Entrepreneurship and Venture Creation B - Assignment Example

He should be able to take calculative risk in order to derive huge profit at a low stake of loss from his business decision. In fact, the level of determination should be very high so that he would be able to consume and sustain during the events of business losses and occurrences of business turmoil. Planning and networking should be very strong and he should be able to reformulate the strategies according to dynamics of market (Burns, 2014). In fact, establishment of business requires extensive market research for identifying the resource requirements and analyse degree of competition prevailing in the industry (Barrow, Barrow and Brown, 2015).

Apart from identifying the physical and financial resources as well as prevalence of business opportunity in the market segment, a detailed business plan must be prepared well in advance taking into consideration the nature and scope of business, establishment cost, source of supply, pricing and promotional strategies, technological involvements, supply chain and many more critical aspects. In this paper, a venture of Men’s Salon and Spa will be created and accordingly supporting business plan will be presented in a way that will lead the entrepreneurship initiative to witness a grand success (Carr and Newell, 2014).

Entrepreneurship and commencement of a new business involves huge market research and strategy formulation, keeping in mind the strategies adopted by the competitors. In the next segment, the paper will explore detailed business plan and industry analysis for the Men’s Salon and Spa. The entrepreneur is planning to establish a Men’s Salon and Spa with an aim to provide world class experience through creation of a stimulating and relaxing atmosphere as well as installation of high quality products and machineries (Blackwell, 2011).

Before driving a business, it is of utmost importance to recognize the need for the product and service among the consumers and identify