BUS9710M Developing Entrepreneurial Capability and Mindset Assignment Sample

Here’s the best sample of BUS9710M Developing Entrepreneurial Capability and Mindset Assignment. 

Assessment Sub-Task 1: Reflective Discussion

Concept and definitions of entrepreneurship

Entrepreneurship could be described as an exceptional quality for innovation, organisation, management, and application of resources for ascertaining maximum profitability to a start-up business. Entrepreneurs are motivated by their personal abilities and specialisations to initiate a business plan and surface them (Peschl et al., 2021). This will require to integrate substantial risk taking, administration of available resources, and implementing them to regulate sorted business objectives. This profession particularly seeks to introduce new forms of business by replacing existing inventions to promote themselves as unique to the society. They specifically assemble different factors of production for accentuating their business plans. Different factors of production like land, labour, and capital are constituted by this person to magnify their scope of business (Pegoraro et al., 2022). According to Schumpeter, “an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation” (Domanski et al., 2020). Besides, Peter F. Drucker has defined entrepreneur as “one who always searches for change, responds to it and exploits it as an opportunity” (Brem et al., 2019). They cater their mastery to integrate these factors with adequate supply of funds for pursuing their application of business ideas.

I am fascinated by this particular profession due to its open and flexible approach to market dynamics. According to me, entrepreneurship is a profession where one gets to employ their skills with effective feedback from organisational success. It possesses qualities that drive an individual to muster their thought process before delivering into organisational objectives. It gives me enough freedom to express my innovative and unique skills to develop an exceptional plan for business. Complete exposure to market dynamics offers a large scope for updating my knowledge constantly after pursuing my initial course of studies. Having learnt about various scopes of commercial aspects, I am highly motivated to accentuate myself for entering into this profession. It will give me enough scope for exploring my abilities and developing them in due course. Moreover, it will seek me to develop appropriate strategies for combating different market forces on a regular basis.

An entrepreneurial personality

It has been implied that every individual is subject to possess different traits which classifies their actions and deliverables. Such intensity and strength of their personal traits will decide their scope of actions and build their character. It is very important for an entrepreneur to possess traits of leadership, flexible acceptance, innovation, and ability to take risks (Rakthai et al., 2019). While intercepting any line of business, it is very important for an individual to learn different scopes and possibilities. Since it will have to be managed efficiently, therefore, entrepreneurs are required to be proactive. This sort of approach from their end will magnify their scope of successfully interpreting their job roles. These people should also possess the qualities of a visionary who can chalk different plans by thinking about potential outcomes. I found that it is essential for an entrepreneur to identify own opportunities in an industry before proceeding to qualify any strategic implementation. Their leadership regarding that field should be concentrated to manage diversified aspects of that organisation. Effective emphasis should be employed by them in different business processes to interpret any lack of dedication. They are expected to employ effective risk taking capacities while surfacing their plans for a successful venture.

Entrepreneurial personality identifies opportunities and exploits them by creation of values for themselves and others sustainably. I think such individuals are observant, extroverted has critical thinking ability along with prospective personality traits. They tend to be energetic, action oriented, like to socialise with others and uncover opportunities in life. Entrepreneurial personality trait theory indicates that individuals are called entrepreneurs because of certain specific characteristics and competencies which make them capable of gathering ideas and creating ventures (Roundy and Fayard, 2019). From the initial stage of my learning, I wanted to build my knowledge about global business environment, leadership and business management. Developing entrepreneurial behaviour in myself has been the best thing I could ever do to myself. I developed my mindset as an entrepreneur and concentrated on meeting the goal of becoming a focused entrepreneur. Considering the concept of entrepreneur personality trait theory which identifies that individuals who are entrepreneurs have certain specific characteristics, I try to find these characteristics and traits in myself which can help in becoming a good entrepreneur. I have found that main characteristics within an entrepreneur are confidence, passion, motivation, vision and decision making (Warnick et al. 2018). I think these traits are present in myself. For instance, whenever I get a chance to work in a team I try to maintain good communication with my other teammates and motivate them whenever they feel demotivated. Also, I try to communicate with my other teammates confidentiality and help them in accomplishing estimated objectives by maintaining clear vision. Moreover, I can say that I have sound decision making skills as I was able to decide actions required to be taken in our group for completing the task. Presence of these traits has helped me in working efficiently within a group and aligning potentials of my other team made in the group task. Thus, as an entrepreneurial individual, I can say these traits are present in myself. 

Personal developments through entrepreneurial approach 

Entrepreneurial skills and knowledge include leadership, managerial, time management, business management, problem solving and creative thinking. As opined by Setini et al. (2020), entrepreneurial skills and knowledge can take place into different job roles and industries. I can use the entrepreneurial skills and knowledge which I have acquired while preparing the business plan for developing my career in future. As I am currently working on my entrepreneurial skills I think I need to improve my critical thinking skill in order to make myself a successful entrepreneur according to contemporary changing business environment. First of all, I have to modify skills and knowledge which I currently have in order to become successful in future. I have to be more confident, approachable and friendly so that other people can interact with me more effectively. For modifying myself as per current business environment, I have to get updated about current entrepreneurs of leading organisations and how they are making their businesses successful. Besides, taking assistance from books, journals and articles on entrepreneurs can help me in gathering precise knowledge and understanding about them. The need for continuous learning is high for entrepreneurs (Halberstadt et al. 2019). Therefore, learning about the strengths and weaknesses of different entrepreneurs in the modern business arena and analysing words I could do better if I face a similar situation can help me in becoming a successful entrepreneur. As long as I keep my focus on these aspects I would be able to improve myself as an entrepreneur and would be able to develop my own creative ideas for disrupting the business environment in future.

Assessment Sub-Task 2: Business Plan

Details of the business

Overview of business idea

Juzzberry fashion brand is a start-up company sorted to cater to the demands of luxurious garments for high and middle income groups. This business is meant to concentrate their focus on fashionable items for cultivating profits in the long run. It has sorted to highlight their business with products for women only. Their plan of targeting high society women is an effective plan for managing sales at desired levels. Therefore, since these women are not concerned about price and focus more on designer collections, Juzzberry will have an effective scope of cultivating sales in the highly competitive market.

This brand is aiming to offer new and attractive collections to persuade women from this society for sales. Seeking to target their market over 5 different cities like Manchester, Leeds, London, Newcastle, and Birmingham, it will be able to encounter more than 11 million people. Amongst them, the focus will be concentrated upon only high income earning women along with middle income groups. Offering them with likes of personalised customisation will give this business an edge over its competitors. It will be able to increase its sales by constantly communicating with their customers. Effective displacement of 200 employees in this organisation will be ensured to focus upon its needs.

Industrial Data

UK is populated by a number of luxurious fashion brands. Brands, such as Gucci, Prada, Cristian Dior, Louis Vuitton, and Burberry have acquired major shares in this market. Surpassing their revenue could be challenging for this company due to their limited experience and shortage of capital funds. Entry in this market will have to be resolved by gaining substantial confidence by ensuring their customers with quality and pricing. Although a specific target market is sought to be catered by this firm, therefore, active marketing will play an important role. Luxury fashion industry has reportedly generated 6.15 billion Euros during 2021 (Statista, 2022). This market is expected to grow by 3.37% by assimilating a net worth of 82 billion Pounds during 2022. Fashion industry amongst other high priced items have held 23% market share since 2019.

Correlation with entrepreneurial theory

Entering into the fashion industry and competing with giants like Burberry, Gucci and Prada will have to integrate substantial efforts for maximising their scope of sales. As per the entrepreneurial theory, an entrepreneur has to employ a subtle amount of qualities for accentuating their market share in this industry. McMullen et al. (2021) added that it will require them to take considerable amounts of risk for investing such large amounts of funds to attract customers. Sheer amounts of innovation have to be incorporated by Juzzberry to propagate an effective scope for pooling new customers. Alongside, the management of Juzzberry will have to ensure appropriate alternatives for managing different resources of the company.

Industry and market analysis

Porter’s 5 forces

This model will describe different aspects which any business should consider before comprehending their strategies. These factors shall decide their opportunities and threats of operating in a particular industry (Khurram et al., 2020). It will appropriately negotiate their plan of action.

Threat of substitutes in the luxury fashion industry will be quite high for Juzzberry Plc. Existence of experienced and capital intensive firms like Burberry, Armani, and Prada will minimise their market share at initial stages of establishment.

Bargaining power will be consistent with customers during the initial stage. Due to high rate of competition in this market, Juzzberry will have to maintain their price levels below average market trends.

Threat of new entrants in this industry is always high. However, Juzzberry will be able to gain advantage through appropriate allocation of resources. This will help them manage their operations with more efficiency.

Bargaining power of suppliers in this industry is also high due to large number of competitive forces. This could lead to inflation of the cost of producing goods, thereby claiming business profits of Juzzberry.

Internal competition amongst employees in Juzzberry is likely to increase its overall productivity. This will increase organisational efficiency by substantial extents. It will add to their profitability.

PESTLE analysis

PESTLE is a comprehensive analysis of external factors of a business concern. As opined by Nandonde (2019), PESTLE helps in identifying external factors affecting business operations. Juzzberry can evaluate their scope of actions accordingly by following this assimilation of factors.

Overview of target customers

Target groups of customers are usually developed by business firms to integrate sufficient knowledge of their business apprehensions. It will help them model their marketing activities to produce efficient knowledge about target groups. For this purpose, efficient emphasis must be laid upon different tastes and preferences of different groups of customers. Their requirements are another important segment of enabling Juzzberry to attract potential customer groups.

Application of segmentation theory will include to emphasise this company’s focus upon differentiating in terms of psychography, demography, geographic, and behavioural aspects. Substantial prudency must be employed by companies to divide their focus on individual customer needs (Bösehans and Walker, 2020). For instance, providing high-end consumers with unique designer garments and enabling copies to middle income groups will help Juzzberry to pool both types of customers in their business frame.

Simplification of demand for consumers could also be derived by understanding their buying patterns. It is referred to as the buying behaviour theory, which will ascertain Juzzberry to interpret their customer’s preferences. For instance, high income group earners will possess a preference towards reputed designers and premium products. Such items will be highly priced to ignite their fall for those products (Mohammed and Zakari, 2021). Contrastingly, middle income groups will most prefer style and affordability while making any purchase.

Overview of value proposition

Value proposition could be derived as worth which any company would promise to deliver their customers with for purchasing their products. It can simply be derived as the concept of value for money. Integrating this culture will help an organisation to emphasise upon their quality of products and services offered to their customers. It is an effective route for pooling new customer bases by imbibing confidence amongst their consumers. This proposition will require an organisation to employ their focus on manufacturing of their garments. Configuring their sales ratio will describe what divisional jurisdiction could be employed by them to propose maximum value to their customers.

Therefore, it is quite important on their part to scale their market needs to produce valuable products for consumers. As per product development theory, a product must be tested before implementing in the wide market (Qi et al., 2021). It will, therefore, give Juzzberry subtle information about the scope of this product in larger markets. Accordingly, they can implement modifications to maximise its viability. Juzzberry has sought to implement their niche on casual and formal wear for women. It will help them concentrate their focus on producing such items that will cater to such needs of potential consumers.

Operation and management plan

Overview of pre-launch and post-launch activities

Pre-launch activities of Juzzberry were more inclined towards enquiring about customer preferences and their product development. Recruitment of employees was an important part of this period. Entire management was decided to score an efficient analysis of establishing their flagship stores in different cities of the country. This period was more prone to enquire about viability in accessing different market opportunities. As per Laato et al. (2020), research about customers was another important task carried out during this period. Legal matters regarding establishment of stores in different cities and their licences for retailing shall be acquired during this phase. Substantial efforts were employed in planning the different business procedures and alternatives that could be implemented.

Post-launch activities, on the other hand, were more conclusive about marketing and promotion of their products and stores. After surfacing their stores in actual market, management was required to emphasise their acceptance amongst different groups of customers. As described by Bala and Verma (2018), evaluation of footfall in different stores was an important component to investigate. Customer relationship management could be cited as another task which Juzzberry should take into account. Alongside, social media activities and digital movement of customers are important arrears of inclination. Meeting different feedback from various consumers and ensuring their product development to pursue customisable items should also be reviewed.

Overview of operational issues for accomplishing successful venture

Employing appropriate operations management to their product development process is an efficient route of deciding their course of activities in this market. Juzzberry should integrate substantial focus upon buying behaviour of customers in order to report to their management. As suggested by Li et al. (2021), resourceful input from sales department will help the business analyse the reaction of their consumers effectively. This information will seek their management to employ sheer guidance regarding initiation and adoption of practices that will increase organisational efficiency. It can be sorted that communication links between different departments of this company will be through managerial contexts. Collective information can be exchanged between departments through both formal and informal approaches (Kim et al., 2022). Exchanging reports of customer evaluation with core management will help to seek guidance from their ends along with adequate modifications. For instance, demand sorted from Birmingham store will be different from one in Manchester. Thus, inventory can be appropriately sorted in both stores to create maximum value for customers.

Appreciation of financial issues

Key financial narrative

Juzzberry fashion brand will have to employ massive focus on allocating their financial resources adequately. They have £500000 at their disposal for managing various tasks of production and marketing. As described by Zeng et al. (2019), this amount has to be managed efficiently for catering to different administrative costs during the initial phase. Dividing this amount rightfully in different departments will help them to integrate different components into their business activities. As per innovation theory of profits, entrepreneur of Juzzberry should be able to innovate certain products that enable them to gain sufficient profitability at each period. Successful innovations will be preferred by consumers thereby maximising their scope of increased selling.

Cash flow

Break-even

It can be seen that Juzzberry will start securing profits from 3rd year itself. This means their entire investment will be recovered by end of 3 years and 3 months. This firm is likely to flourish as they continue to exist in this industry. Thus, break-even point could be ascertained as this period.

Assessment Sub-Task 2: Reflective Log

Coming up with such idea

Quantifying appropriate ideas for effective business planning is a tough job to conclude. It is very challenging on my part to think of a proper business plan that could be viable for constituting research. However, while pursuing this course of study, I have come across various ideas for planning a business to employ my entrepreneurial skills. It took me almost a week to select my course of business and then plan it. Guidance from my professors and fellow learners have developed an interest in catering to new business opportunities. Having perceived this idea about venturing into the luxury fashion industry and preparing this assignment have given me subtle exposure to practical implications of entrepreneurship. I shall use this knowledge to enquire more about such apprehensions. After gathering much knowledge, I will seek to intern at an entrepreneurial firm to develop my practical skills. Thereafter, I expect to delve into those inputs by opening my new venture in a prospective field. In this process, I shall also gain prior knowledge about gathering funds. I could link this study with opportunity creation that will enhance my future abilities.

Market analysis

While constructing different information in this business plan, I came across sections like value proposition, market analysis, and competitive analysis. All these components helped me understand different dynamics of a business concern. I have developed an understanding that deep-rooted analysis of different external factors is important. As suggested by Duanmu et al. (2018), it can be done through market and competitive analysis for interpreting various contexts of viability for a business. Moreover, value proposition helps to centre the focus upon typical items on which a business can focus to multiply their scopes of gaining market share. This will give me a detailed context of different factors, which can be integrated in my business structure to acknowledge important issues. Evaluation of both internal and external factors will help me plan a definite business plan. I shall integrate these inputs when planning any new venture or investment in a concern for entrepreneurial purposes.

Key factors of success

Financial implications of any venture critically ensure its monetary backup for concluding various objectives. Every new start-up has to employ effective analysis of different departments. This will guide the management with appropriate knowledge of financial requirements for pursuing any product. I have gathered knowledge in this context for ascertaining sufficient backup to different departments with adequate capital. This will help me acknowledge different skills for integrating maximum scope of commercial success. I could also understand that proposing a business plan that operates through both online and offline structures has a better opportunity of gaining market access. This will give the firm an increased scale of consumers for highlighting their products. Website creation will give this firm an opportunity to gain fame amongst international customers thereby increasing scope of extending business operations (Tolstoy et al., 2021). I shall apply this knowledge at my venture to ensure maximum profitability through large volume based sales.

Reference List

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