Entrepreneurship Report: Analysis of Miles & Co Business Plan

This report provides an in-depth analysis of Miles & Co, a catering services startup, through an entrepreneurship lens. It begins with an executive summary and assesses the meaning of entrepreneurship, highlighting essential skills for implementing business ideas, and then presents the vision, mission, and objectives of the new venture. The report then analyzes both personal and non-personal sales methods to enhance sales capability, examines methods for managing investment capital and cash flows, and concludes with recommendations for improving sales performance. Key aspects covered include entrepreneurial theories, market analysis, vision and mission statements, sales strategies, capital budgeting, and promotional techniques. The report emphasizes the importance of innovation, customer satisfaction, and effective financial management for achieving business success.

Entrepreneurship

Table of Contents
EXECUTUIVE SUMMARY..........................................................................................................3
ASSESSMENT 2.............................................................................................................................3
Meaning of entrepreneurship and skills which business entity must have to implement the
ideas.............................................................................................................................................3
Presenting the vision, mission and objectives of new start-up....................................................4
Analyzing both and non-personal methods of sales which can be undertaken for enhancing
sales capability.............................................................................................................................5
Examining the methods for managing investment capital and cash flows..................................6
Giving recommendations for the enhancement of sales capability.............................................7
REFERENCES................................................................................................................................9

EXECUTUIVE SUMMARY
Entrepreneurship is the process that is highly associated with the conversion of business
idea into reality. Risk taking and creativity are the major skills which in turn helps business
entity in attaining success in the stiff competitive business situation. The present report is based
on Miles & Co which has started new business related to the offering of catering services. It can
be summarized from the report that by taking into account entrepreneurial theories and practice
Miles & co can make contribution in the attainment of organizational goals. Besides this. It has
been articulated that by placing emphasis on promotional aspects company can enhance sales
capability to the significant level.
ASSESSMENT 2
Meaning of entrepreneurship and skills which business entity must have to implement the ideas
Entrepreneurship implies for the new business which sole trader starts with the aim to
attain high profit margin and success in the highly competitive environment. Hence, when
business entities implement their unique ideas and suggestions then it is termed as
entrepreneurship (Drucker, 2014). Moreover, sole trader or business entity takes high level of
risk in terms of financial, market etc. when planning to start new venture. In other words,
entrepreneurship may be defined as willingness and capability of business entity in relation to
developing, organizing as well as managing the new venture (Kirzner, 2015). Hence, attainment
of higher profit margin is one of the main objectives of entrepreneur in against to the risk taken
by him/her. Hence, entrepreneur of Miles & Company has started B2B business and offers
catering services to the customers. Owner of business unit has taken high risk because such
sector is filled up with high level of competition.
To become a successful business tycoon individual requires several skills for executing
idea in the best possible way. Firstly, business entity must have skills in relation to raising as
well as making proper allocation and management of financial resources. The rationale behind
this, finance is one of the most essential elements of business on which growth and success of
venture is highly dependent (Welter, 2011). Thus, entrepreneur must have ability in relation to
making use of money. Along with, sole trader also needs to have skills in relation to making

proper assessment of strengths, weakness, opportunities and threats. Moreover, it enables
business entity to take suitable action or measure for converting weakness into strength.
Along with this, by conducting such analysis business entity can also capitalize
opportunity through the means of strengths. In addition to this, sole trader also must have ability
to appoint and train suitable workforce. The reason behind this, in the service industry success of
the firm is highly influenced by the quality or services delivered by the personnel. Further, owner
of the firm requires having skills in relation to making proper plan and strategies that aid in
performance of firm (Dacin, Dacin and Matear, 2010). Moreover, idea proves to be successful
only when business entity implements with competent framework. Taking risk and innovation
are the main characteristics which sole trader must have for gaining competitive position over
others.
Presenting the vision, mission and objectives of new start-up
By making analysis of market trend or pattern, Miles & Company has taken decision in
relation to providing catering services. In the present times, growing trend exists in the market
regarding catering or meal services etc. Moreover, now with the aim to motivate personnel
business unit organizes training sessions, meetings, picnics and also makes arrangement for
lunch. By considering such trend owner has started catering services with the motive to take
benefits from such opportunities. In addition to this, now trend in relation to organizing parties in
restaurants is also increased with the very high pace. Hence, owner of Miles & Co places
emphasis on providing effectual catering or meal services to the customers in accordance with
their needs and expectation level.
All these aspects clearly presents that new venture that started by the owner of Miles &
Co is highly growing or flourishing. Moreover, demand for the services and innovative ideas are
the main aspects that help business entity to get the desired level of outcome or success in the
highly competitive arena. From assessment, it has been determined that demand for catering
services is increased significantly. Along with this, now hygiene and quality of food products are
the main factors that are considered by customers while making selection of service provider.
Thus, by analyzing all such factors entrepreneur has entered in the market with sound plan.
Hence, it can be stated that business plan which has undertaken by Venture capitalists is sound.

Vision, mission and objectives of Miles & Co is enumerated below:
 Vision: Miles & Company services Inc wants to become leading B2B catering business
organization of UK by offering quality services to the customers.
 Mission: Firm’s mission is to provide customers with high quality and hygienic food at
competitive prices.
 Objectives: Main objective of the business organization is to enhance brand image and
customer base. Moreover, customer satisfaction is the key which has high level of impact
on the productivity and profitability aspect of firm. In this, building of high customer
satisfaction is the main motive of firm.
Analyzing both and non-personal methods of sales which can be undertaken for enhancing sales
capability
Business entity of Miles & Co enhances sales by employing the theories and practice
of entrepreneurship. In accordance with the psychological theory of partnership, business entity
can maximize sales capability and thereby productivity by making optimum use of financial
resources (Theories of Entrepreneurship, 2017). Moreover, when business unit make effectual
use of material, labor etc then it may result into less wastage of financial resources. In this, such
aspect will enable Miles & Co to exert control on cost level (Defourny and Nyssens, 2010). By
this, service provider would become able to offer catering services to the customers at affordable
prices. Moreover, business class customers are highly price conscious in nature. They prefer to
take services from the unit whose price level is highly affordable. In this way, by offering
catering services at highly effectual prices company can maximize its sales revenue.
In addition to this, innovation is the key which in turn helps business entity in gaining
competitive edge over others. In the food sector, customers give more priority to the hygienic
and quality of ingredients undertaken. Thus, by offering food to the customers according to their
needs and expectation level Miles & Co can maximize the sales revenue. Further, sociological
theory of entrepreneurship entails that by focusing on cultural values and beliefs of society
business unit can also push up its sales level or target to a great extent (Bruton, Ahlstrom and
2010). Moreover, now trend is shifted from tastier to healthy food. In this regard, by including

unique dishes in menu card Miles & co can entice the decision making aspect of business
customers such as restaurant etc. In this way entrepreneurial theories provide high level of
assistance to business entity in enhancing the level of sales.
To develop awareness among the customers and thereby enhance sales revenue Miles &
co needs to place advertisement on social networking sites. Now, customers make use of social
networking sites such as Facebook, twitter with the very high pace. In this, by creating attractive
webpage on social sites business entity can provide information to other organizations and
restaurant owners about the catering services offered by it (Menguc, Auh and Uslu, 2013). The
reason behind this, now people either business or non-business class spend their more time on
social sites. It is the most effectual method that helps in attracting the large number of customers.
Such method enables firm to widen the reach at low cost and thereby enhance sales revenue.
Examining the methods for managing investment capital and cash flows
Miles & Co can manage investment capital through the means of continuous
monitoring. The rationale behind this, attainment of high return from investment is one of the
main objectives of business organization. Hence, by employing the techniques of capital
budgeting Miles & Co can assess the extent to which specific proposal will prove to be beneficial
for it (Ulaga and Reinartz, 2011). In the corporate world, every type of business entity wants that
its sales and revenue increases consistently year by year. Higher the sales lead to maximize profit
and margin at the end of an accounting period.
There are various ways by which the Miles & Company able to manage cost of
production and improve net cash balance at the end of financial year. Budgeting is the most
widely used process which provides various financial information to the firm and its members.
Financial data are such as cost, expenses and incomes which are occurred in the business
process. With help of different budgeting techniques the management of Miles and company is
able to know that in which activity of production process cost and disposals are higher. With this
it able control over the costs and make the better quality of products and services (Nath,
Nachiappan and Ramanathan, 2010). With this the company can offer its catering services at the
lower prices in comparison to its rivalry firms. Further, it leads to attract more number of
consumers by which sales and revenue will ultimately improve.

In addition to this, another tools and techniques are very helpful for the respective firm of
catering services in order to increase sales and profit as well. By using budgeting the
management reduce cost of product and offers at lower cost. Further, by offering various type of
discounts and schemes customers will ultimately attract for consume services of Miles and
Company (Prashantham and Floyd, 2012). The company can know that how many discounts is to
be offer with help of budgets which shows ratio of future incomes and disposals.
Budget Constraint
Illustration 1: Budget constraint
Budget constraint is related with the level of income of customers which lead to make
changes in the sales and revenue of the company such as Miles and Company. The respective
theory shows gap between the income and revenue generate by the firm. When income of the
customer is higher, then he will prefer better quality of food products and catering services. On
the other side when buyer is not rich then he will not consume higher quality and prices. Further,
it can be said that level of incomes and living standard lead to influence revenue and profit of the
Mile and Company.
Giving recommendations for the enhancement of sales capability
 By taking feedback from the existing business customers about the quality and level of
services offered owner of Miles & Co can get information about the expectation level of
customers. In this way, by making necessary or suitable changes in the existing

framework business entity can develop satisfaction among the customers. This in turn
may result into higher sales as well as profitability aspect.
 Along with this, Miles & Co needs to undertake research and development activity. By
doing this, business entity can get information about the needs, wants and expectation
level of customers. Further, such activity also enables firm to get information about the
competitors offering (Johnston and Marshall, 2016). Moreover, business entity can find
out the innovative product or service which it needs to offer to the customers for
enhancing sales.
 In addition to this, Miles & Co needs to employ suitable promotional plan or campaign
for increasing the sales revenue. In this, business entity needs to make efforts in relation
to identifying the promotional mean which has high level of impact on the decision
making aspect of customers. Moreover, different types of customers consider different
methods such as traditional and non-traditional (Miao and Evans, 2013). In this, by
making selection of suitable promotional mean business unit can develop awareness
among the customers and thereby would become able to enhance sales revenue.
 Further, by developing effectual and financial plan Miles & co can make control on cost
level. Thus, by considering this, it can be stated that by offering services at competitive
prices company can increase its sales revenue.
 Miles & Co needs to make focus on assessing the low cost supplier. Thus, by
controlling the cost level company can provide customers with high quality services and
thereby maximize sales level.
Hence, by following all the above mentioned aspects Miles & Co can increase its
capability in relation to enhancing the sales to a great extent.

REFERENCES
Books and Journals
Bruton, G. D., Ahlstrom, D. and Li, H. L., 2010. Institutional theory and entrepreneurship: where
are we now and where do we need to move in the future?. Entrepreneurship theory and
practice. 34(3). pp.421-440.
Dacin, P. A., Dacin, M. T. and Matear, M., 2010. Social entrepreneurship: Why we don't need a
new theory and how we move forward from here. The academy of management perspectives.
24(3). pp.37-57.
Defourny, J. and Nyssens, M., 2010. Conceptions of social enterprise and social entrepreneurship
in Europe and the United States: Convergences and divergences. Journal of social
entrepreneurship. 1(1). pp.32-53.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Johnston, M. W. and Marshall, G. W., 2016. Sales force management: Leadership, innovation,
technology. Routledge.
Kirzner, I. M., 2015. Competition and entrepreneurship. University of Chicago press.
Menguc, B., Auh, S. and Uslu, A., 2013. Customer knowledge creation capability and
performance in sales teams. Journal of the Academy of Marketing Science. 41(1). pp.19-39.
Miao, C. F. and Evans, K. R., 2013. The interactive effects of sales control systems on
salesperson performance: a job demands–resources perspective. Journal of the Academy of
Marketing Science. 41(1). pp.73-90.
Nath, P., Nachiappan, S. and Ramanathan, R., 2010. The impact of marketing capability,
operations capability and diversification strategy on performance: A resource-based
view. Industrial Marketing Management, 39(2), pp.317-329.
Prashantham, S. and Floyd, S. W., 2012. Routine microprocesses and capability learning in
international new ventures. Journal of International Business Studies. 43(6). pp.544-562.

Ulaga, W. and Reinartz, W. J., 2011. Hybrid offerings: how manufacturing firms combine goods
and services successfully. Journal of marketing. 75(6). pp.5-23.
Welter, F., 2011. Contextualizing entrepreneurship—conceptual challenges and ways
forward. Entrepreneurship Theory and Practice. 35(1). pp.165-184.
Online
Theories of Entrepreneurship. 2017. Online. Available through: <
http://yourbusiness.azcentral.com/theories-entrepreneurship-23795.html>. [Accessed on 22nd
February 2017].