Reflective entrepreneurial report, UK alcoholic industry, process, creation, market research, information, entrepreneur, Dalvann Mead, Mom test, feeling, vision, data, Osterwalder, online sources, action plan, pitch, description, solution, target customers, competition, covid-19, finance, milestones
For an entrepreneur to be successful in establishing a startup, it is important that they identify viable business opportunity/ies. The business environment is characterized by numerous business opportunities. All that an entrepreneur needs to do is to identify the business opportunity (Agbim, Oriarewo & Zever, 2014). Following this, it is important for entrepreneurs to conduct an extensive scan of the business environment to determine the feasibility of the business idea (Jogaratnam, 2005). With effective environmental scanning, it was possible to gain accurate market and industry insights. By exploring the market insight, I was able to acquire sufficient information that I would leverage in actualizing my idea of developing an alcoholic beverage product.
As an entrepreneur, I developed the idea to venture into the alcoholic beverage industry in the United Kingdom by developing my own alcoholic beverage brand, which will be marketed under the brand name Dalvann Mead.
[...] The Craft Beer Market is expected to grow by USD 1,324.31 mn during 2020-2024, progressing at a CAGR of 11% during the forecast period: Global craft beer market in Europe 2020-2024 The analyst has been monitoring the global craft beer market in Europe and it is poised to grow by USD mn during 2020-2024, progressing at a CAGR of 11% during the forecast period. https://www.proquest.com/docview/2352610219/26996E1A1BF643EEPQ/7? accountid=45049 [HYPERLINK: https://www.proquest.com/docview/2352610219/26996E1A1BF643EEPQ/7?accountid=45049] Osterwalder, A., Bernarda, G., Papadakos, T., Pigneur, Y., Smith, A. (2014). Value proposition design : how to create products and services customers want. Hoboken : John Wiley & Sons. Overton, C., Volkman, C., Silver-Pacuilla, H., Gray, T. (2008).Understanding Consumer Needs Through Market Research. Assistive Technology Outcomes & Benefits 4-18. [...]
[...] Apart from the new entrants, Dalvann Mead is likely to experience intense competition from large companies that are already well established in the global craft beer industry. Among the major local competitors that the start-up is likely to face intense competition from include BrewDog, Beavertown, Siren Craft Brew, Wild Beer, Northern Monk Brew Co., Bellfield Brewery, Loah, Freestar Drinks, Genius Brewing, and Beer52 (The Brewing Basket, 2021). Team Members The start-up will be registered as a limited liability company. Therefore, its establishment will involve collaboration with different team members. [...]
[...] Establishing an effective conversation with the target audience is a critical step for an innovator. Nevertheless, interviewing respondents is not a simple task because people tend to provide untrue opinions when asked about some issues (Yvonne, 2010). Moreover, the integration of the Mom Test in this case taught me about the importance of talking less and listening more during a conversation. Additionally, the task was a critical source of knowledge on how to keep a conversation casual by disguising my questions in such a way that they remain less like questions but more of a normal conversation. [...]
[...] Vogt, W., Gardner, D., Haeffele, M. (2012). When to use what research design. New York : Guilford Press. Whittington, D., & Whittington, R. (2018). Digital Innovation and Entrepreneurship. Cambridge: Cambridge University Press. Yvonne, D. (2010). Lip-Sticking: A Little Book of Big Thoughts. London: WME Books. [...]
[...] The method is gaining prominence among entrepreneurs. However, most of the entrepreneurs are yet to develop sufficient knowledge on crowdfunding as a financing alternative for startups (Ibrahim, 2018). Conclusion To increase my chance of accessing financial capital at a minimal cost, it is my opinion that I should have relied more on the concept of crowdfunding. This would have created an opportunity to reach a large number of potential donors by reaching out to the online community. Since commencing the process of creating the start-up, I have done extensive literature review on the concept of crowdfunding with the aim of developing additional knowledge on the funding principle. [...]
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