Customer segment
 Middle and higher class
would be specifically
targetted at formation
phase.
 Age rage would be 13-
30 years primarily.
Customer relationship
 Other car-accessories
will be provided to
attract more consumers. Loyal consumers will
be granted more
Key resources
 Print platform or media
 Advertisement firms
 Human resource
Revenue stream
 Sales of MPM devices
and premium features
of apps.
 Time usages of
application.

premium features free
of cost.
 Selling of other
supporting product
items.
 Franchises income.
Mayfair, London, which prevails in the UK, is the place chosen for start of such a
initiative. It's an effluent zone located in the center of London and is a focal point for a variety of
industries of commercial enterprise. This location is attended on a regular basis by thousands of
communities and visitors, which provides Candid Car with profitable possibilities to capture the
attention of a major client base. This is crucial that the entrepreneur brings into consideration the
envioronment and chnages in enviornement of automotive industry to transform the business
project into a domestic-international company. Porter Five Force evaluation has been undertaken
in order to obtain an insight into such a sector and create an knowledge of the essence of
competition including strategies to counter this competition.
Porter Five Force Analysis
This evaluation will support the entrepreneur to ascertain the earnings and profitability
factors for Candid Car in order to create policies and schemes according to them:
Threat of new entrants: This component dictates the constraints faced by a fresh entrant
when joining the automotive industry specially in car accessories market. It is discovered that the
obstacles to entry inside this industry are low, that means that businesses can penetrate quickly
(Leonidou and et. al., 2018). The investment needed to engage this industry is comparatively
small and industries of scale are indeed useful. In this context, Candid Car will offer MPM
device and software to target and deignose different car problems and saftey features for car
users with customer friendly interface. Morever, this business will offer customisation in
software as per consuer's requirement and car models which implies that it will face lower-threat
though new entrants because of bsuiness's unique offerings.
Rivalry among existing competitors: This variable gets to decide the competitivity in
this sector. It is noted that the competition in that area is wide. (Sekliuckiene and Kisielius,
2015). It is therefore imperative for enterprises to remain conscious of their rivals and to
comprehend the importance of applying distinctiveness in their item and business products
(Mohamed and et. al., 2012). Stratgeis for NPD or New Product Development required to be

framed in accordance with policies and items offered by company's competitors such as Foxwell,
NEXPEAK, Autel Scanner etc. The biggest advantage of Candid Car is that there are few
bsuiness entities which provides advanced quility car dignosis services compitable with almost
all care models. All such competitor entities have wide number of outlets spreaded worldwide
which provides them a customer's loyalty and strong brand value in UK market.
Threat of substitutes: This force relates to customers ' contention to discover
replacement products that have the same or higher rates and superior performance and can
readily switch. The variables influencing customer purchasing behaviour are convenience of
replacement, cost of switching and item differentiation (Movahedi and Yaghoubi-Farani, 2012).
This leads to opportunity for Candid Car because even eixiting businesses belongs to such sector
that are offering same products but not these products are not compitable with all models of
different cars. Candid Car seems to have low substitute risk and also has the ability to endure
readily in the UK's dynamic age. This enables the company to compete and receive desired
growth.
Bargaining power of buyers: This relates to consumers' capacity to curb businesses
sunder pressure in order to demand product at thier own rates. Purchasers in the automotive
industry are enjoying elevated bargaining power due to the existence of several retailers,
supermarkets, department stores, etc (Naudé, 2014). To place control over switching of
customer's brands and products, Candid Car would offer MPM app and device at optimised
prices dueing business's initial stage. Moreover as business will offer quility services and more
compitable features it provides company to get opportunity of attackting new customer base
within UK.
Bargaining power of supplier: This relates to the force of car-accessories market
suppliers to deliver goods at the costs of their claim. Due to well-established industry for car
diagnosing products the bargaining power of providers is weak in this industry (Terziev, Arabska
and Nichev, 2018). However, as this company's product and business products will be extremely
distinctive and outstanding, together with the supply of products at reduced rates. Candid Car has
ability to increase their product's prices post company's well-establishment within UK because
enity require to produce required raw materials that has assist in providing MPM device and app.

SWOT analysis:
The entrepreneur's SWOT analysis was performed to obtain understanding of the likely
strengths, weaknesses, possibilities and risks measured after the release of Candid Car in
Mayfair, London, UK.
Particular Explanation
Strength Candid Car ' main power will be their concept of My Personal Mechanic
carrying into consideration client safety, and it will also guarantee a greater
client reaction in terms of sales for this upcoming device range and software.
Their MPM software and device idea will also give Candid Car possibilities
to attract exposure from a big section of individuals. In order to obtain greater
brand loyalty, they can turn their power into distinctive marks. Business will
initially concentrate on low-price revenues to create faithful client base
(Nkechi, Emeh Ikechukwu and Okechukwu, 2012).
Weaknesses Candid Car ' major vulnerability is current enterprises in the automotive
industry. These current competitors can overcome these upcoming car
diagnosing comapnies via their powerful client base or reduced product costs.
Comapny's small customer base in initial years is also a weakness but with
thier unique bsuiness concept it is expected that comapny comapny will
achieve thier tragetd customer base.
Opportunities Here business's key opportunities is compatible and advanced software, long
lasting quality devices, quick diagnosing services, online real time support.
Candid Car must seize such opportunity to assess whether or not enterprise
would thrive for a long period of time (Oyelola and et. al., 2013). For a good
response, Candid Car may perform ongoing assessment of its brand products
or replace its item with short market analysis and comprehension business
circumstance or patterns in this comparable industry. Pricing could be a
substantial variable in obtaining business capabilities and expanding
company sales.
Threats Limited resources and less experienced staff could be act as a threat for
company, because competitors like Foxwell have wide range of resources

and, professional and experienced staff. This can lead to limited revenue
form business and hurdle in making expansion in their existing business
level. It is a common threat as new business with limited resources has to
suffer competitive disadvantages from exiting big competitors (Parvin,
Jinrong and Rahman, 2012).
CONCLUSION
From the above discussion, it has been concluded that entrepreneurial ideas results in
establishing an enterprise and managing its operations. Such entrepreneurs conduct market
research with the aim to understand new trends addition to techniques, customer purchasing
behaviours together with perceptions of customers towards any particular product. Furthermore,
it was analysed that entrepreneurs uses business canvas model in order to develop
documentations for business models. The model helps in representing enormous variables which
describes organisational values. It is deployed as strategic management tool in order to develop a
new business addition to analysing pertaining situations with existing similar businesses. It is a
lean start-up model which describes structure of projected business innovation. In addition, a
new business opinion can be practicably developed within international market at the time when
proper planning are formulated to turn the new concept into actions. Such innovative idea can
gain rapid growth addition to success in the competitive market when functions, procedures,
plans along with operations are reviewed constantly and alterations are done with effective
controlling at the time required.
As per the points described together with entrepreneurial development procedures, it has
been acknowledged that with constant market research and evaluation, important ideas, concepts
and facts related with idea formation along with implementation can be gained as well as
developed to attain success. Further, it is also discovered that new business can only be framed
together with improvements before any other innovative idea emerges in the entrepreneurial
knowledge. Innovative entrepreneurial idea should be in such manner that has potentiality to
resolve pertaining social addition to economic problems which an individual encounter in
different circumstances within the nation (Sekliuckiene and Kisielius, 2015). For such purpose,
the opinion to set up Candid Car came into entrepreneurs mind at the time of gaining insights

about perception of existing population of UK which are health conscious and ascertain
informations before making any purchase decision. After generation of such idea, Business
Canvas Model, PESTLE analysis together with SWOT analysis are conducted in order to gain
visual image of the feasibility associated with the venture project. As per the industrial as well as
market evaluation, it is analysed that continuing with the venture idea will help the entrepreneur
to attain growth, success together with profits.

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