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Entrepreneurship: Journal Of Business Venturing

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Question:

Discuss about the Entrepreneurship for Journal of Business Venturing.

 

Answer:

Description of the Proposed Business

The aim of the following paper is to make a brief preliminary business plan for an innovative service. It is essential to mention first that the proposed business will be a start up business and the organization would be an online business organization. The aim of the considered business would be to sell mock tails as well as cocktail online. The company will take orders from local area and will serve cocktails and mock tails within 30 minutes. The particular aspect of innovation opportunity the organization has found to work on is the “change in perception, meaning and mood”. The contemporary world is growing with increasing population and new demand. With the increasing rate of population, the lifestyle of the society has been changing too. Now people have become more dependent on the online shopping methods as they feel more comfortable in buying products online.    

List of Key Personnel and their Roles

Considering the service that has been designed above, the key personnel of the organization and their individual role and responsibility will be as per the following –

Marketing Manager

As the entire business operations will be done online, the organization will require a marketing manager and a team of marketing executives to accomplish online promotion and marketing.

Webpage Designer

As per the decision that the organization will operate their business online, the first thing the organization will require is an attractive webpage. Therefore, a professional and experienced webpage designer will be required.

Product Process Manager

It has been decided that the organization will give online service of mock tails and cocktails to the local area. Therefore, to manage performance of the employees as well as to maintain the quality of the service a product process manager will be required. The product process manager will be also responsible for communicating with the suppliers and supervising whether proper materials are being provided to the production employees or not.

 

Sales and Account Manager

In order to meet the sales target of the organization as well as to keep track of the profit, the organization will require a sales manager who will plan budget and an account manager who will be responsible for managing and supervising all finance related activities. The account manager will be therefore responsible for managing budget related details, keeping records of the expenditure and supervising whether each of the employees are getting salary at the right time or not.  

Operation and Production Plan

The operations and production process, which the organization will require to pursue will be –

Production

The organization will buy fruits and alcohol from the local suppliers who will serve fresh fruits and high quality alcohol. Fruit juices will be prepared daily and will not be preserved. Right after the production, the cocktails and mock tails will be packaged and delivered by the delivery boys.

Payment

The organization will provide both cash on delivery and online payment options to the customers.

Financial Forecast

In order to recruit human resource for all the aforementioned key personnel successfully as well as to use quality products for providing satisfactory service to the customer, the organization will require an appropriate amount of money. Therefore, a budget plan for the organization will be –

Activities

Required budget

Marketing activities

AUS$,5000

Acquisitions of materials

AUS$6,000

Salary of the employees

AUS$7,000

Risk management

AUS$3500

Total

AUS$21,500

The aforementioned financial estimation, it has been identified that the organization will need venture capital worth of AUS$11,000 as per the reason that the entrepreneurs can only manage AUS$10,500. The aforementioned financial brief possibly assists the entrepreneurs to acquire help from local financial organizations. If the entrepreneurs can manage, venture capital from any commercial bank or financial firm, then the organization will provide 20% of their profit as interest to that financial organization.    

Timeline

 It is now essential to design a proper timeline to set up the business according to the plan. The timeline for setting up the business would be –

Activities

Times

Marketing

2 months

Acquisition of capital

1 month

Acquisition of employees

2 and half months

Selection of suppliers and acquisition of equipments

2 months

Webpage designs

3 weeks

Possible Risks and Ways to Mitigate them

As it is a start up business, it cannot be said with complete guarantee that the organization will find complete success that it has estimated. Therefore, some of the key risks for the organization will be –

Market Risk

Customer expectation is a dynamic aspect that varies on a frequent basis. Moreover, online business is a premise, which every entrepreneur desire to penetrate (Caliendo 2016). Therefore, emergence of rival organizations, potential position of the existing organization and the high bargaining power of the customers may hinder the success of the concerned organization. Therefore, the organization needs to pursue a thorough competitive analysis prior to conduct its marketing activities (Román et al. 2013).

Financial Risk

If the organization would not be able to attract customers and provide satisfactory products, then the organization would possibly encounter high financial risk (Cassar 2014). Therefore, the organization has to make sure that they are providing quality products on time as quality and fast delivery will be two main aspects for the organization. 

 

References

Caliendo, M., 2016. Start-up subsidies for the unemployed: Opportunities and limitations. IZA World of Labor.

Cassar, G., 2014. Industry and startup experience on entrepreneur forecast performance in new firms. Journal of Business Venturing, 29(1), pp.137-151.

Román, C., Congregado, E. and Millán, J.M., 2013. Start-up incentives: Entrepreneurship policy or active labour market programme?. Journal of Business Venturing, 28(1), pp.151-175.

OR

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