Analysis of Business Fundamentals for a Custom Furniture Start-up

This report provides a comprehensive analysis of the business fundamentals of a custom furniture start-up, "House of Woods." It begins with an introduction to business fundamentals and then delves into key marketing concepts employed by the start-up, including product, marketing, and selling concepts, along with the marketing process used. The report also examines financial data and associated risks, emphasizing the importance of financial planning and risk assessment. It further explores human resource management, highlighting the significance of employee training, ethical conduct, and employee satisfaction. Effective operations management and logistics are discussed, focusing on quality management, waste reduction, and the importance of logistic management. The report concludes with an overview of the technology concepts used by "House of Woods," including social media, communication tools, and IT security, emphasizing the role of technology in achieving business goals. Overall, the report offers insights into various aspects of business operations essential for the success of a start-up.

Fundamental of
business report

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Key Marketing concepts..............................................................................................................3
Financial data and risk associated................................................................................................4
Human resource in organization..................................................................................................5
Effective operations management and logistics..........................................................................6
Technology concept.....................................................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES..............................................................................................................................10

INTRODUCTION
Business Fundamentals can be defined as the facts that affect a company's underlying value.
There are six functional areas which are been linked with operations of business. It includes
human resource, finance, technology, operations, marketing and other strategies which can be
used by business in order to achieve goals and objectives. This will help business in enhancing
the efficiency of business and also these techniques will assist business in growing. The
employability skills which will be used in report is entrepreneurial skills, positive attitude and
information technology skills. Present report will lay emphasis on a new start-up who are been
involved in starting an online customized furniture store. It will also lay emphasis on the key
marketing concepts used by the new start-up and how their performance has been increased by it.
Report will also provide information based on management of human resource.
MAIN BODY
Key Marketing concepts
House of Woods is the new start-up who are been involved in selling customised furniture
and that too online. In this the small business will be engaged in making use of the various
marketing and promotional methods so that the sales of furniture and other wooden products can
be increased.
The product concept: In this House of Woods will be engaged in keeping key focus on
the consumers by providing them with quality products and services (Mupepi, 2017). This will
also help them in creating loyal consumers and it will help new start-up in expanding their
market share. It will also assist in enhancing the organizational performance.
The marketing concept: In this new start-up will be involved in making use of the social
media platforms like Facebook and Instagram so that the sales of products can be increased.
These platforms will be used by the House of Woods as it is a start-up so the firm is trying to
save the cost and expenses.
The selling concept: In this House of Woods will be engaged in analysing the needs and
demands of consumers related to furniture and persuade them to buy it. This will help new start-
up in increasing their profitability.
Marketing process used by firm:
Planning: The role of planning is to create a marketing strategy, in this House of Woods
will decide about how their furniture will be promoted. The planning will also be done to create a

brand for their products. In this the planning will also be done related to the price of products and
decision related to target market will also be done. The planning related to budget and marketing
goals will also be done in this stage.
Analysing: In this House of Woods will be engaged in analysing the needs and demands
of the consumers so that better products and services can be provided to them. In this they will
also be involved in doing market research, this will assist firm in knowing about the latest trends
and techniques which is required for the growth of company (Tidd and Bessant, 2018).
Implementation: At this stage new start-up will implement the plan and also they will
keep a check whether the plan implemented by them is successful or not.
Control: The control related to expenses and cost will be done at this stage. This will
help House of Woods in enhancing the operational efficiency.
Evaluation: For evaluating KPI and benchmarking will be used so that the operational
performance of organization can be measured.
Financial data and risk associated
For developing a plan and developing start up rather a new an unique idea there is
requirement of having financial data. For developing and start up an entrepreneur requires
investing in some resources and performing several functions like hiring HR, workforce,
marketing functions, logistic management, stationery and others. For all these they need money
or finance and having an appropriate financial data like availability of finance, requirement of
additional money for investing in resources, expenses and all others things can help out to
entrepreneur in performing all functions in an effective manner and development of strategies as
well.
In addition, in the context of risk assessment it can be said that business environment is
full of uncertainty as people cannot predict which is going to happen next. For example:
environmental change like Covid. Environmental or climate change sometimes create several
problems and as like this changes in political situation, economic conditions also affect
performance and planning of start up so, it is important for entrepreneurs to focus on risk
assessment, By focusing on this are and assessing risks they can measure extent of risks to which
it can affect them and effectiveness of strategies which can help them out in solving all these
problems and eliminating all risks. So, with the help of financial data and risk assessment of

identifying hazards, risks company can develop strategies accordingly and can prevent against
failure of business.
Human resource in organization
House of Woods must be engaged in managing the human resource in their firm effectively.
For this they must be involved in providing the employees with adequate training and learning so
that their skills and talent can be increased and also they will be able to achieve their goals and
objectives. House of Woods also needs to be engaged in following the ethical code of conduct.
They must make sure and take care of the health and well-being of workers. The company also
needs to be involved in ensuring that no workers is working in hazardous working conditions.
This will also help House of Woods in creating employee loyalty and belongingness
(Lordkipanidze, 2018). It has also been analysed that new start-up also needs to be engaged in
analysing the needs and demands of employees so that their satisfaction level can also be
increased. They also need to be engaged in making sure that workers are easily been able to
adjust in the changing environment. This can support House of woods in enhancing their
operational performance as well as managerial efficiency. It can also increase the productivity of
business which is really necessary for their growth. The human resource department of House of
woods is also responsible to take analyse the performance abilities of employees and also take
feedback from them about the training provided by manager. This will also assist them in
knowing about the gaps in their learning and training. Human resource manager also must be
involved in motivating the employees in new start-up by providing them with rewards and
incentives. This can assist them in influencing the behaviour of employees and also by this
employee will be more engaged in firm. It can assist new enterprise in growing and this will help
them in achieving objectives. It has also been analysed that human resource of House of Woods
also needs to be involved in making sure that right employee is been placed at the right job with
appropriate skills and also they are being equally paid. This will help new start-up in growing
and also it will help firm in increasing their profit as well revenue. It has also been analysed that
positive behaviour of human resource can also help the House of Woods in making the

environment of their firm positive. It will support the company in growing and also this will
support them in reducing down the employee turnover. More engagement of workers will be
done which is really necessary for their growth. It has also been analysed that this will support
the new start-up in achieving their set target as well as objectives.
Effective operations management and logistics
It is really important for the House of Woods to be involved in making sure that company is
been engaged in implementing the effective operation management process. In this the firm
needs to be involved in effectively planning, organizing, coordinating and controlling of the
resources. In this they will be engaged in making use of various approaches such as total quality
management (Chong, 2018). This will help them in enhancing quality of furniture which has
been produced by them. This can also support House of Woods in growing and increasing the
consumer loyalty for their new start-up. Operations management ensures for quality
management, which enables product and service quality enhancement. Providing quality of
products also increases the consumer satisfaction. This system will help the company in
providing the desired consumer product. It will also help the House of Woods in increasing
product quality and consumer satisfaction. Operations management is really important when the
firm is being engaged in expanded internationally as this will support the new start-up in making
base of their business and they will be able to attract more consumers towards them. This will
support them in increasing the profitability as well as revenue. It has also been evaluated that
making use of operations management is important as it will help House of Words in managing
waste and reducing it. This will help new-start-up in making effective utilization of resources.
This could potentially include lean manufacturing systems to effectively reduce waste and JIT to
manage inventory cost. Management of logistic is also really important for the firm as this will
help new start up in gaining success. It will help the company in monitoring resources that they
run in smooth direction by making use of cost effective and other reliable methods. These
managements will help the new start-up in establishing their business internationally and
nationally (Peltier, 2016).
This will also support company in growing and increasing their revenue. These
managements will assist firm in increasing their productivity and they will be able to grow their
business on international level which is important for the growth of firm. Providing quality of

products also increases the consumer satisfaction. This system will help the company in
providing the desired consumer product.
Technology concept
This part will describe the information and communication technology of House of words.
In this new start-up is making use of social media like Facebook where a group of employees has
been created and the discussion related to business is been done on it. This is the most
convenient way of communicating and it has assisted House of Woods in analysing the issues
which has been faced by the employees in firm. The start-up company is also being involved in
making use of Skype calls in order to interact with workers who are living in other country or
state (Barnes, 2019). This has also helped the House of Words in increasing the bond with their
team members. They have also been able to analyse the needs and demands of employees
through effective communication. This has helped firm in creating loyalty of employees and also
workers are being able to engage more in firm. The new start-up is also being involved in
making use of artificial intelligence and automation so that they stay connected with their
employees. This has helped house of Woods in increasing their business efficiency and it has
also supported the firm in growing and achieving objectives. The goal of firm by making use of
information technology is to grow. They are also engaged in making use of IT security so that
the confidential data related to company and employees do not get leaked. This will help the firm
in gaining competitive advantage and also their profitability will be increased. The data when not
got leaked, it will help firm in creating the employee loyalty and also this will support the new
start-up in engaging more employees in the company. The important messages related to
business decisions are also been passed on by making use of the e-mail. This is a really safe way
of transferring the data from one employee to another. It has also been analysed that making use
of information and communication technology in firm can also help the House of Woods in
getting competitive advantage. This can assist them in growing and also achieving one’s goals
and set targets.
CONCLUSION
Description: In this content of House of woods which is a startup an an entrepreneur I want to
discuss and describe my experience as what I felt while making planning and thinking about this
idea of providing customized furniture to people and make them feel happy. While developing
plan and after implementing this I found that planning is one of the main crucial step and it is the

main key of the success which can help in accomplishing goals. By an effective plan I found that
for attracting customers there is requirement of having some uniqueness and creativity in
products which can attract them and Hence by developing this idea I tried to meet goals and felt
several things.
Feelings: I felt several things while planning of this new business idea and after implementing
this idea. I found that marketing and HR is one of the important functions and area which needs
to be focused the most. I feel that marketing is the main area and function which allow customers
and make them know about new products which company is going to sell (E-portfolio, 2019).
Without performing this function it is not possible for companies and start up to attract
customers because they do not have knowledge about it as what company is going to sell and
what features are associated and consisted in new product.
Evaluation: As an entrepreneur of start up of House of woods I evaluated that development and
expansion of business is not an easy task as for that several functions need to be performed such
as selecting and hiring skilled workforce, identifying sources of finance, availability of finance,
risks which can occur and ways of solving problems and risks which occur, operation
management, marketing process and others. I also found and evaluated that employees play an
important role in attracting customers because they are the one who perform all functions and
when they are motivated and valued then they cooperate company in accomplishing their goals.
They also help to company in bringing innovation and creativity at workplace which is the main
key of the success of start-up.-
Analysis: I analysed several things that business environment including internal and external can
have positive and negative effects on the performance of company. For successful development
of start up and new idea in market it is important for entrepreneurs to analyse both internal and
external environment and also assess risk as in which areas company is not good and require
taking actions. All over I analysed that a creative idea, innovative product and skilled workforce
who can perform all functions can help an organization in developing.
Conclusion: It has been summarized from above business report that strategic development and
unique idea with quality product played an important role in attracting customers and developing
a start up in an effective manner (Markkanen and et.al., 2020).

Action plan: I believe that by making an effective use of strategies and backup plan company
can solve all problems which occur while making plan and implementing new idea. For example:
changes in needs of customers, lack of finance and others.

REFERENCES
Books and Journals
Barnes, R.C., 2019. Organization Design for Small Business: A Discovery of Business
Fundamentals for Executing A Purposeful Path to Profitability. Benedictine University.
Chong, K., 2018. Best practice: management consulting and the ethics of financialization in
China. Duke University Press.
Lordkipanidze, R., 2018. Dialectics to understanding of International competition: for
fundamentals and practice of business and public law.
Tidd, J. and Bessant, J., 2018. Innovation management challenges: From fads to
fundamentals. International Journal of Innovation Management.22(05). p.1840007.
Peltier, T.R., 2016. Information Security Policies, Procedures, and Standards: guidelines for
effective information security management. CRC Press.
Mupepi, M. ed., 2017. Effective talent management strategies for organizational success. IGI
Global.
E-portfolio, A.K.S., 2019. How does the Gibbs Reflective model integrate with Evidence based
practice in veterinary medicine?.
Markkanen, P. and et.al., 2020. A reflective cycle: Understanding challenging situations in a
school setting. Educational Research, 62(1), pp.46-62.

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