Unit 1
P1 - Explain why a chosen entrepreneur and their enterprise has been successful.
P2 - Explain with examples, why it is important for an entrepreneur to consider the risks facing an enterprise.
M1 - Analyse how the skills and attributes of a chosen entrepreneur and their attitude towards r...
Krown Kutz Analysis
P1
Entrepreneur: An individual who has the skills and knowledge to set up and run their own
business and willing to take risks.
The Entrepreneur I have decided to analyse is Bilal Singh who owns a barbershop called Krown
Kutz located in North London on 16 Lymington Avenue in Wood Green. It has one main owner
but approximately four employees who work on a daily basis. The business is in a very
populated area overall due to the shopping Centre, but more specifically on a side road,
meaning it is not very congested allowing easy access and maneuverability to it. Krown Kutz
provides the service of cutting men’s hair as their primary priority with secondary services such
as hair dyeing, waxing, facial masks etc. The business has been running for approximately 7
years (since 2011) and is open 7 days a week from 10:30am-7:00pm. Bilal Singh first realized his
interest haircutting when he was taught by his uncle purely for leisure and entertainment. He
found himself to be naturally talented and began giving haircuts to family and friends free for a
short period. After working various part time jobs in retail, he earned enough money, which he
then risked as part of an investment into his barber business in 2011. The reason he decided to
become an entrepreneur in this line of business is to continue in his uncle’s steps and to
generate a primary source of income to reach a better standard of living then he already had.
This enterprise has proven successful for various reasons and this is conveyed through Bilal
Singh commenting during my survey that he is indeed “Making a significant amount of profit”.
One of the reasons for success is due to the location of the business. Krown Kutz was
specifically placed in Wood Green due to the large amounts of people there for the shopping
, Business Studies Coursework
Unit 1 P1, P2, M1, D1
centre. This creates convenient opportunities for customers to come in and pay for the services
as they can do so after things like shopping and eating or they may just be “walk in” customers.
Wood Green is also an iconic place for tourists or travelers to visit increasing potential for more
customers. The second reason for success is the pricing/expenses of the services. Krown Kutz
offers fairly cheap and affordable prices starting from £5 for children’s haircuts and £7 for
adults. This gives many people the opportunity to pay for these services as well encourages
parents to bring their children. This corresponds with the third reason for success as the
children become familiar with Krown Kutz meaning it becomes the barber shop they regularly
go to making them long term customers. This can further influence family and friends to attend
the same barber, starting a repetitive cycle of drawing in customers. The pricing of Krown Kutz
is also something that differentiates it from its competitors as in the modern line of business,
prices are continuously increasing within the barber industry but Bilal Singh makes sure to
always consider his customers and those in society who aren’t as wealthy as others all while
ensuring the prices are within range of making profit too. Another rare asset that Bilal Singh has
applied to his business is the aspect of bonding that he creates with his customers. He makes
sure to actively interact with people building a sense of friendship to the point where others
feel comfortable around him making the atmosphere seem overall friendly. This greatly
contributes to the social standings of the barber, as it becomes a well-known place within the
community drawing in more and more customers. This In addition, Krown Kutz is different from
its competitors due to the fact that it is open on a Sunday. This is rare as most barbers are
closed on Sunday, this further increases the amount of customers as those who require these
services on such a day can rely on this barber. Also, a whole extra day of running a business
when your competitors tend to be closed can create a significant difference in the amount of
profit being made due to being open for just one more day.
Reference List
https://www.allinlondon.co.uk/directory/1177/142787.php
P2
Risk: Something that involves the potential of gaining or losing something of value, which could
be many things for an entrepreneur varying from finance to mental stability.
Multiple risks could be taken in order to develop a business. An example of one risk taken by
my chosen entrepreneur Bilal Singh is financial investment towards his barbershop. This
includes the space of the shop itself; the equipment as well as those employed. The first
investment into starting business always tend to be very expensive meaning there is a very high
risk that you could go bankrupt if your business plan does not successfully follow through. On
the contrary, if it does work as it did with Bilal Singh, there is the great reward of having a
properly functioning business meaning the profit made would typically exceed the original
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ashaabnurul4000. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £7.99. You're not tied to anything after your purchase.
