Research Project: Emerging Business Opportunities for Missoma Limited

This entrepreneurial project examines the potential for physical expansion and emerging business opportunities for Missoma Limited, a UK-based jewelry company. The research delves into the company's internal and external environments, analyzing its capabilities and competitiveness through literature review, and data collection, including work breakdown structure and Gantt chart. The project aims to identify market opportunities, challenges, and formulate growth strategies for successful business expansion. The methodology includes descriptive research design, secondary data sources from books, journals, and articles, along with inductive data analysis techniques. The project addresses research questions regarding environmental factors, physical expansion opportunities, potential challenges, and strategy formulation, culminating in recommendations and conclusions to guide Missoma Limited's growth. This project provides a comprehensive overview of the research process and findings, suitable for students studying entrepreneurship and business development.

Entrepreneur project

Table of Contents
TITLE..............................................................................................................................................1
INTRODUCTION...........................................................................................................................1
About Research................................................................................................................................1
Research significance..................................................................................................................1
Research aim...............................................................................................................................2
Research objectives.....................................................................................................................2
Research questions......................................................................................................................2
Work breakdown structure..........................................................................................................2
Gantt Chart..................................................................................................................................3
RESEARCH METHODOLOGY.....................................................................................................4
LITERATURE REVIEW................................................................................................................7
DATA COLLECTION..................................................................................................................12
DATA ANALYSIS AND DISCUSSION.....................................................................................13
RECOMMENDATION & CONCLUSION..................................................................................14
Recommendation.......................................................................................................................14
Conclusion.................................................................................................................................15
REFERENCES..............................................................................................................................16

TITLE
“Research on the emerging business opportunities through the physical expansion. A
study on Missoma limited.”
INTRODUCTION
An entrepreneurial project is considered as a nature of applied research in this executives
will work on a particular business opportunity with the relatedness of company's requirements
for defining and implementing a specific solution (Potter, 2019). Whereas, project is referred as a
piece of work which is planned for the implementation within the present business environment
and entrepreneurial means they can knowing particular industry inside out and being able to
exploit that knowledge to create new opportunities. As they can share ideas freely as well as
celebrating their failures as a learning and developing experiences. The consumer preferences are
increasingly changing and jewellers have to compete with other luxury categories, curated travel
experiences as well as equity market assets for a share of consumer’s wallet. In spite of these
trends, there are many interesting shifts that will happening in the Jewellery market which
creates the growth opportunities for the market players. Successful expansion of developing
market expansion can assist in boosting the sales growth, diversify geographically and the better
leverage cost structures. In this research report the chosen organisation is Missoma limited which
is an active company that founded in 2011 with a registered office in Great London, UK. Under
this report, discuss about the different aspects like analysing the emerging business opportunities,
internal and external environmental analysis, identification of market opportunities, strategic
analysis as well as formulate appropriate strategies for the company's growth.
About Research
Research significance
Emerging business opportunities significantly will leads the company to the level of
extreme growth as facilitating effective physical expansion will assist the business in enhancing
and improving the growth and development (Baker, 2013). Internal and external environmental
analysis will help the business in identifying their capabilities and competitiveness which helps
in gaining a competitive advantage so that the company Missoma limited can sustain in the
competitive edge for long period of time. The main aim of this research is to examine the
business opportunities in order to do a physical expansion of the company. Within this a
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researcher will work hard to analyse the strategic positions, challenges, competition as well as
formulate appropriate strategies for the growth and development of Missoma limited.
Research aim
“Research on the emerging business opportunities through the physical expansion. A
study on Missoma limited.”
Research objectives
 To analyse the internal and external environment to know about the capabilities and
competitiveness of Missoma limited.
 To evaluate the emerging opportunities for physical expansion.
 To analyse the challenges and issues that might affect physical expansion of Missoma
limited.
 To formulate growth strategies for the successful expansion of business.
Research questions
 What kind of internal and external environmental factors are required to understand the
company's capabilities and competitiveness?
 What are the business opportunities of physical expansion and how it can be analysed and
managed?
 What type of challenges can be faced by the company while they physically expand their
business?
 What kind of approaches are used to formulate strategies for growth?
Work breakdown structure
WBS is commonly known as an output oriented decomposition of entire project into
various smaller sections which are required to manage the team work within an organisation. It is
considered as a hierarchical approach that is to be used by the project team in order to
accomplish organisational objectives and effective end results (Burns, 2016). It begins with the
top level deliverable and then divide into sub deliverables by using a hierarchy form of
distribution. As work break down structure helps in minimising the project complexity and
further bifurcate them in order to managed overall tasks. Also, it facilitates the clear roles and
responsibilities to all members that they can contribute their best for achieving the objectives
within a specified time period.
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The various activities of WBS of this project are explained below:
S.No Activity Explanation
1 Setting Aims and
Objectives
The expectations from the project are specified on what has to
be achieved.
2 Project Management Plan It describes all phases of the project
3 Research Methodology The process used for evaluation of the study
4 Data Collection The process of gathering inputs from respondents
5 Data Analysis The process of systematically processing, organizing and
presenting the data.
6 Conclusion and
Recommendations
Conclusions are interpreted and summarized results.
Recommendations are researcher's comments on project.
7 Report Submission Submission of final research report (Project Deliverables).
Gantt Chart
It is a graphical representation that are used in managing a project which displays all
events in a graph form that is planned against time. This helps in making easier to understand the
project activities and commonly used for tracking the entire project performance. In this, events
are shown on X axis and time of each activities shown on Y axis which ascertained the actual
required time for completing the tasks on time. As Gantt chart is widely used in scheduling as
well as managing the entire project activities in an effective way (Coad, 2014). This will assist
researcher in communicating project activities to the manager as investigator determine all issues
that might hindrance the successful implementation as well as the unnecessary procedures can be
avoided from the project to ensure their effectiveness.
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RESEARCH METHODOLOGY
Research methodology is considered as a process that is use by the investigator for
collecting appropriate information related to the research topic. It is important part in research as
it explains several methods and concepts that are required to implemented for conducting the
research task (Fay, 2012). In this, researcher will define the significance of information or data
for solving the research questions and objectives in order to analyse and evaluate them
effectively. Several concepts are considered in research methodology that includes the sources of
data collection, research design, reliability, techniques as well as instruments. There are several
layers of research methodology that are considered as follows: Research philosophy: In this, mainly two kinds of philosophies such as positivism and
interpretivism. As positivism refers as a scientific method of quantitative research like
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questionnaires, survey, statistics etc. whereas interpretivism includes humanistic method
of qualitative research like observation, unstructured interview etc. from the both
philosophies interpretivism will be adopted while conducting research as it will give
assistance in analysing the informations in appropriate manner and positivism consider as
inappropriate philosophy for conducting research activity ion a systematic way (Mirvis,
2012). Research approach: Basically, there are two kind of approaches like inductive and
deductive that are used for gathering detailed and better quality of information on the
research topic. On the basis of research topic, inductive research approach will be more
appropriate as it will help investigator in collecting data and information for getting the
best end results. Time horizon: It is considered as a crucial method of research that will support
researcher to identify the beginning and ending time for conducting the research events or
activities. For this, Gantt chart is used by investigator as it facilitates graphical
presentation that will help to complete the entire research activity within a certain time
period. For conducting this research there is the requirement of 10 weeks which will be
able to produce the end results of this research project (Schaltegger, 2016). Research design: It is mainly related to the method and process which is used for
conducting the research activities. There are mainly three kinds of research design such
as descriptive, exploratory and experimental. As descriptive design emphasised on the
detailed as well as depth form of data collection and consider all facts and figures related
to the specific topic. Exploratory research design focused on exploring the new ways as
well as methods for conducting the research activities. Lastly, experimental research
design emphasised on the development as well as designing of certain theories. Among
all three kind of design, within the context of Missoma limited descriptive research
design is selected in which detailed study will be done on the research topic. Sources of data: In order to gather appropriate data or information, secondary source of
data collection have been taken into the consideration which includes books, journals,
magazines, publications as well as articles (Sherman, 2014). As the secondary source is
one that emphasises on those data that have already been published or in existence that
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are given by the previous researchers as well as many authors. Through this, a
investigator can be conduct detailed research along with the reliable sources. Data collection technique: It is considered as a most important function of research as it
helps in executing the research tasks in effective manner. As there are several sources of
data collection that can be used by the researcher which includes primary and secondary
methods. Primary sources of data collection refers to the accumulation of first hand
information that has not been yet gathered by anyone. Whereas, secondary source of data
collection refers to those information that are previously exists or has been gathered by
someone else for conducting the research activities. In this research report, for the data
collection secondary source is used in which data is already available in some books,
articles, journals as well as magazines. So that the data should be gathered in detailed by
studying the various perspectives of writers and authors and a researcher have a wide
range of information on a specific topic (Zortea-Johnston, 2012). Research sampling: It is termed as a extraction of information towards the entire
population from the sets of large number of population without surveying all individual's.
Mainly in the research two kinds of sampling methods are used which are probability
and non probability sampling (Carpenter, 2018). For conducting this research,
probability sampling method will be chosen as it is essential for researchers in order to
saving time by giving equal probability to every observation. In addition, there are also
various methods in non probability sampling such as convenience and purposive
sampling. In the convenience sampling investigator select the sample size as per their
convenience whereas in purposive sampling researcher select samples which serves the
research purpose for survey. Data analysis techniques: There are mainly three kinds of techniques for analysing and
evaluating the data such as deductive, inductive and regression as all these are
important for conducting the research in an appropriate manner bur investigator have to
choose best one which is most suited according to their research topic. This will helps in
gaining the research outcomes in an appropriate manner (Wood, 2018). In this research
report, according to the research topic inductive technique of data analysis will be
exercised by the investigator as it will help in examining the choice statement as well as
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adopt feel of situations on the basis. This will be helpful in knowing the nature of issues
and challenges in a better manner. Research limitations: Various issues or challenges that a researcher face while
formulating research aims, objectives, selection of data collection methods, selecting
sample size, discussion scope as well as many more (Danvila-del-Valle, 2018). All these
hurdles have major limitations which will create huge level of difficulties and problems
for investigator in conducting the research appropriately and gaining desired end results.
 Research reliability and validity: It is totally depended on instruments that are used for
gathering the information which includes articles, books, journals as well as many things.
These are essential tool for investigator as it will facilitate proper assistance to researcher
in order to collecting reliable as well as accurate data or information related to the
specific topic or aim (RAVINDRAN, 2018).
LITERATURE REVIEW
To analyse the internal and external environment to know about the capabilities
and competitiveness of Missoma limited
According to Thomas Bush, 2019 it is important to analyse the internal and external
environment of the company so that the company can achieve its goals and can grow. Internal
analysis of the organisation helps in analysing the internal capabilities of the company with the
help of which it can gain a competitive advantage in the market. The strengths of the company
helps it to become successful in the market by efficiently being able to meet the needs and wants
of customers. The weaknesses are the constraints which needs to be removed by the company as
these restrict the company to grow and develop in the market. Opportunities that are present in
the market helps the company to grow and expand its business so that it can generate large
amount of profits. Threats on the other hand create obstacles in the path of success of the
company and can also affect its existence in the market. An explanation of the internal and
external analysis of Missoma limited is given below :
Internal analysis Resources within the organisation : Missoma in London is well-known for its 18ct gold
vermeil jewellery, use of bold colours and special hand faceted cuts. The designer team
of the company comprises of Michele and her daughters who design jewellery which
creates value for customers by taking inspiration for graphic designs, world tours and
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passion for architecture. This helps them in designing jewellery which can be used by
customers for every occasion. The company has large number of customers who are
attracted towards distinctive jewellery designs. Missoma has also collaborated with
prolific fashion and lifestyle blogger Lucy Williams of Fashion Me Now which has
increased its customer base. Evidence of entrepreneurial orientation : Entrepreneurial orientation refers to strategic
orientation of the organisation so that the strategies that are formulated, the managerial
philosophy and organisational culture help it to gain a competitive advantage in the
market. Missoma Limited is a SME in with less than 50 employees working in the
company. The company strategy is to gain a competitive advantage in the market by
providing its customers with jewellery which can be worn everyday and on any occasion.
The employees of the company are highly skilled with extensive knowledge in
craftsmanship which helps in giving unique designs to jewellery.
 Influence of founders : The company is an SME and is owned by Marisa Horden who
has creative instincts which helps in creating distinctive jewellery designs so that high
value for customers can be created. The founder of the company has immediate influence
on the functions of the company so that demi-fine contemporary jewellery can be created.
The integration of owners of the company in its functions helps the company to work
with entrepreneurial instincts which brings innovation in designs, take risks and aim at
growing and expanding in the market so that the profitability of company can be
increased.
External analysis Global, regional and emerging markets : Analysing the external environment helps in
knowing about the opportunities that are available in the market which can help the
company to grow and expand in other markets so that the profitability of the company
also increases. It also helps in identifying potential markets in global, regional and
emerging markets so that the physical expansion of the company can be done. As there is
an increase in demand for highly fashionable and light jewellery with elegant designs,
Missoma Ltd. can expand its business in other markets which can help the company to
increase its market share.
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 Socio-cultural influences : External analysis also helps in identifying the type of socio-
cultural environment that exists in the market in which the company aims at expanding. It
helps the company in ascertaining the taste and preferences of the customers which are
greatly influenced by the type of social and cultural practices of the area. Missoma before
expanding in the emerging market needs to analyse these factors so that the design of
jewellery can be made in such a way which will help in attracting customers so that the
company sales can increase.
 Environmental and competitive analysis : The external analysis also helps the company
in analysing the type of environment that is present at the placer of expansion and also
about the competitors present in that place. It is important to know about these factors so
that the negative impact of these factors can be minimized. This will help the company in
gaining a competitive advantage in the market as the competition can be dealt with
efficiently in the place of expansion. Missoma Ltd. needs to evaluate the type of
environment so that the preference of jewellery can be known along with analysing the
competition so that the offerings of competitors can be determined.
To evaluate the emerging opportunities for physical expansion
According to Sarah Schmidt, 2018 it is important to narrow down all the available
options where expansion can be done so that success is achieved through expansion. It is very
important to analyse the availability of opportunities in the market so that the company can
expand its business in other markets. This will help in evaluating all the markets and choosing
the best market so that the company can offer its products and services in the market profitably
which will help it in increasing its market and also its profitability. Missoma Ltd. needs to
evaluate emerging opportunities for physical expansion so that the company can choose among
all the market options where it can offer its distinctive jewellery. Following are the ways in
which opportunities in the market for expansion can be analysed : Sources of opportunity : The company first need to analyse all the sources of opportunity
that are present in the market so that the option of expansion is selected. The various
sources of opportunities for expansion are change in expectations, new process needs,
change in demographics, change in perception and knowledge etc. These sources help the
company in knowing the need for expanding its business in other market so that the
opportunities can be profitably captured. Missoma Ltd. can expand its business as there is
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an increase in need for highly fashionable and distinctive jewellery which can be worn in
stylish and elegant manner. Opportunity evaluation and management : After determining the available opportunity
in the market it is important that they are evaluated on the basis of their profitability for
the company so that the expansion can be successfully done by the company. This will
also help the company to identify the resources which can be utilized and controlled by
the company. This will also help the company to manage the future opportunities
efficiently which will help it in gaining a competitive advantage in the market.
 Information sources and their validity : The company also needs to evaluate the
authenticity and reliability of the sources so that the options that are identified can be
justified by their profitability. The company needs to evaluate all the available options
where it can expand its business so that the best option are selected which will help the
company to effectively implement its strategies so that the goals and objectives of the
company are efficaciously achieved.
To analyse the challenges and issues that might affect physical expansion of Missoma
limited
According to the article posted by Dynamic Language, 2014 businesses going global are
affected by various challenges that might create hurdles in its success. Before expanding the
business in other markets it is important to analyse the challenges and issues that might be faced
by the company which might create obstacles in they successful existence of the company. These
factors help the company in achieving a competitive edge by formulating such strategies which
will help it to capture the market even with the presence of challenges and issues in the market.
Following are the issues which might be faced by Missoma Ltd. : Risk analysis : It refers to identifying and analysing the potential issues that might
negatively affect the business functions. This analysis helps the company to avoid or
mitigate these risks by formulating of such strategies so that the risk factors can be
efficiently dealt with. The risk of resource availability, efficient and cheap labour force,
competitors and other materials that are required to manufacture the company products
all poses risk for Missoma Ltd. while expanding in other market. These risks needs to be
analysed so that competitive advantage can be achieved.
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