It must be noted that, any business which is operated on small scale, especially those business organization which are conducted in the developing country and supported by the micro-credit. This can be understood through example; micro-enterprises include street vendors, carpenters, and machine shop operators. It must be noted that, micro-enterprises are of different types and sizes. This diverse group requires various types of supports for the purpose of ensuring growth and improvement in business (Inter-American Development Bank, 1997)
This report includes the Business Canvas model and operations & HR. Lastly, this part is concluded with brief conclusion. For the purpose of this report Fit & Slim (F&S) is the company which is chosen.
F&S is the organization which is selling its cloths online, and the most unique product sell by them is 5KG jeans. These jeans make the person look skinnier, which means person can look skinnier as compared to their actual size after wearing this jeans.
The business canvas model is considered as the graphic representation of different variables which show the organization value. This model can be used as a strategy tool in case of new startups. For the purpose of strategy these model state nine categories for the Business Model Canvas and these categories are considered as the building blocks and these blocks are key partners, key activities, key resources, value propositions, and customer relationship. Key partners are important, as new startups can make alliance with other partners, because it helps them in understanding the business environment and competitors. For this purpose F&S can alliance with different stores such as H&M, etc. Another important factor is key activities which mean it is necessary to get sufficient knowledge in context of main activities of the company, and also the good value proposition of the organization. This help in creating value and strong relationship with the customer. For this purpose this organization can take help from experts to understand the international market (Chesbrough, 2006). Key resources are considered as those means which are required by the company to perform their functions. In the present context, most important resources for F&S are employees, experts, and raw material. Value propositions which includes the main object of the company’s right to exist, which helps in meet the needs of the consumer. It distinguishes the organization from its competitors. In the present case, value proposition for the company is its 5KG jeans which help the people in looking skinnier as compared to their actual size. Last is the customer relationship is also most important block as it helps the organization in capturing the existing market and also ensures long term profit to the company. It helps the business in interacting with the customers and understands their need (Baden-Fuller & Morgan, 2010).
Other important factors are also there such as channels, customer segments, cost structure, and revenue streams. Channels are the factors under which organization deals with the help of different channels such as communication, distribution, and sales channel. It only includes contact framework with the customer and the way through which organization communicates with their customers. Customer segments states that organization provides services to more than one group of the customer, and it is sensible to derive these groups into customer segments. Organization can use these groups for differentiating the requirement and needs of the customers of each group. In the present case, F&S can also segment their customers such as fitness freaks, healthy peoples, gym regulars (Osterwalder & Pigneur, 2002). For the purpose of gaining the insight cost structure, and organization can understand what is the minimum turnover must be for the purpose of making profit. The cost structure includes different aspects such as economies of scale, constant and variable costs and profit advantages. Additionally, to the cost structure, revenue streams will provide a clear insight related to the revenue model of the organization. This can be understood through example, number of customers need by the organization on an annual basis for the purpose of generating a profit.
Table of business canvas model
Operations related to peoples are the most important and complex area, and it mainly includes the relationship between irrational, emotional challenges faced by people and the strategic, pragmatic structure of operations. It must be noted that peoples are considered as most important resource of the organization and it is necessary to handle these resources carefully for achieving the targets of the business.
Maximum companies wants to seek outsourcing services in context of HR and this option is very helpful for the startup businesses because it helps them in getting the best talent for their work, and such person also who understands the market of UK and help the business in growing (Hunger & Wheeler, 2008).
It is necessary for F&S to concentrate on the strategic utilization of the employees and also the measurable impacts of the employees program over other business. Presently, HR has capability to achieve all success for the business and also to result in the downfall of the business. Following are the factors which help in understanding this area more clearly and also result in great success for the company:
Organization must take help from the experts in context of getting best talent and such person who helps them in understanding the market.
It is necessary to hire local professionals and employees because they know about the market in deep and help the organization in achieving their target.
Organization must ensure best strategy for its employees who ensure both achievements of organization as well as their personal targets.
As stated above, it is necessary for the new startups to make alliance with other partners, as this helps them in getting best talent in the organization.
This business is a small scale level which can ensure above stated criteria but no more than that otherwise it cost too high for the business (Burma, 2014; Gilly, Eggland & gilly, 2002).
The most important issue faced by the organization in startups is the existing competitors who already captured large number of market and this can make the things difficult for the new entrant. High level of efforts and resources are required by new entrants to make their position in the existing market. In case of F&S there are number of existing competitors such as LV, Guess, etc. Other issues deals with the cultural changes, Changes are the part of the business and changes occurred in the society and culture is the biggest threat for the business. Cultural changes also result in changes in the need and preference of the student. F&S must ensure flexibility in their business strategy to deal with such change. Last but not the least, political changes is the another challenge for the organization, as any changes occurred in the general policies, business laws and regulations, legal acceptance, export/import requirements, access to resources, tenure, etc. impose direct effect on the new startups and it becomes difficult for the organizations to survive (Akram, 2016).
Conclusion:
After considering the above facts, it can be said that this section of the paper focus on the conceptualization of business strategy by exploring and managing the market in context of introduction of new product. This paper includes all necessary elements for micro-enterprises business set up in context of global entrepreneurship. Business canvas model state all necessary details which is required by the management to frame effective and efficient strategy and this model can be used as a strategy tool in case of new startups. For the purpose of strategy these model state nine categories for the Business Model Canvas and these categories are considered as the building blocks.
This paper also state the importance of human resources and HR department, as stated above it is necessary for the organization to mainly focus on the strategic utilization of the employees and also the measurable impacts of the employees program over other business.
References:
Akram, J. (2016). Challenges and Opportunities of Global Entrepreneurship. Journal of Business and Management, Volume 18(4).
Baden-Fuller, CH. & Morgan, M. S. (2010). Business Models as Models. Long Range Planning, 43(2), 156-171.
Burma, A. (2014). Human Resource Management and Its Importance for Today’s Organizations. International Journal of Education and Social Science, Volume 1(2).
Chesbrough, H. (2006). Open Business Models: How to Thrive in the New Innovation Landscape. Boston: Harvard Business School Press.
Gilley, J., Eggland, S., & Gilley, A. (2002). Principles of Human Resource Development. New York: Basic Books.
Hunger, D. L. & Wheelen, T. L. (2008). Concepts: Strategic Management and Business Policy. New Jersey: Prentice Hall.
Inter-American Development Bank, (1997). Strategy for Microenterprise Development.
Microenterprise Unit. Social Programs and Sustainable Development Department. Washington, DC.
Osterwalder A, Pigneur Y (2002). An eBusiness Model Ontology for modeling eBusiness. 15th Bled Electronic Commerce Conference – eReality: Constructing the eEconomy. Bled, Slovenia, June 17-19.
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