Table of Contents
1.1 Why is this start-up business interesting?.
1.2 Products and services.
2.0 Business prospect/opportunity in China market
3.0 How the business idea will help local communities.
4.0 How this start-up business will overcome the scarcity of resources.
5.0 Source of the business fund.
6.0 How will you protect intellectually the business idea.
6.4 Which entry modes will the business use?.
6.5 What is your market segment
7.0 Business plan in a foreign market (China)
7.1 Which markets will you enter?.
7.2 Who are your main competitors?.
8.0 How will you promote/advertise your business idea?.
8.1 Marketing mix strategy.
8.2 Marketing and advertising strategies.
5.3 Sales process/sales cycle.
1.1 Why is this start-up business interesting?
Besides opportunities, the entrepreneurs face several barriers and challenges in the marketplace (Coviello and Munro, 2015). The start-up business may face fund limitations and a higher level of competition due to the existence of substitutions. It is very difficult for the start-up business to survive in the market due to competition (Batjargal, 2017). Additionally, it is very challenging for a start-up business to increase its market share and brand image. Consumer acceptance cannot be generated easily by the start-up business. Busenitz and Lau (2017) mentioned that a start-up business has to manage all activities like operational, financial and distributional ineffective ways to survive in the competitive market. However, almost all the big businesses (like Wal-Mart and Microsoft) start their journey as small and medium-size companies. After a certain period, they maximize their business operation and establish a good position in the market (Ahlstrom and Bruton, 2016). For this reason; entrepreneurship is considered as the starting point of gaining success. In China, the young people can get huge opportunities for becoming an entrepreneur. Boisot and Child (2019) found that the total value of entrepreneurship has been grown up dramatically in China. For this reason; I have decided to start a new business in the China market.
1.2 Products and services
The name of the start-up business is “Ready Sandwich”. For this business, the main product will be sandwiched along with other food items. This will be divided into vegetarian and non-vegetarian. Additionally; the start-up business will offer shakes, cakes and pastries to the consumers. The food’s quality will be managed through various monitoring tools. The products will be nutritious, fresh and healthy. The prices of the foods will be cheaper and reasonable that will attract the customers in China market. The target customers will be office staff as well as students who can take their breakfast from this shop.
2.0 Business prospect/opportunity in China market
According to a study by Qian et al. (2018), business innovators (including students and graduates) are fueling the entrepreneurial spirit in China. Additionally, China is now enjoying exponential economic growth in recent decades that, in turn, is giving success to start-up businesses. Yang and Li (2018) stated that the economic transition of China has hugely unleashed the development of entrepreneurship since the 1980s that untimely has been bringing more opportunities for the startup business in Chan than ever before. According to IBISWold (2019), in China market, there are huge opportunities for new entrepreneurs for getting the advantages of the restaurant business. The Economist (2018) stated that customers in China like ready-sandwich along with other food items. For this reason; the number of restaurants is increasing day by day in the China market (Boisot and Child, 2019). Most of the people in China cannot make up their breakfast due to lack of time. Thus, they love eating outside in restaurants. The number of customers is increasing in China that is bringing huge opportunities for start-up businesses (MarketWatch, 2019).
3.0 How the business idea will help local communities
The proposed start-up business idea will help the local communities in several ways. First, the start-up business will help the community by creating job opportunities that increase the income level of the people. Second, the start-up business will boost up the economy as a whole because it creates utility and pays tax to the government. The start-up business will maintain its social corporate responsibilities by increasing the charitable fund for the poor people, ensuring healthy foods for the customers, taking care of its staff, supplying ingredients from reliable suppliers. The charitable funds of the new business will support schools and health care for the poor people of the community. The local people (who will work for the business) will get the training opportunity from the start-up business that will, in turn, give job opportunities for local people. The start-up business will purchase local products as raw materials and produce foods for the local people that will increase the earnings of the local people. Finally, the start business will produce products base on the expectation of the local people by which the new business will attract the customers and meet their desirable demands.
4.0How this start-up business will overcome the scarcity of resources
The resources are limited. For this reason; the start-up business will develop comprehensive strategies to overcome the challenges of resources scarcity. Following the guideline provided by Coulter (2014) the proposed start-up business will, first, identify the potential sources of risk that create problems of availability of resources. Then, the business will find out physical, economic and geopolitical factors for generating a smooth supply chain and develop a plan of solving the potential risk of scarcity of resources. Next, the business will maintain the inventory safety stock; several supply sources and resources substitution, and develop an early-warning system for knowing the scarcity of resources in advance.
Following these, the business will communicate with the suppliers as well as customers to generate the supply in advance, as well as follow up the market to grasp the opportunities and make the supply chain smooth. Then, the business will improve the sustainability of the products, and take feedback for the product development, and use modern processes to produce products and minimize the wastage of the resources. Next, the business will ensure maximum outcomes from a minimum level of inputs; monitor the product life cycle and ensure a better customer relationship; and ensure a better inventory management team for getting the information about the storage in advance. Finally, the business will recruit an effective production manager and marketing manager for developing the production and marketing process. The start-up business will manage the scarcity of the resources by taking the above controlling systems……………….