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Effectual Entrepreneurship
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- University Of Winchester (UoW)
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Effectual Entrepreneurship(Meal Prep Haven, 2015, [screen capture])
Table of Contents
Introduction.......................................................................................................................................2
The Team...........................................................................................................................................3
1|Page
, Value Proposition..............................................................................................................................3
The Market........................................................................................................................................5
Conclusion.........................................................................................................................................6
Appendices........................................................................................................................................6
References.......................................................................................................................................12
Introduction
Entrepreneurship is an activity and a constant process that focuses on creating new ventures,
entering existing and new markets as well as seizing opportunities (Read et al., 2017). Scalable
startup enterprise starts with a vision from the entrepreneur visualising a need and prerogative to
revolutionise the market targeted (Picken, 2017). Therefore, we seek to offer new opportunities and
grow organically with the intention to change customers’ perception of healthy meals and develop
the most suitable sales strategy (McKinsey & Company, 2017). Our group is relying on a lean
business model prioritising the consumer services industry sector (GEM, 2018).
This report explores entrepreneurial possibilities and analyses the processes involved in the creation
of a team, proposing value to customers as well as the market. The Business Model Canvas (BMC),
2|Page
, Value Proposition Canvas (VPC) and Minimum Viable Product (MVP) templates will be incorporated
in evaluating the stages of our entrepreneurial concept.
The Team
Small and medium-sized enterprises account for 99.9% of UK’s total business population,
therefore the contribution to the economy is highly dominant in terms of employment and
turnover (Department for Business, Energy & Industrial Strategy, 2018). The food industry has a
non-residential catering value of approximately £32.7 billion and consequently promoting new
business opportunities in that arena (Department for Environment Food & Rural Affairs, 2018). A
joint venture partnership we are forming gives an advantage of income splitting, minimum risk to
our personal wealth and knowledge sharing between colleagues (Effectuation, 2011). Also, we
are collaborating in a risky environment, thus relying on a heuristic approach to prepare long-
term scenarios and adapt to new patterns, known as the integrative collaboration (Nasir, 2015
and Knight, 2014). In addition, being an entrepreneur allows freedom of control and rational
salary, which is based on the effort, put in the enterprise linked to earning potentials. By
providing quality service and embracing innovation, competitors are no longer a threat to us and
new customer base start to emerge (Martins and Ling, 2017). Our bundling business model is
highly service-oriented which focuses on customers and manages competition (Ovans, 2015).
In shaping our group, the diverse mix of behaviours impact upon the so-called Belbin Team Roles
(Belbin, n.d.). Rosita’s ability to prioritise a group’s goals and motivate each other towards a
conclusion serves as an example of a co-ordinator. Her will to embrace challenges is an important
factor in driving the team, known as the shaper (LORE, n.d.). She worked in various client-oriented
companies such as Avon and Oriflame and has been self-employed as an advanced personal trainer
for over 3 years. Having had customised nutrition plans and helped many individuals with their
health Rosita is currently on a route to becoming a fitness model.
Kiran’s team role in accordance with Belbin is the completer finisher, with attention to detail
ensuring quality and precision is utilised throughout tasks (Fisher et al., 2011). He provides credibility
for the group’s objective in route-to-market (RTM), certified as a professional athlete, moreover
having coached others and competed at the national and international levels. With the experience of
being a sponsored athlete in Dunlop and Babolat as well as owning an online training business, Kiran
shares a network with major players in the industry opening avenues for future alliances (Daykin,
2018).
In merging our expertise in fitness and wellbeing, we are targeting the food industry and exploring
the opportunities in that area. The idea is a meal preparation venture with personalisation based on
macronutrient information given by each consumer, starting with the target audience being
Winchester students (Cowdrey, 2012). There is a potential to expand the enterprise in the future
linking with an online health coaching platform and blending both concepts together to create a
wider support system for clients, aiding both nutrition and workout in line with academic
performance. In the long run, we are looking to grow nationally and eventually internationally, thus
supplying brain food for students worldwide (CCA, 2016).
Value Proposition
The BMC helps to identify the value creation to customers. It consists of nine building blocks that
visualise the essential enterprise’s activities (Clark et al., 2012). For example, health-conscious
students are the most significant value takers which would make our company prosper – profitably
and successfully (Rice, 2018). This niche market focuses on tailored meals to suit specific students’
needs (Anastasia, 2015). Target audiences are segmented into four main foundations: geographic,
demographic, psychographic and behavioural (Goyat, 2011). For instance, our customers come from
Hampshire County with a population of over 1.8 million residents (Hantsweb, 2017). In addition, the
initial location focus is Winchester, which has the highest number of 18-24-year-olds or Generation Z
3|Page
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