ENTREPRENEURSHIP CAPSTONE PROJECT (Term Paper Sample)

ENTREPRENEURSHIP CAPSTONE PROJECT Table of Contents TOC \o "1-3" \h \z \u 1.0 Introduction PAGEREF _Toc135757138 \h 32.0 Company Information PAGEREF _Toc135757139 \h 32.1 Description PAGEREF _Toc135757140 \h 32.2 Mission PAGEREF _Toc135757141 \h 32.3 Vision PAGEREF _Toc135757142 \h 32.4 Long-term objectives PAGEREF _Toc135757143 \h 33.0 Industry analysis: PAGEREF _Toc135757144 \h 34.0 Competitive analysis PAGEREF _Toc135757145 \h 55.0 Key success factors PAGEREF _Toc135757146 \h 66.0 Internal Analysis PAGEREF _Toc135757147 \h 77.0 Growth Potential PAGEREF _Toc135757148 \h 88.0 Business Plan PAGEREF _Toc135757149 \h 99.0 Financial Plan PAGEREF _Toc135757150 \h 910.0 Marketing Plan PAGEREF _Toc135757151 \h 1011.0 Milestones with Timeline PAGEREF _Toc135757152 \h 1112.0 Conclusion PAGEREF _Toc135757153 \h 12References PAGEREF _Toc135757154 \h 14Appendices PAGEREF _Toc135757155 \h 17Appendix 1: Business Canva PAGEREF _Toc135757156 \h 17 1.0 Introduction This report will offer the business plan for a company that deals with glow-in-the-dark fashion clothing. The name of this company is chosen to be GlowCouture. In this report, a strategic plan for GlowCouture is provided. First, the report provides will provide a description of the business and its mission, long-term strategy and vision. The report then will provide various types of analysis like industrial analysis, competitive analysis and others to understand the market. Then it will give a business plan for the company that was ideated for this case. 2.0 Company Information 2.1 Description GlowCouture is a speciality fashion brand that aims to create, procure and market clothing and accessories that glow in the dark. It plans to sell and give away clothing with unique graphics. 2.2 Mission GlowCouture wants to provide people with the chance to express their creativity and stand out in any environment through its unique products. By mixing elegance and innovation, GlowCouture wants to offer a space for individuality and self-expression. 2.3 Vision The vision of GlowCouture is to empower self-expression and provide individuals with the tools to creatively express their likings through the glowing graphics of the t-shirt. Its vision is to build a loyal customer base that values the commitment of the company to excellence, workmanship, and individualised attention. 2.4 Long-term objectives The long-term objective for this company involves popularising GlowCouture in the niche glow-in-the-dark fashion sector. In the long term, it aims to expand the range of products it offers to reach a wider market and develop a loyal clientele that values individuality and supports the distinctive approach to the fashion of GlowCouture. It further aims to create a global line of personalised products that cater to the needs of teenagers and young adults, all around the world. 3.0 Industry analysis: PESTEL framework will be utilised in this case to get the industry analysis Political Factors * Government regulations on importing * Increased focus of the government on the promotion of local manufacturing. * Stable government atmosphere. Economic Factors * GDP increased by 0.1% in the first quarter of 2023 (ons.gov.uk, 2022) * Growth of the “Production sector” by 0.1% in the same quarter. Social Factors * Increase in personal clothing items Technological Factors * Increasing online platforms like Amazon, next and others Legal Factors * Competition and Markets Authority (CMA) regulations Environmental Factors * Increasing interest in Sustainability and eco-friendly practices Table 1: PESTEL (Source: Created by the learner) The reputation of the glow-in-the-dark fashion industry is high in the UK. But due to certain challenges, it has been highly impacted. Political stability in the UK has been very advantageous to the glow-in-the-dark fashion business (El-Sayed and El-Fanagely, 2022). Though many in the industry are concerned about the Brexit uncertainty. The UK imports clothing and footwear from Europe every year for over £10 billion (Fellows, 2021). As a result, the industry needs particularly strong trading ties with the EU to continue to prosper. No other country in Europe sells more apparel than the UK. In addition, the citizens are liable for the approximately “300,000 tonnes” of clothing that are burned or dumped in landfills each year (Kim and Kim, 2020). Because of this, advocacy organisations are pleading with governments to put pressure on businesses to do more to protect the environment. There is an increasing trend in the demand for items which are personalised (Lee, 2021). Many shoppers who commonly buy fashion items reside in the UK. Rapid fashion dominates their shopping habits (Akhilendra and Aravendan, 2023). However, a study found that more than 80% of shoppers buy clothes they never wear. It is detrimental to the environment even though it is fantastic for the fashion industry. On the technological front in the garment industry, many advancements are being introduced. Amazon and Next are doing quite well online, whilst boohoo.com, misguided.co.uk, and many others are rapidly becoming household names. In fact, a small number of incredibly successful retailers in the glow-in-the-dark industry are setting their foothold using sites like Etsy. Fashion companies that make “exaggerated claims about their environmental credentials” are targeted by the Competition and Markets Authority (CMA) (Rodger and Stephan, 2021). Companies could be held accountable if they violated consumer protection rules by making false environmental claims. 4.0 Competitive analysis To analyse the competitiveness of the market, “Porter’s five forces” can be utilised. The forces include * Competition from existing players: The UK glow-in-the-dark fashion market stands out for having a large number of global firms, like “Etsy”, “amazon”, “glow. co. uk” and others, all of which have exceptional product ranges and strong brand reputations to attract customers. Figure 1: Etsy revenue over time (Source: backlinko.com, 2021) * Power of the suppliers: When raw supplies are hard to come by, suppliers are quite powerful in negotiations (Gutierrez et al., 2020). Additionally, when there are limited providers of a specific commodity or raw resource, it rises. Suppliers in the fashion industry are companies that provide the fabrics and other raw materials that are used to produce clothes, such as cotton (Rathore, 2023). The UK fashion industry is often dominated by a small number of suppliers due to the high cost of raw materials (Uddin et al., 2022). * Power of the buyer: When there are numerous competitors offering a wide variety of goods, consumers have more negotiation power (Richter and Hanf 2020.). With the presence of direct competitors like “glowinthedark.com” and “glow. co. uk” and indirect competitors like “etsy.com”, customers have more bargaining power. Consumers are in charge since they have so many options due to the large number of rivals. There are numerous businesses currently present in the UK consumer market. The majority of these competitors offer goods for all types of consumers and have strong brand values. * The possibility of replacement products: GlowCouture deals with personalised graphics, so each customer will have the product designed as per their preference. This implies that the replacement of the product will be very hard to find as the product only caters to a particular customer (Ruolin and Kaixuan, 2022). * The arrival of new rivals into the market: The product that the chosen company deals with, requires certain amounts of expertise and licence to make it into a finished product. The new entrants need to have the threshold amount of product knowledge to compete with our company (Khattab et al., 2019). Also, since it is a niche product, it only targets a very narrow customer segment, so the chance of the arrival of new competition is less. 5.0 Key success factors Gaining a competitive edge and long-term success in the glow-in-the-dark clothing industry depends on a number of essential success factors. The factors include * Design Innovation: Companies tend to attract attention and stand out in the industry when they continually push the boundaries of design and offer intriguing, eye-catching concepts (Stolle, 2019). GlowCouture will measure the innovation rate in their company so that the resistance of the customers can be coped up. * Quality and Durability: When a product is well-made, durable, and able to retain its brilliance over time, customers are more satisfied and loyal (Falck, 2023). GlowCouture will constantly keep up its high standard of product so that the satisfaction rate of the customers can be maintained. * Brand Reputation and Recognition: When a company has a solid brand image and a positive market reputation, consumers are more likely to believe it (Ali et al., 2021). GlowCouture will involve a group of social media strategists and customer representatives so that the brand image can be kept in the online space positively. * Effective Marketing and Promotion: Strategic marketing strategies like social media campaigns, influencer collaborations, and targeted advertising are necessary to reach the target population and increase brand awareness (Mou, 2020). GlowCouture will utilise software like Google Analytics and Backlinko to further track their promotional activities and marketing efforts so that their metrics of marketing can be managed. 6.0 Internal Analysis SWOT analysis will be employed for this case. Strength Weakness * Unique and innovative product offerings * Focus on individuality and self-expression * High-quality and durable products * Limited production capacity * Appeal at the Niche market Opportunity Threat * Market growth in the glow-in-the-dark fashion. ...