IntroductionTropic by LaraTask 1 Section AThe characteristics of

Introduction

Tropic by Lara

(Task 1, Section A)

The characteristics of this enterprise

‘Tropic by Lara’ is an online skincare enterprise that sells a range of products such as, creams, serums and face masks. These products have a range of prices and each are advertised to have a different purpose. The enterprise tries to educate the customers on the benefits of each product and the ingredients that it contains. The enterprise is run by a sole trader and employs 2 people. This is because each person has different skills, one person focuses on the promotion of the enterprise and selling the products, and the other focuses on the creation of the products and identifying gaps in the market.

This is useful to the business because between the two people they can each dedicate time and use their skills to the enterprises advantage.

The purpose of this enterprise

‘Tropic by Lara’ has the ultimate goal of producing a large amount of products that are environmentally friendly and ethical.

This is because the entrepreneur believes that this will set aside the enterprise from competition and to educate the future generations on how important it is. In the next 2 years, the main objective is to increase sales by 20% and to have 50 products on the market. This enterprise offers a range of goods and services. The goods include a wide variety of vegan products such as, bath, body and hair care products.‘Tropic by Lara’ also offers a service where customers can have an experience where they are educated on the products and can get advice, which the entrepreneur believes is important because it allows customers to ask questions and have more of an understanding of the products that they are using.

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The enterprise approaches wider ethical responsibilities through using recyclable packaging and it also encourages customers to recycle by offering the reward of if a customer brings back five pots, then they will receive a product free of charge. In addition to this, the ingredients are natural and organic, and suitable for vegans, whilst not being tested on animals. This allows the enterprise to achieve this purpose because the entrepreneur works hard to ensure that the enterprise will be continually ethical and sets aside a budget to ensure that the customers are encouraged to do the same.

Comparison of the purpose, activities and aims

As ‘Tropic by Lara’ is an online enterprise, it allows the enterprise to achieve its purpose of being ethical in many ways. This is because the entreprise can focus on making the products ethical, instead of making the shop ethical. This means that instead of using recyclable products inside the shop like bags, the focus will go on the ingredients and promotion of the products. The enterprise is very effective in this purpose and I think that the entrepreneur takes lots of action in educating the customers and being ethical. However, the enterprise also has the aim of increasing sales by 20% in the next 2 years and although this is possible, the enterprise only has 2 employees.

Hair of the Dog Grooming

(Task 1, Section A)

The characteristics of this enterprise

‘Hair of the Dog Grooming’ is an enterprise with a physical shop that provides multiple services including a bath, brush, nail trimming and many more. These services are specialised for each dog and the information that the entrepreneur knows about that particular breed. This will also affect the cost of the services and the entrepreneur tries to make the services of a high quality and a good price for the customers. This enterprise is a partnership and is run by two people, however five people are employed. This is because each person offers different skills and allows the business to run smoothly ensuring customer satisfaction. Examples of the employees include, three dog groomers, a cleaner and a social media promoter. This is important because it ensures that each job is performed thoroughly and to a high standard.

The purpose of this enterprise

‘Hair of the Dog Grooming’, as it is a newer business has the main aim of survival, however the entrepreneur also wants to create a good reputation for the entreprise and to move into a larger shop. By the end of the year, the entrepreneur wants to fill 90% of the slots available per month. This is seen as an important focus in expanding the brand image, however the entrepreneur also wants to maintain the high level of customer service. This enterprises approaches wider ethical responsibilities through recycling the waste. For example, all the plastic packaging is recycled.

Comparison of the purpose, activities and aims

Entrepreneur of ‘Tropic by Lara’

(Task 1, Section B)

Why was this enterprise started?

‘Tropic by Lara’ was started because of the flexibility that having your own enterprise offers, specifically an online enterprise because this allows you to sell products whenever without having to be there, which differs to a physical shop because you have to be in the shop working to sell your products. Originally, it was started as a hobby as the entrepreneur has a passion of beauty and skincare, but as the enterprise became more successful, the entrepreneur has dedicated more time to it. The entrepreneur wants to educate people on having the right products for your skin and the ingredients that products that you use everyday contain. A lot of research was done about the products that this enterprise was selling would be vegan, cruelty free and completely natural. The entrepreneur feels this is important as although brands with big images sell similar skincare products, they are not always have high quality ingredients in. In order to educate customers, the enterprise uses apps such as ‘Think Dirty’, which rates products on a scale of 1-10 on how natural and organic the ingredients are. The enterprise is effective in doing this because the entrepreneur works hard to ensure that their products score a 0-1 so that the entrepreneur can show customers why their enterprise is different to other bigger brands and the advantages of using more high-quality products.

The skills of the entrepreneur

The entrepreneur of ‘Tropic by Lara’ feels that it is important to have the skill of prioritising tasks and planning. This is because an online business is running 24 hours and needs to be updated regularly, in order to keep customers interested. Prioritising tasks is important because shipping products out to customers would be seen as more important than doing market research. This is because the enterprise would seen as maintaining a good reputation and good customer service is more important than finding out new information. Planning is important as the business needs to know the correct time to introduce new products and when the social media pages need to be updated. The entrepreneur demonstrates this skill through updating social media platforms at least once every other day and keeping customers informed and interested. The enterprise would need to plan and use time effectively in order to ensure that they maintain a high level of customer satisfaction. These will require a high level of skill from the entrepreneur.

The mindset of the entrepreneur

The entrepreneur says that having a visionary and passionate mindset is the key to being successful. This supports the enterprise in its purpose to

How the entrepreneurial characteristics and skills support the purpose of the enterprise

Entrepreneur of ‘Hair of the Dog Grooming’

(Task 1, Section B)

Why was this enterprise started?

‘Hair of the Dog Grooming’ was started through a love of animals, therefore doing something the entrepreneur is interested in. The entrepreneur likes the satisfaction from setting up a successful business and being able to do something that they enjoy. In addition to this, the entrepreneur likes being independent in the sense that they can choose when and where they work. The entrepreneur thought that in the area there was an opportunity for them to create a successful enterprise where customer service is prioritised. For example, the enterprise will listen and respond to the customer feedback given on social media platforms and questionnaires.

The skills of the entrepreneur

The entrepreneur of ‘Hair of the Dog Grooming’ believes that it is vital that the entrepreneur has lots of skills such as, knowledge of different dog breeds and how to correctly groom them. In addition to this, the entrepreneur must have time management skills, which is achieved by ensuring that there is enough time between each appointment. The entrepreneur feels that it is important to leave time beforehand to ensure that the dog feels safe in the surroundings and enough time to groom the dog to a high standard. These skills are demonstrated on a daily basis because the entrepreneur leaves time between the dogs and cares for the dogs based on the knowledge gained from courses that were taken prior to setting up the business.

The mindset of the entrepreneur

The entrepreneur has a hard working and optimistic mindset in the sense that they will attend to all dogs needs and continue their work despite the possibility of the dog acting aggressively. This is a contributing factor to the success of an enterprise because

How the entrepreneurial characteristics and skills support the purpose of the enterprise

The entrepreneurial characteristics support the purpose of the enterprise because the entrepreneur is determined and works hard to ensure the success of the enterprise. As the entrepreneur is hard-working, this allows them to keep the opening hours of the enterprise longer

Characteristics of ‘Tropic by Lara’ and the entrepreneur that has influenced the business in achieving its main purpose

(Task 1, Section C)

The Activities and Aims

Characteristics and Skills of the Entrepreneur

Measuring Success

Market Research ‘Tropic by Lara’

(Task 2, Section 1)

Market Research

‘Tropic by Lara’ uses market research to understand what they can do to meet their customers needs and how other similar enterprises behave. The enterprise encourages the customers to complete surveys on their experience through the use of loyalty cards and rewards. This is effective because the customer will be more likely to take time to complete the survey thoroughly if a reward is given. The entrepreneur looks at reviews of other similar enterprises to find out how they are being successful and what the customers feel that they could improve on. For example, the entrepreneur can find out if the customers liked the quick delivery, or if they thought that the enterprise could improve on their customer service. This gives the entrepreneur ideas on what they can do to ensure their customers get the best experience. From completing research such as this, the entrepreneur has got ideas like to put personalised leaflets in the packaging when posted. In addition to this, the entrepreneur also offers a face to face service where customers are offered advice and can be given information about their skincare routine and the products that are good for the skin. The entreprise is effective in conducting the research and adapting the enterprise, and is able to get good feedback off their customers. ‘Tropic by Lara’ uses secondary research in order to aid their understanding of the customers. Government statistics are viewed as very useful to the enterprise because not only can they find out if there is space in the market for another enterprise but they can also find out what customers of a particular age group are likely to buy from them and they can predict how much they will pay.

How market research helps the enterprise to meet customer needs

How market research helps the enterprise to understand competitor behaviour

Market Research ‘Hair of the Dog Grooming’

(Task 2, Section 1)

Market Research

‘Hair of the Dog Grooming’ uses market research to deepen their understanding of the customers needs and how they can be different to other similar enterprises. In order to do this, the enterprise after every appointment, asks the customers to complete a questionnaire on their experience and encourages customers to give honest feedback on what they liked and what could be improved. This is so the entrepreneur knows how they can further develop their good relationship with customers and meet the needs of customers. The entrepreneur also visits other local, similar enterprises to analyse their prices, quality of service and what things that they do which the customers like. The entrepreneur finds this very useful in order to ensure that the prices are competitive whilst providing a high quality service. The entrepreneur can use secondary market research to gain information about the local area. For example, government statistics can be used to show the dog population per postcode.

How market research helps the enterprise to meet customer needs

How market research helps the enterprise to understand competitor behaviour

Effectiveness of Market Research on ‘Tropic by Lara’

(Task 2, Section 2)

Customer Needs

Competition

Internal Factors of ‘Tropic by Lara’

(Task 3, Section 1)

Internal Factors

Internal Factors are factors inside a business that a business can control.

How internal Factors positively/negatively impact on the enterprise

Impact it has on a businesses success

How these factors contribute to the enterprise achieving its purpose and aims

Internal Factors of ‘Hair of the Dog Grooming’

(Task 3, Section 1)

Internal Factors

Internal Factors are factors inside a business that a business can control.

How internal Factors positively/negatively impact on the enterprise

Impact it has on a businesses success

How these factors contribute to the enterprise achieving its purpose and aims

External Factors of ‘Tropic by Lara’

(Task 3, Section 1)

External Factors

External Factors are factors outside a business that the business has no control over.

How External Factors positively/negatively impact on the enterprise

Impact it has on a businesses success

How these factors contribute to the enterprise achieving its purpose and aims

External Factors of ‘Hair of the Dog Grooming’

(Task 3, Section 1)

External Factors

External Factors are factors outside a business that the business has no control over.

How External Factors positively/negatively impact on the enterprise

Impact it has on a businesses success

How these factors contribute to the enterprise achieving its purpose and aims

SWOT Analysis of ‘Tropic by Lara’

(Task 3, Section 2)

Strengths of this Enterprise

Weaknesses of this Enterprise

Opportunities for this Enterprise

Threats to this Enterprise

Internal Factors

External Factors

Factors that have the most significant impact on the enterprises success

PEST Analysis ‘Tropic by Lara’

(Task 3, Section 2)

Political Factors

Economic Factors

Social Factors

Technological Factors

Internal Factors

External Factors

Factors that have the most significant impact on the enterprises success

Conclusion

Sentences to summarise what you have found out about in the report

Bibliography

Add in any website links used, any references used, sources of information used that is not your own words

Appendix

Any research information done, copy and paste written out interview, survey/graphs, etc

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IntroductionTropic by LaraTask 1 Section AThe characteristics of. (2019, Nov 27). Retrieved from http://paperap.com/introductiontropic-by-laratask-1-section-athe-characteristics-of-best-essay/

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