Entrepreneurship Project: Developing Retail Tech Application for COVID

This project details a comprehensive business plan for an innovative retail technology application designed to address the changing consumer behaviors and safety concerns amplified by the COVID-19 pandemic. The project begins with a business description, outlining the application's core functionality, which allows users to track their shopping needs and preferences and receive home deliveries. The industry analysis section employs PEST and Porter's Five Forces frameworks to assess the external environment and competitive dynamics, highlighting opportunities in the e-commerce sector. The operations and management plan outlines a just-in-time approach to inventory and a flat organizational structure to ensure efficient decision-making. The marketing plan includes segmentation, targeting, and positioning strategies, along with a detailed marketing mix (4Ps). Finally, the financial plan provides a pre-launch cash budget and projected cash flow statements, demonstrating the financial viability of the venture. The project concludes with a summary of key findings and a discussion of the application's potential in the evolving retail landscape.

Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................3
BUSINESS DESCRIPTION............................................................................................................3
Product / Service Analysis......................................................................................................3
INDUSTRY ANALYSIS................................................................................................................4
PEST Analysis........................................................................................................................4
Porter’s Five Forces................................................................................................................4
OPERATIONS AND MANAGEMENT TEAM PLAN.................................................................5
Operations Management Approach........................................................................................5
Organisational Structure.........................................................................................................6
MARKETING PLAN......................................................................................................................6
Segmentation, Targeting and Positioning (STP)....................................................................6
Marketing Mix (4P’s).............................................................................................................7
FINANCIAL PLAN.........................................................................................................................8
Capital Arrangement..............................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Entrepreneurship is business forms in which an innovative idea developed and explored
bi is the entrepreneur with the motive of rendering something new to the industry, particular
customers and fulfil the needs of people in better manage (Parker, 2018). Basically and
entrepreneurship is established in market with a new product to change the industry dynamics
and render something extremely value adding to the customers experience. The person who
develops the creative Idea and introduces it in market is known as an entrepreneur. The present
report also is it developed on developing a new entrepreneurship by keeping the focus on
innovating new technology for a respective industry while keeping the factors considerate of
COVID-19.
BUSINESS DESCRIPTION
Product / Service Analysis
The new business idea is developed for Retail industry technology is used innovative
manner to not just receive or take people’s order and delivering them products at home but also
to keep a track of their needs and requirements. Basically the product is in application which is
developed by looking at the serious concerns social distancing that is needed to be maintained
due to covid-19 pandemic.
As seen in past months due to COVID people are scared to move out and now have
moved to online shopping rather than physically visiting stores and purchasing their products.
This have boosted up the virtual industry and online shopping sector. The idea behind the
application is very simple and easy to use (Venkataraman, 2019). The application facilitates
individuals to track their shopping which day make every month or in particular period for
fulfilling their day-to-day needs.
The customer using the application will be making a list of the required items which will
be stored in the database of the application along with the preferred supermarket or stole from
which they require these items. Once the order is placed using the application the goods will be
delivered to customers directly on their door steps. The innovative idea behind the application is
reducing the hustle of individuals to create the list again and again and placing orders every time.
The application will do the hassle of creating the whole list reminding the user about there orders
and keeping track of their list.

INDUSTRY ANALYSIS
PEST Analysis
The industry analysis requires which already exist or are going to be establishing I’m
placing their presence in the industry (Etzkowitz and Zhou, 2017). Hence, PEST framework is
used by business owners and entrepreneurs to understand and learn about the surroundings in
which they are going to conduct business activities. There are 4 factors attached in the PEST
framework that are as follows.
 Political factor release with the government intervention in businesses and different
industries. Due to covid-19 government have been making serial changes in business
operational practices as well as in in date today practices. Hence, the entrepreneur has to
be very critical while evaluating the political aspect before entering the industry.
 Economic factors related with inflation rate and other related aspects which can influence
the economy as well as the market. Currently economically the whole world is suffering
hence the economic factor is not in favour for businesses right now (Burns, 2016).
 Social element talks about the market trend and currently according to the social
environment that has been created due to covid-19 e-commerce and virtual differences
are positively influenced. People are now more willingly make purchases and shop online
rather than moving out and this is huge opportunity to establish a strong competitive
entrepreneurship in the industry as well as by using most appropriate technology.
 Technological element of the external environment is in favour of the entrepreneurial
idea. Due to current situation caused by the pandemic technological advancement and the
whole industry is boosted up. This results in increasing technological advancement as
well as upliftment of the technological instrument in the industry. Therefore technology
plays a very important and essential role for establishing the entrepreneurship in e-
commerce and making the most out of the presented opportunities.
Porter’s Five Forces
The porter’s five forces model is a useful approach to make analysis of the competitive
environment that exists within the industry. The model has five forces which can have a huge
influence on the competitiveness of the business.

 Existing rivalry is the first factor which is slow in regards to the new application being
developed because of the creative and innovative features.
 Threat of new entrant is moderate for the application because of increasing innovation
and development in the industry as well as lowering down barriers for entering and
flourishing a business by using technological means.
 Threat of substitute is high for the entrepreneurship and the application because of two
major factors that is which technology can be easily copied if patents and copyrights are
not properly used. The second most basic reason is innovation is known as driver of
business development and entering the market. Hence the threat of substitute is high
because of the increasing need of people to sustain in the marketplace (Nambisan, 2017).
 Bargaining power of suppliers is moderate as currently Retail industry is suffering like
every other industry and therefore the suppliers will be making compromises for cysteine
and developing vanishing from the market.
 Bargaining power of customers is moderate as well because of the requirements of
customers needs to be fulfilled. The application developed is a resource full method
which will be a huge help to customers to keep themselves safe and Hindus in the current
situation of the pandemic.
OPERATIONS AND MANAGEMENT TEAM PLAN
Operations Management Approach
Operations management is a technique which is used by business owner and
entrepreneurs to effectively and smoothly run their functions and perform different tasks in the
given environment for attaining their business objectives in the most suitable manner. The
application developed for E-Commerce entrepreneurship belongs to the product offering of retail
sector.
The operations management approach which best suits to the entrepreneurship is of just
in time approach. This is a strong operational management tool which suggests that the inventory
need not be maintained as it blocks huge capital. Rather than that the customer’s needs should be
addressed while orders are received from them. In simple words the Just in time approach will
allow the entrepreneurship to make use of their capital in other important areas (Fayolle, 2018).

Once the orders are received on the application for the particular customer the list of the
product will then be purchased and automatically delivered to the customer on their doorsteps.
This reduces the hustle for the individuals to bifurcate the products as the list of the order
automatically gets fulfilled once the purchase is made from the stores on behalf of customers.
Organisational Structure
Organisational structure refers to the hierarchy or the manner in which power,
responsibility and accountability is divided in the organisation with the decision making powers.
The E-Commerce entrepreneurship is a small business which is a start-up as well therefore a flat
organisational structure is adopted where everyone have equal powers as well as decision-
making authority (Read and et. al., 2016).
The flattened structure is appropriate for the entrepreneurship because of the number of
advantages attached with it. The first is fast and decision making in situations of urgency as well
as effective imposition of knowledge and skills of all experts and professionals engaged in the
entrepreneurship. flat structure also provides a free flow of communication that helps businesses
in making fast decisions and implement their plans effectively as required.
MARKETING PLAN
Segmentation, Targeting and Positioning (STP)
This is a common marketing tool which is used to by businesses to identify their target
audiences and place their service in the market by using the most appropriate phenomena’s or
strategies.
 Segmentation is the first step in which the whole market is divided into small groups or
segments and the most suitable sector is chosen in order to identify the target audience.
The segmentation can be done by 4 ways and for the application and e-commerce
entrepreneurship behaviour segmentation is used. With the help of behaviour
segmentation the population is divided by their purchase decision patterns and behaviours
(Welter and et. al., 2017).
 Targeting is this 2nd stage which is supported by segmentation process as ones the
population is group it becomes easy to target the appropriate customer base. The targeted
audience of the application are those families belonging to middle and higher middle
class who have concerns and a little less time to shop regularly.

 Positioning is the third state which is related to placement of the application and The E-
Commerce entrepreneurship in the relevant industry and in front of the targeted customer
base. The marketing of the application will be performed through social media and other
digital or electronic tools in order to reach out to the maximum customers and critically
explaining them about the new product or the service which will be offered by the
application to them.
Marketing Mix (4P’s)
The marketing plan has four factors which addresses the basic elements of the
entrepreneurship and explain them properly (Burns and Dewhurst, 2016).
 Product is any commerce entrepreneurship that will be established through and
application which is creative as it keeps track of individuals regular needs of consumable
items, take up all the hustle of preparing the list every month required products and also
place order for them according from the supermarkets and stores preferred by the user.
 Price factors of the marketing plan refers to the membership fee which will be paid by
the user for availing the services provided and easily completing their shopping without
exposing themselves to the public places. The membership fee for the application will be
free for the first month and then will be charged quarterly by the users according to the
package they opt for.
 Place refers to the distribution channel which will be used by the entrepreneurship to
render the services order products which are asked by their customers. The distribution
channel for the offering which will be used is the virtual platform provided to customers
through the application and the products will be delivered to them by the executives on
their 2 steps according to their requirements such as date and time which is mentioned by
the customer while placing order (Kraus and et. al., 2018).
 Promotion as described in the above marketing tool the positioning stage, marketing and
promotional activities for the application in The E-Commerce entrepreneurship will be
performed through social media by making effective use of technologies there as well.
Digital marketing is the best source in the present situation for attracting and studying
awareness in the market.

FINANCIAL PLAN
Capital Arrangement
Pre launch cash budget
Cash Flow budget
Particulars Jan Feb Mar Apr May June
Cash inflows
Investment 8000
Credit sales 2000 3000 3000 4500 1500 3500
Total inflows 10000 3000 3000 4500 1500 3500
Cash outflows
Fixed : Equipment’s 2000 2500 1500 2000 1200 1500
Variable : Direct
material 300 300 200 300 150 500
Total outflows 2300 2800 1700 2300 1350 2000
Net cash flow 7700 200 1300 2200 150 1500
Opening balance 0 7700 7900 9200 11400 11500
closing balance 7700 7900 9200 11400 11550 13000
Particulars July August
Septemb
er October
Novemb
er
Decembe
r
Cash inflows
Investment
Credit sales 4200 1000 2000 800 1200 1500
Total inflows 4200 1000 2000 800 1200 1500
Cash outflows
Fixed : Equipment’s 800 200 300 100 600 300
Variable : Direct
material 300 400 500 100 100 400
Total outflows 1100 600 800 200 700 700

Net cash flow 3100 400 1200 600 500 800
Opening balance 13000 16100 16500 17700 18300 18800
closing balance 16100 16500 17700 18300 18800 19600
CONCLUSION
The above report is based on an entrepreneurship business plan where and new E-
Commerce entrepreneurship is developed with effective use of technology and innovative idea
and concludes the requirement as well as need for businesses to innovate and develop if they are
running their operations as an entrepreneurship. In the report a whole business plan is developed
their industry analysis conducted with the help of PEST and porter's five forces model. Moving
along marketing plan is provided which stated the potential target audience and the ways in
which they can be attracted towards the entrepreneurship.

REFERENCES
Books and Journals
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Etzkowitz, H. and Zhou, C., 2017. The triple helix: University–industry–government innovation
and entrepreneurship. Routledge.
Fayolle, A., 2018. Personal views on the future of entrepreneurship education. In A research
agenda for entrepreneurship education. Edward Elgar Publishing.
Kraus, S. and et. al., 2018. Digital entrepreneurship: a research agenda on new business models
for the twenty-first century. International Journal of Entrepreneurial Behavior &
Research.
Nambisan, S., 2017. Digital entrepreneurship: Toward a digital technology perspective of
entrepreneurship. Entrepreneurship Theory and Practice, 41(6), pp.1029-1055.
Parker, S. C., 2018. The economics of entrepreneurship. Cambridge University Press.
Read, S. and et. al., 2016. Effectual entrepreneurship. Taylor & Francis.
Venkataraman, S., 2019. The distinctive domain of entrepreneurship research. In Seminal ideas
for the next twenty-five years of advances. Emerald Publishing Limited.
Welter, F. and et. al., 2017. Everyday entrepreneurship—a call for entrepreneurship research to
embrace entrepreneurial diversity.