Entrepreneurship and Small Business Ventures

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Entrepreneurship and Small Business Ventures Using the Business Model Canvas to visualizing the resources needed for a new business opportunity that you’ve identified to develop a new start-up venture based in the UK. The business under consideration will be a fashion business specializing in all forms of clothes, including sportswear. Here, in most cases, the clothing will be made in line with the tastes and preferences of the customers. These will purely be locally made clothes. The business ought to be started in Birmingham, UK. In general, the UK holds a unique position in the apparel industry in terms of the British sense of style as well as its global reach. The UK cities, such as London and Birmingham, are regarded as the world's fashion capital. In 2020, the UK apparel market was estimated to be valued at £52 billion. The market is projected to recover and grow faster, eventually reaching £67 billion by 2026. This implies that the market exhibits even bigger potential; therefore, serious investors and entrepreneurs are expected to take advantage of the trends.

Given that the competition is very intense, the only thing that will make the business stand out is leveraging costs and ensuring the highest level of creativity. This paper utilizes the Business Model Canvas to visualize the resources needed for a new business opportunity.

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A business model is a conceptual tool containing a set of objects, concepts, and their relationships to express a firm's business. In this case, the firm under consideration is a start-up.

The Business Model Canvas will be used to structure the important aspect of the firm, which is called FashionTrend. There is an emphasis on the resources that the firm needs.

Value preposition Most importantly, there will be the need to drive value through local production, and this is one aspect that is supposed to differentiate the firm's offerings from the other competitors. For example, locally produced clothes offer a unique identity, which will lead to an exclusive product value. In turn, customer value positively affects consumers' purchase intentions. Positive consumer purchase intention may lead to real purchases, which can lead to enough income for a company to continue existing, and this is important because the company has not stabilized yet to an extent where it can thrive even in the absence of loyal customers. Consistency is important at this stage to help the company grow, which will be achieved through such value preposition (Dudin et al., 2015). The company will also drive value through the product portfolio, which is supposed to be vast. Highly differentiated products while upholding very high-quality standards should help in ensuring that the firm gets to the top of business.

Customer relationships The company will strive to find customers by getting into contracts with various groups of interest. For instance, small football clubs may require a consistent supply of customized uniforms. Such contracts will guarantee a market for the firm. There are also events such as weddings that the company will leverage and make mass sales while at the same time strengthening the customer relationships. Furthermore, social media campaigns will be done more aggressively in an attempt to popularize the products of the firm (Hong & Fauvel, 2013).

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There will also be a way to incorporate some customer loyalty programs such as coupons in order to be guaranteed loyal customers.

Channels In order to reach customers, the firm is supposed to consider which channel types can best be used, like web sales, own stores and/or partner stores. In this case, the business will leverage both physical stores and online platforms. In addition, the distribution channels are expected to be very short so that the business can have close proximity to the customers. As such, the channels will be classified into internet sales and direct sales.

Revenue streams Given that the company is in the business of designing and selling a variety of clothes, its primary revenue stream will be the proceeds realized from the sales. However, this can further be partitioned as money coming in through cash and the cash flows channelled through the firm's bank accounts and wired through the online platforms. There will also be revenues streaming in from other support services made available after the purchase.

Key resources The business will need assets to offer and deliver the previously mentioned elements.

These will definitely be physical, intellectual, human and financial recourses. Physical assets include manufacturing facilities or technologies that the company will have. In addition, designers and producers who are experts in the field are also needed to make local production possible (Hong & Fauvel, 2013).

Key activities This will consider the important things required for the value proposition, channels, customer relationship, management and revenues. This will basically be a retailing outlet

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specializing in custom-made fashion designs as a start-up. Except for the products sold online, there will be that personal contact with the customers, given that the distribution channels will be very brief (Dudin et al., 2015).

Key partnerships This block describes the network of suppliers and partners that make the business model work. The company will have to partner with the various apparel material suppliers as well as an institute that will play an important role when it comes to availing the employees who are experts in design. A company can outsource activities and/or acquire resources outside the company (Dudin et al., 2015). The company will not outsource any of its production functions at this level.

However, material recourses can be acquired outside the company, like waste materials.

Cost structure The cost component of the firm will basically be labor because it is supposed to leverage a very high level of expertise and talent to favorably compete with the others. Other costs will entail the maintenance of the technological systems, and the fixed assets, among others.

However, the marketing costs will not be very high because this will cheaply be done online.

Key Partners

Key Activities Develop new fashion clothing Suppliers for the apparel with new characteristics, i.e., related raw materials distinguished from the Advertising agencies market, which is more Institution that will supply the customized to local firm with experts preferences Strategy execution Customer service-Because retailers are a critical element in the value chain in the fashion industry Retailing to have close contact with customers Online transactions

Value Propositions Local production to control costs and meet the local needs.

To offers the best and custom-made broadest portfolio of fashion designs for the local market

Customer Relationships contracts with the various target groups, e.g. athletes for greater customer number Customer Loyalty Marketing strategies (social media campaigns) and loyalty programs, contracts with athletes, greater

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Customer segments The average customer of any social-economic status; low, medium-high or high seeks an experience of comfort, quality and service differentiation for all ages and gender

Cost Structure

Key Resources Financing Manufacturing machinery/technology Human capital

Specialized products for different events and sports.

Embracing a very high level of innovation, capable of driving highquality standards and ensuring that differentiation is leveraged according to the local needs

customer number High quality High quality standards which are overseen by quality departments Marketing strategies Promotions, and social media campaigns

Scope of the market Diversification of products which includes new customers and, in turn, an expansion of the company

Channels Direct sales Internet sales

Revenue Streams

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Technology systems, general maintenance, fix costs, assets and labor

Sales The sales of the products as a strong flow of income There will also be revenue from post-purchase Customer support.

Evaluate yourself and illustrate to what extent you enjoy being an entrepreneur Being an entrepreneur is something that I have always wanted to do. There are so many reasons that have made me aspire and eventually embark on the journey of being an entrepreneur. These include the following; the desire to be my own boss, make use of the local resources, create and avail employment opportunities to others, establish an entrepreneurial culture, and make use of the traits that I have always exhibited, such as creativity innovation and risk-taking.

I have always had the desire to become my own boss. I like doing things in my own way without being supervised and implementing my ideas in a manner that I deem best. If I was not an entrepreneur, the only alternative I would have is to get employed. In an environment where people are employed and are answerable to the authorities, things are highly controlled, and it sometimes becomes difficult for one to exercise their independent way of thinking, do things without seeking permission, or even come to work at my convenience. By being an entrepreneur, I would have avoided all these pitfalls. I will not be answerable to anyone and will be running my business in a manner that I deem fit (Frese & Gielnik, 2014). Here, I will have the freedom to set the standards I want and ensure that I take my business to infinite possibilities. This aspect makes me feel like entrepreneurship is the only thing that I am supposed to do.

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I am the kind of person who would prefer to put every kind of resource to use.

Entrepreneurship presents me with an opportunity to look out for what peoples think are wastes and turn them around into useful products that will be profitable and help humanity. It becomes very fulfilling to make a fortune out of something that people think is not useful. This also helps in conserving the environment. It also becomes an eye-opener that people can take advantage of the waste and create goods and services that will help them earn a living and serve humanity.

The world is of waste, and it takes a creative mind to take advantage of these resources (Azoulay, Jones, Kim & Miranda, 2020). This helps me pursue entrepreneurship wholeheartedly.

Employment has been a real problem in most economies. The education systems in place train students to seek employment as opposed to creating employment. Given the huge populations that the countries are experiencing, creating jobs for the young people and all the unemployed groups becomes a challenge. Entrepreneurs are always in a better position to help address this kind of problem. Those who can identify a business opportunity and get the necessary resources to start a business are better placed to excel in the contemporary commercial world. These are the kind of people who are likely to even help solve the problem by creating opportunities to employ those who are not employed. Therefore, entrepreneurs play a very important role in society (Olanrewaju et al., 2020). I enjoy being an entrepreneur because it is likely to save me and others the humiliation of looking for employment, which may not be good enough to help me fully tap my potential.

I treasure being emulated by others who want to become entrepreneurs. As an entrepreneur, I would like to be a role model to many others because entrepreneurship is where the world is currently heading. I would like to instill traits such as hard work, creativity, innovation, research, assertiveness, being a risk-taker, time management, and strategic use of

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resources, among other attributes, to those who look up to me as a successful entrepreneur.

Therefore, I would love to become entrepreneurs. Motivating others to follow my path has always been a good thing for me and makes me work harder and smarter as an entrepreneur.

Anyone who wants to be successful beyond imaginable limits should strive to become an entrepreneur, and this keeps me in it.

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References Azoulay, P., Jones, B.F., Kim, J. D., & Miranda, J. (2020). Age and high-growth entrepreneurship. American Economic Review: Insights, 2(1), 65-82.

Dudin, M., Kucuri, G., Fedorova, I., Dzusova, S., & Namitulina, A. (2015). The innovative business model canvas in the system of effective budgeting. Asian Social Science, 11(7), 290-296.

Frese, M., & Gielnik, M.M. (2014). The psychology of entrepreneurship. Annu. Rev. Organ.

Psychol. Organ. Behav., 1(1), 413-438.

Hong, Y.C., & Fauvel, C. (2013). Criticisms, variations and experiences with business model canvas. European Journal of Agriculture and Forestry Research, 1(2): 26-37 Olanrewaju, A.S.T., Hossain, M.A., Whiteside, N., & Mercieca, P. (2020). Social media and entrepreneurship research: A literature review. International Journal of Information Management, 50, 90-110.