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Skills and Capabilities Required to Initiate New Venture by Sweet & Spicy

University: Regent College London

  • Unit No: 28
  • Level: Undergraduate/College
  • Pages 12 / Words 3000
  • Paper Type: Assignment
  • Course Code: M/508/0494
  • Downloads: 85
Question :

Analysis of new venture by inculcating business plan by entrepreneur in order to look after new venture idea.

  • Investigation of required resources for Sweet & Spicy.
  • Assessment of skills and capabilities required to initiate new venture by Sweet & Spicy.
  • Justification of appropriate promotional activities to support new venture of Sweet & Spicy.
  • Assessment of suggestion of appropriate legal form for Sweet & Spicy. 
Answer :
Organization Selected : Sweet & Spicy

INTRODUCTION

As per changes in technology and stability of economy, it has become easy for entrepreneurs to open their new businesses in a competitive area easily. But opening a new venture is not an easy task for a person as it requires various skills and knowledges. It will help them in handling operational activities and situations which occurred on the basis of growth, culture, ethics and more in an easy way (Ghimire and et. al., 2015). Entrepreneurs are needed to develop  innovative ideas as well as set achievable target so that business can be launched in an appropriate manner. In context with this, present report is based on a new bakery shop named by Sweet & Spicy. Entrepreneur is going to start this business in the city of London, UK. This firm will have produces a wide range of food items like savouries, pastries, biscuits and more. Thus, proper analyse of market conditions, expectation of customers along with tangible and intangible resources are discussing in this report.

TASK 1

P1 Investigation of new venture for identifying specific target market

Sweet & Spicy, is a new venture which is going to be launched soon in a populated area of London. It will serve fresh bakery items like cakes, burgers, cookies, sandwiches, patties, ice-creams and so on. The main motive behind opening this outlet in a competitive and highly populated marketplace is that it becomes easy for attracting minds of people towards wide range of fresh eatables. It will help in delivering services and facilities to them in a profitable manner.  In order to get attention of customers, this firm will have attractive interiors, table-corners, good space for small parties and more (Liao and et. al., 2016). Therefore, in this regard a small plan for new venture has been discussing below:-

In order to open a new outlet as named by Sweet & Spicy, entrepreneur needs an area of space of 1500 sq.ft in London Street. This space must be available in such market area where many competitors are present as it will help in selling commodities in a vast manner. In addition to this, business tycoon hire this shop for three years on lease with one year advance. For launching this business in a desired manner, owners have to arrange proper funds which is near about £ 3,50,000 to £4,00,000.

Objectives:

  • The main objective of this bakery is to serve fresh and nutritive quality of eatables to customers.
  • Create good reputation in market place.
  • Enhance brand image, productivity and profitability of business.
  • Aims to occupy a large market share and give tough competition to established Bakeries.

Mission: “To serve fresh, organic and nutritive baked food items to customers for satisfying their desires in a healthy manner”.

The marketplace where entrepreneur is going to launch business has covered with many competitors so, owners are needed to have new and innovative ideas. In addition to this, for achieving goals and objectives, some major criteria where they need to be focused more on are as follows:

Identifying specific target market: It is the most essential step on which entrepreneurs are needed to be considered while making a proper plan. It defines the targeted area where new outlets can be run in profitable manner (Pan and et. al., 2016). This would help business tycoons in understanding needs and desires of people living in a particular area. Through this process, they can serve their qualitative products as per demand of customers and satisfies needs of them in an efficient way. In addition to this, by identifying particular target market, support owners in analysing behaviour of customers also which includes income level, status, taste, lifestyles and more.

Competitive analysis: This factor also holds its importance in opening a new venture. It will help in analysing the factors which affect business in both positive and negative manner. It includes strategies and policies used by competitors who are selling same commodities in similar market area. It aid entrepreneurs to develop better strategies and plans in order to gain high competition and gain large share in marketplace (Paradkar, Knight and Hansen, 2015). In London Street, main competitors for new ventures are Primrose, Cake Street, PAUL Baker, The Hummingbird Bakery and more. Therefore, owners of Sweet & Spicy Bakery need to make creativity in business idea and provide better services to clients.

P2 Specific tangible and intangible resources that required for a new venture

In opening a new venture, an entrepreneur used to make a proper plan by arranging resources which are required in establishing business in a proper way. For this desired purpose, it is necessary for owners to arrange proper funds (Tangible Vs. Intangible Resources. 2017). This would help in operating business activities in a proper way. In Sweet & Spicy Bakery, this firm wants to serve high qualitative and fresh food items such as ice-creams, shortcakes, Scones and coffee, Mince pie and more eatables. In to attract more customers, it will serve these commodities on affordable and less price as compared to other bakeries. In addition to fulfil these requirements, some tangible and intangible resources are:-

Tangible Resource: It includes physical items like plants, machineries, tools, equipments, and other physical materials. In establishing a bakery, owners need to arrange proper building area, lands, cold storage rooms, refrigerators, microwave and oven for baking items and most important capital.

Intangible Resources: This type of resources includes several components like patents, goodwill, trademarks, culture and customer relationship etc. which have no physical existence. In addition to this, for protecting own ideas as from other competitors, entrepreneurs are needed to use IP such as copyrights, trademarks and more. It will help in securing own creative and innovative thoughts in a more easy way.

TASK 2

P3 Credible proposal to launch a new venture

A business proposal aid a firm in determining cost of production and entire activities need to launch a new venture in a perfect way. Through this, entrepreneurs can take effective decisions regards to run business successfully (Pan and et. al., 2016). Generally, this type of proposal is made by consultancies which help owners in giving all information related to business activities, requirement of finance, place and more, through which they can arrange necessary funds and achieve objectives of a company. In this regard, a business proposal has been given below for Sweet & Spicy Bakery:-

Executive Summary

Sweet & Spicy Bakery is currently dealing with baked products, beverages and desserts like cookies, Arctic roll, Eton mess, Gypsy tart, Tapioca and more.

Company description

An entrepreneur is coming up with a new fresh and innovative idea to open an outlet Sweet & Spicy Bakery. This shop will serve organic and healthy eatables in London Street of UK. It will take a shop on leave for three years along with one year rent which is of 1500 sq.ft. Many competitors are running their business in same marketplace as it covers a large populated area so, it will help in generating more and more profit for new ventures.

Market Analysis

To gain attention of more customers, it is necessary for entrepreneurs to make effective planning and strategies. It will help in running business in a profitable manner (Liao and et. al., 2016). In this regard, owner is need to properly analyse condition of marketplace as well as position of other companies who are dealing in same sector. For this determination, SWOT and PESTEL techniques are recommended.

Financial projection

Without proper funds, a person cannot open an new outlet in desired manner. Therefore, owners of Sweet & Spicy need to arrange adequate amount of funds as well as formulate proper budget. It aid them in making proper decision regarding expenditure so that wastage of money can be reduced.

Benchmarking

In this, owner consider benchmark by setting standards of the work in an effective way. It will support in ensuring about the customers or employees that they are performing every tasks according to set benchmarking with comparing it.

P4 Skills and capabilities required to launch a new venture

For opening a new venture, it is required to bring innovative thoughts and creativity through which ideas can be turned into business concept. In this process, a person needs to gain high skills and abilities as well as utilise them in a proper way (Kuratko and Hoskinson, 2016). It will support them in achieving set target and mission in a proper way. Some essential skills and capabilities are given below which needs to be have in business tycoons are:

Risk taker: The business owner should be prepared in order to face any type of risk which are affecting their business operations. There should be plans and policies formulated by which firms can enhance their overall sales and profitability index. Sweet and spicy Bakery are launching their product in most effectual manner by formulating plans and policies which are beneficial for them in order to achieve growth and achieve the targets in desired time frames. Owner of this company have taken risk to launch store in a particular market where many bakeries are already present. In order to grab attention of people, it offers a wide range of bakery items on discounted offers.

Leadership skills: It is an important skills that needs to be a person have in organisation. As many persons are associated with a single business, therefore, various types of situation can be occurred on daily basis (Koirala and et. al., 2016). So, entrepreneurs are needed to gain high leadership qualities through which they can engage all people with goals and objectives of a company. Along with this, it will aid in motivating people at ventures and boost their morale up. This will support them in increasing productivity and profitability of business in a high manner. Through effective leadership qualities store managers of Sweet and Spicy Bakery influences other workers to give best services to customers. They have adopted democratic style of leadership and allow staff members to work in own manner to get high satisfied customers. This would help in getting cooperation of workers in running bakery more efficiently.

Presentation of proposal: This is the most vital component as there is requirement of effective presentation of the plans and procedures so that employees can carry out the working according to set business goals and objectives. Therefore, business owner of Sweet and spicy Bakery have to analyse the business ideas before implementing them in order to achieve growth and success in their operations. In this regard, through effective presentation skills, managers of this bakery can influence stakeholders to give support in opening their bakery. By getting approval on proposal, owners of this bakery can influence investors to make investment as well.

Project management: Through this quality, a person can evaluate preference of customers and their taste easily by conducting proper surveys in a particular area where new venture wants to open business. In addition to this, for achieving target of business, they should formulate effective strategies so that a project can be completed on time. For this process, having managerial skills, managers of Sweet and Spicy Bakery can make proper management plan to open store. This plan includes in what manner team-members have to conduct research to analyse the need and demand of people regarding bakery items.

Marketing and customers service: In order to aware customers about new venture and its products, an entrepreneur needs to use effective marketing techniques (Khan and et. al., 2015). It help in promoting brands of company in a large market area and attract minds of people towards the same. Along with this, in outlets they should provide high customer service and complete demands of them on time. In order to search need, preference and demand of potential customers, managers of Sweet and Spicy Bakery have adopted effective marketing techniques. It includes social networking sites like Facebook, Instagram and more, where staff members of this bakery can make connection with potential customers. They can aware people types of products, offers and special discounts on particular day.

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