LSC UoS BA Business: Entrepreneurship and Business Development Plan

This assignment presents a business plan focused on entrepreneurship and business development, using the case study of 'Date Cups,' a coffee business innovating with date seed-based coffee. It covers key aspects such as causation versus effectuation, a feasibility study analyzing market potential and operational requirements, and the relationship between innovation and entrepreneurship. The plan includes a competitive and STP (Segmentation, Targeting, Positioning) analysis to identify market gaps and build confidence in the venture's feasibility. It further details the proposed business model, justifying its functionality using Porter's Five Forces to assess competitive intensity, supplier and buyer power, and the threat of substitutes. Additionally, the report explores business and marketing strategies for entrepreneurial success, quantitative and qualitative planning tools for risk assessment, and common mistakes made by first-time entrepreneurs. This comprehensive plan offers a strategic framework for launching and managing a new venture, emphasizing innovation and market-driven approaches.

ENTREPRENEURSHIP
AND BUSINESS
DEVELOPMENT

Table of Contents
1.1 making on the idea of causation and effectuate, demeanour a feasibility study of the New
Venture Concept, and look into the relationship between innovation and entrepreneurship......3
1.2 Demeanour a competitive and STP analysis to measure the possibility gap in the market
and talk about what is that confidence which makes surety that this new business is feasible.. 5
1.3 Drafting on similar frameworks and concepts, talk about the proposed business model and
justify how the new venture will work........................................................................................6
1.4 explain the types of business and marketing strategies which the entrepreneurs should
follow in order to find success? .................................................................................................8
1.5 explain the quantitative and qualitative planning tools which the businessman could use to
assess and justify their risks? What are the common mistakes that first time entrepreneurs
make?..........................................................................................................................................9
CONCLUSION:.............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION:
Business development can be defined as the various types of ideas as well as the
activities which are being performed in order to make the business running much better. It
basically also helps in increasing the net revenues of the company and also the growth which
involves the business development. In other words business development helps in identifying
and understanding the nature and also to take the new clients as well as all the business
opportunities which will at the end help in the growth. Entrepreneurship development refers to
the process by which the enhancement in the knowledge as well as the skills of all the business
owners thorough many different classrooms as well as the coaching programs. This will directly
help them in achieving better results and hence can improve their business as well (González-
Tejero, and Molina, 2022). For this report however, the start-up which has been chosen is the
date cups, in which we will sell coffee to the end users but the innovation in the idea is that we
are not using the coffee beans to make coffee instead we are using the dates seed and grind them
which tastes and smells exactly like the coffee and hence is not harmful for the body as well.
TASK:
1.1 making on the idea of causation and effectuate, demeanor a feasibility study of the New
Venture Concept, and look into the relationship between innovation and
entrepreneurship.
Causation or in other words causality can be defined as the capacity of any variable to
make an influence on the next other variable. It can be said that the first variable can come up
and bring the other variable in existence and can also cause any kind of incident in it as well and
make the other variable to fluctuate. The causation is however also been related to the correlation
as well which also explains the extent to which both the variables are making an increase or
decrease in themselves and in parallel as well. Effectuate on the other hand can be defined as the
thing which helps in completing to start doing up something or making the other thing happen.
A feasibility study can be defined as the study which helps in suggesting some variety of
names for the new businesses and hence it is particular designed in order to show whether the
plan or the project for the business organisation is feasible or not (Roy and et. al., 2022). It is
considered as a part of the primary design stage for any business to get started and is basically

conducted to overcome all the strengths as well as the weaknesses of the business. The steps
which have to be followed in the business of the date cups are as follows:
 in the start, we have to conduct a preliminary analysis of the related market and all about
this filed and product as well.
 The next step would be to project the income statement for the business and to know
what possible revenues which can be generated while running the business (Wand et. al.,
2022).
 Next step would be top create a market survey which includes to understand that weather
the product which in this context is the coffee have the demand in the market or not and
whether the consumers or the end users will accept our innovation in the business or not.
 The next step would be to choose the appropriate organisational structure for our business
and what are the basic management requirements which are needed. It also includes to
understand that how many workers are being needed for the production of the coffee and
what are the other resources which also plays a very important role at the time of the
production.
 Later on, the work of the preparing the opening day of the business as well as to know all
the expensed as well as the revenues which are bing required.
 The second last step would be to review and at the same time also analyse all the points
of vulnerability which are basically internal to the business and which can actually be
controlled and as well as can be removed.
 The last step of the feasibility study is the action plan which will be to decide whether we
have to go with the plan or have to make some more adjustments in the plan according to
the dynamic changes which happens in the market place (Rahim and et. al., 2022).
The basic relationship between the innovation and entrepreneurship is that the
entrepreneurship will tend to make more focus ion being different and at the same time
innovative that the present competitors that will make them survive in the market place as
customers want innovative things. Having many new and creative innovations will require the
product which in this context will be the coffee to be different ans at the same time much moire
better in many ways as well. Innovation can be defined as the the four pillars of any new venture

or business. It can be said that the key relationship is if there is no innovations, the
entrepreneurship cannot exist.
1.2 Demeanour a competitive and STP analysis to measure the possibility gap in the market
and talk about what is that confidence which makes surety that this new business is
feasible.
STP marketing can be defined as the process which makes the marketing of any product
way more ways .STP stands for the segmentation, targeting as well as the positioning of the
products of the business. The primary goal of the STP in the marketing filed is to make the
customers attracted to the product and also take the right customer who has interested in the
product very much and will pay the amount in return for it as well (Bolster et. al., 2022). The
competitors for the date cups in UK are cafedirect and caffeNero.
SEGMENTATION:
it basically refers to the benefit which the company can enjoy to have more marketing to
individual segments for the company. The segmentation will basically help the company to
make the company fit in the venture perfectly. The segmentation of the dates cups are as follows:
Demographic Psycho-graphic
 Age group of the end users.
 Income group of the end users.
 occupation of the end users.
 The values which promotes the
sustainable development,
 awareness towards the environment.
 Values which make the quality
lifestyles.
geographic Behavioural
 Residing in the areas with well
developed infrastructure and roads.
 Having basic facility to buy the
necessary items from the shops.
 The brand association.
 The quality of the products.
 The pricing and demand for the
product.
TARGETING:

targeting basically refers to the point in this process in which the individual is being clear
about all the segments which they basically have to identify and understand what resources as
well as the preferences they wants for the every segment and also they helps the organisation in
identifying any kinds of untapped needs which can cater also (Yu et. al., 2022).
For the date cups it is being advised to properly analyse the property as well as the potential
growth regarding the each segment groups and in addition to this, to have a compression between
them as well. Throughout the whole process, the dates cups also have to immensely look into
the way that how can we can serve the best ambience and most importantly the services to the
end users to make sure that they have a high customer satisfaction as well. After doing all of
these steps, they also need to look into the legal as well as the technical and the social hurdles
which will also help them in stooping the addressing from the segments.
POSITIONING:
then comes the final stage of the STP marketing process. This the last stage of the STP
marketing process and hence it deals in finding out that how is the running business going in
front of the targeted audience. In this factor, the key point is to make a statement of you progress
from a particular point of time. The end users basically compares all the products and the
services which also includes the designing and the branding as well. Therefore, the date cups
need to make sure that it concentrates on the benefits that their business can provide to them and
also how we can actually differentiate the product from others as well.
It can be concluded from the feasible study and the STP analysis that business of the date
cups is going really well and it can be concluded from the figures as well. In addition to his, the
innovation of not using the caffeine and using the date seed for making coffee is making the
consumers very attracted towards the product which is very beneficial for the company and
hence is increasing the revenues as well (Cao et. al., 2022). Therefore, it can now can be said that
these are all the factors which make us confident that the business will tend to grow in the
upcoming future and the demand fir the product will increase only.

1.3 Drafting on similar frameworks and concepts, talk about the proposed business model
and justify how the new venture will work.
Porter's five forces can be defined as a framework which is very important to the new
company as it helps them to understand and identify all the key forces of the competition in the
marketplace. Once the company get to know about the forces which can affect them internally or
externally, they can be prepared and can make strategies in order to make more profits and
increase their productivity as well as growth in the future (Jung, and Jeong, 2022). The porter's
five forces for the date cups are as follows:
 competitive rivalry: it is the first force which helps the date cups to understand its
strength of its competitors which will help them to improve their product's quality and
then sell it in the targeted market in order to have more customer's attention.
 Supplier power: it can be defined as the the force which help the company to understand
that how easy it can be for their suppliers to make an increase in their product prices. It
will help the date cups to know more about the suppliers and the more number of
suppliers the company has, it will be very much easy for them to switch between them.
 Buyer power: this factor helps in knowing that the number of buyers in the market place
is very less as compared to the number of suppliers which are available in the
marketplace which will make a dominance of the buyers over the prices of the product as
they can easily switch to the next best alternative in the market which is more cheaper
than the products of the date nuts (Singh et. al.,2022).
 Threat of substitutes: this is the force which can be defined as the substitution of the
consumers in the marketplace. It can be said that consumers have the power to switch to
the next alternative product if the prices or the quality of the product is not liked by the
end users. Hence, it can be said that for the date cups, a substitution which can be easy
and cheap to make but at the same time can also weak the position and the growth of the
company along with the profitability as well.
 Threat of new entry: any new entry of any company in any filed can be a bit danger for
the already existing companies in the market place. It can affect the working of the
existing company. In context with the date cups, it can be said that it will always have the
threat of the substitutes irrespective of the innovative idea for their business. But knowing

all the threats, they can make appropriate strategies in order to overcome the fear of
substitute firms (Schweinsberg et. al., 2022).
1.4 explain the types of business and marketing strategies which the entrepreneurs should
follow in order to find success?
Marketing strategies can be defined as the process which can make any organisation to focus on
its limited resources and which will gave many growing opportunities to the companies
(Muhardono et. al.,2022). Marketing strategies which the date cups should follow in order to
promote growth and development in the future are as follows:
 MARKET PENETRATION: market penetration basically focuses if the date cups will
sell its products in the already existing markets and customers. In this strategy, the
marketing activities of the date cups will dominate in the making of the marketing plans
and also to increase the absolute frequency of the products as well.
 MARKET DEVELOPMENT STRATEGY: it is used to make the strategies when the
date cups tries to sell their already existing products but in the new markets. It helps in
creating awareness about the products in the new markets and attract the customer base as
well.
 PRODUCT DEVELOPMENT STRATEGY: producing a whole new product and try
to make it sell in the already existing market is a task and in context with the date cups,
this strategy will help them to make ways to get development.
 DIVERSIFICATION STRATEGY: this is the strategy which is used by the the date
cups tries to sell a brand new product in the whole new market (Fawzeea Sembiring et.
al., 2022).
Business strategies can be defined as the action which can be used by the organisations in order
to understand the whole course of action or the set of the decision making which will help the
business in accomplishing their organisational goals. The different types of business strategies
which can be used by the date cups in order to achieve the goals are as follows:
 cost leadership: it can be defined as the business strategies used in the business which
helps in increasing the efficiency of the work and also helps in reducing the cost of the
production as well. The date cups can use this by decreasing the final cost of production

of the product by cutting the prices in somewhere in between. This is best suitable in the
phase of consolidation.
 Differentiation: it is a business strategy which is all about giving a product to the end
users but with innovation and unique attributes when compared to the other competitors.
The date cups can apply this by making their products different and innovative from the
other competitors. This is best suitable in the phase of growth (KAO, 2022).
 Focused low cost: this is the business strategy in the organisation which helps them to
focus on the small place of the customers. The date cups can apply this by lowering the
prices and only choose the goods which have the moderate prices. This is however best
suitable for underperformance phase.
1.5 explain the quantitative and qualitative planning tools which the businessman could use
to assess and justify their risks? What are the common mistakes that first time
entrepreneurs make?
Budget allocation:
The date cups has to make up the budget as it helps them to estimate their cost and
revenue which they can create by introducing the new product. It will also assist them to set an
direct demand of funds to the finance department. Budget will assist them to keep their cost of
production low and supervisor the financial performance by comparing the actual and budgeted
cost per activity (Thorman et. al., 2022). The budget statement is given below :
Particulars Amount (£)
Marketing 10000
Promotional activity 20000
Plant and machinery 120000
Print media 7000
Total 148000

RISK REGISTER:
ID DAT
E
RISK
DESCRIPTI
ON
LIKELIH
OOD OF
THE
RISK
IMPACT
S OF
THE
RISKS
SEVERI
TY
OWNE
R
MITIGATION
ACTION
1 12.01.
2022
FUND MEDIUM HIGH HIGH entrepren
eur
The owner has to make
sure to invest the
money in correct place
in order to gin more
future gains (Shokry
et. al., 2022).
2 15.02.
2022
RESOURCE
S
MEDIUM HIGH HIOGH entrepren
eur
They also have to
make sure to place
their resources in the
place where they can
be used efficiently
with the most possible
gain as well.
the common mistakes that first time entrepreneurs make are as follows:
 picking up the wrong co-founder.
 Not understanding the proper skills.
 Obsessing over competition.
 Not learning the business.
 Be out of cash.

CONCLUSION:
From this respective report it has been concluded that business and entrepreneurship are
not the same thing. An business refers to carry on with the same existing idea whereas the
entrepreneurship is to run the business by a new creative idea. The concept of Causation and the
Effectuate has been discussed along with the feasibility study. Later on the STP analysis and the
competitive analysis has been included along with the similar framework and concepts. The
whole idea of the new venture has also been described along with the types of business and
marketing strategies that any business should adopt. Lastly, the qualitative and the quantitate
planning tools has been discussed along with the mistakes which a new entrepreneur will do.

REFERENCES
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