Unit 28-LO1 Investigate the range of resources required to launch a new venture.

Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business

The resources required to launch a new venture are vast. From the physical and financial materials needed, to the people skills and experience that are necessary for success, it is not an easy feat to accomplish on your own. This blog post will explore what you can do with limited funds or time in order to successfully start your own business.

Defining the idea and the target customer:

The venture idea and how it represents a business/social enterprise opportunity.

The idea is to provide a market-inspired cash bonus for an employee when they achieve goals that are agreed on by their manager with them.

The idea promotes the “Get out of an office!” theory, which feels like it’s often ignored in favor of sticking at a desk all day and coming up with big plans. There is no need to define tasks for employees – that’s not how they work best anyway!

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It creates momentum where people will make up different ways to get stuff done, which usually means the workplace becomes more productive than usual because workplaces necessarily become more rigid as time goes on.

This business serves best as an independent company focusing on supporting corporate enterprises so that there’s another voice in what they see and do each day.

Analysis of the small business environment to support the venture idea.

It is important to know your market and the product or service you are trying to sell, but the business advice you need starts with planning and preparing.

A new small business will likely not have a lot of cash on hand at first, that’s why an ancillary part of starting any new enterprise is accounting for taxes. And what may be even more taxing than tax law is all the other tax requirements a proprietor must take into consideration when opening a shop.

There are state and local laws in addition to Internal Revenue Service (IRS) consequences. Taxes don’t only apply to profits, they also apply to any personal assets included as income such as investments or on-site inventory you use for your business.

The characteristics of the target or ‘typical’ customer applying geographic, demographic, and behavioral segmentation.

Geographic Segmentation :

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When segmenting by where the customer lives, you can offer multiple versions of your product depending on their region.

For example, a pizza company could offer different menu items for people who live in different countries in Europe. This same concept also applies to video games and even advertisements shown on TV or online.

Demographic Segmentation : 

Demographics refer to one’s age, gender, education level, and household income as these are all factors around what person buys that specific type of product. A “typical” customer might be someone with an above-average income with a college degree looking for new adventures (and thus curious about expensive items) while another might be a middle-aged mother looking for a new restaurant on her way home from work. In order to develop and market products based on demographics, companies need to be able to categorize their users into these groups.

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Behavioral Segmentation:

Behavioral segmentation is about categorizing users by their interests and activities, not just basic demographics. The type of marketing medium used to reach these groups plays a large role in the information gathered for this segmentation.

For example, if one wanted to market to teenagers who like rock music and skateboarding, they might purchase advertising space on sites that have articles and news regarding this age group. On the other hand, if research showed that teens between 14 and 17 would be better reached by radio commercials, than websites, then that is how the product will be marketed.

Use of competitor and industry analysis techniques such as Porter’s Five Forces analysis

Five Forces analysis is a framework for the competitive analysis of any organization

The first four forces it would identify in the soft drink industry are:

1. Threat of New Entrants- The threat of new entrants can be pretty low in this industry because there’s a lot involved, but also because you need to have all the ingredients and machinery on hand

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2. Bargaining Power of Buyers- The power buyers can have is limited by high levels of competition between brands

3. Bargaining Power Of Suppliers – High levels of competition among suppliers leads to lower prices for entrepreneurs that sell them their goods, as they attempt to get ahead through their marketing campaigns rather than reduce their prices

4. Threat Of Substitutes- There are not many substitutes for those in this industry

5. Industry Rivalry-The level of rivalry is very high due to the fact that the products all work pretty much the same way, and if one company lowers their prices, more than likely others will do so as well. This might not be a problem for those with low overheads though.

Identification of tangible and intangible features and benefits.

Tangible Features:

Things that can be touched and seen

Intangible Features:

Things that cannot be felt or seen e.g. quality of service, product knowledge, and staff friendliness are all features unique to each salon/barbershop; there is no way for competitors to provide this as they do not offer them in their business either.

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Tangible benefits: 

Charities such as Ultrech, Freedom a Women records are organizations that offer tangible benefits to those in need of them. For instance, many people are given the opportunity to come up with sustainable ways by which they make money out of what’s available to them because of their disabilities.

They often find what they can do is actually quite fulfilling and useful. Our company offers many services for universal design so that disabled users can use products that we manufacture (some examples include touch screens and chairs).

Intangible Benefits:

There are many organizations that offer intangible benefits to society.

For example, the American Red Cross offers relief services when there’s a disaster somewhere in the world.

Those services include first aid kits and emergency food products for those affected by the crisis.

The hidden market is made up of various people who have not thought about their needs being fulfilled in any way. These people are usually part of what Lebow refers to as “the overlooked middle”.

Achieving competitive advantage.

Sales, marketing, and innovation are the three core components to achieving competitive advantage because they all differ from one company to another.

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Sales – Putting oneself in the shoes of the customer by understanding their needs on both an individual and group level is the way to win over prospective customers. Below are some ways for different types of companies to achieve this goal more effectively:

-High tech sells solutions while being mindful of price sensitivity

-Banker services match products with clients’ risk appetite

-Trader offers a personalized experience through a consolidated account profile

Marketing – The ability to tell a story about your company will be what makes your brand stand out, in turn creating more leads which can then turn into conversions.

One way for marketing to stand out is through unique calls-to-action (CTAs) that are specific to the product and funnel in which it is displayed. When customers can envision how your product will solve a problem, they are more likely to invest.

Innovation- Whether it be a new product or service, there’s always room for improvement. With the rise of social media and consumer-driven content, businesses must continue to adapt to their clients’ needs if they want to remain relevant.

Understanding and planning resources:

The different types of resources that are needed to start a new venture: tangible, intangible, and human.

Start-ups require three types of resources to succeed.

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Tangible resources such as money, equipment, and materials are required.

Intangible goods such as intellectual property or data are also important for start-ups.

Finally, human talent is needed in order to produce quality outputs or services and run day-to-day operations.

The three categories of ‘capital’: human, social, and financial.

Two key sources of income, human capital (i.e., labor) and financial capital, are necessary for successful economic activity. Capital is usually defined as resources that promote productivity; seeking fruitful places to invest it within an economy can be a difficult task.

Income earned by investments from one’s labor is termed “human capital”. This type of investment yields returns in the form of higher future wealth and standard of living for the investor but requires large amounts of time before seeing any profits if an individual does not have opportunities to earn capital elsewhere.

Furthermore, investing in human capital entails risk and uncertainty about what future output will be like yet still offers avenues with notable returns; investors may receive more money back than they originally invested, but they may also suffer a financial loss if the investment fails entirely.

Expected future returns of investing in human capital are reflected by present prices for things like wages, interest, rent, and profit. If most people were to be paid much higher wages tomorrow than today, or if bonds offered an unusually high-interest rate, then present prices would reflect the expected increase in future returns to these investments.

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Likewise, we can expect that present prices will reflect expectations about how much demand there will be for products made with (or that use) great quantities of labor and raw materials.

Identifying and planning resources for a new venture, including tangible (premises, equipment, IT facilities) and intangible (skills and capabilities).

Identifying what resources are needed is an important step for a new venture to ensure it’s successful.

There are three main types of resources that you’ll need to identify when planning your venture: tangible, intangible, and time.

Tangible means things that can be touched like buildings, equipment, or IT facilities.

Intangible means skills and capabilities such as key business skills, people with appropriate experience who have the capacity to support ventures in developing countries, protection for staff by being registered on police records and having security alarms fitted or trained staff, etc

Time means both financial resources-timeframes within which investments should be paid back; how much needs gathering together from different sources including personal savings, building up a cash flow; the time needed for establishing relationships with customers, suppliers, and service providers; how long it will take to install or train staff members, etc…

The cost of using the time of key business skills is often underestimated.

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For example, a vital one-day training might cost an international management consultant $10,000 in time and air travel costs.

To start a new business, you need to find your solution. Solve the problems.

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