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The UK Market and Enterprise Culture

The UK market is considered one of the top spots for venturing into new startups as the entrepreneurs are clocking towards the major cities of the United Kingdom. Eventually, London has become one of the known centres for enterprise cultures, and thus, London has been accountable for large numbers of businesses, and it has risen to 18.7% of the total number of a startup in the country. As per the data of 2018, 381000 new startups or new business venture is trending in the United Kingdom (Banal-Estañol et al. 2019). The United Kingdom is very much skill able for nurturing and fostering new business ventures and scaling them up to become a successful international organization. The particular report on visualizing the startup in the UK market will highlight the new business model for providing service online language courses. As the courses will be provided through an online medium, the business will need tech support. The operation field of the new venture is in the UK, which is technologically advanced and can be considered the go-to hub for adept knowledge, innovative and creative technological application, and flawless execution to be used in the digital classroom. This report will critically discuss the new venture in the competitive market and be visualized through the business canvas or lean canvas model.

Every identified business model has a specific purpose that businesses identify the problem in the market. Every business model deals with latent demand, and the purpose of the business is to bring an innovative and creative solution to address the customers' pain points (Omer et al. 2020). This particular business has identified that children are becoming very much gadgets oriented, and technological advancement significantly contributes to children's distraction from study. They don't know how to utilize their time in subjective ways. They tend to spend their time playing video games and online surfing, which impacts their study and disturb their physical health. They do not have that many proficient teachers to make them learn a different language. Another issue in the market scenario that the business has identified is that the parents do not have access to find out such a platform that will provide their children with proper guidance and course certification.

Business canvas model also represents the solution statement that the business provides to their customers (Lüdeke-Freund et al. 2019). This new venture will provide online classes in a reasonable and affordable price range. The student will get the opportunity to choose the time slot of the course at their convenience as the course will be through the online process they can avail that from their comfort zone. Another solution that this new venture will be launching is the availability of highly talented and proficient faculty members. The business will also provide online learning courses with proper and authentic certifications.

The concept of consumer and customer has identified the customer segment for this new business venture (Qadadeh and Abdallah 2018). Consumers consume the service, and the customers are paying for the service. This new venture has a specific customer segment, and customer mapping or segmentation is a useful tool for identifying the target customers. This business has a specific customer segment of children aged 6 to 12 years old who is the main user of the service that the business provides in the form of course. The parents are the main customers paying for the course and should specifically belong to the upper-middle class and middle-class families.

Overview of the New Business Plan for Online Language Courses

USP of a business stands for Unique Selling Proposition. Every business should have a unique selling proposition what extra the organization is offering their customer to get a competitive edge in the existing market (Bonazzi and Zilber 2014). Here the USP of this business has been listed below:

  • This new business setup will provide the language classes in simple and easiest ways, and Google classroom will be enabled the user to get optimum use of modern technology.
  • This new course will give the customers premium membership benefits for one-time registration fees and effective lessons on grammar and adaptive vocabulary learning through subjective quizzes.
  • The course fees will be much more affordable and justified than the competitive business in the UK market.

Every new business model has to have a proper channel to promote its service or product through that marketing channel (Husyairi, Pratomo and Purboseputro 2020). This new business venture will promote its business through social media networking sites like Facebook and Instagram. They will run certain social media course awareness campaigns to gain customer attraction. Apart from that, they will promote their service on their official YouTube channel, and they will regularly update their course structure details on their YouTube page. Besides that, they will collaborate with the local school to connect with a large scale of audience.

For a successful startup business, there has to be a need for some key resources to enhance the business's growth and help expand the business on a larger scale. For a private sector business in the UK market, there have to be key resources that are mentioned below:

The government startup loan scheme was launched in 2012 to encourage and inspire entrepreneurs. The UK government will back up this startup loan scheme, and the loan amount can go up to £500 to £25,000 to expand their business at the national level (Odey 2021). Here this business organization has to pay the interest for the loan is 6% per annum, and this business firm has to pay back the loan amount from one to five years. The business firm can avail the useful information from the Startup Loan Website.

Many small business grants in the UK market promote innovative and creative new startup ventures by funding (Idris and Saridakis 2018). Innovate UK Smart Grants can be considered one of the most popular in the UK market, and this new venture mentioned above will be getting financial assistance from the Innovate UK Smart Grants. Apart from that, Kent and Medway Business Firm can be an option for financial assistance for the business as they will be giving loans up to £500,000 with 0 per cent interest (Fund 2018).

Crowd funding can be an option for key resources of the business. This business firm will get investor-based crowd funding as the operation is service-based, and this is a small enterprise and like to expand the business (Eldridge, Nisar and Torchia 2021). Several investors will be provided with equity in the business.

Family and friends can be considered one of the reliable key resources for this service-based online language courses business.

One of the key resources for the business will be venture capitalists who have very high growth potential. They work as financial partners and help in the business's operations and play the role of associates or partners (Roland 2018).

The customer relationship in the lean canvas plays a vital role for the startup organization (Kühne and Böhmann 2018). And for that, this new venture will contact the customers daily. This business will promote its course-oriented program through social media advertisement to engage the customer and make the potential customer learn more about the business. And the website FAQ section will be updated to make a smooth relationship with the customers.

Consumer and Customer Segmentation

The business canvas model or the lean canvas model also visualize the cost structure and the revenue of the business (Micieta et al. 2020). The business will have a fixed cost, entering the market with penetration pricing. The startup cost will include the office equipment, faculty salaries, electricity, and office room costs. The business will gain revenue from the student fees for each language course, the membership plan to make a loyal customer base and the student registration fees.

Every business owner has a specific story to becoming an entrepreneur in their life, or some people have bad experiences while working under other people. Some people want to become their boss, and they have created innovative business models to satisfy the customer demand in the market. All entrepreneurs have a preconceived notion as they believe that being an entrepreneur is a wonderful journey. Here are some of the reasons for my thought process of entrepreneurship is a wonderful journey are listed below:

  • Entrepreneurs usually deal with innovative and creative business ideas. The advancement of technology has a great impact on the business world. And in recent decades, entrepreneurship has been boomed in the UK, and as per the data of 2018, 381000 new businesses have been grown in the country. The reason behind coming up with this new business idea is that this entrepreneurial industry is rapidly growing (Flowers and Meyer 2020).
  • There is no barrier to the entrepreneurial attributes as I have total control over the promotional activity of the brand, and my family and friends can be considered as the word of mouth influencers of my business, and I will be able to build networking with people of my choice.
  • There was no such opportunity for learning different languages under one roof in my childhood, and no such authentic certificate was given at that time. I have identified the latent demand in the market. There is a need for language learning courses through online mediums as the parents do not have a proper platform to provide language learning courses in the simplest and easiest format. Apart from that, adaptive vocabulary learning and grammar lessons will be taught in the class (Bostanc? and Ariannejad 2022). This will also help the students to learn the proper utility of electronic gadgets and the connectivity of the social media site through internet usage.
  • In an entrepreneurial business, there are no such hard, and fast rules as the businessman can do whatever they think is better for their business. They may need to go to what is good for their business prosperity. The primary three ingredients that motivate me to do this new venture are a passion for the job, self-dependency and freedom to make decisions for my venture (Mintrom 2019).
  • Here I have the option to fulcrum the business when the growth of the business is getting slow. I can study on the internet because many businesses have a downturn, and according to that, I can amend my business to prevent it from failure.
  • I can be able to maintain the work-life balance as per my choice. After completing one batch of each course, I can make arrangements for the success party for individuals to motivate the organization's staff to work harder to achieve more numbers of students on board.
  • There is a special gratification for claiming ownership of a new business venture. It is a very proud feeling to have my business set up, and it will empower me to give employment to some other people, and by that, I can contribute to society.
  • Having business ownership, I would be able to contribute to social and cultural activities such as organizing cultural events and donating to the events organized by nonprofit organizations.

Conclusion

From the above discussion, it can be concluded that the business of online language learning courses can be a predictable solution, and it can identify the problem and pain points of the customers and provide them with proper solutions and turn the problem into gain points customer segment. The report has discussed the key resources that are essential for a startup in the UK, and there can be another key resource that the business can implement soon is the investment from angel investors. Angel investors are a healthier kind of investors that tend to invest in the startup at their initial stage of the business field that has great potential in the UK market. Many angel investors in the UK have opened their businesses. This type of investment works as a key resource for the business and provides valuable insight and a supportive environment that will help the business grow at the crucial stage in the development process of the startup of the online language learning course.

References

Banal-Estañol, A., Macho-Stadler, I., Nieto-Postigo, J. and Pérez-Castrillo, J.D., 2019. Early Individual Stakeholders, First Venture Capital Investment, and Exit in the UK Startup Ecosystem. GSE, Graduate School of Economics.

Bonazzi, F.L.Z. and Zilber, M.A., 2014. Innovation and Business Model: a case study about integration of Innovation Funnel and Business Model Canvas. Revista Brasileira de Gestão de Negócios, 16, pp.616-637.

Bostanc?, H.B. and Ariannejad, A., 2022. English as a foreign language student experiences of in-class and online writing courses. JETT, 13(1), pp.237-248.

Eldridge, D., Nisar, T.M. and Torchia, M., 2021. What impact does equity crowdfunding have on SME innovation and growth? An empirical study. Small Business Economics, 56(1), pp.105-120.

Flowers, S. and Meyer, M., 2020. How can entrepreneurs benefit from user knowledge to create innovation in the digital services sector?. Journal of Business Research, 119, pp.122-130.

Fund, S.W.A., 2018. Grant Funding Opportunities. Policy.

Husyairi, K.A., Pratomo, W.L. and Purboseputro, R.H.A., 2020. Analysis of Business Development Strategy Agrowisata Bhumi Merapi with Business Model Canvas Approach. Jurnal Sains Indonesia, 1(2), pp.90-98.

Idris, B. and Saridakis, G., 2018. Local formal interpersonal networks and SMEs internationalisation: Empirical evidence from the UK. International Business Review, 27(3), pp.610-624.

Kühne, B. and Böhmann, T., 2018. Requirements for representing data-driven business models-towards extending the business model canvas.

Lüdeke-Freund, F., Bohnsack, R., Breuer, H. and Massa, L., 2019. Research on sustainable business model patterns: status quo, methodological issues, and a research agenda. In Sustainable Business Models (pp. 25-60). Palgrave Macmillan, Cham.

Micieta, B., Fusko, M., Binasova, V. and Furmannova, B., 2020. Business model canvas in global enterprises. In SHS Web of Conferences (Vol. 74, p. 02010). EDP Sciences.

Mintrom, M., 2019. So you want to be a policy entrepreneur?. Policy design and practice, 2(4), pp.307-323.

Odey, L.D., 2021. An Evaluation of Challenges Affecting New Technology Startups in the United Kingdom Today: A Pest Analysis.

Omer, S.N., Mohd Khairi, N.A.N., Mohd Tohir, N.A.Q., Ambo Abdul Raoff, N.H. and Nik Ahmad Faris, N.N., 2020. Principles of entrepreneurship (ENT530): Business model canvas: Multipurpose Prayer Bag by Revolution Touch.

Qadadeh, W. and Abdallah, S., 2018. Customers segmentation in the insurance company (TIC) dataset. Procedia computer science, 144, pp.277-290.

Roland, I., 2018. Unlocking SME productivity. Centre for Economic Performance.

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