Detailed Analysis of Say Cheese's Entrepreneurship Development Report

This report provides a detailed analysis of the entrepreneurship development of Say Cheese, a lean start-up that aims to provide pastries and other food products for children in St. Mary's Hospital, London. The report begins with an introduction to entrepreneurship and the lean start-up methodology, highlighting Say Cheese's unique business opportunity. It then outlines Say Cheese's business objectives, including profit, sales revenue, and profit margin objectives. The report also includes an analysis of the customer value proposition canvas, detailing the products and services offered, gain creators, and pain relievers. A customer profile is provided, outlining customer jobs, gains, and pains. Furthermore, the report presents a 'Lean' Business Model Canvas, covering key partners, activities, resources, value proposition, customer relations, channels, market segments, cost structure, and revenue streams. The report concludes with a marketing plan, including product, price, place, and promotion strategies, and an operational plan, detailing the actions required to achieve Say Cheese's objectives. Overall, the report provides a comprehensive overview of Say Cheese's business plan and its approach to entrepreneurship development.

Entrepreneurship
Development

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship refers to a process in which a new venture is started by an entrepreneur
by taking a lot of risk and therefore this can be used for the purpose of earning of higher level of
profits in the future time period (Amorós and et.al., 2019). As a process Entrepreneurship
involves use of creativity and innovation so that the entrepreneurs are able to develop new
products and services according to the needs and requirements of various types of customers in
the market. Entrepreneurship Development refers to a process through which the skills and
knowledge of the entrepreneurs can be enhanced effectively. This report focuses on
entrepreneurship development of Say Cheese. It is a Start-Up which will provide pastries and
other food products for children in St.Mary's Hospital, London. In this report, detailed analysis
on the lean start-up business plan will be made. Different components which are covered in it are
required to be included.
MAIN BODY
Introduction to Lean Start-Up- Lean Start-Up is a methodology for the purpose of
development of products in which there is an aim of shortening the product development cycle
and rapidly identify whether a business idea is viable or not (Anderson, Eshima and Hornsby,
2019). This can be achieved through various processes.
Say Cheese is a Lean Start-Up in which the entrepreneur wants to identify the viability of
the business idea which is proposed to be launched. It will operate in St.Mary's Hospital,
London. The primary aim of launching this Lean Start-Up is to make sure that the parents of
Children in the hospital are able to provide them with nutritious and healthy food products for
their consumption. It will provide food products according to the varied tastes and preferences of
the customers.
It is a business opportunity which is quite unique in nature because it has not been availed
earlier by any entrepreneur. If used properly it will be able to ensure that profits are earned by
the entrepreneur in the future time period and will also make sure that the business is able to
witness sustainable level of success in the future time period. The business idea is quite good
because there is no presence of such a shop in the premises of the hospital which can provide
such products and services to the customers. Therefore by making use of it the entrepreneurs will
be able to achieve success in the future time period without problems and issues.
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Business objectives-
Every business is required to set up its own business objectives which are to be achieved
in the future time period (Burnette and et.al., 2019). The business objectives of Say Cheese will
be as follows-
 Profit Objectives- In the first year the objectives of Say Cheese will be to earn
sustainable level of profits so that it is able to survive in the market with the presence of
its competitors. In the second year the objective will be to grow the level of profits by
expanding the level of activities. In the third year the objective will be to grow profit by
diversification of products and services.
 Sales Revenue Objectives- Say Cheese will focus on its Sales Revenue as it will be its
main source of income. In the first year the focus will be on generating sufficient sales
revenue to earn profits. In the second year the focus will shift towards enhancement of
revenues to increase the profits. In the third year there will be focus on the increase of
revenues through application of aggressive pricing strategies.
 Profit Margin Objectives- Say Cheese will need to focus on Profit Margin as it will be
quite important to ensure that the right profits are earned. In the first year there will be
focus on maintaining the appropriate profit margin to sustain competition. From the
second year onwards focus will be on enhancement of profit margin so that higher growth
can be achieved. In the third year the firm will be focusing on application of techniques
for the purpose of having a higher profit margin than its competitors in the market.
Customer Value Proposition Canvas-
It means the value which will be created for the customers for the price which they are
paying for purchasing a particular product or for availing a service in the market (Centobelli,
Cerchione and Esposito, 2019). There is a need for the firms to be able to provide them the right
goods and services so that they feel that proper value has been provided to them.
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The details according to the Canvas is as follows-
Value Proposition-
 Products & Services- This refers to the products & services which are provided by a
business to its customers (Quagrainie, Mensah and Adom, 2018). Say Cheese will
provide pastries, cakes and other bakery products to its customers through which it hopes
that value will be created for them.
 Gain Creators- This means the gain which will be created for the customers when they
purchase the products (Clausen, 2020). For Say Cheese's customers gain will be created
as the firm will offer convenience to the customers within the hospital, there will be an
availability of affordable products for them and also hygienic products will be available
for them.
 Pain Relievers- This refers to the way the products of the organization will be able to
relieve the pain of the customers. Due to good services, no need to visit outside for
bakery products, ease to the parents and no need to pay higher prices the customers of
Say Cheese will be relieved from their pain.
Customer Profile-
 Customer Jobs- This means the demands of the customers which are required to be
satisfied by the businesses while providing them the products and services for the price
paid by them. In the case of Say Cheese the requirements of the customers are bakery
products, confectionery products, efficient services and reasonable rates.
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 Customer Gains- This means the things or elements which are helpful for the customers
and can create a gain for them (Santos, Roomi and Liñán, 2016). In the context of Say
Cheese, good products, better services, products for children and low prices are quite
helpful in creating the required customer gains.
 Customer Pains- This refers to things or elements which provide pain to the customers
and create problems for them. No availability of bakery within hospital, higher rates to be
paid outside hospital, no variety of products and inefficient services are the factors which
trouble the customers and therefore Say Cheese has an opportunity to reduce these
customer pains in a highly effective manner which will be helpful in ensuring that it
achieves its goals and objectives in the future time period.
'Lean' Business Model Canvas-
This refers to the Business Model which will be adopted by the firm to be able to create and
maintain the business in the market in the future time period (Esposito, 2018). For the managers
of Say Cheese, it will be crucial to create a business model which will enable achievement of
sustainable level of success in the future time period.
The business Canvas Model of Say Cheese will be as follows-
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The elements of the business model will be as follows-
 Key partners- This refers to the partnerships which the business will be required to make
in order to operate in the market (Hayter, 2016). Say Cheese will be required to partner
with milk outlets, food outlets, banks and other bakery products providers. This will be
required to ease in its business effectively and efficiently.
 Key activities- This refers to the activities which the business will undertake in order to
manage its operations (Teixeira and et.al., 2018). Say Cheese will indulge in providing of
raw materials, service marketing and providing of bakery products to its various
customers in the market.
 Key resources- This refers to the resources which the business will use in order to
operate. The availability of resources is crucial for a business to function smoothly.
Financial Resources, Business Processes, Innovation, Supply of raw materials,
equipments etc. will be required by Say Cheese for properly operating in the market.
 Value Proposition- This refers to the value which can be created for the customers with
the products which the firm is offering to them. For the customers of Say Cheese the
value is generated through quality products which are available for them. Also the unique
nature of the business since it is situated in a hospital will be very helpful for the
customers in providing them the value for the price which they will pay for the products.
 Customer Relations- This refers to the ways adopted by the firms to maintain their
relations with the customers in an effective manner (Kruger and Steyn, 2019). For Say
Cheese, these customer relations are important and these will be maintained through
social media platforms like Facebook and Website of the company.
 Channels- This means the ways adopted by the firm to provide products and services to
the customers in the market. Say Cheese will make the use of Direct Selling and
Telephone as the ways through which goods will be provided to the customers.
 Market and Customer Segments- It refers to the segmentation of the market and the
customers. Say Cheese will focus on the market of children and younger generation of
the customers because it will be the target market through which it is going to earn
higher-level of profits.
 Cost Structure- Cost Structure refers to the analysis which the organization perform
which is related with their costs (Kurmanov and et.al., 2016). In the cost structure of Say
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Cheese, there will be focus on Marketing Cost, Development Cost, Operating Cost and
Raw Materials. Thus in this manner the firm will be able to determine and manage its
costs.
 Revenue Streams & Pricing Model- It refers to the ways through which a firm will be
able to earn the revenues & the pricing model it will use for its products and services. Say
Cheese will earn revenues through the sale of bakery products and various other snacks to
the customers. Also it will make use of Pricing Model of aggressive pricing strategies to
attract the customers towards itself.
Detailed Development Plan-
Marketing Plan-
Marketing Plan is a document which is used by the organizations to be able to ensure that
they cover different aspects to achieve their marketing goals and objectives in the future time
period (Malecki, 2018). The marketing plan of Say Cheese will cover the following elements-
 Product- The products which are provided by Say Cheese in the market are bakery
products such as pastries, cakes and other bakery products to the customers. The focus on
Say Cheese in the future will be to expand its product range and offer some new offerings
to the customers.
 Price- In the pricing aspect, Say Cheese will make use of penetrative pricing strategy
since it is new in the market and has to make sure that it keeps its prices low so that it
successfully penetrates the market in an effective manner.
 Place- The place which Say Cheese has chosen for its business operations is St. Mary's
Hospital which is located in London, United Kingdom. It is a place which offers good
opportunities for the firm for its business activities.
 Promotion- For the promotion aspect Say Cheese will use aggressive strategies so that it
is able to attract the customers. In the starting attractive offers will be made to them
which can attract them towards the products which are offered by the organization.
Operational Plan-
An operational plan identifies the different types of actions teams in an organization are required
to carry out so that targets and objectives can be achieved and is essential for the purpose of
effective workforce management (The importance of operational planning for your business,
2019). The components of the operational plan of Say Cheese will be as follows-
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 Budget- Say Cheese will be required to prepare a budget for the purpose of starting its
operations. The budget is as follows-
 Resource requirements- Say Cheese will require financial, human, physical as well as
technological resources to manage its operations in a proper manner. This is so because
setting up operations in hospital premises will require making use of these resources.
Financial Resources will be required for funds, Human Resources will be required for
carrying out the operations, Physical Resources will be used for production process and
Technological Resources will be required for Using technology in Say Cheese.
 KPIs- The use of KPIs like Ratio Analysis, P/E Ratio can be made by Say Cheese so that
it is able to assess its overall performance and remove deviations and variances if any.
 Contingency plans- Say Cheese will require the use of contingency plans to help it in the
case of contingency. The firm needs to identify alternative routes which it can adopt in
the case of a contingency.
Technical Solution and Information Technology Plan-
 Technical Solutions- There is a requirement of providing technical solutions because of
presence of different types of technical problems (Maxwell and et.al., 2018). In this
aspect, Say Cheese will identify the technical solutions like Use of Advanced Systems for
its processing of orders and management of inventory level. This will enable Say Cheese
to make use of technology properly. Further, technology will be utilized by the firm to
manage the staff when the business expands. Say Cheese can use technology for keeping
a record of its customers.
 Information Technology Plan- Say Cheese has to make the use of Information
Technology Plan by identifying the IT systems which it can use. It can make use of
computerized billing software, accounting software, inventory management software,
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performance management software. In the IT part, Say Cheese will ensure the usage of
these software so that proper efficiency can be maintained. Also it will help the managers
if they want to use the IT systems for the purpose of controlling in the organization.
Problems and Issues in the system can be easily identified and the right method can be
used for the purpose of solving them. If there is a problem related to production of bakery
items in Say Cheese the use of IT systems will help in detecting it and then the problem
can be solved.
Human Resources and Organisation Plan-
In Say Cheese, Human Resources will be kept at the highest priority. Say Cheese's
managers will manage the HR aspect in the following manner-
 Performance of the employees will be regularly monitored and updated in the system
 Performance will be compared with the standards
 Deviations and Variances in performance will be identified
 Corrective actions will be taken
If an employee performs in an efficient manner, then the managers will also provide performance
incentives so that the motivation and morale of the workers can be enhanced in an effective
manner.
For the overall development of organization, the management of Say Cheese will aim at
identifying the processes of the organization and bringing the required improvements in them.
The processes for the production of bakery and confectionery products should be identified and
detailed improvements should be planned in them so that the bar of efficiency and effectiveness
can be raised. Also there will be adoption of methods through which the productivity level of the
workers can be enhanced and thus this can ensure the overall organizational development in the
firm. In this way, the management of Say Cheese will be able to ensure the overall
Organizational Development in a highly effective manner.
Future Developments-
Future planning is crucial for all the organizations (Obschonka and et.al., 2017). In the
context of Say Cheese, the future developments it will undertake are as follows-
 The planning of the managers of the firm will be to expand the operations of the
organization. Say Cheese will look forward to opening more stores in the city for the
purpose of expanding and earning more profits.
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 The management of Say Cheese will plan the expansion of its products. It will expand the
range of food products which it is currently offering to the customers.
 Say Cheese will also look forward towards bringing creativity and innovation in its
products by making an innovation strategy for its products. In this way, the company will
be able to catch the attention of its customers.
 The management of Say Cheese will also plan the necessary changes in the technology. It
will invest in the technology to update its processes leading to better management of its
functions.
These are the future developments which are planned by Say Cheese's managers.
Summary-
Say Cheese is a start-up which has the potential to achieve the desirable success by growing into
a large organization. It has a viable business idea in the form of providing bakery products in the
hospital premises which will ensure that the parents of the children will not need to go to
anywhere else for getting hygienic and healthy food products. The aim is to provide the desired
value to the customers for the price which is being paid by them for the products as well as
service of the organization. The idea is unique in nature and by making use of this new concept a
lot of customers can be attracted thereby ensuring regular flow of revenues and profits. There is a
potential of utilizing the future opportunities also to be able to maintain a higher-level of growth.
Finance can be provided to Say Cheese because its idea is good and there are high changes that it
will achieve the desirable Return on its investment by managing a higher ROI. Thus by earning
sustainable level of profits the investors in the business will be provided the return on the
investment made by them in the firm. In the long-run the investors will get higher returns if they
invest in the business in the primary stage itself. Thus due to these reasons investing in this lean
start-up can be a good idea for the investors because in this way they can ensure the growth of
their capital which has been invested.
CONCLUSION
From the above report, the conclusion is that Entrepreneurial Development can be done
by transforming a start-up into a large business organization. The requirement here is to ensure
that the entrepreneurs are able to identify the available opportunities and convert them to use
them appropriately. For this purpose, preparation of a detailed business plan is required. The
business plan can cover various types of elements and thus if the managers are able to consider
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all of them then the organization will be able to transform itself and will be able to manage a
higher growth rate in the future time period.
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REFERENCES
Books and Journals:
Amorós, J. E. and et.al., 2019. Necessity or opportunity? the effects of State fragility and
economic development on entrepreneurial efforts. Entrepreneurship Theory and
Practice. 43(4). pp.725-750.
Anderson, B. S., Eshima, Y. and Hornsby, J. S., 2019. Strategic entrepreneurial behaviors:
Construct and scale development. Strategic Entrepreneurship Journal. 13(2). pp.199-
220.
Burnette, J. L. and et.al., 2019. A growth mindset intervention: Enhancing students’
entrepreneurial self-efficacy and career development. Entrepreneurship Theory and
Practice, p.1042258719864293.
Centobelli, P., Cerchione, R. and Esposito, E., 2019. Exploration and exploitation in the
development of more entrepreneurial universities: A twisting learning path model of
ambidexterity. Technological Forecasting and Social Change. 141. pp.172-194.
Clausen, T. H., 2020. Entrepreneurial thinking and action in opportunity development: A
conceptual process model. International Small Business Journal. 38(1). pp.21-40.
Esposito, G. F., 2018. Development policies for lagging behind areas: an interpretative note in
the name of civil entrepreneurial development. The International Journal of Economic
Behavior-IJEB. 8(1). pp.33-45.
Hayter, C. S., 2016. Constraining entrepreneurial development: A knowledge-based view of
social networks among academic entrepreneurs. Research Policy. 45(2). pp.475-490.
Kruger, S. and Steyn, A. A., 2019. Enhancing technology transfer through entrepreneurial
development: practices from innovation spaces. The Journal of Technology Transfer,
pp.1-35.
Kurmanov, N. and et.al., 2016. Raw-material-intensive Economy and Development of Small and
Medium-sized Enterprises in Kazakhstan. International Journal of Economics and
Financial Issues. 6(4).
Malecki, E. J., 2018. Entrepreneurship and entrepreneurial ecosystems. Geography Compass.
12(3). p.e12359.
Maxwell, O. A. and et.al., 2018. Entrepreneurship curriculum contents and entrepreneurial
development of university students in Nigeria. International Journal of
Entrepreneurship. 22(1). pp.1-9.
Obschonka, M. and et.al., 2017. Entrepreneurship as a twenty-first century skill: entrepreneurial
alertness and intention in the transition to adulthood. Small Business Economics. 48(3).
pp.487-501.
Quagrainie, F. A., Mensah, A. O. and Adom, A. Y., 2018. Christian entrepreneurial activities
and micro women entrepreneurship development. Journal of Enterprising
Communities: People and Places in the Global Economy.
Santos, F. J., Roomi, M. A. and Liñán, F., 2016. About gender differences and the social
environment in the development of entrepreneurial intentions. Journal of Small
Business Management. 54(1). pp.49-66.
Teixeira, S. J. and et.al., 2018. Entrepreneurial intentions and entrepreneurship in European
countries. International Journal of Innovation Science.
Online
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The importance of operational planning for your business. 2019. [Online]. Available through:
<https://www.calldesign.com.au/the-importance-of-operational-planning-for-your-business/>
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Appendix 1-
Market Size- The size of market of Say Cheese is quite large because it has various
customers which can be targeted. It has children and younger customers as well who are fond of
bakery products.
Market Growth- Say Cheese's market has the potential of witnessing immense growth
and thus in this way offers opportunities to its managers to use them properly. It can growth by
providing more bakery products and using innovation.
Customer Preferences- The customers of Say Cheese can have unique preferences
according to which they can modify their orders. Thus it is required that the managers are able to
adjust themselves accordingly. Customers can have specific tastes and preferences relating to the
bakery products which are required to be fulfilled by the management of Say Cheese.
Segments- Say Cheese's market has different segments. Its managers will divide it on the
basis of demographic, psychographic, behavioural and geographic segments.
Competitors- Say Cheese's competitors in the market will be Simon's Bakery, The Old
Post Office Bakery Ltd. And other bakery shops in the city.
Channels- Say Cheese will make use of physical distribution channels and will use the
chain of Producer-Wholesaler-Retailer-Consumer.
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Appendix 2-
15

Cash Flow Forecast-
Sources of finance-
 Personal Savings
 Bank Loan
 Venture Capital
 Angel Financing
Uses of sources of finance-
 The use of sources of finance will be made by Say Cheese for the purpose of starting the
business. This investment will be used so that the managers are able to initiate the
business properly.
 The sources of finance will also be used in Say Cheese to expand the range of products
offered later on in the future when there is a specific requirement for the same. This will
help the managers in appropriately expanding the products in the future time period and
thus they will be able to identify the products which can offer them higher level of profits
in the future time period.
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