BUS5016 Business Start-Up Assignment Sample

• Type Assignment
• Downloads606
• Pages12
• Words2980

Task 1: Reflection

The Edmundo simulation helped me understand the importance of analyzing both internal and external business environments using tools like PESTLE and SWOT. I learned that effective marketing strategies and understanding market trends are crucial for a new business to succeed. The feedback from my peers also highlighted the need to provide a range of investment figures, improving clarity for potential investors. Overall, the simulation enhanced my practical understanding of business planning and decision-making.

Reflection on Learning from the Simulation

With the learning from the Edmundo simulation activity, I learnt that for starting up a business it is assistive to effectively try to build a good business. With the help of the simulation, I was able to get knowledge of all the latest trends which are prevailing and need to be included in the new BUS5016 business start-up. Further, based on Gibbs's reflective cycle I learnt that with the application of the PESTLE analysis, I learned that understanding the external environment is very important for making business decisions correctly. Students who struggle to connect theoretical frameworks with practical simulation outcomes can benefit from help with writing assignments to present their reflections clearly and accurately. It is necessary to evaluate the external working pattern as the business operates in the external environment and any change within the external environment will affect the working of the business (Soelton et al, 2022). Hence, the framework of PESTLE analysis is assistive in making a record of the changes taking place and relating it to the internal working capability with the help of the SWOT model.

With the SWOT analysis, the Sneakers will be in a position to analyse the internal capabilities and try to work on improving the weaknesses and grab the opportunities present in the market. Moreover, the simulation also assisted me in analysing the fact that having a good marketing strategy is very helpful in making the business well. Further, I analysed that having good marketing needs to be essential for making the new business successful. By using good marketing actions and tactics better knowledge can be shared within the market and a large number of consumers can be attracted (Banka, Dao and Minh, 2022). At last, it can be concluded that for starting up a new business in-depth market research must be done so that the latest trends can be identified and implemented into the business.

Reflection on Feedback and Presentation

While delivering the presentation among friends I was provided with the feedback that within the investment section I must provide a range of investment and finance I need. I had provided a single amount and this might affect the investor’s mind as to how I assessed a single amount for investing in business. Thus, my friend advised me to add a range so that better investment can be availed from the investors. Moreover, with the help of the feedback I was able to reflect that I am good and creativity and innovation as I was able to make an attractive presentation and this could attract better investment for the new BUS5016 business start-up idea of the sportswear clothing range. Further, I also had decided on the marketing and this was assistive in attracting investors. The reason behind this fact was that the combination of digital and traditional marketing tools was selected for the new business (Bhatti et al, 2021). This combination will help attract all the types of consumers the ones who are using digital media and the ones who are not using it. Thus, as a result of this, the diversified types of consumers will be attracted and ultimately the new business will be developed in a better manner.

Task 2: Business plan

The business plan proposes a new range of fashion sportswear by Sneakers Inc., targeting health-conscious consumers aged 18–50. The plan includes a strong management team, market analysis using PEST and Porter’s Five Forces, and a marketing mix combining digital and traditional strategies. Financial projections indicate profitability, while risks such as competition and funding challenges are identified. The plan aims to launch a high-quality, stylish sportswear range with an effective operational and sales strategy to achieve growth and market recognition.

Executive summary

The current business plan is based on starting up a new product range of fashion sportswear by Sneakers Inc. The plan starts with stating the objective and the management team which includes the project manager, HR, marketing, finance and other professional. Further, it highlighted that the external environment is also soothing for the business and the projected profit and loss account stated that the company will be earning a good amount of profit.

The Business Model

For the successful running of the business, an effective type of environment evaluation must be done. Both the internal and external environment need to be evaluated so that the working can be improved well. It is due to the reason that with the help of an effective type of environmental analysis, a good model of business can be developed. With the external research, it was seen that currently, the trend towards having a health-conscious routine is increasing (Aulia et al, 2023). Thus, as a result of this, the sports activities and involvement of people towards the gym are increasing. Sneakers Inc. is already using and following the range of sports shoes and sneakers for men and women so now they are planning to implement a new product range of sportswear fashion to help athletes and other sports lovers to feel comfortable while doing any sporting activity. This was the major gap identified with the research that currently the sportswear in fashion is available less and as a result of this, the new product range is identified by Sneakers Inc. to follow.

Mission

The mission of Sneakers Inc. is to become a global leader in the sporting industry selling high-quality goods to consumers.

Vision

The vision of Sneakers Inc. is to do everything possible to expand the potential of the human.

Objectives

• To start the new product range of sportswear fashion by aiming to attract at least 12-15 % of the new consumers by the end of March 2025.
• To increase the collaboration with gyms and other fitness studios to attract at least 7-10 % of new consumers by April 2025.
• To enhance the conversion rates by at least 9-11 % till May 2025 by way of improving digital marketing presence.

Management Team Expertise

For running the new business successfully a good and strong management team must be made. In case the management team is not good then the business plan will not be successfully implemented. Thus, the management team comprised by Sneaker Inc. includes the following-

Role	Education	Industry experience	Achievements
Project manager	Must have a postgraduate degree	Must have at least experience of 3 years	Must have a diploma course in project management
Finance manager	Must have a master's degree in financial management	Must have at least experience of 5 years	Must be affiliated with some financial institution
Human resource executive	Need to have a postgraduate degree in HRM	Must have at least experience of 2 years	Must have a certificate of training within a renowned place
Marketing Executive	Must have at least an undergraduate degree in	Must have at least one experience of 1 year	Must have certificates in at least 4-5 marketing campaign

Further, to run the new business sportswear fashion range, a lot of skill needs to be present within the top management of the company. It is the reason that when the employees in top management are working well then automatically the working capability will be improved (Tokhirov and Abdurakhimjanov, 2021). Hence, for this different skills which need to be inherited by top management include communication, teamwork, time management, critical thinking, decision-making, coordination, collaboration and many other different types of skills.

BUS5016 Business Start-Up Assignment Sample

Liked This Sample? Hire Me Now

Michael White 9 Years | PhD

Role of Entrepreneur

The entrepreneur has to play the role of setting the targets and leading the team towards its achievement. The ownership involves taking the investment decisions involved in the business operations. The legal form of business chosen is sole proprietorship in which the company is run by the owner only (Ratten, 2023). There is no other party that can influence the decision and gives full control of authority in the hands of the entrepreneur. This also gives full access to the ownership to take a share in the profits wholly. Here the company is not required to have a legal registration and fulfil the establishment formalities. The ownership structure to be followed in the firm is hierarchical where the orders are to be downwards and the subordinates are liable to follow the orders. The subordinates are accountable to the upper-level management and authority and follow the chain of command vertically.

Market and Industry Analysis

External PEST

The model used for the process of external analysis is PEST which involve the understanding of those factors that can have influence on the sportswear sector.

• Political - The political stability of the UK in 2023 was scored at 0.51 and has shown minimum fluctuation during the last few years that can impact the sportswear sector due to the changing political parties (The global economy, 2025). The newly formed politics can have an impact on the company through shifts in policies and regulations to be followed by the ventures in the sector. A stable government can be favourable for the business to operate and run as per the desire.
• Economical – The inflation rate in the country is recorded at 3.5% in 2024 which has shown increase from the previous years (ONS, 2025). This can impact the sportswear industry and companies operating in this sector negatively as the demand for the good can decrease. It is essential for the companies to invest in the new projects by considering the relevant strategies and risk management in advance.
• Social – There is rise in the awareness in the people in the country regarding the health and fitness. This leads to the increase in the demand of the sportswear as people are more focused on the exercise and workout related activities. This can have positive impact on the sportswear industry and can present the opportunity for the rising the sales.
• Technological – The country stands 5th in the GII ranking in the year 2024 which shows the major technological revolution in the country (WIPO, 2024). This can impact the industry positively and can contribute to the goal achievement through efficiency production and meeting the people demand using the advanced technology.

Competitions Porter’s 5 Forces

Porter’s model is used for the analysis of the competition in the sportswear sector.

• Competitive rivalry - The industry is highly competitive as the brands Nike, Under Armour and Adidas have dominated over 50% market share in the sector (UK money, 2025). This can have high impact on the venture and its operations in this industry as it requires right strategies to meet the competition in the market.
• Potential new entry - There is free entry and exit in this sector which makes the company liberal regarding starting the new business. This can influence the company highly and need to use better marketing to stand out among the buyers and gain better market position. The venture branding can help in this process and gain the competitive advantage.
• Supplier power - There are number of suppliers of goods and resources in the sportswear industry. This can have low impact as the company can opt the inputs from the desired party as per the need and production quality goals.
• Customer power - The customers have high bargaining power in the sector that can influence the venture negatively (Grewal and Levy, 2022). As the firms are usually the price taker and the company needs to decide the right pricing. This helps in the meeting the gaining maximum customers by overcoming the competition in the market and at the same time maintaining the profits.
• Substitute goods - There is no availability of close substitute in the sector and this can give benefit to the company in meeting the demand of the health and fitness conscious people.

Marketing strategies

Marketing mix is the strategies that are followed to successfully sell the launched product in the market.

• Product - The new product is based on the sportswear and fitness clothing. The product based on the premium quality that provide the stylish look to the people who work out and perform physical activities such as gym, sports, etc.
• Price - The price strategy followed is the penetration pricing strategy in which the price will be lower in the start and will be increased when the sales grow as per the targets. This is chosen to attract the maximum people to buy the goods and increase the sales in the market.
• Place - The product will be supplied through online ordering as well as purchasing from the brick-and-mortar stores (Jaas, 2022). This is because the people who prefers to try live can come to stores and those who are busy can order from the website.
• Promotion - The promotion is to be done through the online methods such as advertising on social media and sending promotional emails. The traditional method is also used through newspaper advertisements.

Business Sales and Operations Strategy

Operations and sales plan

The operations plan will focus on establishing the plants and production units and employing the people that are needed to carry the work (Ameen et al, 2022). The inventory system will be developed that will maintain the supply and demand of the goods. Sales plan will include researching the customers and making the sales through the promotion.

Business Location

Business location will include the sale of the goods through stores as well as supermarkets. The customers can also buy online from the official website. This will attract the maximum people and allow them to buy as per their convenient. 

Facilities and equipment

There is the need for facilities and equipment for producing the sportswear and fitness clothing. The land will be required to set up the machinery and manufacturing of the goods. There are various equipment required to transport the goods to the warehouse in the factories such as automatic loading trucks etc.

Key milestones

Key milestones for the operation strategy will include the monitoring stage of the operations process. The performance will be evaluated on the basis of the successful establishment of the operation unit and the first sales achieved through the sale of first stock of the production.

Financial Strategy and Risk

 Finance is considered to be the life blood of the companies without which the ventures cannot run successfully. There are variety of sources available to obtain the funds in the market. This may involve the personal investment, venture capital, and business loans.

• Personal investment will be referred to the funds raised from the personal savings. This is the money that is brought by the owner in the business (Xue et al, 2021). The company will use this primary method and easily access to the firm which can be efficient for the company.
• Venture capital is the source through which the money requirements can be fulfilled. It involves the expenditure made in the potential start-ups by the big companies that seek returns as per the amount spent. The firm will seek the big investors and fulfil the financial need for the new product launch.
• Business loans are the debt that can be raised from the banks, financial institutions and acquaintances. This may include the interest rate, collateral security and mortgage for receiving the money. This type of finance can be costly and may not be easily available if taken from the banks or financial institutions. Debt from the acquaintances can be easily obtained and are less costly for the company.

Business Risk

There can be risks involved in the launch of the new product such as not having enough funds, meeting the customer’s preferences, competition and failure in marketing strategies (Dvorsky et al, 2021). The company may face the challenge of fulfilling the requirement of gaining the funds that are required to run the day-to-day operations. The issue in meeting the demand in the market may lead to the failure in the marketing and promotional strategies. There is stiff competition prevailing in the sector and the firm is required to form policies that are effective in gaining market share and establishing the market recognition.

Conclusion

At last, it is summarised that starting this new product range of sportswear fashion which is customisable according to the need to consumers. The plan stated that the management team is very strong and the business structure of sole proprietorship is selected. Further, the marketing used includes a combination of digital and traditional marketing strategies and pricing strategy of penetration pricing strategy.

References

• Ameen, N., Sharma, G.D., Tarba, S., Rao, A. and Chopra, R., 2022. Toward advancing theory on creativity in marketing and artificial intelligence. Psychology & Marketing, 39(9), pp.1802-1825.
• Aulia, I.N., Soelton, M., Hanafiah, A., THOULLON, M.S., PAIJAN, P., KARYATUN, S. and SARATIAN, E.T.P., 2023, November. Entrepreneurial Planning Strategy At Meruya Utara-Kembangan-Jakarta. In ICCD (Vol. 5, No. 1, pp. 121-128).
• Banka, M., Dao, M.T.H. and Minh, D.T., 2022. Analysis of business strategy of real estate developers in Vietnam: the application of QSPM matrix. International journal of multidisciplinary research and growth evaluation, 3(1), pp.188-196.
• Bhatti, S.H., Santoro, G., Khan, J. and Rizzato, F., 2021. Antecedents and consequences of business model innovation in the IT industry. Journal of Business Research, 123, pp.389-400.
• Dvorsky, J., Belas, J., Gavurova, B. and Brabenec, T., 2021. Business risk management in the context of small and medium-sized enterprises. Economic Research-Ekonomska Istraživanja, 34(1), pp.1690-1708.
• Grewal, D. and Levy, M., 2022. Marketing. McGraw-Hill.
• James, A., 2022. E-marketing and its strategies: Digital opportunities and challenges. Open Journal of Business and Management, 10(2), pp.822-845.
• Ratten, V., 2023. Entrepreneurship: Definitions, opportunities, challenges, and future directions. Global Business and Organizational Excellence, 42(5), pp.79-90.
• Shelton, M., ROHMAN, F., MUGIONO, M., INDRAJAYA, S., MARLAPA, E. and VIZANO, N.A., 2022, December. Business Plan Model In Creating Family Entrepreneurship. In ICCD (Vol. 4, No. 1, pp. 216-220).
• Tokhirov, R. and Abdurakhimjanov, A., 2021. The Issue Of Modern Strategic Management In Enterprises Or Firms. The American Journal of Management and Economics Innovations, 3(08), pp.9-14.
• Xue, R., Gepp, A., O’Neill, T.J., Stern, S. and Vanstone, B.J., 2021. Financial literacy and financial strategies: The mediating role of financial concerns. Australian Journal of Management, 46(3), pp.437-465.