New Venture Planning,

Finance and Marketing

10/03/2024

Sibongile Anna Mongane

President Eisenhower stated that "plans are meaningless, but planning is everything,". He highlights the
magnitude of the process of planning over the plan. This holds particularly true when it comes to planning a
business, as the process involves identifying and analyzing potential threats and opportunities, setting goals
and objectives, and determining the necessary resources to achieve them. Berry, (2006). Likewise, while plans
may change due to unforeseen circumstances or changes in the business landscape, it is important to remember
that planning allows entrepreneurs to be proactive and adaptive in response to challenges and opportunities.
Therefore, business planning should be considered an ongoing, dynamic activity that requires continuous
evaluation and adjustments.

Every company or individual has a distinct set of demands and expectations, which determines their planning
process. However, there are some general examples of the planning process that are usually followed:

1. Setting goals: This involves identifying the anticipated results and goals that the corporation or individual
wants to achieve.

2. Information gathering: This process involves collecting and analyzing important facts and information to
assist in decision-making and develop effective strategies.

3. Identifying resources: This step involves determining the necessary individuals, funds, and equipment
necessary to achieve the objectives.

4. Developing strategies: This involves formulating a plan of action or a roadmap indicating the processes and
actions necessary to achieve the objectives.

5. To successfully implement a strategy, it is essential to follow a structured and disciplined approach. The first
step is to put the plan into action with utmost dedication and focus. Once you have implemented the plan, you
must monitor and evaluate progress regularly and consistently. This will enable you to evaluate your progress
towards achieving your goals and identify any issues that require attention.

6. The strategic planning process requires a consistent and thorough assessment and evaluation of progress
towards objectives. Any deficiencies must be identified and addressed immediately, and the plan should be
revised accordingly.

7. To achieve the desired outcomes, it is crucial to take decisive action, make necessary adjustments to the
plan, and stay focused and proactive based on the results of monitoring and evaluation. Berry, (2006).

Question 2

Developing a New Venture: Key Steps

 Conducting extensive market research: identifying opportunities, target audiences, and potential
difficulties.

For instance, before releasing a new mobile app, perform market research to discover competitors, examine
user needs, and determine demand for similar applications.

 A great value proposition: sets your venture apart from the competition and draws clients.
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Tesla's electric automobiles, for example, distinguish themselves by providing environmentally friendly, high-
performance vehicles equipped with cutting-edge technology.
• A comprehensive business plan: outlines goals, strategies, financial predictions, and potential risks.
An example of this is that a tech startup's business plan includes information regarding product development,
marketing strategies, and a reasonable financial forecast.

• Strong Team Building: Developing a skilled and cohesive team to carry out plans and overcome obstacles.
When creating a healthcare startup, assembling a team of experienced doctors, technologists, and business
professionals ensures a comprehensive level of expertise.
• Customer Feedback and Iteration: Regularly receiving and acting on customer feedback to ensure
continued improvement.Online retail platforms such as Amazon consistently analyse customer reviews to
enhance user experience, refine product offerings, and address issues.

• Effective marketing and branding: involves enhancing brand recognition and promoting customer
acquisition. Prudent financial management involves locating resources efficiently for development,
marketing, and operations.

Coca-Cola created a personalized and shared experience by printing popular names on bottles, creating a
personalized and shared experience.

 Adaptability and Innovation: Keeping competitive requires being adaptive to market modifications.
Apple consistently innovates its products, introducing new features and designs to meet evolving customer
expectations and technological advancements.

• Legal and Regulatory Compliance: Managing complex financial regulations to prevent legal violations.
A fintech startup must comply with complex financial regulations to ensure legal compliance, gain customer
trust, and avoid legal challenges.

• Networking and Partnerships: Establishing connections with industry colleagues, mentors, and potential
partners.

A food delivery startup collaborating with local restaurants can expand its offerings and reach a wider
customer base through collaborative marketing efforts.

Since I have a passion for baking and coffee ventures my findings are that, as customer tastes and market
need change, the baking industry is goes through dynamic changes and developments. The following are
some current trends that influence the baking industry:

 Enjoying Appetizing Foods Online: Online shopping for bakery goods is becoming more and more
popular, which highlights how crucial it is for bakeries to have a digital presence and be accessible.
 Reduced Sugar and Health Focus: As consumers become more aware of how much sugar they
consume, there is a rising market for bakery items with less sugar. Longer shelf-life products, plant-based
alternatives, immune-boosting tastes, and improved nutrition in baked goods are other health-conscious
trends.
 Stylized Desserts and Comfort Foods: There has been a shift in the market towards vegan, dairy-free,
and gluten-free dessert alternatives. Additionally, traditional comfort meals are returning with a modern
twist, appealing to consumers seeking sentimental yet elevated treats Online.
 Ordering and Delivery: The pandemic has accelerated the adoption of online ordering and delivery
services in the baking sector, providing convenience and additional revenue streams for bakeries of all sizes

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 Labor Shortages and Staffing Challenges: Bakeries are facing staffing shortages, leading to increased
wages, benefits, and efforts to retain employees.
 This trend impacts customer service quality and operational costs within the industry Supply Chain
Disruptions: Global challenges like wars, climate crises, and COVID-19 have disrupted bakery raw material
supply chains, resulting in increased costs for bakery operations. Sleuwaegen and J. Onkelinx, (2014).

Question 3

Entrepreneurs can generate business ideas using personal contacts, planned observations, reading business
profiles, examining hobbies, attending business conferences, brainstorming, and examining their skills.
Combining problem-solving with market research and trend analysis can lead to success in the coffee and
baking industries. To do this, identify problems and unfulfilled demands, analyse trends and market research,
and position your company to take advantage of them. This can include incorporating distinctive tastes,
premium ingredients, and inventive presentation techniques, as well as technological trends such as online
ordering and delivery services. In the baking and coffee sectors, combining the problem-solving approach with
market research and trend analysis may lead to great success. Here's how I suggest approaching problem-
solving:

First, determine whether there are any issues or unmet expectations in the baking and coffee industries. For
instance, do customers encounter any challenges while looking for high-quality, specialized ingredients to bake
at home? Do any niches in the market for unique or customized baked goods? You may launch a business that
directly satisfies the needs and preferences of your target market by taking care of these problems. Secondly,
be informed of the most recent advancements in the baking and coffee businesses. Researching the market and
trend analysis are two ways to do this. Using this strategy will enable you to stay on top and identify new
opportunities. Klein, (2008).

Question 4

According to Spinelli et al. (2014), a typical mistake made by growing companies is to introduce new products
before fully comprehending the market. They believe the value of their new offer will be so obvious to
customers that they will only need a great engineering team and a predatory sales force to race their idea to
market. Business plans have external uses, such as obtaining financing. Emphasis: Outside parties like banks,
financiers, and investors. Content: Highlights growth forecasts, payback schedules, financial specifics, and
possible returns on investment. Objective: Persuade outside stakeholders of the company's financial stability,
profitability, and capacity to pay back debts and yield returns on investment. Obtaining Strategic Alliances and
Drawing in Important Personnel: Focus on important people, possible partners, and external stakeholders.
Content: Emphasizes the company's mission, growth prospects, and business plan to draw in important players
and strategic partners. Goal: Persuade partners, stakeholders, and gifted people to support and contribute to the
company in light of its potential and vision. Additional Business Alliances - Goal: Promotes a more realistic
and grounded attitude to the business by assisting the entrepreneur in recognizing and resolving possible
problems.

For entrepreneurs, it is important to understand the difference between using a business plan internally and
externally. A business plan functions as an internal road map for the company, directing day-to-day operations,
establishing objectives, and coordinating team members' efforts in the direction of a shared vision. It supports
the company's performance monitoring, resource allocation, and strategic decision-making processes. A
business plan presents the company's potential, financial predictions, and growth strategies to investors,
lenders, and other stakeholders. It also serves as an external communication tool. Both viewpoints are essential
because external plans bring in money, relationships, and possibilities that are essential for corporate
development and sustainability, while internal plans promote organizational cohesiveness and efficiency.
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Through the strategic utilization of internal and external components of a business plan, entrepreneurs may
efficiently oversee their operations and position their enterprise for success. Sleuwaegen and J. Onkelinx,
(2014).
Question 5

Entrepreneurship is a challenging and dynamic field that requires a unique skill set to thrive. To succeed in
today's business landscape, entrepreneurs must possess a mix of marketing skills, social media proficiency, and
readiness to experiment. The 4Ps of marketing (Product, Price, Place, Promotion) provide a strategic
framework for developing effective products and penetrating markets. Entrepreneurs who understand and
apply these principles can create offerings that resonate with their target audience, increase their revenue,
maintain competitiveness, and ensure profitability. Social media is a powerful tool to promote brand
awareness, engage with customers, and promote loyalty. Entrepreneurs who are proficient in social media can
determine a strong digital presence, reach a wider audience, and leverage data analytics to identify and target
specific demographics. Furthermore, social media provides a direct channel for customer feedback and
interaction, allowing entrepreneurs to address concerns, build relationships, and create viral marketing content
that can rapidly increase brand visibility and reach. Domingo, (2018).

A willingness to experiment is essential for entrepreneurs who desire to adapt to changing market conditions,
consumer preferences, and emerging trends. Experimentation fosters innovation, risk management, and a
competitive edge by allowing entrepreneurs to learn from failures and successes, refine strategies, and be early
adopters of new technologies, trends, or business models. On the other hand, possessing marketing skills,
social media proficiency, and a willingness to experiment are essential for entrepreneurs who seek to navigate
the complexities of the business landscape, foster growth, and ensure sustainability. Embracing these skills
empowers entrepreneurs to create effective products, penetrate markets, engage with customers, and adapt to
changing circumstances, ultimately leading to success in the entrepreneurial world. Domingo, (2018).

Steve Jobs, the co-founder of Apple Inc., is a real-world example of an entrepreneur who effectively leveraged
marketing capabilities to achieve business success. Jobs was known for his exceptional marketing skills, which
he used to build a strong brand identity for Apple. He was able to create a sense of exclusivity and desirability
around Apple products, which helped the company achieve massive success over the years. Jobs also used
innovative marketing strategies, such as the famous 'Think Different' campaign, which helped to position
Apple as a company that stood for creativity, innovation, and individuality. Nevertheless, Jobs' marketing
competencies played a crucial role in Apple's success and helped to cement the company's position as one of
the most valuable brands in the world. Domingo, (2018).

References

1. Berry, T. (2006). Hurdle: the book on business planning: How to develop and implement a successful
business plan. Palo Alto Software, Inc.
2. Domingo, A. (2018, November). Product, Pricing And Promotional Strategies Of Restaurants In
Nueva Ecija: An Assessment. Https://Media.Neliti.Com/Media/Publications/268271- Product-
Pricing-And-Promotional-Strategi-940c187c.Pdf
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 3. Klein, P. G. (2008), Opportunity Discovery, Entrepreneurial Action and Economic Organisation,
Strategic. Entrepreneurship Journal, 2(14), 175 – 190.
4. Roomi, M.A. (2012), Business Idea Generation and Evaluation: The Start of Entrepreneurial
Journey,at: http://mroomi.com/.
5. L. Sleuwaegen and J. Onkelinx, “International Commitment, Post-Entry Growth and Survival of
International New Ventures,” Journal of Business Venturing 29, no. 1 (2014): 106–120.12. “Asos Boosted
by Increase in International Sales,”
6. Spinelli, S.; Masi, C.; Dinnella, C.; Zoboli, G.P.; Monteleone, E. How does it make you feel? A new
approach to measuring emotions in food product experience. Food Qual. Prefer. 2014, 37, 109–122.