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How entrepreneurs identify business opportunities
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Business Enterprise that Would Meet the Needs of the Target Market within the Academy
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Business Enterprise that Would Meet the Needs of the Target Market within the Academy The aim of the coursework is to identify, explain and evaluate a business opportunity that could take place within the West London Academy. My coursework will include a business plan. I must use ICT as much as possible, e.g. Excel for results, internet for research, Word for the business plan and questionnaires, Publisher for example flyers and business cards etc. What I am going to do: * Identify a business opportunity through research * Identify my target market * Explain, analyse and evaluate my strategy for the business idea through a business plan. 1. Find about the market (Customers). (Primary research). 2. Come up with several ideas for a business within the academy. 3. Decide on a business idea and record why this one was chosen and the others discarded. Primary and secondary research about the needs of the customers and competition. 4. What is the market? 5. What resources are needed and why? How much will they cost? 6. What amount and sources of finance will be used and why not the others? 7. What are the 4P’s you are going to use and why? 8. How can I evaluate how well a business is doing, which ones I will use and why. 9. How well do I think the business will do and why, have I got any evidence of this? What would I change if I change if I did it again? Business Plan Outline The Business Name: Salem’s Sweets Address: West London Academy Bengarth Rd Northolt UB5 5LQ Type of Business: Off Licence Date of start of trading: 1/12/2003 Objective... ... middle of paper ... ...Advertising £18 Insurance £10 Bad debts Total Costs £988 Net Profit £1,308 Nov Dec Jan Cash In Capital £268 // // Sales £508 £508 £508 Cash out Rent £20 £20 £20 Wages £100 £100 £100 Own Salary Other Costs £28 // // Total Cash Payments £148 £120 £120 Net Cash Flow £628 £388 Opening Balance 0 £628 Cash Balance carried Forward £628 £1,016 Fixed Assets None Current Assets Stock £221 Debtors None Bank None Cash None Current Liabilities Overdraft None Dividends None Long Term Liabilities 0