ENTREPRENEURSHIP IN PRACTICE: Wedding Bells Business Plan Project

This project presents a comprehensive business plan for 'Wedding Bells,' a startup focused on wedding planning and event management services. The assignment includes an individual reflection using the Gibbs model, detailing the student's experience in developing the business plan, including challenges faced in data collection, team coordination, and presentation skills. The business plan itself outlines the company's services, target market, and competitive analysis. The student discusses the positive and negative aspects of the project, reflecting on market research, financial budgeting, and operational strategies. The analysis includes an action plan for future improvements, focusing on team training, coordination, and addressing issues encountered during the project's execution. The plan covers various aspects of the business, from initial idea generation to market analysis and implementation strategies, providing a detailed overview of the student's entrepreneurial journey.

ENTREPRENEURSHIP IN
PRACTICE

Table of Contents
INDIVIDUAL REFLECTION .....................................................................................................1
.........................................................................................................................................................5
BUSINESS PLAN ..........................................................................................................................6
.......................................................................................................................................................14
REFERENCES..............................................................................................................................15

INDIVIDUAL REFLECTION
Gibbs reflection model plays an important role in encouraging people to think
systematically towards their experiences and activity as well. With the help of this, individual
can easily think about improvement in next time. Along with this, by using this model people
easily understand the situation and also determine how they could do well in the upcoming time.
In context of Wedding Bells, they prepare business plan with the purpose of establishing their
business in market for longer period of time. For this, company provide various services such as
Wedding planning, Food management, Event management, marketing and many more.
Furthermore the main concept of making business plan is to invite number of customers towards
its offering so that company make their brand presence strong in market. There are six stages in
this model which are as described below:
Description- As a team member of project, I was executing business plan activities on
the basis of increasing market share In this, I will determine the main concept of developing new
services in market related with the Wedding events. In this, our team also evaluate the
competitive analysis to determine the main competitors at market place. While giving
presentation on the basis of business canvas model , we also provide necessary information about
its services and products as well so that customers get easily influenced and motivated. How
every, when we present our presentation I tried to provide necessary and unique information to
the audience so that they get understand our points and message as well. For this project, me and
my team also find better resources to develop effective ideas. Along with this, we also
communicate with each other to generate effective ideas. With the help of this, we easily select
the best idea for development of the business and its project as well. But on the other side, team
also faced issues at the time of presenting views because all the team members are not effectively
coordinate with each other. I am college going student to whom assignment is given related with
new idea and creativity. This project is based on group activity where four members are
included. After viewing market, wedding plan idea came in our mind. As there are very few
companies which deals in wedding planning. We will be providing all facilities related with
wedding such as catering, decoration, foods and others. The dealing will be with high, middle
class people of society. When we create business idea, our teacher also supported us a lot and
provide appropriate guidance in terms of activity.
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Feelings- I felt extremely hesitated at the time of giving presentation on business plan of
Weeding Bells. By this, I was also demotivated because my speaking skills is not much effective
in front of audience. Along with this, we also faced issues while collecting data because we fail
in gathering relevant data and information towards the business plan of Wedding Bells. Thus, we
had decided to keep all the activities in group in which entire task easily completed. By this team
members also share their views to analysed the data. We also discussed with our senior to
understand their experience in wedding events. Mainly, we focused on the attaining set target so
that me and my team members implement each and every ideas provided by seniors. By this we
was easily present our views to invite audience towards the Wedding Bells services. It was great
feeling to create such new idea and develop business. It was supported by our friends, teachers
and professors. When such ideas come into our mind it was little bit hard to show that plan to
others. The main purpose for this idea is to solve problems of people at pace. When we did
promotion of this idea through website and social media, people did not focus on such plan. This
brings negativity feeling in us whether plan will be success or not. Our friends also help a lot to
us to create more promotion in their families regarding our plan. As being college students it is
not easy to convenience people living in society. Before creating such plan we were totally
unaware about outcome which we can gain through this project. When we fully created our idea,
analyse competitors, market it creates some good feeling in us. When we created this idea
coordination was not matched with our team members. So being team leader I decided to listen
to each and every view and implemented into success plan. There was also issue regarding
findings about new plan. I focused on doing survey before implementing plan.
Evaluation- In this stage, when assignment was given to us we were very much confused
about selecting plan for our task and also creative and innovative idea should be used. This was
difficult stage for us to select such innovative and creative idea. Finally after doing lots of
research, survey, we came to conclusion that wedding plan is suitable idea for our assignment. It
was little difficult to convey such idea to teacher, friends. In this, my role was gathering
information related with business canvas model to create innovative ideas. Some of them
laughed on us after hearing such plan. This idea created positive as well as negative feeling for
us. As being student it was very difficult task to force people to show our plan to them. I felt
positive when our teacher appreciated our hard work and efforts. He like our ideas very much
and assist us in performing other activities. The most good experience was getting appreciation
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after being hard work. Many situation arise when we felt bad experience. The negative points
can be lack of time which was given only fifteen days that was very less. Being students we did
not have enough funds so it was also difficult to implement plan. I did not get enough
information for my project to perform activities. In this, I faced lots of complexity while
implementing ideas in assignment. I solved my ideas through help of teachers, friends so that I
can get on my plan and business that was wedding bells. The most important was through name
of business people came about plan in brief which is easiest task. Even our team evaluate market
to know individual perception regarding business and its providing goods and services. Most of
them gave positive feedback. But there were some who gave negative feedback regarding our
plan. In this, each and every aspects are evaluated for better implementation and achievement of
results.
Analysis- For analysing business canvas model idea in market there were many things
which helped a lot. Here we decide to use promotional tools for creating awareness in market.
Each and every factors have to be analysed in market and work accordingly. I have done analysis
through literature review also to know about market and its people. Analysis is important stage
for developing business in minds of customers. Many worst situation occurred in front of us
where we plan to quit assignment and focus to solve. Our plan has to be presented in front of
class for presentation so that everyone can know about our idea. During presenting we faced
coordination issue among each other as we did not convey what we want to present to audience.
This was biggest issue occurred in front of us. We also analysed that some important things were
being missed in our idea. I analysed that as per religious theme was not mentioned in business. I
will be dealing with various class of people existing in society. According to their requirement I
have to work for surviving and sustaining in market. My business plan is also new for society so
it is difficult for survival if significant things are being missed. I should be able to know religious
and according to their requirement theme should be designed and planned. By doing analysis it
can help me to correct my task very effectively and positively. It assist in both long term and
short term for doing work. Analysis bring positive outcomes in people for performing task. It
also helps in correction of mistakes of people. Here, wedding plan have to do analysis of
competitors, market research, financial budgeting, operations, objective and according plan
should be implemented in real life scenario for better result.
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Conclusion- I will like to share my experience in front of everyone regarding assignment
which I have done in group. It was new start up related with business canvas model named as
Wedding Bells. I have gained lots of experience through this project which are positive as well
as negative. While creating such idea it was very difficult for me to show plan in front of
audience. There many situations arise where I have to respondent in different way for solving
issues. The project was given in group of four students in which I was acting as team leader. We
decided all task according to our skill and capabilities and accordingly work for given task. It
was little tough to coordinate with each and every members. As every individual of team have
their own idea for creating and performing work. According to situation I have to change my
attitude and perform work. Through this I built confidence in myself to do any type of task. In
case of future, if same plan is given to me I would do it very positively and effectively. The one
thing which I did not like about my team is that they only focus on their own work. As being
working in team every member should help each other to achieve final goal and objectives.
There was incident occurred during plan where people neglected our idea. It create demotivation
to us but still we focus on our goal and objectives to fulfils it in time. When other did not believe
in our project we build trust and faith on ourself to complete task. I should focus on avoiding of
occurrence of any issues and problems in project. In this way each and every step helps for better
achievement of results effectively and efficiently. Conclusion should be taken from analysing
every aspects for positive as well as negative aspects. Further it will helps in future for such type
of project and work.
Action Plan- There are various factors which need to be improved from beginning of
work for better result. I am the team leader of assigned work so have to plan better training and
development programmes to get success. It also improve coordination between team members to
perform task. Being lack of time I could not provide training to my team which created lots of
problems while conducting business plan. I took advice from my teacher as report was assigned
by them to me. They guide me properly about requirement of project. Many situation arise where
instance decision have to be taken to avoid from future problems. If I get another chance to do
same or similar event I can do it in most easiest and effective which could bring positive
outcomes. Through this plan I have learned and got experience for tackling situation and to work
in team for results. This project build confidence within me that I can be good entrepreneur in
future. This is last stage which helps for providing improvement in work if done in future time
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period. Every task should be done effectively and efficiently and assigned to capability and skill
of individual. Thus, action plan is required in every business for improvement. Wedding bells
can start up business after facing lots of issues and problems and can gain advantages. In this
way, I could improve myself for any assigned work and achieve my set target.
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BUSINESS PLAN
It is document that explains new business, its services or products. Under this document,
all information related to set up of new business are mentioned. It lays out written plan from
operational, marketing and financial view point. It is an effective tool for entrepreneurs and focus
on particular steps which are required to make business successful (Anderson, Drakopoulou
Dodd and Jack, 2012). Through developing an effective business plan, company can attain its
short as well as long term objectives.
Under this, there is a plan of developing new business related to Wedding. The name of
new business is wedding bells and it will provide its services to middle, upper and high class
people. In order to set up new business, there is a need to develop an effective business plan
that is given below as above:
Executive Summary- Here, wedding bells company is going to set up new business as
wedding planner. It assures that it can work with stipulated budget of consumers as well as
provide the successful wedding event. It will provide its service to upper, middle and lower class
people on the basis of their income level. In order to promote services and products, wedding
bells will use different channels for an instance Broachers, Social media, print media and many
others. This company will provide its proper attention to customers and also will give its ideas to
them in order to making wedding destination or wedding more attractive. In order to determine
competitors, there will be use of Porters five forces (Baryshev and Barysheva, 2016). On the
other hand, for analyse an external environment, there will be use of PESTLE analysis.
Mission statement- It refers to short statement of purpose of company. Wedding bells is
a start-up company and it will provide the different services for weddings. It will listen needs of
customers and then create event attractive events of their dreams. The mission of this company is
to “Provide attractive Wedding services and sustain for Long period of time”.
Vision statement- The vision of Wedding Bells company is to became a market leader in
Wedding sector in United Kingdom.
Company Background- Wedding Bells is a start up business and it provides the
wedding services to people according to their demands and needs. Along with providing the
wedding services, it will also give anniversary parties. The main focus of this company is to
create the weddings more attractive as well as enjoyable. It has different departments such as
event department, human resource, and operations etc. which handle the daily basis operations.
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Product and Service Description- It provides different services to people related to
Wedding and Parties. Main activities of Wedding bells company are marketing, food
management, event management and also Wedding planning. The different services which this
company will provide are design of wedding, catering services, decoration and many others. In
addition to this, needs and preferences of every person is different from each other related to
events and wedding. Under this, company will determine requirements of consumers and
consider all the details related to wedding and then it will give its own ideas (Blenker and et. al.,
2012). It makes better reputation in front of consumers and they will take some interest in
services of Wedding Bells.
Marketing Analysis- In business plan, it is one of the most necessary step. It is
attractiveness as well as changes of special market with in specific sector. After developing
services, it is a next step and there is a need to analyse market in a better manner. It is one of
necessary aspects of start up strategy. It assess in minimize risk because it helps in understand
potential consumers along with market conditions. Wedding bells is a start up company and it
conducts its business at small scale so there is a need to this firm to know about its consumers
and also analyse market place in United Kingdom. Under this, Wedding Bells segment its market
on the basis of demographic. It provides its services according to income level of consumers and
their demands.
For market analyse, Wedding bells company will use Marketing mix. The Wedding Bells
is a new start-up company creating elegant weddings and luxury events and parties for discerning
clients. In every firm, catching the eye of the customer and making it easy for them to buy is the
main aim (De-liang, 2012). So, before investing in a new venture, wedding bells have to defined
the 4 Ps of Marketing, which defines “putting the right product in the right place, at the right
price, at the right time”.
Product – It refers to system that made available for use of customer. When it comes to
developing a product, design, quality, packaging, features, after-sales service, and customer
service should be considered. Launching the right kind of product with appropriate number of
variants will be one of the critical decisions for Wedding Bells managers. The main services
which Wedding Bells will be offer like Wedding planning, Event Management, Food
management and many others. In context to these all activities, company will also provides
designing, catering, and decoration in a matrimony.
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Price - The price of a product determines offering to which customers are willing to pay
for buy product. Wedding Bells company set its price according to the customers income level,
they neither set the price too low nor too high. As if the price is too low, they may lose potential
customers who are vary of bargain prices. And if the price is too high, they may not attract
customers who are on a budget. Wedding Bells should also consider taxes and overhead among
other important things.
Place – A Place relates to the location, distribution, and ways of delivering the product to
the customer. As Wedding Bells is a start up company and it conduct business in UK at small
scale (Drucker, 2014). For this, Wedding Bell firm will conduct it business in local area. In
addition to this, it is necessary that place of company should be convenient for consumers so
that they can easily reach to its services. Take a note that positioning is all about framing a
beautiful image of how Wedding Bells want their customers to view their decoration and
designing.
Promotion - Promotion is all about process of communicating the values and benefits of
the products to customers. Wedding bells will promote its services by advertising, sales
promotions, special offers, personal selling, mouth publicity and public relations.
Competitor analysis- It is related to weaknesses and strengths of potential competitors which
are present at market place. When company set up new business, it is necessary for it to analyse
its strongest rivals and know about their strategies so that in future it can not face more problems.
Porter's five force of Analysis- It is a analytical tool developed in 1980 by Michael E
Porter. Now a days it is the widely used tool to analyse the profitability and the attractiveness of
the industry. It is a simple but strong analysing tool. Wedding bells is a new organization in the
market, and porter analysis can help it to reduce the future problems like competitors, substitutes
and other. Using this framework they can analyse and identify internal forces which affect the
profitability of the organization (Durkin and Gunn, 2016).
Bargaining power of buyer- In this, the power of buyer to bargain at the time of
purchasing the product plays a big role. Wedding bells organization will deal directly with its
customers. Here customers will bargain in terms of prices and services which are given to them.
To prevent this organization make the customer ensures about the quality and the services
provided by them are best at the price.
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Bargaining power of supplier- Here the bargaining power of the suppliers are the factors
which can effect the profitability of the firm. Wedding bells have to analyse the supplier
available for the required products in the market. Under this, company will make sure that it can
purchase raw material from the supplier in minimum cost. In context to this, bargaining power of
suppliers is high because of the less number of supplier exist at market place which provide high
quality of raw materials.
Threat of substitutes- These threats are the most common threats for any business.
Substitutes for each product and service are easily available in the market. Wedding bells will
deal with all the categories of societies (upper, upper middle, middle) and will provide all the
facilities under one roof. Here the threat of substitutes decreases by some percentage because it is
very tough to find some one who provides these all facilities under one heading (Fayolle, 2013).
Threat of new entry- This is the factor where the threats of new arrivals in the market
appears which increases the competition in the existing and new business arrivals. Wedding bells
is a new arrival in the market, they have to make sure that the customers they will deal with
become their loyal customers. So that it will become tough for new arrivals to compete with
them. This will be done by providing quality services and products to the customers and making
faith in their believes over the organization (Hughes and et. al., 2012).
Rivalry in existing market- This is the factor where the business have to face competition
with the existing rivals in the market. Unlikely Wedding bells is new to market and they have to
work hard to make their presence strong in the market. This can be done by quality assurance of
the services and products provided by them to the customers.
PESTLE Analysis- Pestle analysis is an analytical tool used by the marketing analysts for
analysing the macro environment (external environment). It can affect the current working as
well as the future strategies of the businesses. Wedding bells is a new organization in the market
so the analysing team have to study the external conditions which will effect the working of the
organization. This will also help to make the future strategies for the betterment of the
organization.
Political- Political factor are the major factor which affect an organization's working and
future. These factors are not in control of an organization but they can make plans to reduce their
impacts on the organization. Wedding bells is a new entry in the political environment of UK.
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The political environment of UK is very much stable and healthy for a new start up. Here the
government provides better policies and rebate options for start ups.
Economical- This is the factor which decides the scale of the company. These are
concerned to the costings, profits, investments, taxation policies, prices of the organization.
Wedding bells is a start up and investing in unplanned manner can cost the businesses to a great
loss. At this level, the planning for the distribution of fund is very much necessary. Study of the
taxation policies of the government also very needed for an organization, as this can effect the
profit of the businesses (Kuratko, Hornsby and Hayton, 2015).
Social- This factor is related to the social views. Here the study of the trends in society
and demands of the customer take place for designing the further strategies. Wedding bells will
be the part of UK environment and to be successful they have to study the trends and the
demands of the customers very carefully. They have to use eco- friendly products to full fill the
requirements of the customers. They will also provide employment which will make a small help
to a big problem of the society.
Technological- This factor is concerned with the technical issues which are faced by the
companies. This factor is generally do not leave a serious impact but ignoring this for a long
period of time can make a loss to the organization. Wedding bells can start with some latest
technologies available in the market. This will help them to work faster and increases the
accuracy and quality of the work.
Legal- These are the factors which directly can effect the goodwill of the company and
can also effects the economy of the organization. Wedding bells will be new to market, so they
have to study the rules for the business in UK very carefully. By this they can ignore the legal
challenges and can focus on setting up their business.
Environmental- This factor is concerned to the environment and to the policies of
government regarding environment. Wedding bells have to make strategies for the quality of
products and raw materials they are going to use. They have to plan eco- friendly products so
that they can save the environment. Also they have to plan the use of recyclable products which
also can reduce in the cost of company (Maclean, Harvey and Gordon, 2013).
SWOT analysis:
It is one of the important method to evaluate the actual performance of the company at
market place. For attaining success, every business organization analysis their image. In context
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