Innovation and Entrepreneurship: ENT6800 Business Plan Report

This report presents a comprehensive business plan for 'Take Care Ltd,' a home care residential service. It begins with an executive summary and introduction outlining the business concept, which provides nursing facilities with day and night care services to the elderly. The report analyzes the business idea, including its products and services, target market, and the use of the Nickel and Dime business model for profit generation. It details points of differentiation, such as providing both male and female staff and offering services at home. The report also addresses potential challenges like market competition and funding issues. Furthermore, the report includes market analysis, competitor analysis, marketing plan, and potential funding sources. Finally, it explains entrepreneurship theories like the Innovative Theory and Need for Achievement Theory. The report aims to provide a detailed analysis for the success of Take Care Ltd.

Innovation and
Entrepreneurship
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Executive Summary
The report will analyze the business plan which will be formed by describing all the
essential details of the plan and what type of industry will it be referring to. This will help in
making the business or the venture effective with the help of this plan along with the model
that will be used.
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Contents
.........................................................................................................................................................1
Executive Summary.........................................................................................................................2
.........................................................................................................................................................2
INTRODUCTION................................................................................................................................4
MAIN BODY......................................................................................................................................4
Start Up/Business Idea (Product/Service)...................................................................................4
The Business Model.....................................................................................................................5
Point of Differentiation................................................................................................................6
Prospective Customers................................................................................................................7
Brief Marketing Plan....................................................................................................................8
.........................................................................................................................................................8
Competitor Analysis.........................................................................................................................8
Sources of Funding......................................................................................................................9
Intellectual Property....................................................................................................................9
CONCLUSION.................................................................................................................................10
REFERENCES...................................................................................................................................11
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INTRODUCTION
Entrepreneurship is the business which is the same as Start – up business and leads to
innovative ideas for making the venture work effectively and efficiently (Diandra and et.al.,
2020). Take Care Ltd is the home care residential which provides nursing facilities with day and
night care services to the older people.
The report will analyse that how Take Care Ltd will help in explaining the details of the
business by defining its products and services and the along with the start – up description.
Current industry profile will help in assessing demands in the same industry and same field
along with the statistics of the market. Nickel and Dime business model will help in assessing
the profits generated and the cycle of business. Points of differentiation will be discussed that
how the business is different from other business in the same industry. Challenges which the
venture might face will be elaborated and explained. Ideal and prospective customer scale will
be measured in the market for products and services which will be being utilized by them. Brief
marketing plan will be framed with positioning analysis and 4P’s. Competitor analysis will be
done by reviewing the market. And finally sources of funding for business and intellectual
property matters will be explained.
MAIN BODY
Start Up/Business Idea (Product/Service)
Nowadays there are many types of care homes which are providing the services like
residential homes, nursing homes etc. These personal services are provided to people 24*7.
The care homes require the qualified nurses who take care of the people who are in need and
engage with them by taking care of them on the personal grounds. Take Care Ltd is a kind of
residential home that provides qualified staff to the residential home (Maravilhas and et.al.,
2018). This Take Care Ltd residential home will be located in Stratford, London, UK. This Home
care residential will provide 24 hour services with seven days a week services to the people.
And along with this, the nurses of the residential will be trained on a higher level so that
they can deal in the difficult situations with the patients. The products of the home care
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residential that will be made available to people are the medicines, beds, qualified nurses to
take care of. Best of services will be provided to the people residing in the Take Care Ltd. The
residential will make sure that all the basic requirements of the people are fulfilled. Therefore,
the patients or the people will be provided with services which will make them comfortable
while they stay at Take Care Ltd. It has become the necessity for specially the old people.
Creative ideas for framing this business plan can be done by providing the services and
products to the customers through online channels and making them comfortable by providing
the services at their doorsteps as per their requirement. These creative ideas of serving the
patients through the online website sources will also help in making this business effective and
the brand name will be pampered in the market for making their services and deliveries to the
patients as they are essential for them. Through Facebook, Instagram, Twitter this
entrepreneurial business will seek growth and new innovative ideas will be generated as the
business will seek developmental aspects in the process.
Two entrepreneurship theories are explained as below –
The Innovative Theory – For an Entrepreneur, it is very important to have creative ideas
and innovate something new in business every time so that business outgrows more by
producing such products and services which are beneficial for customers on large scale.
Innovative theory explains the cause how business should be made effective and innovative.
This helps in making entrepreneurs ideas to be more creative (Thompson and et.al., 2020). Also
this engages in making entrepreneurship process successful. This theory embraces five main
functions which are –
 Introduction of new products and services.
 New methods of production are introduced for the customers.
 New market launch.
 New sources of supply of raw materials.
 Carrying out the entrepreneurship business effectively and efficiently.
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Need for Achievement Theory – This theory focuses on doing things in a better and
innovative way and taking decisions under uncertainty. Achievement orientation is an
important factor in this theory (Hang, 2019). It helps in making right decisions which are taken
for the purpose of making the business profitable and this also helps entrepreneurs analyze
factors of their business. This theory consists of three points which are – need for achievement,
need for power and need for affiliation.
Industry Profile
The current industry demand in home care is to provide people with best of the services by
while they need it. The industry serves purpose of taking care of the people. The industry
demand is high in the market as there are a lot age of people who require home care services.
These services are provided to them for making them realise that there are ways through which
their health can be taken care of. The industry demand also focuses on needing more of the
skilled and efficient staff of nurses who are willing to take care of patients and people. Take
Care Ltd residential will seek growth in providing services to the people and make them realise
that there are such home care residential which takes care of them (Heath and et.al.,
2021).There is a boosting demand of home cares in industry as there are many old age people
who are to be taken care of.
There is an increase in demand of home care services and statistics have helped in proving
it. Approximately 418,000 people live in home cares. The total population aged 65 years and
above is 4% which is rising to 15% of age group. Around 40% of the total home cares population
is receiving dementia care. These statistics have helped in letting know current situation in
home care.
The Business Model
To generate profits, Nickel and Dime Model will be used which will charge the cost
sensitive items as low as possible and then charge for every other minor services.
The business cycle will be explained by these stages –
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 Expansion – In this stage, there is increase in the indicators of employment, output,
supply of goods, profits, products and services, demand in the market etc (Dutraive,
2017).
 Peak – The maximum limit of growth is attained in the business and then it becomes
stable. Along with this, prices are at their peak. Customers restructure their budgets and
create new ones in buying services and products.
 Recession – In this stage, demand and supply of the goods and services starts declining
and this becomes unnoticeable for producers which create the scenario of excess supply
of products in market (Crouzet and et.al., 2020).
 Depression – In this stage, there is excessive rise in unemployment. It is seen that there
is decline in economy and this stage is called as depression.
 Trough - In this stage, demand and supply along with prices decline at lowest point. It is
negative saturation point which affects economy overall and business.
 Recovery – In this final stage, economic growth rises from negative growth rate. And
eventually supply and demand begins to increase. The customers also develop positive
attitude in buying products and services.
Point of Differentiation
Take Care Ltd is different from other residential home cares as it provides the products and
services which are different from them on the grounds that Take Care Ltd provides the both
male and female staff members which are skilled and qualified in delivering the services to the
people in need. Take Care Ltd will provide services to the people at their door step. This is for
those who are not able to afford the facilities of the Take Care Ltd (Keiningham and et.al.,
2020). Therefore, Take Care Ltd delivers the services at both the residential and privately with
the skilled staff at homes of people. Along with this, regular medicines are provided and reach
the doorstep of people staying and taking care of themselves at home.
The products and services of Take Care Ltd are made available to especially very old age
people. Emergency services are also available whenever people are in need of. Therefore, Take
Care Ltd will take care of the necessary amenities of people who are in need of services. The
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Take Care is differentiated on these terms from the other products which other Home Care
services are providing. This also will concern the market requirements as when and how to fulfil
those needs of people in requirement of. There, Take Care Ltd has created its base for taking
initiatives.
Challenges to the business idea
There are various challenges which Take Care Ltd will face in the market. As there is much
competition in the market because of the home care residential who are serving best their
products and services. The competition is also increased in the market. There can be various
challenges which Take Care Ltd may face like the shortage of products and services which the
venture may fail to deliver to the customers (Viriyasitavat and et.al., 2019). There can be
shortage of funds which will result in not making this venture reach many people as and when
they may need. Due to some infrastructure problems the venture might not be able to have a
proper structure when it should be build and how the costing will be managed. Environmental
challenges can also impact this venture or start – up.
These can be the problems while making the venture or for start – up of the business in
serving the people at their old age by providing them residents. Therefore, there are various
challenges which the business might suffer and due to this there can be various difficulties in
making the venture reach thousand and hundreds of people. This in turn will also help in
analysing the market structure that what are the current market needs and wants of customers
which is not being fulfilled effectively and efficiently somehow.
Prospective Customers
The ideal and prospective customers in the market help in making the products and
services of the venture or the business reach heights. They help in promoting and branding the
products among other customers who are willing to buy those services and products which are
made available to them (Zhao and et.al., 2020). With the help of such customers the business
seeks growth and the services of the business and venture are being provided to the people.
With the help of the customers Take Care Ltd will be able to gain market on large scale as there
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are many people who are in need of the services which this home care residential provides
them. The nurses play the major role in being the customers of Take Care ltd.
They will help the venture in providing the utmost effective and efficient services to the old
and elderly age people who are in need of those services. Nurses are required for the day and
night care duties for the patients so that they can monitor their health and make necessary
requirements. Also, providing the patients the services and the products which helps them in
total care and supports them in any of their ailing. Therefore, along with the nurses the Take
Care residential staff will need other members to take care of the people in need.
Brief Marketing Plan
The marketing plan can be defined by the help of positioning of the market for the
business and by describing the 4P’s. These are explained as below -
Positioning – Through positioning analysis, it is needed that experienced care workers and
nurses with commitment to provide high quality care to patients as per their needs and
requirements. This positioning of the services and products is basic requirement for this
venture.
The 4P’s are described as –
 Product – Services provided by the Take Care Ltd is to provide qualified nurses,
residential homes etc. Take Care Ltd will provide services for 24 hours for the whole
week and holidays as well (de Oliveira, 2020).
 Price – Competitive pricing strategy is adopted by the Take Care Ltd. They will charge
according to the competitor’s charges which will include the whole week and the
holidays.
 Place – For making easy availability of nurses at Take Care Ltd they provide services
which are made available to the people.
 Promotion – Promotion will be very helpful tool for Take Care Ltd venture. This venture
will help in making business grow through Facebook, Instagram, Twitter, LinkedIn and
many more. Through these social media applications there will be large customer
gathering and they will prove to be helpful tools for growth aspect.
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Therefore, these are sources through which business can be analysed more effectively
and efficiently.
Competitor Analysis
The three current competitors which are present in the market are – MHA Willesden
Court Nursing Residential and Dementia Care Home, Aashna House Residential Care Home,
Muriel Street Care Home. These are three main competitors that are already present in market
and this increases competition in making available services and the products to home care
people (Honkanen, 2019). These three are the biggest competitors to Take Care Ltd which will
be soon making its services and products available as it is start – up venture and the business is
still figuring out the main consequences and loopholes and positive aspects of bringing the
business in action.
As this is the main thing through which market will be analyzed as to how and what are
the competitor’s strategies which are being framed and what are the necessary actions that
Take Care Ltd has to take in prospect to make market presence effective and efficient.
Therefore, for this there is need for effective marketing strategy which helps in making the
strong key points as to what is to be done in making business and this start – up effective
enough so that its reaches millions of people and they find their safe care homes when in need.
Competitors in market in this industry are many but these mentioned are main which are
competing alongside Take Care Ltd.
Sources of Funding
Sources of funding which Take Care Ltd will be taking help of are the Bank Loan and
Personal Savings. These are the two main sources through which the business Start – up will
take form and these sources will be helpful in collaborating and combining the efforts of what
has to be done and this will be very great achievement for both the Take Care Ltd and the staff
people when the business will achieve its peak (Cuervo-Cazurra and et.al., 2018). Bank Loans
are the helpful source through which the business will be able to start its new forma and also
hire the nurses and staff members by providing them their share in the business.
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Through this start – up of building Take Care Ltd, business will be able to analyze the
financial status and how much funding is to be required in the business. Personal savings will
also help in making a contribution to the efforts in making the most of the finance aspect easy.
Therefore, through both these factors those are bank loan and personal savings. These aspects
will help in raising funds for creation of this new start –up or business and through this, there
will be ways open through which many other sources will be contributing on highly effective
and efficient note. These factors will help in assessing financial requirements as well.
Intellectual Property
This business start – up which the Take Care Ltd residential home care is, for protecting
this business idea for not to be copied by any other business in the market or the industry, the
ways through which the business will be protected is by making the business patent and taking
copyrights so that when the business is being registered officially then there are no changes
and no stealing of the idea is being done (Kjaksta and et.al., 2019). By making business right on
the grounds, it is very necessary for the business to take the initiative that there is no copying
and stealing of the copyrights and the patents. Therefore, the business will take concern for
keeping the work and ideas on the copyright and the patent pattern.
This will help the idea to not be disclosed and patents will save it from being registered on
scales that it has been officially registered in business point. Patents and copyrights will protect
business idea and will make sure those aspects and factors of business are being done on the
registration of the business idea that is home care residents. This process when followed will
become easy for this venture and the people involved in it. It will save it from not being
exploited for fake or misuse of the services and the idea being generated.
CONCLUSION
Thus, it is concluded from the above report that Take Care Ltd helped in explaining the
details of the business by defining its products and services and the along with the start – up
description. Current industry profile helped in assessing demands in the same industry and
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same field along with the statistics of the market. Nickel and Dime business model helped in
assessing the profits generated and the cycle of business. Points of differentiation were
discussed that how the business was different from other business in the same industry.
Challenges which the venture might face were elaborated and explained. Ideal and prospective
customer scale was measured in the market for products and services which were being utilized
by them. Brief marketing plan was framed with positioning analysis and 4P’s. Competitor
analysis was done by reviewing the market. And finally sources of funding for business and
intellectual property matters were explained.
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