Individual Presentation Innovation and Entrepreneurship (GC01998)

My business idea

The business plan is about to introduce a business of Islamic clotting, alcohol-free perfume and Islamic books. It is going to initiate a whole new business having the vision to become a leading retailer of the above products in the UK (Benson, 2016). The mission of the business is to provide products having excellent quality which is attached to the perceived value of the customers.  Welwyn Garden City will be selected as a place to initiate the business. At the very beginning of the business, it will provide the customers with the products from this place and at a later time, it will expand to several areas of the UK. Belloc (2017) stated that as a venture capital it will need around £300,000 to start the business. out of the fund, each partner will provide £50,000 (Peace Essentials, 2016). The quality of the products is standard and customers will feel comfortable by having the clothes as well as the pursuers.

In terms of Islamic books, these will serve as authentic hadith with proper reference to the Bukhari and Tirmizi. The fabric for the cloths will be collected from different wholesalers or production houses; it gets perfume for customers from different renowned brands and wholesalers; and the Islamic books will be from different publications that print or publish Islamic books. In order to meet the vision and mission of the business, it will perform all activities to get them in reality. The business will try its level best to get competitive advantages in the marketplace.

Justification of my business idea

According to Hendriksz (2016), the market capitalization for retail business in the UK is around £165 billion. In this retail business, there are around 12,000,000,000 employees are employed and contributing to the GDP of the UK. Out of the employees more than 900,000 employees are involved in this type of business. The number of customers are increasing every day for Islamic clothing, alcohol-free perfume as well as for Islamic books for the sake of whether learning it or for practicing it. Further, the growth prospect for this industry is very high because of the increasing number of customers. Customers are more inclined to these types of products as they have an interest in these items and the market share of this industry is getting higher by days. As both the learners and practitioners are grabbing these markets the potential customers are huge in this industry (Galea, 2014). It has been observed that about 43% of the customers of the UK like Islamic clothing whereas 56% and 38% for alcohol-free perfume and Islamic books respectively. For this purpose, this business is prospective for the customers in the UK and it has justified that the new business plan will be more suitable in this present market condition.

Business models used in my business plan

In order to operate the business smoothly and flawlessly, several activities will be settled for the business. The business will set a smooth production distribution and customers services activities to make the business more effective, efficient, flowless and competitive in the marketplace (Robinson, 2012). At first, the fabric for the production of Islamic cloths will be captured from different fabric production houses of from the wholesalers of fabric; the alcohol-free perfume comes from the different renowned perfume brands as well as the international wholesalers of perfume; and the books will come from the publication houses of Islamic books. After collection of the supplies, Islamic clothes will be produced through the use of a systematic production process and other products such as perfumes and books will be stored for direct sales. After this, the products will be distributed directly or indirectly to the customers through the use of different methods. The business can distribute the products directly to the customers from the retail shop or by appointing several agents or dealers. The business will also provide home delivery services and will set a customer services department to accomplish these things.

Why do I think my business is going to be suitable?

The retail business has set a milestone in the UK having high growth in recent years (LANG, (2016). It has been observed in recent studies that people in the UK buy more than 1 perfume, 3 books, and 5 clothes in a week. Thus, the customers purchase around 33 units of this product in a month and 396 per year. The preferable clothing products of the UK consumers are cloths with high fashion with serving the moral of Islam, getting perfumes from good brands and books with appropriate referencing. The average price for the clothes is £12.07, for perfume £60 and books for £5. Moreover, the business will set some sustainability action to make the business sustain in the long run. According to Kenny and Meadowcroft (2012), to achieve sustainability for the business it offers environment-friendly products to protect the environment by using natural material and managing the waste appropriately and taking action for controlling the greenhouse effect.

This business also ensures sustainability by providing products that are comfortable and healthy for the customers. After that, this restaurant will also take suitable actions for ensuring the good health of the consumers. The business also offers a healthy workplace for the workers to motivate them to perform well which ensures sustainability for the business. The sustainable actions for the welfare of the workers will be ensured by providing them a well-structured production and distribution system and healthy working conditions which will the welfare of the employees and bring sustainability in the long run. Finally, the business ensures sustainability for the society and community. It provides greater employment opportunities for society and reduces the unemployment problem. It also makes sure sustainability for the society by improving the living standards for the members of the society (Galea, 2014).

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