This reflection uses Gibbs’ reflective model to evaluate learning experiences from the Edmund and Sneaker Inc simulations. It highlights challenges, emotional responses, and skill development gained through guided practice and research.
1A
In the context of sharing my experience while undertaking Edmund simulation, Gibbs reflective model is used. This model has been selected as it offers a structured approach which includes six steps that are description, feeling, evaluation, analysis, conclusion, and action plan (Gibbs reflective model, 2024). I was involved in undertaking Arden university Sneaker Inc simulation which aids in identifying my capability in running the business and estimating all aspects related to the competitors, market opportunity, sustainability and growth potential of business entity. At the initial stage, I faced issue in playing such games due to the lack of technical knowledge regarding simulation process. However, I was involved towards undertaking in-depth research regarding the simulations and focused on taking guidance from the tutors that help in playing the game flawlessly. While undertaking simulation, I was very excited and nervous at the same time as this game will help in enhancing my knowledge but the lack of skill and confidence leads to agitation.
This simulation aids in enhancing my problem solving skill as I was involved towards critically analyzing the present situation based on which necessary decisions are taken. This aids in boosting my brain storming capability through which most accurate strategies could be formulated. Further, this simulation aids in developing my understanding regarding diverse factors that needs to be critically evaluated before setting up the business which aids in running an organization successfully in the upcoming time. Moreover, I have identified the need and significance of SWOT & PESTLE analysis which aids in determining all the strengths and weakness of the organization and supports in identifying external factors that could impact on the firm’s growth and expansion. Beside this, simulation also supports in enhancing my financial management skills that aid in sourcing and utilizing funds in an optimum manner. Further, my knowledge related to the financial statement preparation and analysis also enhanced which helps in evaluating the firms overall performance successfully. Further, I have identified that it is very critical to have effective marketing strategy as to successfully carrying out the business operations. Lastly, I have discovered that it is very critical to initiate market research and determine trend before starting any business.
Reference materials and sample assignments are shared to help students gain clarity on academic formats and improve their writing approach. As a trusted assignment help in UK, we ensure guidance is provided without compromising originality. The Business Start-Up Module Assignment Sample demonstrates proper structure, analysis, and logical presentation of findings. These materials are strictly meant for reference and learning purposes only.
1B.
While delivering my presentation in front of the family members and friends, they suggested me to include in-depth financial statement and the sources from where funds are raised which aids in attracting the investors. Further, they suggested me to clearly define all the names and USP of competitors which helps in identifying the uniqueness of proposed business easily. Moreover my friend advised me to introduce the product ranges which aids in covering larger market and support in easily sourcing investment. Further, I have prepared an attractive and effective presentation which contributes in attracting the investment. Moreover, my friends said that I have drafted the most effective marketing strategies which help in attracting the diverse customer and thereby supports overall growth & development. My marketing strategy is effective as it focuses on utilizing both traditional and digital techniques which aids in attracting the larger target market and supports in enhancing the overall profitability.
a. Executive Summary
The current business is based on the establishment of Urban Sole House which aims at offering high quality shoes to the customers. It has been identified that Sneaker Inc was unable to maintain its profitability that ultimately creates issue in managing overall stability within Industry. Urban Sole House is aiming at developing a strong bond with customers and establishing brand identity that aids in successful working of the business entity. Sneaker Inc has been takeover as the industry is expected to grow by 4.8% in the year of 2025 and generated overall revenue of 7315.6 million indicating the high growth prospects (Growth of Shoes industry, 2024). The current business plan will include in-depth information regarding business model, management expertise and initiate industry analysis, competitor analysis and financial analysis for formulating adequate policies as well as strategies.
b. The business concept / Business model
Urban Sole House is aiming to operate with business to customer (B2C) model which helps in mitigating the intermediaries cost and supports in offering product at lower cost. Moreover, organization will utilize Lean business model that aids in reducing the wastage and thereby supports profit maximization (Christian, Chinedu and Asemota, 2023). It has been identified that Sneaker Inc is unable to identify the customer needs towards acquiring high quality shoes at a lower price which ultimately result into losing customers base. The Urban Sole House will focus on fulfilling this gap by offering product to the larger target market which aids in gaining economies of scale and supports lowering per unit cost.
Objective:
c. Management Team expertise
For successfully carrying out the business operation, a competent and strong management team will be required. This team aids in dealing with all the challenges successfully, fosters innovation and thereby contributes in maintaining stability within the industry (Chang, 2022). Below table defines all the education, achievement and industry experience required in Urban Sole House’s Top level management:
| Role | Education qualification | Achievements | Industry Experience |
| Finance Manager | Must have Postgraduate degree in Financial management | Must be affiliated from recognised financial institution | Candidate must have 2-3 year experience |
| Marketing Manager | Need to have bachelor degree in Marketing. | Should be certified for accomplishing 5-6 marketing campaign. | Must have experience of over 1 year. |
| Project Manager | Should have postgraduate degree in management. | Need to undertake diploma projects. | Candidates must have an experience of 2 years. |
| Human Resource Manager | Must initiate post gradation in HRM. | Should have CIPD certifications | Should have experience of 1 year. |
Along with this, there are various other crucial cognitive skills that should be present within the top level management. The entire manager should have effective communication, team working, co-ordination, leaderships, changes management, emotional intelligences and decision making skills which aids in carrying out their responsibility successfully.
Role of entrepreneur:
As an entrepreneur, focus will be paid over setting up accurate targets that need to be achieved for maintaining stability. Further, concentration will laid over assigning accurate duties and responsibilities to each employee that contributes in the success of business venture. Along with this, various crucial decision regarding investment and funds management need to taken so that accurate return on investment could be gained (Ameen et al, 2022). Urban Sole house will be operating as Sole proprietor business in which all the liabilities and profits held by the owner of the company. This form has been selected as it aids in reducing the dilution of power and supports in easily taking all the decision for success of organization. Urban Shoe House will opt for hierarchical ownership structure which aids in establishing adequate superior –subordinate relationship. Moreover, this structure establishes the line of command which helps in avoiding confusion among subordinated and supports in attaining goals successfully.
d. Market and Industry Analysis (feasibility)
Pestle analysis: In the course of identifying external factors impacting on the working of Urban Sole house, PESTLE analysis has been initiated as below:
Political: In UK, there is huge amount of political instability that results into continuous change in the country’s rules and regulations (Aulia et al, 2023). Further, Brexit has created various restrictions on easily sourcing raw material from EU countries that could influence overall cost and profitability of the business entity.
Economical: There is a significant increase in UK’s inflation rate which amounted to 3.5% that ultimately reduces the customer’s purchasing power and increases the firm’s overall cost (Inflation in UK. 2024). Along with this, there is an increase in the interest rate on loan which increases difficulty in sourcing the funds at reasonable rate.
Social: It has been identified that customer’s preferences are continuously changing within the shoe industry which requires firm to focus on the continuous innovation (Pestle analysis of Shoe industry. 2024). Moreover, sustainability is the recent trend that should be followed by organization to fulfil the customer’s preferences.
Technological: There is a continuous technology development within UK which will help organization in offering high quality goods at the minimum cost (Banka, Dao and Minh, 2022). However, due to the continuous technology advancement, firm needs to incur high cost to acquire such tools which end up with the enhancement of the firm’s cost and expenses.
Porter 5’s force competitor analysis:
For determining Urban Sole House’s competitiveness, Porter’s five force analyses have been initiated as follows:
| Segmentation | Targeting | Positioning |
| Demographic:Age: the entire individual above 3 years.Gender: Men and womenIncome: higher and Middle income groupGeographical: All citizens within UK. | Firm is aiming at utilizing differential targeting strategies as to attract the entire target group. | Firm is focusing over offering high quality goods at comparatively less cost than competitors. |
e. Marketing Strategy
8 Years | MA
It is one of the most significant method which aids in creating brand awareness within target market by communicating the firm’s product and services to the customers prominently (Rodríguez et al, 2021). Below mentioned is the marketing strategy of Urban Shoes House:
f. Business Sales and Operations strategy
Sales plan
The sales plan of Urban Shoe house includes deciding the type of customer which organization wants to attract and undertake diverse promotional strategies so that they could be easily influenced. Moreover, organisation is aiming at hiring skilled and competent employees through which operational efficiency could be boost and eventually results into lower cost.
Business location:
Customer could get access to all goods and services through physical and online stores that help in fulfilling the needs of numerous customers. Under this, home delivery services are also provided that promote accessibility and attract the larger target market.
Facilities and equipment:
Various highly effective equipment and facilities are required for manufacturing the shoes. In this, land is one of the most crucial requirement on which machinery and manufacturing infrastructure will be set up (Dalirazar and Sabzi, 2023). Moreover, various vehicles will be required for transporting product at warehouse and delivering final goods and services.
Key milestones
There are diverse key milestone that will be established with the aim of identifying the firm’s efficiency in attaining the goal. Profitability is one of the significant milestones through which manager will be able to identify overall stability. Further, Benchmarking techniques will be used in which actual outcome and performance of the organization will be compared with standards as to determine all the deviation based on which necessary changes will be initiated.
g. Financial strategy and Risk
The firm requires a sum of 150000 pound for setting up business that will be utilised for marketing, technology, and resource acquisition and infrastructure development. Below is the projected financial statement of Company:
After evaluating financial statement of three years, it has been identified that firm is expected to earn an effective amount of profits which aids in maintaining stability and overall growth. Further, firm’s expenses are decreasing over years which indicated higher profitability in upcoming time.
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Business risk:
There are diverse types of risk which impact on overall efficiency of the business entity and eventually influence the profitability. This risk includes changes in customer preference, inefficiency in sourcing timely and adequate resources, difficulty in financial management and increase in competitions (Fiedler et al, 2021). However, inefficiency of organization in aligning with any of the changing factors hamper overall working and end up creating issue in managing overall stability within industry.
h. Closing Summary
By summing up the report, it has been identified that Urban Shoe House is aiming at attracting larger customer from current market which aids in enhancing profitability. It has been identified that firm is aiming at utilising B2C model which aids in offering goods at lower cost. Moreover, organization has decided to hire experienced and highly educated employees which aids in successfully carrying out firm’s operations. High inflation, political instability, high interest rate, changes in the customer preference and regular technology advancement are factors that impact the firm’s performance. Organization is aiming at utilizing penetration pricing and digital marketing strategy which helps in attracting the large number of customers. Moreover, firm is expected to earn high amount of profits indicating high viability of the proposed strategies.
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