Operations and Service of Entrepreneurial Venture
University: UK College of Business and Computing
Question :
The enterprise is a small business which involves entrepreneurial venture in order to process operations and service which is to be performed in effective way. It covers the following-
- Apply the research skills in order to identify the business opportunities.
- Devise and sustain the business model framework.
- Apply the creative thinking skills in order to consolidate new venture.
Answer :
INTRODUCTION
An enterprise is considered as a small business or barbershop that makes involvement of various entrepreneurial ventures so that the processing of all the operations and services can be performed in an efficient way. There are various factors that are need to be ensured while focusing on the procedures involved in the business (Cox, Lortie and Gramm, 2017). The report is about understanding the concept of new venture proposals for the development of the barbershop with the help of business model canvas. Also, it involves the reflection and issues that were evaluated. Along with this, different strategies for resolving the issues have also been discussed in the report. At last, the whole concept of the improvement reiteration has also been included in the report.
New Venture Proposal (NVP)
New ventures are considered as global programs in which the focus is on providing a variety of services. It is to be done because it helps in the overall development of the barbershop, whether it is about the small, medium or large sized barbershops, its ensures to make involvement of various ways that can help in the overall development. Also, they involve the range of factors and processes so that modifications can also be done in place where required and thus, it helps in making the whole environment positive enough. Business model canvas is considered as an important part of the strategic management which helps in developing the new models that can help the business to grow and expand further.
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Partners
In this, the barbershop should ensure making an effective partnership with the stakeholders but ensuring that they have a clean past history so that they may not have to face any sort of complication etc.
Key Activities
The key activities of the barbershop will be that as their focus is to implement a men grooming business, it means that they should keep their focus on using an efficient quality of products so that their customers can get satisfied.
Value Proposition
It means the value, the barbershop is to deliver it to the customers. In this, they can make customers understand why their business is valuable. This will help them in gaining a huge range of satisfied customers.
Customer Relationships
The factors of the products should be aligned in a way that they are capable enough in satisfying the requirements of the customers. In customer segments as well, it involves a variety of factors such as niche markets, mass markets etc. Value propositions are considered as the collection of all its services and products that are present in their stock for the reason of providing them to the customers. These propositions are also sub divided in parts and it involves the quantitative and the qualitative. In the quantitative phase, the price and rate policies are defined whereas in the qualitative one, it keeps its focus on the experience of the people and customer with the specified product or services.
Customer Segments
It is very important that the barber shop must know what types of customers they should target. Also, they are clear enough for the same as they want to go for a man grooming business. So, they can target men for this because there is a possibility that they might want to try new hair styles etc.
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Key Resources
The key resources that will be required by the barbershop will be an efficient rate of funds along with an appropriate range of stakeholders.
Channels
The barbershop can channelise its operations and processes by getting involved in various other stores etc. so that more people will get to know about it. Channels are also considered as an important aspect that can help. In actual, channels are considered as the medium through which the firm gets involved in the whole process of providing various services and products to the customers. As it is obvious that there are enormous number of channels provided but there is a small criterion for finding the channels.
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