Entrepreneurship and Innovation Essay Example | Topics and Well Written Essays - 2500 words - 2

Entrepreneurship and Innovation - Essay Example The people will be recruited and given jobs according to their strengths and skills in particular field. This report illustrates the estimated financial needs and total forecasted net cash flow in the first operating year. The venture will differentiate their products and services by innovative promotional activities to attract customer and increase their customer base. Part A Description of the Venture The venture is to open a clothing store that will provide people variety of clothes and accessories. It will offer most inclusive selection of clothes in stores as well as in online shopping. By offering a complete selection of fashionable items, the new venture will quickly gain good response among customers and also increase the sales. The new venture will certainly fulfil the need of customers by providing most inclusive selection and by having good educated employee force. The business venture will constantly monitor the competitive business condition to ensure innovation and diff erentiation in their products. The clothing venture will adhere to maintain strict control in financial activities. The major creativity which will distinguish the products of the new venture will be to provide multi-sport wear to match the lifestyle of customer, tailored customer service and variety of sizes to choose which can fit the potential customer. Major Issues of the Venture One of the chief issues for new clothing venture is the recent decline of apparel manufacturing industry. The chief reason for this demur is that the retailers are relocating their production offshore. Due to low cost advantage in other countries, several clothing brands relocated their production offshore that resulted in job cuts of employees in the UK. The new clothing venture will outsource their products from British manufacturing companies because the demand of British products is at present increasing. The outsourcing from British manufacturing company will help to boost the confidence of the app arel industry and determine the problems of producing apparel goods in the UK. The new clothing venture can create job opportunity for several people in the UK (Freitag, 2011). Feasibility Study of the Venture The fashion sector of the UK is active compared to many of the markets. The fashion market is influenced by international market and it is dominated by seasonal style, disparity and desire of people. Therefore, businesses related to clothing and fashion need to consider the diversity of people’s opinion and thoughts towards brand and fashion. The fashion sector of the UK provides complete view of customer’s purchasing behaviour (Experian Information Solutions, 2010). The clothing market of the UK has shown excellent growth. In between 2004–2008, the expenditure on clothing items in the UK had increased by 10%. The supermarket such as ASDA and Tesco had accounted for increasing in sales of clothing products than other outlets. In the year 2008, the supermar kets’ share had raised to 23% compared to 10% in the year 2000. It is expected that this expansion will continue because of increase in customer expenditure on non-food products. The clothing mar