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Key Ideas and Training Programs for Entrepreneurship Development

University: Stanford University

  • Unit No: 5
  • Level: High school
  • Pages: 13 / Words 3195
  • Paper Type: Assignment
  • Course Code: QAB020X613A
  • Downloads: 16
Question :

This assessment will cover the following questions:

  1. Explain the unique value proposition used to create the entrepreneurial idea.
  2. What are the key areas which should be taken into consideration for establishing new enterprise.
  3. What are the resources and effective plans required to achieve success in the entrepreneurship business.
Answer :

INTRODUCTION

This study is based on Entrepreneurship Development. It is a process of improving the skills and knowledge of entrepreneurs by conducting various training programs etc. This proposal will be including a business idea for Hair and beauty Salon that is located in north London on the side of a play ground. This business idea is proposed to attract the customers of London as there is high demand for this business in that particular location and also this idea is emerged because of the huge demand for attractive look.

 This business will be implemented by forming a unique idea to grab the opportunity to attract customers of different age group. This business will be targeting customers that will include mums and kids , men and women, elderly and students. Furthermore , it will include different products and services of Hair and Beauty Salon. Also, it will provide with the process to implement this business idea to increase their market share in North London. Moreover, this assignment will include about opportunity development in which the firm focuses on developing its products and services by using perspectives of entrepreneurship development.

 Hair and beauty Salon will be providing various services for different age group which will assist the business in development of its enterprise at North London.

SECTION 2

Opportunity Formation

Business idea:The business idea is to launch a Hair and beauty salon to overcome the problems faced by every individual. Hair and beauty salon will be launch with an attractive interior. This Salon is very attractive as it provides various services for all age group. (Blackburn, 2016). This Salon will have attractive hair designers which will be available for different ranges such as classical, experts and professional hair designers. This salon will provide various services and specially for hairs.

 This Salon will be providing various different hair styles by scanning the face of the customers and then designing the hair style according to their choice. Business idea for this salon is developed to provide customers with unique features which are not available in any other salon located in North London. (Jones and et.al., 2018). It proposed development is to provide more attractive services by increasing its quality of providing services.

Market promotion of the salon: Black salon In order to provide information to customers about the various advantages of this salon will provide the 50% off on their first visit. Hair and beauty salon will use various promotional tools such as advertisement of product in the television and magazines to attract customers from various areas. Black salon will have various attractive interior which is made up of combination of black and white. and it is available for all the age group people(Nguyen, Sullivan Mort and D'Souza, 2015). Hair and beauty salon is providing various discounted offers to customers .Black salon will gain the market because of its various unique services which will help the salon in gaining more profitability.

 The Idea is processed by identifying various factors such as :

  • Target customers : The target customers of this salon include people from different age group which consist of mums and kids, men and women and elderly and students (Ács, Szerb, and Autio, 2016). This salon will be targeting people of all age group because to provide information about its services and to serve them.
  • Identification of competitors : This Salon is launched after identifying the competitors that are involved in The same field. Black salon identified various problems relating to competitors services and then this idea is processed to reduce the deficiency present in the services of competitors.
  • Uniqueness of product : Black salon will be launched is having various attractive services which include face scanning for hair designing etc. This salon is having attractive designers which are classified into classical , experts and professionals. (Basu and Bharti, 2016). The Uniqueness about this salon is that it contains fewer chemicals and more organic to products to be used on hairs for styling.

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Quantify value of the product : This Salon launched in North London will be affordable by every customers as it is offering customers with 50 % discount on their first visit. This will assist the Black salon in increasing its customers base.

The business idea is to launch the hair and beauty salon in the north London, the attractive feature of the this entity is that there is present of expert hair designer and they are avail in the rage as classic, expert and professional hair designers. In addition to this, the hair and beauty salon will be named as “Black” and the entrepreneur are planning to have the superior interior concept. So, the physical outlet can also be attractive to the customers in the huge context. The all theme of the salon will be based on black and white. The rank has been given as per their level and prices are also varied. In order to make this launch successful in the market, it is the responsibility of the firm to provide the better and efficient services to the customers. The another attractive feature is that professional designer will scan the face of the customer and they try different styles of hair cutting in computer screen. The one better design will be selected that suits the most to the customers. The attractive feature of the product maximize the profitability and productivity so that things can be done in better manner. The uniqueness of the product will be beneficial in order to bring competitive advantage so that things can be done in better manner.

This kind of the facilities of the salon are very attractive and they are able to earn the long term profitability in the market. In order to make this effective, the entrepreneur has decided to implement unique selling position , it is tool that is assists in order to make the services of the firm unique from rest of the competing brand in the market (Hussin, 2018). This is the techniques that motivates the buyer to purchase the services as compare to any other place.

At the time new launch company think to promote their product with the help of the advertisement facilities through TV and media that its eventually attract the customer to visit the place at least once. In this term, it can be said that the strong Unique selling proposition will help to stands apart of the commodities and also play the foremost role in order to give branding to the product. This kind of the feature can attract the buyer in terms to get the services. The one of the tool that if the firm uses the USP then it can guarantee in terms to have product success in market. In addition to this, it can be said that the superior service quality with the help of the better use of the product in salon at each visit of the customer can work as to be the better foundation in terms to launch the new services in the market will allow to capture the maximum amount of the profitability and the productivity (Fitriyadi, A'inurrosyidah and Djati, 2018).

The London is well known for the fashion and there are number of potential individuals that spends a lot of money in terms to grooming their looks. Thus, it can be said that this kind of the services with expert and professional designers will work as to develop the better brand image in the market. In addition to this, it can be said that at the initial level of launching the salon in the market, the firm is also taking step to provide the discounted facilities to the customer at the time till their first visit. The facility will be offered in terms to give the discount of the 50% with the keratin product that help to rejuvenate the hair texture. Thus, these are the core elements that derives the long term success to the enterprise (Muchie, 2019 ).

Section 3 Opportunities development

Discussion to develop service into the significant venture by drawing features with help of three development perspective.

The different perspective are needed to be selected in order to perform the business function in the appropriate manner. In addition to this, it can be said that better and attractive feature will be helpful to have long term sustainability in the market. In this, the perspective as Cognitive for founder entrepreneur enterprise and organization for the nation and international organization will be selected and it is defined in the following manner as are-

Cognitive perspective- In this, it can be said that the entrepreneur related with the cognitive approach works as to provide the response in order to limitation of the trait approach. The main aim is to put their major consideration over the behavioural of the entrepreneur by the use of cognition. In this, it can be used that cognitive approach has been characterized by the certain types of the cognition among the other aspect and it can be helpful in order to identify the behaviour, success of the business and definition of the entrepreneurs (Ariffin, Baqutayan and Mahdzir, 2018). On the other hand, the researcher use this approach in order to make the better distinguish between the entrepreneur from the non- entrepreneur.

The present plan of the entrepreneur is to open the hair and beauty salon. The services of the firm will be named as the Black salon. In this, they need to provide effective product services so that it can attract the customer in order to be competitive in the market. In addition to this, it can be said that the entrepreneurship is term that relates with the individual and who takes the various initiatives towards creating the new activities and to expand them in the market with the attractive features. In addition to this, there is need of understanding the perception, memory, thinking and all the the things that will be helpful in terms to trying the actions of the behaviour and individual so that better things can be done.

In addition to this, it can be said that the cognitive approach to the entrepreneurship will work as to provide response to the limitation of the trait approach. In this, the main element are needed to be studied as cognitive styles, self efficiency and heuristic. In addition to this, it can be said that the understanding of the term entrepreneurial cognition that represents the potential and productive field of the research. In this manner, it can be said that the it is based with the knowledge structure that will be used by the individuals in order to make the assessment, judgements and decision and that all will be inclusive of the opportunity evaluation, creation and the growth. Therefore, it can be said that opportunities are need to be recognized in all the individuals and potential threat must be well known before the launching of the product so that alternative path can be occupied (Kansiime and et.al., 2018 ). This kind of the feature attract the buyer in order to opt the better and efficient services. In this, it can be said that decision making and cognition both are impacted by the knowledge acquired with help of perfect information. In this, it can be said that there must be better facilities in order conduct the things in the efficient manner so that all process of developing the entrepreneurial venture as Hair an d beauty salon services can be done in the better and attractive manner.

Organisation perspective- In this, entrepreneur works as to improve the performance in the manner as types, sizes and ages. In addition to this, it can be said that there is need to create the the better and effective things in order to bring development in the many countries. On the other hand, it can be said that the entrepreneurship is belong to the factor that helps to make the proper evaluation of the organisation entrepreneurship. Under this, it can be stated that the classification of the entrepreneurship is the term that plays the crucial role in order to determine the success to the enterprise. In this, it can be said that potential impacts are must be considered. The better and expert organisation perspective will be helpful in order to enhance the innovation in the market.

In this, there are numerous number of the definition that can effectively define the term as entrepreneurship. Thus, the common classification will be based on the following things and that has been defined as-

  • Individual entrepreneur- In this, person create the risky innovative entrepreneurship and can be due to the new entities, bring development in the existing one and to take the step so that problem can be sorted.
  • Group entrepreneur- In the formation of the team, there is need to need to creation of the innovative entrepreneurship (Kempster, Smith and Barnes, 2018 ).
  • Organisation entrepreneurship- in this, the enterprise must follow the entrepreneurship approach and also provides the benefits so that all things can be undertaken in the better manner.

In addition to this, it can be said that the enterprise entrepreneurship is the process in which enterprise works as to recognize the growth and to develop the chances and create the effective values for the customer in terms to take the better innovative facilities so that resources can be allocated in the better and efficient manner.

Furthermore, the organisational entrepreneurship is very essential in order to incompatibility and slow reaction of the medium and large enterprise in comparison of the daily increasing, rapid and complex and unreliable changes in the environment so that fast actions and innovation can be developed. In this, the proper strategies are must be formulated and it has to be defined in the following manner as are-

  • Rapid enhance of new competitors.
  • To have distrust in tradition methods of the companies.

In this term, it can be said that organisation forward and summarize the features of the new business and it has to taken the various things and must be defined in following ways as are-

  • Focus on change- In this, entrepreneurship management is the term that bring variety of the changes in the enterprise. The entities as hair salon and other must being innovative method so that customer can be attractive towards the product and services in market.
  • To focus on opportunity- In this, it can be said that entrepreneurship engagement is consisted with the number of the opportunities and the better and effective entrepreneur work as to bring the better services so that firm can able to earn long term sustainability in the market (Entrepreneurship Development, ).
  • Wide perspective- In this, it can be said the entrepreneurship management has the wide perspective in order to make the better decision. In this, it can be said that the systematic term will be beneficial in order to enlarge the business operations in the better manner.
  • Taking risk- in this, the entrepreneur works as to takes the huge amount of the risk so that he can able to develop his marketing activities so that all things are to be done in the better manner. He must identify total allocation of the risk so that that must be identified in the better approach. This kind of the services bring long term profitability and productivity to the enterprise.

In order to lunch new and promote better services, it is essential to undertake the organisation perspective so that things can be formed in the better manner. The various innovative approaches must be taken. With help of it, better decision can be taken and the organisation can undertake the business activities in the proper manner. The main aim in term to bring the entrepreneurship development is to bring attractive feature so that customer will be attractive towards the services of the firm in the market.

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CONCLUSION

Based on the above report it can be concluded that entrepreneurship is the process that works as to takes the financial risk in order to earn long term profitability in the enterprise. The entrepreneurship develop can be defined as term that aids to improve skill and knowledge of the entrepreneur by undertaking the training and classroom program. The present report is based on the entrepreneurship development program, in this entrepreneur as decide to launch the services as hair and beauty salon in the north London, the attractive feature of the this entity is that there is present of expert hair designer and they are avail in the rage as classic, expert and professional hair designers. The services of the firm has been named as Black. With the help of the proper plan and direct the activities can be done in the better manner.

The main aim is to improve the quality by developing the skills of entrepreneur so that qualified decision can be taken in day to day business activities. In this, present report the various things has been covered as to define the uniqueness of the commodities in the market, the two approaches has been taken as cognitive and organisation perspective so that all things can be conducted in the better manner. In this process I have learnt that the all process of the entrepreneurship development will be crucial in order to bring the improvement in the skill. The person can able to take the risk in order to have the successful launch in the market and to maximise the profitability.

REFERENCES

Books and Journals

Hussin, M.R.B.A., 2018. Rationalization of using practical action research method in course development for entrepreneurship training programme.

Fitriyadi, J., A'inurrosyidah, A. and Djati, A., 2018, September. The Influence of Discovery Learning Model Assessment Againt the Attitude of the Soul of Entrepreneurship Nursing Course Entreprenurship in STIKes Bhakti Mulia Kediri. In The 2nd Joint International Conferences.

Muchie, M., 2019. Networked System of Innovation for African Integrated, Smart and Green Development. In Innovation, Regional Integration, and Development in Africa . Springer, Cham.

Ariffin, A.S., Baqutayan, S.M.S. and Mahdzir, A.M., 2018. Enhancing Women Entrepreneurship Development Framework: Policy & Institution Gap and Challenges in the Case of Malaysia. Journal of Science, Technology and Innovation Policy. 3(2).

Kansiime, M.K and et.al., 2018. Derived demand for African indigenous vegetable seed: implications for farmer-seed entrepreneurship development. International Food and Agribusiness Management Review. pp.1-17.

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