UGB234 Managing Entrepreneurship: YourStore.com Business Report

This report outlines a business plan for YourStore.com, a new online business offering home appliances, groceries, and food products at affordable prices. It explores lessons for generating business ideas, barriers faced by nascent entrepreneurs, and key aspects of the business plan including market research (Porter's Five Forces), STP (Segmentation, Targeting, Positioning), marketing (7Ps), human resources, operations using the Business Model Canvas, legal issues, financials, risks, contingency and exit strategies. The business aims to change customer buying patterns by providing quality products and services online, leveraging demographic and psychographic segmentation for targeted marketing.

Managing
Entrepreneurship,
Innovation &
Creativity

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Task 2...............................................................................................................................................1
Option A...........................................................................................................................................1
What are the lessons that must generate business ideas in marketplace......................................1
What are the barriers faced by nascent entrepreneurs when developing their ideas and
concepts?......................................................................................................................................2
Task 3...............................................................................................................................................3
INTRODUCTION.......................................................................................................................4
Objectives:...................................................................................................................................4
Market Research..........................................................................................................................4
STP of Your Store.com ...............................................................................................................5
Marketing.....................................................................................................................................6
Human Resource..........................................................................................................................7
Operations – Using the Business Model Canvas
......................................................................................................................................................8
Legal Issues
......................................................................................................................................................8
Financial
......................................................................................................................................................8
Risks, Contingency
and Exit Strategies......................................................................................................................8
Other issues..................................................................................................................................8
CONCLUSION................................................................................................................................8
.........................................................................................................................................................8

INTRODUCTION
Managing entrepreneurship innovation and creativity explore the natures of innovative
kind of ideas to bring certain positive changes about how harness its inherent potential
(Chowdhury, 2019). In this student acquire necessary skills to start and manage projects
including business model innovation, leadership and communication. The role of innovation in
entrepreneurship by contrast is implementing to generate customised ideas of life. It is having
social factor which analysing to bring ideas towards life. Its having social which let people do
what they previously attain the challenges to commence the business. In this following report,
the new business has formulated towards attain new objectives to accomplish outcomes. The new
business is YourStore.com. As per the concept of this new business is coming through to offer
home appliances, grocessory, food product services etc. All these product to provide in
affordable process through online for changing the customer buying pattern.
MAIN BODY.
Task 2
Option A
What are the lessons that must generate business ideas in marketplace.
There are many ways to generate the business ideas in marketplace where individual contributed
towards the society and economic benefits by offered them innovative kind of business (Wang,
2019). Similarly to make the better business ideas entrepreneurs required to analyse themselves
where they can target their product and services to attain more positive way of outcomes
effectively. Think like an artists: This is important to making business outcomes generates to deal
with market. To create artistic plan and act to study the market with opportunities and
challenges identified. After this, an individual entrepreneur make the business more
flexible if the overall goals and objectives has been set to attain market outcomes
effectively (Ketche. and Craighead, 2020). There is requirement of creativity business
mind that would helped to sustain in market effectively. Stay clam but focused: To generate the ideas for establishing a new business start ups or
even scaling already existed organisation. If there is not proper planned about the
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business formation then it would create difficult to sustain in competitive business
environment. An individual entrepreneur need to make motivate himself or herself while
planning to execute own business in market as in clam or positive mind set. Through
getting virtual addresses or even seeking for partner that make sure to visits some main
business events like webinar and seminar. These events would help out provide ways
how to easily make the business started in positive mind set through expertise.
 Focused to more easier in life: This is an ideas where the individual where he or she
makes their move towards better business implementation by having clarity about their
objectives to attain more business outcomes to generate business to attain more positive
outcomes effectively. There is also another option to access online and reading business
related books and novels, all these would help out to assist how to be focused and
resources that would required to generate the business effectively (Sarath CP, 2020.
https://medium.com/build-something-cool/8-best-ways-to-generate-great-business-ideas-
e2d57a87b710). As the peoples are seeking for comfort product and services on which
entrepreneur also need to generate the ideas on that flexible basis where it would help to
make quality of product and services effectively.
What are the barriers faced by nascent entrepreneurs when developing their ideas and concepts?
Nascent Entrepreneurs: These are the people who are highly get engaged with creating
new business venture. They have only motive to bring some positive kind of changes to attain
more competitive advantages or profitability through generate eventual start ups (Santoso,, 2017.
Entrepreneur are required a through process where they can radical thinking to get know about
marketers with an strategic plan which effective divided into long term objectives. In following
some of the barriers that would face by Nascent Entrepreneur:
 Finances: These are the one of most basic barriers for entrepreneurs while conducting
business in unique for amazing business culture start up. An individual start up have
make financial investment funding can be one of biggest barriers to entrepreneurship in
financial institution, angle investors and organisation to find difficult to believe start up
ideas owning for risk failure loosing money.
 Not having strategic plans: There is lack of proper planning and strategy in place of one
of most common barriers towards the entrepreneurship. Somehow, there is requirement
of constant flexible planning of new business start up that would help to attain more
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accomplish goals. From the right target market, finances, human resources to having
proper strategic plan is required to build successful business in brand in market.
 Human resources issues: As entrepreneur cannot able to handle and run the business
alone by themselves (Popkova and Sergi., 2020). As they require the support of human
resources to carve a niche in the market. In new and start up business required to generate
potential kind of manpower who have proper knowledge and skills to process of high
level of productivity. There would be essential requirement of manpower to provide them
training and development.
Evaluation:
As per above barrier of Nascent Entrepreneur can face barriers in which the most basic
and benefits barrier would be risk taking as because they would get to explore new opportunities
and challenges to mapping the competitive business environment. For the new business there is
requirement to analysing the risk to attain more competitive advantages. New business
involvement to get creates more opportunities in terms of investment, jobs etc.
Task 3.
INTRODUCTION
In business plan refers to an important written document which provides a description
and overview of company's future. A business plan is very necessary to prepare strategies for
running the operations smoothly and also for survive between competitors. Our name of new
business is Your Store. com and wide range of grocery and home appliances products are
available in our website (Yohana and Rachmadania, 2020). The main aim of this business is to
provide best quality products and services to all categories of customers with affordable prices. It
is a globally access online business with good technology which operated from United
Kingdom .
Objectives:
The new business that makes more opportunities to having objectives for accomplishing
outcomes from the market. Every new business must have objectives that makes positive impact
on the market within the effective nature of used. As the innovative business is YourStore.com
as it make to change the buyer buying pattern and also offer quality of product and services in
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reasonable price to attract more customer development within effective manner. There are many
online business but to make clarity to gain better goals that present in market. Through these
objective helps to understand about how to attempt the product and services to make more
attainment to gain more competitive advantages.
Market Research
It is the process of finding the validity of a new service or product through conducting
research directly from potential customers. Basically market research are conducted by company
in two ways -
 Primary research – It is used by researcher to gather data directly from customers such
as interview, online surveys, observations and focus groups.
 Secondary research – In this method researcher gather data indirectly from customers
such as availability of data on internet, public libraries and also from newspapers,
magazines, articles.
In this report the research of Your store .com is mainly based on secondary data. According to
the report Porter's five force model are applied by company to analyse competitors in market.
 Threat of new entrants – In online business it is high because when any innovative
products launched in website with low price (Deslée and Dahan, 2018). Then well
established competitors such as flip cart, amazon etc. try to launch same product at same
price.
 Bargaining power of suppliers – It is high because of increasing competition in
industry and also reduce the profit and growth potential for Your store .com. It also
reflects pressure from suppliers on business with help of adopting different strategies
such as reducing product availability or quality and so on.
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 Bargaining power of buyers – In this stage it is low because like Your store .com other
competitors also sell the grocery and home appliances products at same rate. And in this
stage bargaining power is less.
 Threats of suitable products or services – It is moderate because proper availability of
product or services maintain the competitive environment at moderate level.
 Competitive rivalry: It shows that Your store .com face high pressure from rival firms,
which is harmful for their growth potential.
STP of Your Store.com
It mainly refers to three activities segmentation, marketing and positioning. . This method
is used to identify suitable segments to targets before developing matching positioning strategies
and distributing resources marketing resources. The organization used this model for increasing
their popularity and also for analysing macro environmental factors which are described below -
 Segmentation – It refers to create different customer segments which is based on specific
criteria and traits such as geographic, demographic, behavioural and psycho graphic
segmentation. But in starting this company is mostly based on demographic and psycho
graphic segmentation (Othma and Hisam, 2020). Because this new company is producing
mostly grocery and home appliances products and these products mostly comes under
demographic and psycho graphic segmentation.
 Targeting – It is the process of identifying highly attractive segments from the
segmentation stage which is more profitable for business. It means that organisation
target those customer's where the grocery and home appliance products are highly
consumed.
 Positioning – In this process organization mainly focuses on what type of response
received by customer's regarding their product or services in comparison with other
competitors. Competitors includes flip kart, Amazon, Myntra and so on. It means in our
business best technology are used to provide proper services to consumers.
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Marketing.
The marketing tool is more comprehensive that helps to analyse the opportunities and 7ps
that usually refers about product, price, place, promotion, people , process and physical evidence.
These are the key elements involved in marketing a good or services. In this they interact with
each other within significantly manner to each other: Product: The online new business is YourStore.com offers household, food services,
home appliances through online platforms where people can easily access the business.
To creating online product is an online marketing mix that to all about surround product
itself to deliver online product. Price: As the prices of online product of YourStore.com is about affordable where
customer can easily purchase as per their convenience. The pricing strategy
YourStore.com is follows that is Pricing Penetration to get more customer retention as
well as measure their profit margin (Ahlstrom, Arregle and Faems 2020). By including
customer time spent on acquiring to product in the pricing strategy that would help to
develop accurate pricing from product line. By implement excellent pricing strategy
includes the use of discounts, payments terms and has more opportunities for
allowances. Place : On the basis of place of online marketing mix means that place where product
and services can get conusme or purchase by the customer in flexible manner. For
YourStore.com products would easily available on online where people can easily
access through globally. Promotion: On the basis of promotion through online marketing effective strategies
choose includes to marketing where every business it online product is get require
different approaches reaching their customers (Mahmood, Rasool. and Anum, 2021).
For YourStore.com product and services can promote through social media platform to
attain more customer retention for longer period of time. People: There would be require of manpower in YourStore.com as it make more easy
to handle the task for effective manner. For YourStore.com need to more manpower
requires to handle the task to make more productive. Process: The process of Online business YourStore.com undertakes market decision in
the online marketing mix which defines the needed procedures for effective optimising
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process (Biesenthal, Mahalingam. and Sankaran, 2018). There is better Key
Performance Indicators to create in customer mind .
 Physical Evidence: In the extended marketing mix physical evidence refers to the
different. In this however, the digitalisation of the physical evidence. A website design
is an essential through online devices of attainment business outcomes accomplished.
For the YourStore.com is having existence on online business where easily get to
optimised the business to attain positive outcomes.
Human Resource
Human resource management is practices of recruiting, hiring, deploying and training
and development practices where to manage the employees practises. The role of process
employing people, training them, compensating them, developing policies related with the
workplaces and also to develop the strategies to effective retain employees. Similarly, the
YourStore.com new business would also require new business where potential kind of manpower
would plays an important role to attain more workplace productivity requires (Sandra, 2018). By
providing them training and development facilities, performance appraisal, Employee
Engagement activities and HR policies as it would help to maintain employees performances and
also analyse internal workplace process to attain positive outcomes. The human resource is the
division of business that is changed to findings screening, recruiting and training job applicants
and administrative employee benefits programs. The Training and development which has been
provided by organisations to their employees help them to develop their knowledge and skills in
several fields which is very essential for the development and growth of employees in the
organisation (Chaudhary, 2019). Like in YourStore.com which are essential for marketing of
insurance to their employees which helps the employees to have a good knowledge and skills.
These skills and knowledge in the employees provide them growth opportunities either in the
organisation or with better offers of job in the market to the employees.
Operations – Using the Business Model Canvas
Business canvas model is type of shared language for describing, visualising, assessing
and change business model where it describe rationale of how an organisation creates, delivers
and captures values. By using the business model canvas for YourStore.com new business:
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Key Partners:
 Logistics
partner.
 Affiliates.
 Authors and
marketing
publishers
 Network of
Sellers.
Key activities:
 Merchandising.
 Production and
Design.
Value Proportion:
 Convenience.
 Price.
 Instant fulfilment
 Vast Selection
Customer
relationship:
 Self
Service
Customer
Segments:
 Group
Leverage.
Global
consumer
Market.
Key resources:
 Physical
Warehouses.
 Human: Web
application and
development
Channels:
 Online
Application
Cost Structure:
Low cost structure.
IT and Fulfilment infrastructure.
Revenue Streams:
Sales of Assets
Acquisition of Investment
Prime Monthly subscriptions
Legal Issues
This is something that happens which has legal implication and may need the helps from
lawyer to sort out the problem within effective manner. There are some of legal issues which can
faces by YourStore.com business:
 Incorporation problem: If the company is having merely via websites where being
incorporated to selling activity related with product will be consider illegal to right calm
fraud corruption.
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 Trade Mark Security problem: If the company is having is one of legal issues field E-
commerce. Since trade mark of company logo symbol the representation of business all
over the web. This is one of the common issues that become deadly threat to e-business.
 Privacy Issues: When it comes to online business privacy is the major issues that can
create problem and customer. The consumer shares information with business online they
expect sellers to share information confidential.
Financial
To access the financial funding can be major role played to create issues if there is lack of
fund in YourStore.com to make more important decision make and choosing the right funds is
crucial. Debts repayment where YourStore.com owner take an debts to launch their business
where the beginning of any new business venture as it impossible to know with certainly how the
company will perform (Ratten and Jones, 2021). If there is not having consistent cash flows
should be priorty for small business for example: YourStore.com to make prepare to maintain of
cash flow forecast.
Risks, Contingency and Exit Strategies
Contingency plan is executed when the risk is having present with the purpose of plan is
lesson to recover the damages which comes under the cash flows when it occurs. The exist
strategy which can consider for YourStore.com where management employee buyout as these
individuals knows how to manage the organisation where the business exist strategy could
scrutinise the result smoother transition.
Other issues:
The other issues are lack of manpower, inflation, recession and global pandemic can make the
growth of YourStore.com. As the individual know how to manage the organisation.
CONCLUSION
From the above report of managing entrepreneurship is summarised to attain more
information regarding with the business development. To opted a specific theme of business
where it execute to mainly where to make some strategies and barrier that creates the business
sustainability in complex situation. There has been new business ideas and make strategies to
attain more competitive advantages.
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