Enterprising and Business Development can be defined as the creation of a new venture or expanding the existing enterprise using the new idea for redevelopment. Success development of the business always depends on the viability of the implemented idea (Gu, 2018.). Introducing a new idea venture in the market it means that ity is required and able to utilize the available resources in satisfying clients’ an entire community needs. I developing and implementing a new idea in the market in form of business enterprise, an individual or organization is required to analyze and consider several factors for the success of the idea. These factors are, availability of the resources, the skills, and knowledge one has and weather is important to the market, the available market including marketing strategies, competition and financial status among others.
In this document, the new idea which will lead to business enterprise development is going to be discussed in more details. In the United Kingdom they are many Industries each containing different venture which exist in the market. Population in the country is increasing at a high rate which is composed of people using different language from a different background. The country’s economy is supposed to grow despite the language barrier existing the population. Therefore, due to this situation, they are the existence of the market gap which requires enterprise development in Language translation and interpretation (Carl and Braun, 2018). This will be a new idea which will reduce the language barriers which is caused by population growth by the people of different background. This business idea will assist in developing a Translating and Interpreting Agency in the state, thus proving important services which are required for economic growth.
The developed business enterprise will be controlled and monitored by the principles of the translating and interpreting industry. The enterprise will act as an Agency in the market, therefore, is known as Translating and Interpreting Agency. This idea is very quality and viable in the market since will have a unique and standards product in the market. One of the factors which will enable the client to differentiate us in the market from competitors and their services is the name. Our new business will be called Linguistic Services Limited.
Linguistic Services Limited be located in the United Kingdom as the main headquarters center. The address for identification is 26th Floor, 42 Bank Street, Canary Wharf, and London (E158 7NR). The phone contacts are: 0800 643 5628 and email address is [email protected] These are business details which will make the availability of the service simple and clear to find in the market. This is the business to get a quality solution of the language related problem by joining our team of Linguistics.
For this idea to survive in developing strong business, was required to identify product and services to provide in the market. The product is the first and main object which makes sure the business exists. The product must be unique in the market, this will reduce competition edges in the market, therefore, enabling the organization to survive. As the business is Translating and Interpreting Agency is supposed much to concentrate on language solutions (Zheng, Lin, Chen and Xu, 2018). The solution language problems will be termed as products and service of the organization. These products and services include Translation, interpretation, and Localization. Also, the enterprise will offer video clips and programs for understanding language solution. This kind of product will attract many customers in the market since other Translating and Interpreting Agency they do not practice this. This will help to reduce language barrier and enhance better understanding of different languages. Therefore, all customers will enjoy our product and become satisfied in terms of language Interpretation and Translation.
Development of new ventures in the state plays a very vital role in developing and manipulating the country’s economy. In the UK, the small and new venture is very rare to survive in the market, therefore, the stakeholder of the are required to work extra hard to meet the economic responsibility which will enable the business to survive. This is caused by the circulation of the money in the economy thus affecting the finance sector. Translating and Interpreting Agency contributes a lot to the growth of the economy, therefore, the government is supposed to favor this sector of language interpretation and translation thus contributing to economic growth in general (Ferreira, Kunh and Coimbra-Araújo, 2018). If the business grows large successfully will contribute the growth of the economy through offering job employment to the citizens thus earning income which will improve the living standards in the state.
The budget of 2017/2018 has delivered successful measure will make the enterprise grow in terms of setting principles and regulations in controlling the revenue and tax administration to improve the general performance of the businesses. This idea was targeting to improve the direct tax which imposed on the business revenue collection. The tax cooperates in the states revised these regulations including withholding tax (Wyman, 2018). However, this improves the condition of the economy thus motivating new and existing small business to grow at a higher rate. If the economic condition is favorable, this will make Linguistic Services Limited grow to achieve its goals and objective in the market.
A new business always is required to establish a new market share over the existing market. This is a very important sector in the venture planning proposal since will assist in getting the overview of the industry and the market in general (Osman, 2018). This overview will make the organization to be aware of the challenges to face and how to handle them in a possible way. Market and Industry analysis facilitates general knowledge of the market and the viable opportunities to be utilized by the business in the industry. This will help the organization to use its strength and exploit the market accordingly. This important for a new business since the stakeholder and the management which is developing the idea they will have a clue, where the business is ending to and its viability in the economy (Perkis and Tyner, 2018).
The market analysis will total dedication in studying and analyzing the market situation in all directions. This is achieved by performing a quantitative and qualitative valuation of the entire market. This exercise will help the organization to have direction on how to achieve its targeting goals and objective in a better way. Study of the market size and various customer behavior is important in this section. The market size is it large or small and how the customer’s behavior in decision making towards the service in this industry of Translation and Interpretation of languages? Other several aspects needed to be performed is, identifying and analyzing the target market and customers, customer’s segmentation and positioning, customer’s behavior towards the competition in the market and the challenges and advantages in entering the industry (Engelberg, Ozoguz and Wang, 2018).
In every industry in the market, there is the existence of competition. This is because of the limited market, limited resources and existence of many ventures in the same industry. Due to the existence of competition in the market, this challenges many businesses not to survive in the market thus ending up collapsing. Businesses with strong and effective market strategies are only one is capable to survive and grow to the extent of getting and controlling large share in the market (Awadh and Alareeni, 2018).
Linguistic Services Limited as a Translation and Interpreting Agency will face competition in the market. Linguistic Services Limited is a new and young business in the market, therefore, is required to have a strong competitive advantage which will enable it to survive in the market. Failure of the Linguistic Services Limited to have heavy strategies, will not survive in the market due to the competition from well-established Agencies of Translation and Interpretation in the industry (Bumin Doyduk and Aykaç, 2018). These existing Agencies includes Capital Linguists, Language Line Solutions and Absolute Translations.
All these organizations they have strategies which have enabled to survive and managed to penetrate stiff competition in the market. Also, Linguistic Services Limited is required to equip itself to face this competition by analyzing and evaluating the strengths of the other competitors. Absolute Translations focuses on the group translation using telephone interpretation and translation services, and use of business conference. This is the unique strength which has enabled Absolute Translations to survive and have strong competitive edges in the market. Language Line Solution also survived due to its unique services like proving language access programs which enabled customers to understand the translation and interpretation within a short time possible. This is like the use of Insight Video clips and Face-to-Face interpretation programs. Capital Linguists also was not left behind in struggling to survive in the market. The organization is familiar in the market because of the renting and leasing the Interpretation and Translation conference types of equipment of all language. This motivates customers a lot since they use the equipment at freestyle and their own comfortable time (Saputra, Sutopo and Zakaria, 2018). All these advantages enabled those organization to survive and gained a strong competitive advantage in the market as the same Linguistic Services Limited is required to develop an implements its strategies using a good channel in the market.
Linguistic Services Limited and its management are required to have a team of experts which will assist the business to boom in the market. Marketing strategies are very important since they will help the organization to penetrate and have a stable atmosphere in the market as it proceeds to serve the market. Also, the pricing strategies are supposed to favor the customer’s situation since the price is the key determinant to the consumer’s decision making towards the purchasing power. Linguistic Services Limited will have strong marketing strategies by exploiting the tool of Market mix through use of 4P’s in formulating and implementing the marketing strategies (Larimo, Zucchella, Kontkanen and Hagen, 2018).
The market mix includes the analyzes of the product, price, promotion and the place of the existence of the organization in the market. Linguistic Services Limited if it will exploit this tool effectively in penetrating to the market, the business will gain a strong and automatic competitive edge in the marketplace. This item of the market mix is discussed below on how they should be developed and implemented.
Product. Linguistic Services Limited is required to produce high-quality standards which will be attractive to the market. This will help the organization to have an advantage over other organizations’ product thus satisfying the customer’s need at a higher level in the market (Hunt, 2018).
Place. Linguistic Services Limited should be located in the easily accessible region and site in the market. This will motivate the customer for the products and services since the business is at the open and accessible area by all customers regardless of their home place. Is the business must be located at the center of all consumer premises (Jaworski, 2018). Also, the organization must define its channel well for the better understanding of the customers on how to access the services all around the year without much struggle.
Promotion. Since Linguistic Services Limited is a new business in the market is required to perform heavy and serious promotional and advertisement activities in the market. This will introduce and make the market become aware of our product and its advantages. Potential customers and targeted one will be approached using different means of advertisements like the use of TV and Radio programs, magazines and newspapers and of social media platforms. Linguistic Services Limited must identify a viable channel which will perform the effective and successful job of advertisement (Zakariah, Zakariah, Astuti and Maryam, 2018).
Price. The price should inset in a way that is competitive in the market. Cheap and affordable price will an added advantage when approaching new customers in the market. This will attract money customer if Linguistic Services Limited will consider this as the main factor in developing and implementing these marketing strategies.
This section will provide the necessary items and equipment which are required for Linguistic Services Limited to operate and perform its activities. These might contain physical items like equipment and visible location. The capital and other financial factors are important to be discussed in this section. This will describe the workflow within the organization using the assigned parties of the job description. The top management will control all activities being assisted by the subordinate employees (Setty, O’Flaherty and Bartram, 2018). Linguistic Services Limited will provide translation service to the customer who will visit the business premise and also the customer who away. Meaning that the business will offer out office service as their operation to reach and serve more customers. Renting and leasing the translation and interpreting equipment will part of the business operation since will make the service and product comfortable and viable to the market.
Linguistic Services Limited must identify a liable source which will act as the main suppliers of the translating pieces of equipment to the business (Edwards and Jones, 2018). Reliable and less costly suppliers will contribute to the success of business operations thus offering products without shortages and at a good price.
Linguistic Services Limited should have SWAT team which will validate the business idea in the market. This team is recommended to a team of experts because validating the idea will determine the business success in the market. This team by doing SWAT they will be aiming to support the executive team to achieve the organization’s vision and mission (Augustine, Payne, Sencindiver and Woodcock, 2017). This team is required to have senior leaders from specific areas, these people will act as a bridge of the organization to the outside environment and other organizations. This team also needs “hands-on doers”, these are individual who will perform activities like customer survey and conducting brainstorming activities among others to the customer. These are activities which the top management is not able to perform since they belong to lower position in the organization (Jones and Hinds, 2017). Without this team of SWAT, the business will not survive alone with only top management team without their support.
None of the business can survive in the market without fiancé support. For a new venture to start and also for the existing business to continue operating the business requires a finance support. Linguistic Services Limited to enter in the market and implement its idea successful it supposed to have a reliable source of money to finance all activities in the business, from the start to the end of implementation. Linguistic Services Limited can use the following to be a source of capital: financial institutions like banks and SACCOs, and non-financial institutions like NGO’s (Peny, Gleizes and Covilard, 2015). Also using personal contribution and saving from the Linguistic Services Limited stakeholders will facilitate good support in financing the activities. After the business starts it will be viable in ploughing back the generated revenue and use of credit facilities since this makes the business to expand at a greater extent (George and Brief, 2015). The following is the table which will provide capital description within the first year of the business operation.
Financial Capital required to start-up the Linguistic Services Limited business is a Total of $500,000.
|
START-UP CAPITAL |
$500,000 |
|
|
Assets |
$ 200,000 |
|
|
Cash in hand |
$ 100,000 |
|
|
TOTAL |
$ 300,000 |
|
CAPITAL AND LIABILITIES |
|
|
Loan |
$ 0 |
|
Long-term Liabilities |
$ 90,000 |
|
Others |
$ 0 |
|
Total |
$ 90,000 |
|
Budgeted Total Expenses |
$ 60,000 |
|
TOTAL BUDGET ACHIEVED |
$500,000 |
Source: Generated Manually
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