Discovering entrepreneurship Essay Example | Topics and Well Written Essays - 2500 words

Discovering entrepreneurship - Essay Example Introduction The report deals with developing a business plan that shows the potential of a new company on or near by the UEL campus. It is also a good opportunity for the project group to expand knowledge and skills to be a good entrepreneur in the future. During the project the five main characteristics of a successful entrepreneur were kept: believe that you can make a difference, take action, be optimistic, tolerance towards ideas and be ethical (Bronson, 2011). The new company is been developed as a response to the growing number of international students in the campus who wish to enjoy food from their own culture. With the increase number of students from different cultures and the demand for product diversity, comes the question: â€Å"Do students from other countries like English food offered in vicinity of UEL campus?† There are over 4.000 international students studying at the University of East London (University of East London 2011). This fact gave the inspiration for this new business idea. International students might not enjoy English food and miss food from their home country. When the food is available in the UK the international students can have difficulties to find it. ... While there are other stores that offer the same product, the business plan aims to create a shop within the vicinity of UEL so that students do not have to travel long distances. Also the range of products in this shop would be more as compared to the competitors. Internet would also be used in conjunction with the shop so that students can order online also. The company will be opened in the name of Oriental Bazaar. Oriental Bazaar will provide the international students their specific nourishment need. More specific information and research is elsewhere in this business plan. The business plan will include: conceptualisation, target market, supply chain, product life cycle, marketing strategy, marketing mix, operational plan and capital requirement. Macro environment Analyzing the macro environment is imperative in order to analyze how the business would fare in the current business environment. The most commonly employed to study the macro environment is the PESTEL analysis (Gill espie, 2007) that is as follows: Economic environment: University students usually have a limited budget and are not willing to pay extra for their food stuff. They usually look for discounts. However, bulk buying is not an option for these students as they do not have to serve the entire family and the purchasing is only meant for one person or occasionally a group of people. Political-legal environment: The Political-Legal environment that should be studied in this respect would be that of the University of East London. The shop would be required to maintain the codes determined by the university. UEL is committed to providing the right direction to emerging business and especially ones