Entrepreneurship assignment 2 Example | Topics and Well Written Essays - 3000 words

Entrepreneurship 2 - Assignment Example According to the recent phenomenon of the cosmetic industry, a growing interest has been witnessed for the herbal skincare products. Majority of global customers seek to prefer herbal skincare products due to its better effectiveness accumulated with insignificant side-effects than the other derivatives and chemicals used in the cosmetic products (Gediya, Mistry, Patel, Blessy & Jain, 2011). Emphasizing upon the various concerning areas and growing interest of the global consumers towards herbal products, the primary purpose of this report is to prepare an effective business plan to attain advantages in terms of growing opportunities in the herbal cosmetic industry. The proposed business plan will further aim to reflect a clear depiction of the business including its manufacturing of products and/or services, selling and marketing strategies, constructing of management groups and their roles as well as predictions of financial forecasts for a few years that the organization will perf orm. Brief Description of the Venture The proposed business plan is significantly prepared on the basis of sole proprietorship which can enable the entrepreneur to effectively control and manage each function performed within the firm. Notably, the financial benefit is the core factor of sole proprietorship where the owner can enjoy a large amount of monetary benefit from the venture. A sole proprietorship venture can also facilitate the marketer to independently make decisions towards the improvement of the overall processes executed within the organization. In addition, the entrepreneur, as the sole proprietorship can also obtain greater amount of secrecy concerning the organization’s current performance enabling the entrepreneur to possess greater flexibility concerning the operations and other required changes for better effectiveness. Mission Statement of the Venture The mission statement is a long-term and essential attributes which depicts the main purpose of the busin ess. In relation to the proposed business plan, the mission statement of the venture will be focused on revealing the effectiveness of herbal products and its importance to nourish and serve the potential customers. In accordance to this mission statement, the organizational process will further attempt to integrate the quality and effectiveness of its products over the long run. Primary Objectives of the Venture The primary objective of the venture is to obtain recognition as the most preferred and reliable company in terms of offering a wide range of herbal cosmetic products. Moreover, the objective of the venture will further extent to achieve a minimum growth of 10% of its potential customers in each month in the respective market. In addition, attaining the desired sales goals of AUD 100,000 in the first year and augmenting its annual sales around 15% in the 2nd year of the venture have also been considered as its primary objectives. Start-up Summary of the Venture The initial stage of the proposed business plan is focused on procuring raw materials, manufacturing different types of herbal cosmetic products and distributing them in different target markets. The start-up cost of the herbal cosmetics requires a large amount of finance in terms of procuring machinery, raw materials along with various types of