BUS3ENT Entrepreneurship Assignment Sample

• Subject Code : BUS3ENT
• University : La Trobe University My Assignment Services is not sponsored or endorsed by this college or university.
• Subject Name : Entrepreneurship

Table of Contents

Introduction.

Business Model Canvas

Market

Operations and Technology.

Human Resources

Finance

References

Introduction

While the cost of inexpensive clothing to people and the planet is rapidly growing, ranging from workers polluted with pesticides to waste landfill settlements full of recycled clothing, "moral" and "sustainable" is two of the key buzz phrases throughout the fashion world. However, whether it is organic, it is all going green to use these terms. Leather, leather, wool, and cashmere as well as other animal goods pollute the world and place the health of workers at risk. The pioneering report Pulse of the Fashion Industry published by the non-lucrative Global Fashion Agenda and The Boston Consulting Group last year found out that three of the four most polluting materials come from animals.

The Iconic is aware that animal products help a wide range of ecological crises, thus making responsible choices with recycled, cruel, and sustainable materials, creating their fashionable goods. The revolution of vegan fashion will also influence designers when they consider the wide range of recyclable plastic containers, wood, bamboo, waste, and rubber The tsunami of the coming years is humane, environmentally-conscious attire and the brand Iconic is an organic, durable and ethical apparel. They do not compromise on price and their ideology depends on luxurious products without sacrifices in the world. Their organic simple cotton collection stretches beyond the season, and their entire clothing is handmade in Melbourne, Australia with 100 % organic cotton. The business believes that for the world, the animals and the individuals who tend to crop the manner in which organic cotton is grown healthier. The cycle requires even less water to flush waste. Organic cotton has a non-toxic impact on our body, such that it is necessary to reduce the everyday amount of toxins to which we are subjected.

What you can, you have to do. During all construction processes, their contribution to sustainable textile manufacturing is the number one priority, ensuring that their manufacturers' working standards are of the highest quality in the industry (Remy, Speelman & Swartz, 2016). The Iconic is extremely stolen to not only create a brand but also a movement, which embodies enthusiasm and intent, remaining 100 percent realistic in what it does. Its primary goal is to ensure that everyone gets their clothing from the ecosystem, the products, and its esteemed customers. They are actively produced in Melbourne and support Australian companies. As such, they will track the manufacturing cycle to ensure the working practices are of the highest quality. It is by leading customers to ask tough questions, such as "who produced my garments?”As well as" What was the expense? "A new wave of aware customers is exciting (Jin & Shin, 2020).

Business Model Canvas

Key Partners:

1. Investors (this refers to the companies and organizations whoa re willing to give money for the running of the business. This involves major clothing brands that wish to support ethically sourced products, celebrities who are vegan and promote ethical products, NGOs related to the cause of the protection of the environment, and saving animals such as PETA or the Australian Conservation Foundation and more.)

2. Suppliers (A supplier is a person or company that offers a product or a service to another body. One provider 's role in the industry is to provide a distributor or retailer of good quality items from a vendor at an outstanding price such as for a provider of raw material, machinery provider and so forth.)

3. Associates (Company members are the people who support a covered company. They are anyone who makes contact with protected health information or who could come in contact with it. Company partners are administrative staff, accountants, IT consultants, bank statements, computer providers, security systems, web hosting, etc. Instances of corporate associates are attorneys.)

4. Providers of logistic resources (Logistics companies are the outsource firms that provide shippers to handle the warehousing, storage, and transport of freight of a client.)

5. Advertisers (The purchasing side of the internet marketing environment is an advertiser. The advertiser also has an app such as Instagram or Facebook or a brand that may help produce ads for the company.)

Key Activities

1. Merchandising (Merchandising involves the selling of branded products and/or services. Merchandising involves inventory determinations, price control of products and services, product formats, publicity campaigns and concessions or coupons.)

2. Direct purchasing (This involves the buying of raw materials, clothing, and other items required to run the business.)

3. Sales (this simply means selling the products of the company.)

4. Management of the supply chain(The delivery chain management consists of the control of flows of goods and services involving all processes which convert resources into end products. In order to boost the loyalty of consumers and accomplish a comparable market edge, the supply-side activities of a company are vigorously simplified.)

5. Opening up stores (This refers to setting up and opening shops around the country and outside.)

6. Managing websites (The maintenance of the Website is to draw on the online identity and to sustain it.)

7. Pricing (This refers to deciding on the prices of the products that are being sold.)

8. Customer service (this refers to the support and guidance provided by an organization to people purchasing or using its goods or services.)

9. Advertising (this refers to marketing or telling the consumers about the products.)

Value Proportions

1. To create more of what matters four committees and the economy and the fashion industry.

2. To provide the fashion industry with ethically made vegan products.

3. Richness (of products and services)

4. Being confident (in the ability to succeed and make good products.)

5. Minimal (in the design of the products.)

6. Clothes for the physically disabled elder community

7. Weaving choices (sustainable weaving methods that improve the quality and strength of the cloth.)

8. plus size clothing (The clothing is inclusive of people who require bigger sizes.)

9. Comfort (The products to the brand are extremely comfortable to wear.)

10. Accessible

Key Resources

1. Branches and shops (Different shops that are set up across the country.)

2. Customer base (Mostly vegans, fashion enthusiasts, and people looking for affordable ethically sourced clothing.)

3. NGOs (NGO’s that are related to the protection of the environment and animals and ethical manufacturing)

4. Network (with other companies)

5. Domestic markets (The Australian market.)

Cost Structure

1. Artisans cost (Money that is to be paid to the artisans.)

2. Manufacturing cost (Money that is to be paid for the manufacturing

3. Raw material (Money required to but the raw materials)

Customer Relationships

1. Proactive communication (Actively communicating with the customer base.)

2. Responsiveness to issues (Attending to the issues being faced by the customers.)

3. Loyalty (The commitment of the customers to the company)

4. Considering customer feedback (Taking the feedback provided by the customer seriously.)

5. Assuring good quality products (Guaranteeing the quality of the products.)

6. Reward points (The customers are provided with reward points as incentives when they purchase products of a certain amount as an incentive.)

7. Trust (Customer trust due to consistency in performance)

Channels

1. Banners

2. Hoarding

3. pamphlets

4. social media advertisements (On Instagram, Facebook, and Twitter.)

5. website (The official website of the company.)

Customer Segments

1. Middle class (People who are neither rich nor poor)

2. Working men and women (People who earn)

3. Youth (The young people of the world)

4. Vegans and people who actively care about the environment

5. Local community (Australian population)

6. The fashion-forward population (People with a keen interest to keep up with fashion trends.)

Revenue streams

Focus on products mostly garments and shoes. (Most of the revenue is earned due to the quality of the products).

Market

The growing competition in clothing and footwear led players to a particularly intense spiral of rivalry, which led to goods being put on the market quicker and at less expense than competitors. The persistent decline in unit prices, which has dominated the fashion world for over ten years, has hindered the competitiveness of even the most effective and agile players. Recognizing this, worldwide brands have tried to reintroduce their goods at previously overlooked medium-sized prices, raising the focus on market competitiveness and more on a distinguished selection of products and services (Chen et al., 2018). As proof, average prices per unit from both apparel and shoe are expected to stabilize up to 2023 following years of successive contraction. These patterns correlate with a rising market perception that its ever-growing fashion demand would affect. In 2019, 64 % of respondents agreed that "through my daily actions, I am trying to have a huge impact on the environment" (Chen et al., 2018).

This has resulted in rising pressure from customers and authorities on the leaders of fashion to tackle the effect of the industry on people and the world (Tseng et al., 2018). As competition moves from price fixation to the roots, ethics and environmental consequences of its procurement are increasingly likely to be promoted by the players to differ from the equally agile and responsive competition in the eyes of consumers (Tseng et al., 2018). As leading players continue to push customers away from steadily falling prices, ethically determined brands can face increasingly reduced market pressures to reduce costs themselves. These dynamics, in combination, will probably produce a competitive environment that is much more advantageous for manufacturers with high moral and durable standards. Notable would be the general increase in consumer education and awareness of these problems, as worldwide recognized brands compete more freely with claims for ethical and sustainable growth, as an initial gain (Tseng et al., 2018).

Products that can claim to add tangible value to their communities and environments will stand in contrast to those which only try to reduce reputational risks by means of more public scrutiny over healthy and responsible production (Rahman, 2019). It will draw new customer demand from smaller players manufacturing domestically with a strong commitment to the local area growth and its craftsmen (Rahman, 2019).

There is more potential for supplying high-quality manufacturers with consistent manufacturing processes to meet increasing demand with more companies seeking to shift away from production based on conventional export countries like China and Indonesia and closer to the local markets. When this happens, sustainable products can be more directly and at a lower cost than in the past, selected by a larger network of vendors (Rahman, 2019).

Brands like The Iconic, which strive to capitalize on the increasing impact of ethical and sustainable fashion, will continue with the core challenge of creativity to combine esthetic appeal and function in the clothes and the footwear they make (Hussein, Shahid, & Akmal, 2016). Consumers are far more likely to make substantive improvements to their expenditure whereby ethical or green processing has had positive effects on their user experience (Hussein, Shahid, & Akmal, 2016).

Moreover, many sustainable fashion companies have struggled to tell a thorough and convincing tale of their efforts to bring goods to the market while supporting the ethics and the sustainability of their growth (Hussein, Shahid, & Akmal, 2016). Brands typically seek to promote an abstract concept of ethics and sustainability in this area. It suggests that companies struggle to draw customers to their brand image or a task that they can easily engage in through their purchases. In addition to providing good practices in sourcing and production, ethical actors would do well to emphasize their suppliers, their facilities, and even their local communities' individual histories and motivations (Wakeford et al., 2017).

Operations and Technology

The operating standard concerns the size and complexity of the equipment used in the processing of food. Operations and processes at various rates include individuals, small businesses, medium companies, and multinationals (Wakeford et al., 2017). A number of stores in Australia, large-scale manufacturing and sales of food, stores like industrial clothing, high turnover, and a number of employees are characteristic of the company. Other business processes include demand optimization, personnel optimization, automation of key business tasks, and the personalization of customer interactions (Wakeford et al., 2017).

The Iconic is a vast range of equipment, machinery, and innovation used in shops, dealerships, and service offices. Ladders, storage racks, and transport vehicles for machinery and equipment. Software used by The Iconic covers manufacturing GSM measuring devices, weighing machine, scale, visual inspection system, washing machine with sample and tumbling dryers, fabric handle equipment in fabric shops, fusion devices, filling numerator machines, tubular cutting machines (Wakeford et al., 2017).

The Iconic app where items can be ordered and shipped at a delivery charge within hours. Consumers can use the service by ordering on-line via the Smartphone, laptop, or computer device. Mechanization is commonly used across the whole business to produce their goods (Ode et al., 2016).

Human Resources

Below is a list of human resources that are utilized by The Icons,

1. Publicity and Promotion Department

2. Workers of the apparel industry

3. Workers in the automotive industry(Ode et al., 2016).

4. employees in Bindery

5. Cashiers:

6. Chemical engineers.

7. Chemical engineers:

8. Physicists

9. Color Analysts and Image Consultants (Ali, Gongbing & Mehreen, 2016).

10. Drafters and technicians of computer-aided design

11. Conservators and Conservation Technicians (Masood, 2019).

12. continual improvement supervisor

13. The Core Manufacturers

14. Corporate Climate Strategy(Masood, 2019).

15. Technicians of electronic engineering

16. Electro-plating employees(Masood, 2019).

17. Technicians of Engineering

18. Engineers:

19. The Fabric Designer

20. Coordinators of fashion(Masood, 2019).

21. Designers of fashion

22. Illustrators of fashion

23. Agents of Fashion Models

24. Photographers of fashion

25. Fashion Stylist

26. Writers and Editors of Fashion

27. Industrial environmentalists

28. Technicians of industrial engineering

29. Industrial Engineers;

30. Mechanics of Industrial Machinery

31. radiologists from industry

32. Safety of industry and health technicians

33. Managers of industrial traffic

34. Technicians of instrumentation

35. Laboratory test specialists

36. Layout of workers

37. Workers of the logging industry

38. Analysts of logistics

39. Engineers of logistics

40. Artists of makeup

41. Technologists of manufacturing engineering

42. Manufacture Engineers(Asad, Iftikhar &Jafary, 2019).

43. Technicians of manufacturing production

44. Supervisors of manufacturing(Asad, Iftikhar &Jafary, 2019).

45. Engineers of materials

46. Technicians of mechanical engineering

47. Mechanical technicians.

48. Metallurgical specialists (Asad, Iftikhar &Jafary, 2019).

49. Engineers of packaging

50. Packaging Engineering Technicians(Asad, Iftikhar &Jafary, 2019).

51. Directors of Product Development

52. Directors of Product Management

53. Product Manager

54. technicians and specialists of quality assurance

55. marketing director marketing officer

The organization has workers who build systems to respond to emerging technology, enhancing manufacturing processes in growing textile industry. Such preparation courses usually allow staff to boost their job development and develop new productivity tools (Ali, Gongbing&Mehreen, 2016). Soft skills instruction in marketing and sales is available as a method for handling larger quantities of revenue. The manpower staff shall be eligible to assess their specific training requirements for current and new employees. To produce the best outcomes, match your home and abroad subsidiaries' training programs with the strategic goals of the business (Khan et al., 2016). Reasonable compensation and benefits are given to employees, including a corporate guideline for the staff oriented. Employees are assured that the workplace atmosphere is enjoyable, motivating, and fairly scalable (Khan et al., 2016).

Finance

The owner of the company took a guaranteed company loan from the National Australia Bank (NAB) for starting up the firm. The business also has ties to larger manufacturing firms and distributors that fund growth (Sheikh, Rafique& Abbasi, 2016). Moreover, several foreign NGOs funded the undertaking. The Iconic received a series of government grants to promote the regeneration of the industry and encourage the production of jobs by corporations. In 2018, Iconic posted a turnover of $370.5 million, up 38.3% from the previous year. In his ASIC records, retailers said that they are making strides on their goals to raise market share and to generate profitability over the next financial year with a net loss of $18.3 million (Sheikh, Rafique& Abbasi, 2016).

Due to the increased portfolio with more than 1000 labels and 60,000 items available, Iconic has already seen double-digit markets and reported traffic in 2019. A net loss of $15 million for the retailer's cash rewards program for the end of November 31 was included in this number (Sheikh, Rafique& Abbasi, 2016). The organization reduced its net loss from 2017 to 3 million dollars by almost two-thirds for this fee (Sheikh, Rafique& Abbasi, 2016).

The decline in 2019 was caused by an increase in 33.6% in advertising and marketing and logistics expenses which increased 50% after increasing the annual capacity of its delivery center (Kaya, Karakan&Visileanu, 2019).

Administrative expenses have risen by 55%, with 1000 workers now at the iconic.

The ice cream firm, the Multinational Retail Agency, owns Zalora, a digital style portal in Asia that has paid the $17.7 million in cash contributions to Legendary (Kaya, Karakan&Visileanu, 2019).

References

Ali, Z., Gongbing, B., &Mehreen, A. (2019). Predicting supply chain effectiveness through supply chain finance. The International Journal of Logistics Management.

Asad, M., Iftikhar, K. I., &Jafary, A. Y. (2019). Relationship between Capital Structure and Financial Performance of Textile Sector Companies. Kashmir Economic Review, 28(1).

Chen, T. C., Chen, H. M., Wu, S. M., & Chen, X. X. (2018). MODERATOR EFFECT OF RDI ON FIRM FINANCE PERFORMANCE: TAIWAN TEXTILE INDUSTRY. Journal of Business Economics and Finance, 7(2), 156-163.

Hussein, M., Shahid, H., & Akmal, M. (2016). Effect of Profitability and Financial Leverage on Capita Structure in Pakistan Textile Firms. Arabian J Bus Manag Review, 6(222), 2.

Kaya, Y., Karakan, G. G., &Visileanu, E. (2019). The impact of foreign exchange movements on Turkish textile sector. IndustriaTextila, 70(3), 291-296.

Khan, M. N., Naeem, M. U., Rizwan, M., & Salman, M. (2016). Factors affecting the firm dividend policy: An empirical evidence from textile sector of Pakistan. International Journal of Advanced Scientific Research and Management, 1(5), 144-149.

Masood, S. (2019). Determinants of Retained Earnings in Profitable Textile Companies in India: A Study of Textile Sector.

Ode, E., Odhiambo, R., Orwa, G., & Ode, M. O. (2016). Access to Finance and Attrition Relationship of Small and Medium Textile Firms in Nigeria. Business, Management and Economics Research, 2(1), 15-23.

Rahman, M. (2019). Overall LC process of Paramount Textile Limited.

Sheikh, N. A., Rafique, A., & Abbasi, M. N. (2016). Impact of Working Capital on Performance of Textile Firms Listed on PSX. Pakistan Journal of Social Sciences (PJSS), 36(1).

Tseng, M. L., Wu, K. J., Hu, J., & Wang, C. H. (2018). Decision-making model for sustainable supply chain finance under uncertainties. International Journal of Production Economics, 205, 30-36.

Wakeford, J. J., Gebreeyesus, M., Ginbo, T., Yimer, K., Manzambi, O., Okereke, C., ... &Mulugetta, Y. (2017). Innovation for green industrialisation: An empirical assessment of innovation in Ethiopia's cement, leather and textile sectors. Journal of Cleaner Production, 166, 503-511.

Jin, B. E., & Shin, D. C. (2020). Changing the game to compete: Innovations in the fashion retail industry from the disruptive business model. Business Horizons.

Remy, N., Speelman, E., & Swartz, S. (2016). Style that’s sustainable: A new fast-fashion formula. McKinsey & Company, 1-6.

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