Critical appraisal of the business plan - Essay Example

Download file to see previous pages... (Shane, 2003) Though I have a wide idea of the business market as far as importing and selling textile goods is concerned but I still have issues in grasping the finer details in this market. For example, I still have a hard time in distinguishing fabrics from South East Asian countries such as from Pakistan, India, Sri Lanka and Bangladesh. This may cause me to buy more expensive fabrics. The other key strength is my ability to regulate finances that I have sizable experience in by managing the finances for myself, my household and my uncle’s business at times. (Reynolds, 2007) I have a hard time grasping custom’s rules because I have paid little attention to them as yet but I would be able to deal with them given thorough study. My experience in working with foreign teams is also limited and I would have to sharpen up my cross cultural communication skills in order to make the business effort work. My business would be provided an opportunity to develop in limited competition as the market is rebounding although the recovery is slow and may take another half a decade to become viable. I am targeting a market niche where market competition may not be as stiff either as I am not entering the mainstream market but a segregated portion of the textile market. (Ebbena & Johnson, 2006) However, my business venture is in dire threat due to shipping delays for any given reason. My study of the supply and demand in these products tells me that internal disturbances in the producing countries cause delayed shipments although this is not very frequent. However, every delayed shipment means that my rate of return on the investment would suffer considerably. The business sector also suffers from slowed consumer spending as mentioned earlier and this issue serves as a retardant while promoting opportunity too. (Duening et al., 2009) Most of these factors are derived from entrepreneurial traits I have developed over time as well as from a thorough study of the subject market. The targeted audience are middle income groups who are learning to increase their spending capabilities following the recent global economic crunch. This is augmented by the fact that the market was derided of small investors. Since this business model is moving into the space that the small investors left behind so there is a good chance for its workability. (Livingston, 2007) Hence, it is highly reasonable to expect that this business will grow into its niche and will garner the right kind of consumer base. Moreover, the resources needed to make this business model work are all SMART (specific, measurable, attainable and time bound). This ensures that the business is built on concrete ideas and on as little speculation as possible. (Entrerprise UK, 2011) I have a primary contact within the South East Asian manufacturing belt who is capable of getting goods manufactured to specification and shipped accordingly. Moreover, a storage area near the main display shop can easily be arranged given that such storage areas exist near markets and malls. A display area would be required to sell the product and such a retail area can well easily be located in a central shopping district. It would pay to have the business in as competitive and large a shopping district as possible but that would cost too much money for a business that is already dealing with decent finance levels. Most businesses fail in the longer run for want of finance and hiring a place that costs too much in terms of rent will more or less push the business into a state of insecurity in terms of finance. Moreover, it would be unreasonable to expe ...Download file to see next pagesRead More