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BM564 Enterprise and Entrepreneurship Assignment Sample

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BM564 Enterprise and Entrepreneurship Assignment

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Introduction - BM564 Enterprise and Entrepreneurship

Entrepreneurs may establish a firm for a range of factors, and it may operate in a variety of business sectors. Businesses must possess a variety of attributes to remain effective. Entrepreneurs may do so for a variety of reasons (planning considerations for entrepreneurs and department managers, 2007). These may include the desire to be in their employer and have the freedom and liberty to take decisions, the desire to have greater control over workdays, and the desire to pursue a passion or hobby. Enterprise is all about identifying new business prospects and capitalizing on them profitably. An entrepreneur is someone who accepts risk to establish a company.

Motivation for Choice of Business

In that case, this particular business is a food business that has provided high immune and gluten-free foods to the customers. Some individuals adhere to a gluten-free diet as a way of life (GUSTAFSSON et al., 2006). They do so in the belief that it will improve their quality of life, aid in weight loss, or even enhance their athletic performance. Certain people live a gluten-free lifestyle and it would live a fulfilling life, assist in weight reduction, or perhaps allow them to perform better in sports (GRIFFIN, 2014). These individuals are not on a gluten-free diet due to medical reasons. Therefore, this particular thing is foremost which is why this is motivated for the initiation of the business.

The Process You Went Through to Generate This Business Idea

Getting the proper idea which is elaborated in the above section has been identified from the survey among the focus group within 5 to 20 people (BIRN, 2004). The gap is high-immune based foods that have less effective for human health. In that case, first, observe the trends of the marketplace in the UK. In that case, the economic, sociological, political and technological factors are evaluated appropriately. From this evaluation, it has been seen that most people want gluten-free healthy food which is less available and this is considered a market gap.

Feasibility Studies Conducted

This business will be viable among the customers. From the conducted survey it has been proved that this approach will grasp the mindset of the local customers. This particular business will be popular among the clients because healthy food will be famous among the people (O'BRIEN, 2014). The overall budget of the business is a maximum of £44,000.

Segmentation

UK Local Market based Business and this business will target all age’s customers.

Target

This business will be based on the all-ages people and with the minimal price

Position

Position in the central market of the UK and promote the business with proper advertisement

Details of the Product/Service to Be Offered

In this business, the product is a "gluten-free burger" to generate healthy food among the people in the UK market. This gluten-free burger is organic and this is veg. Only organic and nature-oriented spices and oil are used in this burger. In this new venture, home delivery services are also available for the customers. This venture is for all aged people and it is healthy for children and aged people.

BM564 Enterprise and Entrepreneurship

Potential market opportunities

To market trends, it has been seen that the local citizens of the UK have mostly like gluten-free food (KHEDAIR and ANDERSON, 2009). They have tried to be conscious about their heath and aware of such things. In the UK many low markets have been seen which are provided with gluten-free food which is a big gap in the marketplace and will bring a great opportunity for the business.

PEST analysis

Political

  • Negative Impact of Brexit on the food industry
  • The British government is aggressively legislation to strengthen the regulatory environment for food goods (VAN DEN BERG and PIETERSMA, 2014)

Environmental

  • Renewable energy technologies are significantly relieving financial capital strains.
  • Awareness of government on pollution measurement is sometimes created obstacles

Social

  • Social structural changes, inventive lifestyles, and accessible talent is a big issue
  • The structure of society of the United Kingdom is much diversified, with widely divergent cultural preferences.

Technological

  • The food sector has faced significant challenges as a result of digital transformation.
  • The future viability of businesses is entirely dependent on technology improvements.

Attractiveness of the Industry

Porter’s Five Model

Supplier power

The gluten-free burger does not seem too much in the UK market, that is why the demand of the suppliers is comparatively low (GRUNDY, 2014).

Buyer power

This is mostly an innovative approach for the customers that so why the buyers power is comparative low.

Competitive rivalry

Market rivalry is high in the food industry and it may be more competitive in future.

Threat of substitution

At this moment there are nothing substitute products available but in future, it will happen (RAYNER, 2013).

The threat of new entry

The possibility is high in the future but in the present market, the risk is low.

Vision for the Business

This is business is based on long term conditions and policies. In the food industry, this kind of captive food product is always famous among people. That is why, the configuration of the business and investment policies for the long term (HEERKENS, 2006). Long-term business and funding provide flexibility and resources available to cover a variety of capital requirements and lower reliance on a single source of cash. Additionally, it helps businesses to stretch out the maturity of their debt. Now, the fact is this business will provide a healthy and standard level of food services to the people of the UK.

Conclusion

This particular report has described the ethical ways to implement a business. This is under the food industry and glutton-free food for the all aged group of customers. This report has also presented the STP analysis through which the market condition has been analyzed adequately. Also, this report has presented the model of Porter’s five that has analyzed the industry attractiveness for this particular venture.

References

BIRN, R.J., 2004. Chapter 06: Making sure that the customers are happy. 4th ed. edn. London: Kogan Page Ltd.

GRIFFIN, A., 2014. Chapter 04: Externally driven issues. London: Kogan Page Ltd.

GRUNDY, T., 2014. APPENDIX 1: Rethinking and reinventing Porter's Five Competitive Forces. London: Kogan Page Ltd.

GUSTAFSSON, K., JÖNSON, G., SMITH, D. and SPARKS, L., 2006. Chapter 02. Retail Leadership in Fresh Food Channels. London: Kogan Page Ltd.

HEERKENS, G., 2006. 05 - Project Portfolio Management, Phase I: Identifying the "Right" Business Initiatives. New York: The McGraw-Hill Companies, Inc., The Professional Book Group.

KHEDAIR, J. and ANDERSON, M., 2009. CHAPTER 5: Identifying your market. Richmond: Trotman Publishing Ltd.

O'BRIEN, J., 2014. Chapter 08: Supplier improvement and development. London: Kogan Page Ltd.

planning considerations for entrepreneurs and department managers .2007. . Hoboken: John Wiley & Sons, Inc. Retrieved from https://www.proquest.com/books/16-planning-considerations-entrepreneurs/docview/189479182/se-2?accountid=30552

RAYNER, C., 2013. Chapter 05: Competition. London: Kogan Page Ltd.

VAN DEN BERG, G. and PIETERSMA, P., 2014. PART 03: Key strategy models - Chapter 13: Models for Step 2: Outside-in: Scenarios. London: Kogan Page Ltd.

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