Creating a Sustainable Business: ESS Entrepreneurship Project

This project outlines a business plan for Electro Sustain Solutions (ESS), a company focused on producing sustainable electric products, specifically a solar power bank. The plan details the motivation for choosing this business, the process of generating the business idea, and a feasibility study that includes cost estimations and funding strategies. It provides an overview of the solar power bank's features, highlighting its dual charging capability (solar and electric) and its potential market opportunities due to the increasing demand for sustainable products. The plan also addresses the attractiveness of the industry, the company's vision for expansion, and the importance of conducting effective marketing research. The conclusion emphasizes the significance of innovative and sustainable business development for achieving growth and profitability, supported by references to relevant academic sources.

Enterprise and
Entrepreneurship

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Table of Content
• Introduction
• Motivation for choice of business
• Process of business idea
• Feasibility Study
• Overview of product
• Potential market opportunities
• Attractiveness in the industry
• Vision for business
• Conclusion
• References

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Introduction
• It is essential for
organisations to develop
sustainable products
nowadays due to high
demand of customers
toward such products
(Chatzichristos and Nagopoulos,
2020).
• Today most of the customers
prefer to buy products from
those companies who are
focused to produce
sustainable product and this
will help the company to
perform their CSR activities
well by providing benefit to
environment and society.

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Motivation for choice of business
• The main motivation of choosing this business is
current marketing trend and customer’s preference
toward sustainable products. The personal reason for
choosing this business is to gain high profit and build
a good reputation as a successful entrepreneur within
the market who introduces best quality of sustainable
electric products.
• The new business is related to produce sustainable products
and the name of the company is Electro Sustain Solutions
(ESS).
• This company produces electric items used in daily life which
get charged by sunlight through solar energy (Ferreras-Garcia,
Hernández-Lara and Serradell-López, 2019).

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Process of business idea

• Before launching a business and product it is essential
to develop a plan which will help to determine the
direction of conducting business well. There are six
stages of developing business idea and these six
stages in terms of ESS Company is mentioned below-
1. Generate some ideas- It is essential to write down
few ideas of introducing the main product to market
on a notepad (Henry and Dana, 2019).
. It is essential that a entrepreneur must think big and
extrovert for analysing few options of their business.
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2. Select the best idea- After writing many alternatives
of idea; it is essential for a entrepreneur to select one
best alternative out of various options which suits the
needs and wants of entrepreneur whether it is in terms
of budget or personal desires.

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Feasibility studies
It is essential for this business to invest
high amount of cash and using bank facilities
for the start-up is best option for this
business (Jones, Penaluna and Penaluna,
2019).
Cost estimated to produce products for the
business is mentioned-
Hence, it is decided that £1,40,000 will be
taken from banks as a loan and plan to spend
this amount appropriately to maximize profit
and organisational growth.
Particulars Amount
Raw material £20,000
Electricity bill £35,000
Labour wages £40,000
Technical support £5,000
Research and development £10,000
Marketing activities £14,000
Transport charges £11,000
Total £1,35,000

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Continue..
There are few steps which can be taken for organisational benefit to deduct overall unproductive expenditure of
company and few of the stages are mentioned below-
Review all expenses- It is essential to analyse overall expenses and even the little ones.
Use 80/30 principle- This principle states that 80% of the outcome is caused by 20% of efforts.

Overview of product
The company ESS will mainly focus to manufacture Solar Power
Bank which is used to charge mobile phones as well as used for
running small electrical equipments such as hair driers.
The main feature of this power bank is that it gets charged by both
ways electrically as well as by solar energy.
It means that when it is kept in sunlight for 2-3 hours than it gets
charged due to its advanced technology of miner solar system inside
the power bank.
Another feature of this power bank is that it will also have torch at
the bottom and it is easy to handle this power bank easily due to its
small and medium size.

The product is having high demand in market because
the sustainable innovation of this product is attractive
and customers who prefer to carry power bank all the
time will prefer to buy this product more than those
power banks that need electricity only to get charged
(Watson, McGowan and Cunningham, 2018).
The feature of this product to charge it with anyway
electrically or by solar energy makes it more demanded
in market.
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Potential market opportunities

Attractiveness of the industry
The product is very attractive within the industry and the features of
this product will help the company to develop their sales and
profitability in the market (Schiavi and Behr, 2018). Solar energy
chargeable feature is the main feature which makes it different from its
competitors and gains the attraction of customers toward the product.
Secondly, this power bank is not only used to charge mobile phones
but it also allows running small electronic items such as hair driers,
grinder and few others.
Hence, in case of power cut it can not only used for charging mobile
phones but it can also help then customers to run few other electronic
items.

Vision for business
Vision for the chosen business- To expand business by
achieving completive advantage through innovation and technology.
The company also aim to expand in other countries through various
expansion method such as exporting, franchising and many others.
Mission of the chosen business- To attain customer satisfaction by
offering them unique and innovative product.