BM564 Business Plan Enterprise And Entrepreneurship Sample

Essential Strategies for Developing a Successful Business Plan in Enterprise and Entrepreneurship

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Introduction Of Business Plan

Proposed Future Business Name

“Venture Minds”

Modern business consulting company VentureMinds is situated in the UK and specialises in providing organisations and entrepreneurs with creative approaches and direction for their businesses. They provide a variety of services aimed at assisting customers in expanding their ideas, addressing market gaps or needs, and creating successful, andeffective businesses. Full listing business growth consulting is the main offering. They closely collaborate with both existing businesses and prospective advertisers to assess market opportunities, develop business models, and create effective growth strategies (McKenzie, 2017). The team of skilled professionals has a depth of understanding and expertise in many different industries, enabling them to offer customised solutions that cater to specific market needs.

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This commitment to creativity is what makes VentureMinds unique. They keep in mind that staying ahead necessitatespredictable planning and creativity consideringtoday's constantly shifting and challenging business environment. The employees of company are trained to challenge conventional thinking, think logically and develop novel approaches to figure out solutions. Addressing Intellectual Property Rights (IPR), VentureMinds understands the value of safeguarding the business ideas and confidential information of its customers. Customershave strong privacy and confidentiality agreements in place to protect their precious belongings (Türko, 2016). Additionally, if necessary, it will work with IPR-focused legal professionals to support their customers in locating and securing the proper intellectual property rights such as patents, trademarks or copyrights.

The objective at VentureMinds is to enable business owners and organisations to discover their maximum potential, take advantage of market opportunities, and achieve sustainable growth (Bell and Bell, 2016). They are committed to providing excellent consulting solutions that include creative thinking, innovative planning, and in-depth knowledge of the UK business environment.

Figure 1 Business Plan Flowchart Complete Guide

Business Plan Flowchart Complete Guide

(Source: Wondershare, 2023)

Identifying goal clients, the B2B or B2C nature of business, the given up-customers, the USP (Unique Selling Proposition) of product/service, and the client wishes it meets

A UK-based business consulting company called VentureMinds serves both businesses and entrepreneurs. These items are aimed at both B2B and B2C clients, providing cutting-edge solutions and actionable advice. They provide specialised business improvement consulting that focuses on expanding market opportunities, improving business models, and encouraging growth. Its unique selling point is based on the knowledge, strategic questioning, and innovative thinking ofprofessionals (Aumayr, 2023). By offering strategic direction, market intelligence, and creative solutions, they satisfy client requirements.

Competitors and Value Proposition

VentureMinds has to compete in opposition to a lot of competition in the UK's competitive business consulting market. These rivals include established consulting firms with a significant market position and skilled qualified professionals with knowledge of specific market segments. They stand out because of the organisation plan's emphasis on innovation and creative problem-solving. They offer novel perspectives and uniquemethods that could give their customers an advantage over their competitors.

A customised approach is emphasised by VentureMinds. They are aware that every client has specific needs and challenges, consequently,they customise theirproducts accordingly (Velu and Jacob, 2016). Thehighly qualified staff members work closely with customers, providing attentive care and unique solutions that address their particular needs.

VentureMinds provides an extensive rangeof services aimed at safeguarding various entrepreneurial components. They provide quit-to-quit alternatives that satisfy the various needs of theirend-users; rather it is market research, long-term planning or administrative efficiency. VentureMinds takes pleasure in producing noticeable results (Hudson, 2017). A history of success in enabling organisations to achieve sustainable growth and profitability provides atestimony to theircompetence.

Skills Analysis and Gap Addressing

VentureMinds has a broad range of skills that are crucial for developing and progressing an organisation proposal. The team behind VentureMindshas expertise in areas such as business strategy, market research and analysis, financial budgeting and forecasting, operational leadership, and project execution.

However,the existing skill set is strong; they recognise the need to supplement it with more skills to meet the changing demands of the market. Onlineinteraction marketing, technological integration, data analytics, and hiring candidates and management are a few extra skills that might need. VentureMinds undertakes bold steps to fill any gaps in capabilities. They typically evaluate the special abilities needed and identify areas where the companycould also require increasing theirknowledge (Silva, et.al. 2020). This could entail finding professionals with the necessary skills, forming collaborations with individualised businesses or experts, or providing the members of theirstaff with extensive educational possibilities.

At VentureMinds, they believe in being on the cutting edge of business trends and developing the skills necessary to fuel the accomplishments of their clients. They can provide comprehensive and effective alternatives that advance the business idea and set it up for sustainable growth within the UK market by continuously evaluating theirexpertise and filling any deficiencies within the marketplace.

Projected Financial Performance

At VentureMinds, they believe in being on the cutting edge of business trends and developing the skills necessary to fuel the accomplishments of their economic estimates point to good prosperity over the next two-year period. According to the results of the study, they anticipate a consistent rise in revenue, driven utilizing increased customer acquisition and productive project collaborations. To maintain an adequate profit margin, it's possible to closely monitor and regulate charges

Theprojected numbers show great and steady cashinflow when it comes to cash flow. Consumer charging cycles, operational expenses, and the need for investments are just a few of the elements that were carefully analysed (Ferreira, Loiola, and Gondim,2017). By following sustainable cash management procedures, thecompanywill ensure adequate funding to support itsbusiness operations and growth initiatives.

At VentureMinds, they believe in being on the cutting edge of business trends and developing the skills necessary to fuel the accomplishments of theirdamage-even analysis identifies the point at which our total profit equals their total expenditures. They attempt to achieve the break-even factor within the anticipated time frame through careful pricing control and sales optimisation. This significant accomplishment shows the ability to survive and thefinancial stability of VentureMinds.

The above projections and estimates are mostly based on in-depth market research, industry trends, andextensive knowledge of thetarget demographic. To respond to shifting market conditions and increase profitability, The companycan constantly review and improve itsfinancial strategies.At VentureMinds, theyhave faith in its ability to meet and meet these financial objectives, providing a strong foundation for long-term success and profitable expansion.

Finding, Evaluating, and Selecting Funding Sources

Finding, analysing, and selecting the best financing sources to support the expansion of the business idea is the main emphasis of VentureMinds. They undertake thorough analyses to evaluate a range of funding sources, including standard bank loans, venture capital, crowdfunding, angel investors, crowdsourcing, gifts, and government submissions.

The knowledgeable team evaluates each funding source based on factors such as interest rates, repayment terms, investment amount, investor needs, and fit with the objectives of the company. They carefully examine the financial consequences and potential impact on the business to ensure that the funding sources they choose are consistent with the growth plan (Burns, 2016).Additionally, they provide individualised guidance at various points during the funding process, aiding with documentation, financial modelling, and investor negotiations.Theyuse theirwide range of financial institutions and investors to match one another with the most advantageous investment collaborators.

At VentureMinds, they recognise that finding the right investor is crucial to understanding the potential growth of the business. They can locate and choose the best funding sources that match the business's goals thanks to their research, industry knowledge, and extensive methodology, ensuring a solid financial foundation to support the company's possibilities.

Obtaining Resources and Start-up Cost Breakdown

Throughout the next one to two years, VentureMinds has well-definedstrategies for acquiring the necessary material and intangible resources. They have provided a detailed breakdown regarding theirstart-up coststo launch and expand the company in the future.

Tangibleassets such as workplaces,machinery, modern infrastructure, and necessary components are referred to as tangible resources.To ensure that these resources matchthe company'soperational goals and expansion estimates, the team will carefully commit price ranges to acquire them.

VentureMindsacknowledge the significance of intellectual elements such as intellectual property, software licences, branding, and marketing componentsalong with tangible sources (Cosenz, and Noto, 2018). To cover the initial costs, they've created an extensive breakdown that takes into consideration costs for staff compensation, market research, advertising and marketing, professional offerings, and initial working capital. By carefully managing the initial costs and investing in the ideal combination of tangible and intangible resources, the company have acquisition plans with the objective to support the smooth launch and maintain the success of VentureMinds.

Organizational Type and Required Management Information Systems

The organisational structure of VentureMinds enables green management and decision-making methods. As a business consulting firm, they function as an expert offering organisation, employing a team of qualified consultants and support staff.

The companyrely on a strong Management Information System (MIS) to efficiently manage theiroperations. Collecting information, evaluation, and presentation are made easier by these frameworks across a range of skills, including financing, revenue, advertisements, and problem-solving. They may use them to monitor crucial performance indicators, define creative missions, maintain relationships with customers, and make well-informed choices regarding strategy (Steininger, 2019).

The MIS includes integrated software solutions for operational control, financial control, CRM (Client Relationship Management), and records data mining. These tools provide real-time insights, automate processes, facilitate collaboration, and support efficient utilisation of resources. Utilising the proper MIS.

Vision for the Future Business Idea

VentureMinds anticipates a future that sees the organisation they operate,thrive as a prominent and trustworthy partner in the industry of business consulting. The objective is to establish a strong presence in the UK market and broaden the range of their servicesinternationally.

The staffs at VentureMinds is an accelerator for their success, helping them to manage challenging business conditions, grab advantages, and attain sustainable growth (Prathap, and Sudheer, 2021). They want to build long-term partnerships based on belief and mutual success by consistently providing innovative solutions and outstanding client experiences.

Reference

  • Aumayr, K.J., 2023. Process-Oriented Product Management: Work Processes, Process-Oriented Marketing and Innovation Management. In Successful Product Management: Tool Box for Professional Product Management and Product Marketing (pp. 247-305). Wiesbaden: Springer Fachmedien Wiesbaden.
  • Bell, R. and Bell, H., 2016. An enterprise opportunity for entrepreneurial students: Student enterprise development and experience assessed through the student's voice. Education+ Training, 58(7/8).
  • Burns, P., 2016. Entrepreneurship and small business: start-up, growth and maturity. Bloomsbury Publishing.
  • Cosenz, F. and Noto, G., 2018. Fostering entrepreneurial learning processes through Dynamic Start-up business model simulators. The International Journal of Management Education, 16(3), pp.468-482.
  • Ferreira, A.D.S.M., Loiola, E. and Gondim, S.M.G., 2017. Motivations, business planning, and risk management: entrepreneurship among university students. RAI Revista de Administração e Inovação, 14(2), pp.140-150.
  • Hudson, D., 2017. Value propositions for the Internet of things: Guidance for entrepreneurs selling to enterprises. Technology Innovation Management Review, 7(11).
  • McKenzie, D., 2017. Identifying and spurring high-growth entrepreneurship: Experimental evidence from a business plan competition. American Economic Review, 107(8), pp.2278-2307.
  • Prathap, S.K. and Sudheer, K.P., 2021. How to Prepare Business Plans. In Entrepreneurship Development in Food Processing (pp. 333-345). CRC Press.
  • Silva, D.S., Ghezzi, A., Aguiar, R.B.D., Cortimiglia, M.N. and ten Caten, C.S., 2020. Lean Startup, Agile Methodologies and Customer Development for business model innovation: A systematic review and research agenda. International Journal of Entrepreneurial Behavior& Research, 26(4), pp.595-628.
  • Steininger, D.M., 2019. Linking information systems and entrepreneurship: A review and agenda for IT?associated and digital entrepreneurship research. Information Systems Journal, 29(2), pp.363-407.
  • Türko, E.S., 2016. Business plan vs business model canvas in entrepreneurship training, a comparison of students' perceptions. Asian Social Science, 12(10), pp.55-62.
  • Velu, C. and Jacob, A., 2016. Business model innovation and owner–managers: the moderating role of competition. R&D Management, 46(3), pp.451-463.
  • Wondershare, 2023. Business Plan Flowchart Complete Guide (Online). Accessed from <https://www.edrawsoft.com/article/business-plan-flowchart.html> accessed on 20/05/2023
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