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

Entrepreneurship and Innovation - Essay ExampleThe hatful allow 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 initiatory operating year. The venture will differentiate their products and services by innovative promotional activities to attract guest and increase their customer base. Part A Description of the Venture The venture is to open a app bel store that will provide people variety of clothes and accessories. It will offer most(prenominal) inclusive selection of clothes in stores as well as in online shopping. By offering a complete selection of stylusable items, the new venture will quickly gain good answer 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 admo nisher the competitive business condition to ensure innovation and differentiation in their products. The enclothe venture will adhere to maintain strict control in financial activities. The major creativity which will do it 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 gouge fit the potential customer. Major Issues of the Venture One of the boss issues for new raiment 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 relocate 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 Brit ish manufacturing company will help to wage hike the confidence of the apparel 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 voidkets. 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 peoples opinion and thoughts towards brand and fashion. The fashion sector of the UK provides complete view of customers buy behaviour (Experian Information Solutions, 2010). The clothing market of the UK has shown excellent growth. In between 20042008, 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 tha n other outlets. In the year 2008, the supermarkets share had raised to 23% compared to 10% in the year 2000. It is judge that this expansion will continue because of increase in customer expenditure on non-food products. The clothing mar