The United Kingdom is currently experiencing some political and economic uncertainty that hinder entrepreneurial investment especially from small and medium sized businesses (SME’s). The Institute of Fiscal studies in the UK, reported that the number of new businesses created in the UK between 2007–08 and 2015–16 was higher than in any other OECD country.
New start-ups in the UK, show an important labour market trend and is often hailed as a success because small businesses and start-ups are commonly viewedas the engines of growth.
You are required to develop a business idea for a start-up business in London and develop a brief business plan.
In this business report you are expected to be creative, original, realistic and apply theoretical knowledge of entrepreneurship and evaluate different approaches.
This business report will take the form of a formal plan with the suggested structure:
Executive Summary –a short summary of the business plan.
Start-Up Business Idea(Product / Service)–explain the details of the product or service you will provide.
Industry Profile–current industry demand and statistics on your market.
The Business Model–illustrate how to generate profit and the cycle of business for your idea.
Point of differentiation–how is your company different from other companies with similar products?
Challengesto the Business Idea:–discuss a few anticipated challenges in your venture.Prospective Customers–discuss the ideal and prospective customer for your product / service.
Brief Marketing Plan–discuss the positioning in the London market and the 4–Ps.
Competitor Analysis –highlight three current competitors already present in your market.
Sources of Funding–discuss 2 sources of funding to support your idea.
Intellectual Property–discuss your approach in protecting your business idea.
Appendix–any diagrams and additional information
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