Projects in Entrepreneurship and Innovation: Shoe Customization Plan

This project delves into the entrepreneurial aspects of launching a sport shoe customization business, named "Shoe Nicks." It begins by examining the entrepreneur's skills and attributes, evaluating the distinctions between commercial and social entrepreneurship, and analyzing business ideas such as plant-based meat, sport shoe customization, and disposable paper pee bags. The study assesses the production and marketing feasibility of these ideas, emphasizing market research and strategic models like Porter's Five Forces. It includes a financial forecast using techniques like projected budgets and cash flow statements, demonstrating the potential profitability of the venture. The project also outlines a comprehensive business plan for "Shoe Nicks," detailing its vision, mission, business objectives, and product description, focusing on sustainable materials and laser print technology to meet customer demands for customized sport shoes.

PROJECTS
ENTREPRENEURSHIP
AND INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1.2 Own entrepreneurial skills and attributes.............................................................................3
1.3 Evaluate what makes a successful commercial or social entrepreneur.................................3
TASK 2 OF 3...................................................................................................................................4
3.1- Analysing business ideas......................................................................................................4
3.2- Evaluating production, and marketing feasibility of new business ideas.............................5
3.3.................................................................................................................................................6
4.1 Developing a business plan for a new venture.......................................................................9
4.2 Developing a control and monitoring mechanism for business plan...................................14
CONCLUSION..............................................................................................................................14
Reflective Essay.............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurship is defined as an ability of individual person, which enable them to
develop, effectively organize and run a venture enterprise in effective manner. This ability plays
significant role in the context of organizational growth and success, that an entrepreneur, effort
to establish and run in the world of business. While, innovation refer to strategic element that
enable entrepreneurs able to reach desire outcomes in form of developing a new venture. The
current assignment will be based on specific business idea such as sport shoe customization. The
study will explain analysis of business ideas, production & marketing feasibility of three
business ideas and business planning forecasts using financial techniques. Furthermore, the
report will also specify development of a business plan based on chosen idea, control and
monitoring mechanism for the same.
TASK 1
1.2 Own entrepreneurial skills and attributes
Entrepreneurship skills are the ability of an individual to take crucial decisions in tough
situation and increase benefit for their organization. While being an entrepreneur refers to
starting and building the own business. Also, people with the skills expand with large
organizations as well. In my terms the entrepreneur skills are such Adaptability, to adapt the new
changes and get to learn with those changes and adapt them as respectively in working culture
(Berger and et.al., 2021). The ability to learn something new is important aspect for
understanding the basic requirements and process of business which leads to success. Work ethic
is the another skills where I prefer working with willingness and provide hard work to each task
to be performed. For running the business there are many challenges to be faced and willingness
of work and hard work bring the best outcomes for facing those challenges. Communication
skills also plays major role in for discussing the views, ideas and vision for business plans with
individuals. For setting up the business the strategy is need to be powerful and unique to take
business to high growth level.
1.3 Evaluate what makes a successful commercial or social entrepreneur
Commercial entrepreneurship focus on the break through and the new requirements, for
this opportunity would be huge and growing size of the market and the industry may be
structurally attractive. Whereas, the social entrepreneurship focus on serving the basic and long-
standing needs in efficient way by the innovative approaches. In such case it would be a

recognized social need, demand , market failure is guaranteed more than the sufficient m,market
size. Social entrepreneurs believes in the theory of change and related to organizational model in
order to meet the needs in superior way (Chen, 2018). Their scope is broad as because e they can
pursue ventures which is financially self-sustaining with the requirement of donor subsidiaries.
Successful social entrepreneur not only has the good idea, but they have the practical knowledge
of business and convert the ideas and views into the reality. They concern the market demand,
researches, resource and restriction, finance and such opportunity in their respective community
and country.
While both commercial and social entrepreneurship are important for the society and it
generates the social impact which is important for the society by various aspects. In some cases
their goal are similar, commercial entrepreneurs are try to fulfil the requirements of the people
such as offering the superior products and services. Further they follow-on passion and work for
it as well as make the better life for people. A better commercial entrepreneur with good work
ethics can provide the positive outcomes to the society. With the use of internet the
communication is more convenient, also it has embossed the global economy. They both are
similar with their entrepreneurial process with focusing on opportunity and vision (Singh. and
Gaur, 2018). Secondly, seeking outcomes are focused by both commercial and social which can
be measured and quantified. Third, the common term is both belongs to same field which is
entrepreneurship.
Further there are the three business ideas used such as Pant based meat, Sport Shoe
Customization and Disposable Paper Pee Bags.
TASK 2 OF 3
3.1- Analysing business ideas.
Business ideas 1- Plant based meat
The current business idea is effective and useful because individual person in today's
period, prefer to eat healthy, but still tend to stuck with the taste, which is possible for them to do
so (Broad, 2020). They will purchase plant based meat, that is full or nutrition, and high protein,
with good taste.
Business ideas 2- Sport shoe customization
The current concept is one of the best business ideas that in turn provide unpredictable
benefits to stakeholders or investors. As individual person in the recent time prefer to purchase

those products that are customized and expect to buy the same (Kute and Pido, 2022). They
follow trends and influenced from social media influencers, who are able to drive their attention
toward adopting, specific trend.
Business idea 3- disposable paper pee bags
This idea is suitable in the recent time, because number of people prefer to travel the
world, especially women, who are facing to use toilet during this period. In that case, this idea is
suitable for everyone, but especially female's (Luchese, Engel and Tessaro, 2021). According to
this idea, individual person will keep a paper pee bag into their pocket and bag, easily and use
when it is required, which help them to maintain their hygiene.
3.2- Evaluating production, and marketing feasibility of new business ideas.
Business ideas Production feasibility Marketing feasibility
Plant based meat In case of current business
idea, it is essential for
administration to conduct
appropriate production and
marketing feasibility, which in
turn provide benefit to them in
term of business ideas' success
(Her and et.al., 2022). They
will move to make
arrangement of appropriate
resources, and planning for
them same, such as soya,
beans wheat gluten, etc.
For purpose of marketing
feasibility, porter's and other
models will apply in case of
this business idea.

Sport shoe customization The production feasibility
includes stages of production
and utilization of raw materials
and other resources. It will
move management ahead in
form of conducting market
research in systematic manner,
by using specific strategic
concept or approach, and
selecting a mode of
transportation.
Furthermore, in order to
conduct marketing feasibility
in the context of this idea,
industry competitiveness is the
best techniques, which enable
marketer and other
stakeholders to identify the
extent to which competition
level in the specific market
(Manufacturing Feasibility
Study, 2022). It is essential for
them to know more about the
same thing in appropriate
manner, in term of using a
strategic model such as porter
five forces (Budiarty and et.al,
2022).
Disposable paper pee bags The production feasibility in
the context of current business
idea is possible, as it drives the
concentration of entrepreneur
toward using few resources
such as paper bags, etc.
Marketing feasibility term will
drive their attention toward
considering more factors, such
as existing organizations
marketing tactics, pricing
strategies and production
procedures, that affect the way
they will plan to take decision
and proceed with specific
business idea.
3.3
Financial techniques refer to the techniques which help to the organization to make prediction
about business planning (Were, Greggio, Giambastiani, 2020)

For “shoe nicks” organization which is planning to draw a new business, it has decided
to make new customized shoes.
With this regard a projected budget is prepared as- for making the projected budget
some aspects such as performance of market and industry are taken into consideration.
Projected budget for the year-----
components Budgeted amount(in euros)
Sales per year 1000000
Raw material 150000
electricity 15000
Daily wages 50000
commission 7000
Delivery charges 12000
refreshments 1000
Freight out 6000
carriage 30000
Packaging charges 29000
Variable expenditures 300000
Plant and machinery 50000
Salary (15×12000) 180000
rent 150000
insurance 5000
Phone services 2000
Car lease payment 50000
Financial cost 23000
Fixed expenditures 470000

Total expenditures 770000
Projected profit for the year 230000
From the projected budget it can be forecasted that the business plan is quite feasible
since the all components of the budget are showing their positive inclination. The entity would
be making great profit in the very first year of the business. As it has articulated plan of going
with cost leadership approach in the market so the total revenue is looking lower. The projected
profit is expected to be around 230000 euros, which is not much bigger yet it is positive so the
entity may earn bigger sum in the future.
Estimated or projected cash flow statement for the organization- cash flow statement is the
document which shows all the flows of cash in the organization either inflows or outflows
(Smith, Driver and Matthews, 2018)
For “shoe nicks” the projected cash flow statement is as below-
Projected cash flow statement for “Shoe Nicks” PLC at the end of the year-----
amount total
Cash flow from operating activities
Net income 230000
Depreciation and amortization 63000
Loss on sale of equipment nil
Change in current liability and current assets
Increase in current assets -3000
Decrease in current liability 28000
Net cash flow from operating activities- 262000
Cash flows from investing activities
Capital expenditures -23000
From sale of equipment 21000

Net cash used for investing activities 260000
Cash flows form financing activities
Issuing debentures 200000
Interest paid -177000
Net cash from financial activities 23000
Net cash flows during the year 100000
Cash at the beginning 10000
Cash at the end of the year 110000
The projected cash flow statement of shoe nicks is showing that there will be favourable
position on cash for the entity in the year. The operating performance of the entity is looking
satisfactory since it is showing good amount of cash inflows but there may be difficulties or risk
due to unsatisfactory performance of investing and financing activities. The organization is
striving to make entry in the market with intensive efforts and being a medium-sized entity
having sort of issue of competition.
Here specifically investing activities are forecasted to perform poorly for the
organization. Yet financing activities may show positive performance so on the basis of the
projected cash flow statement it can be estimated that there is rigorous demand to pay attention
on the factors of cash management.
4.1 Developing a business plan for a new venture.
Overview-
Sport shoe customization as a new business idea will obtain unexpected success in the
market, recently, because individual person prefer to customize products, according to their
needs and trends. In the recent time, they want to make a print on their shoes, of favourite sport

symbol and other unique features, that give them a new look. The overall process of chosen
business idea implement under a name of specific organization and that is shoe nicks.
Vision-
The vision of Shoe Nicks is to gain competitive advantages in form of gaining customers
attention and retaining potential buyers, with purchase of customize sport shoe.
Mission
The mission of Shoe Nicks is to generate revenue, increase profitability and build wide
customer base, in the UK retail market.
Business objectives.
 To generate revenue up to 60% within 2 years.
 To build wide consumer base up-to 50% within 3 years.
 To become a competitive shoe brand in 3 years.
Description of product-
For purpose of sustaining venture in the competitive business world, each and every
organization had conducted a lot of efforts, which driven their attention toward trend analysis.
Sport shoe customization is the leading trend which drive the attention of entrepreneur toward
starting a new venture named Shoe Nick, through which they will take order from customer and
identify their needs. It will drive their concentration toward using all the recyclable materials and
laser print technology that aid to design a print on shoe according to buyers demands (Laser
Engraving on Shoes and Boots, 2022). Laser Engraving is the best technique that management
will prefer to used to customize shoe.
Production feasibility-
The chosen business ideas is technically and practically feasible in form of production,
that aid to enhance customer satisfaction and meet their requirements. Production feasibility
includes a lot of details about production and customization of sport shoe, in the market that
fulfil the need of target audience and contribute to enhance their satisfactory level. The idea
implementation in practical manner is possible, because of resources accessible such as human
resource, raw materials, transportation sources, location and technology such as Laser Engraving
(Kalantari, Johnson and Perera, 2021). The process of shoe customization and then production,
also specify the feasibility of manufacturing goods, which entail key stages and these are;
Initial planning stage-

The process of manufacturing and customizing sport shoe begin with the stage of
planning, which will drive the attention of Shoe nicks toward, making an important discussion in
the context of product that they will plan to produce (Marion and Fixson, 2021). Management
will make discussion about how and what need to be considered as resources to manufacture
customize sport shoe that gain the attention of potential customers.
Product development phase-
After developing plan to customize and produce sport shoe, administration will move
toward further stage such as current one. According to which, they will start developing and
customizing shoes that meet target audience needs. This phase, encompasses some essential
activities like team formation and role as well as responsibilities division, that drive the attention
of individual person toward success of new business idea.
Product testing phase-
After manufacturing and customizing sport shoes, entrepreneur will take further steps
such as to test product that their production team manufacture, on the basis of customers needs. It
will contribute to identify or analyse the effectiveness of item that meet individual need. For
purpose of customize sport shoe testing, firm will take initiative to invite some people who will
wear shoe and then provide their reviews regarding the same. It is valuable and useful for Shoe
Nicks, thus it will provide them direction or guidance about what they will add in form of adding
value.
Commercialization-
Planning, production and testing stages enable entrepreneur to move toward
implementation of final phase such as commercialization, which enable them to commercialize
sport shoe that they will manufacture and customize according to buyers need.
Marketing feasibility-
PESTLE Analysis-
Political factor-
Political stability in the UK, may put positive impact on Shoe Nicks that will plan to
establish new business in form of manufacturing customize sport shoe for customers. It may
affect positively in form of increasing profitability and productivity.
Economic factor-

Economic growth, employment rate and other economic factors may put positive impact
on success of new business idea (Kim and et.al., 2021). As it may affect in form of increasing
demand and supply of good, which may provide management pleasure of generating revenue,
more than their expectation.
Social factor-
Change in the context of market trends, customer preferences, and buying behaviour may
also affect positively in form of driving the attention of organization toward a trend that it
already consider and proceed with that. It will plan to manufacture customize sport shoe.
Technology factor-
Technology advancement may put similar impact on Shoe Nicks like other external
factors, in form of designing and creating the best laxer print on each pair of shoe. The process
begin with consideration of target audience need and especial requirement.
Legal factor-
This factor may put adverse impact on Shoe Nicks new business idea in form of
increasing work pressure on management about making some change according to new rule in
regard to sustainability, and other functions of a venture.
Environmental factor-
This factor may affect positively as organization will plan to initiate sustainable practices
in form of using recyclable resources or raw materials that will do not impact negatively upon
any environmental factors such as land, water, air, etc.
SWOT analysis-
Strengths-
Skilled and experienced workforce is one of the biggest organizational strengths, that
enable firm to gain competitive benefits in the future when the idea is implement into practical
manner (Benzaghta and et.al., 2021). Another strength that Shoe Nicks will use to reach desire
outcome is good funding source, that will use further.
Weaknesses-
Lack of market analysis and research is the biggest weaknesses that Shoe Nicks may has,
that may put negative impact on its venture success in the market. Another weakness that effect
similar term is lack of online existence.
Opportunities-