(Tayo)1st assignment to follow the 2nd one that is the PPD to follow the newassignment Expected outcomes LO1: Appraise the theories and practice of entrepreneurship, enterprise and innovation. LO2:...

ONLINE MEDICINE SUPPLY
Executive Summary
E-Pharma works on the idea of delivering the medicines online. The main idea is to develop the market where the customers can get their medicines delivered to their door. The market of medical supplies is increasing and thus there is a need to get medicines that are to be supplied to the convenience of the customers. The bases of customers is one challenging aspect that the company needs to market for. The report analyses every aspect and present figures of the proposed plan.
Table of contents
2.0 Overview of the company    4
2.1 Business aims and objectives    4
2.2 Visions and Mission    4
2.3 Key people- function & background    4
3.Entrepreneurship, enterprise and innovation    5
3.1 Entrepreneurship    5
3.2 Enterprise    6
3.3 Innovation    6
3.4 Spotting opportunities    6
4. Theories of Entrepreneurship    6
4.1 Maslow’s theory    6
4.2 Elon Musk the man behind the motivation    7
5. Competitive advantage    7
5.1 PEST, SWOT, Porter's 5 forces    7
5.2 Market information    8
5.3 Competitors    8
5.4 Market segment    9
6. The process of idea generation    9
6.1 Why is your chosen project necessary    9
6.2 What drives your thoughts/ decisions to go into the business    10
6.3 Unique selling point    10
7. Marketing Strategy and Marketing Mix    10
7.1 Marketing channels    10
7.2 Marketing mix    11
7.3 Marketing strategy    12
8.Financial Analysis    12
8.1 Budget of the Project    12
8.2 Cash Flow of the Project    15
9. Evaluation of the Industry    20
9.1 Factors hindering the success    20
9.2 Factors in favour    21
9.3 Managing factors not in favour    21
10. Conclusion    22
11. Reference    23
12. Appendix    24
2.0 Overview of the company
E-Pharma is a proprietorship company based on the new idea of delivering medicines online. The company would prove prescription medication to the customers. The company shall launch a mobile application and a web service through which the customer can place their order and upload their prescriptions. The focus is on delivering the medication to the doors of the customer in a quick and cheap way.
2.1 Business aims and objectives
The objectives of the business for the first three years are
· Exceeding customer expectations and giving superior service
· Increasing the customer base by bring in a new concept by approximately 30%
· Developing a business that is sustainable and popular in the market
2.2 Visions and Mission
The vision of the company is to reach as many customers possible and provide door-to-door service.
The mission of E-Pharma is to provide customers with the best service at the best available rate. The company would go the distance to give any type of emergency service
2.3 Key people- function & background
The key people in the company are the owner and the CEO of the company, the pharmacists, the app developing company and the fleet of delivery executives
The Owner
The most important person in the whole structure is the owner. The business is the brainchild of the owner and has different roles in the company. All decisions and marketing plans are planned and executed by the CEO. The company is a startup thus there is no division for the various works. The CEO manages all other operations and also oversees the functioning
The pharmacists
The pharmacists plan, the whole structure of what medicines to keep in stocks and what, items are available in the market. The pharmacists basically manage the whole inventory and also look for new medicines services in the market and also prepare the list of medicines necessary for starting up a business and following up with the requirements.
App developer
The app developing company is also an important part of the company. The main task of the app developer is to create a platform that has an easy to use interface and is integrated for mass use (Parker, 2018). The app is the most important part of the company as the whole business is based on the application for the customers to place orders and the company to deliver them. The company has no retail outlets thus there is much more dependency. As the app, developing company is also responsible for maintaining and upgrading the app on a regular basis.
The delivery executives
These are the employees of the company and are important for reaching to the customer and providing the service.
Other than this, the company also employs accountants and warehouse staff who dispatches the order and maintains the inventory.
3. Entrepreneurship, enterprise and innovation
3.1 Entrepreneurship
Entrepreneurship is the concept of having the ability to develop, Organise and to run auburns along with taking care of all the uncertainties and the difficulties in the way. The main aim of an entrepreneur is to create a business that is profitable and has a unique concept in the market (Aldridge & Audretsch, 2017). An entrepreneur is mainly a person with the ability and the desire to establish and lok after various significant matters for string up business and administers it to make profits in the end. In this case, as the company is proprietorship business and the idea is generated from the owners’ brain it is a prime example of entrepreneurship.
3.2 Enterprise
Enterprise is the undertaking of business. In simple terms, enterprise is a project that is capable and is willing to take on new projects at the same time (Malecki, 2018). These are part of the company and are often related to the undertaking of the new projects.
3.3 Innovation
Innovation is the process of generating new ideas that is different from other plans and concepts in the market and is often seen as the new concept. The innovative idea or the innovation process is based on critical thinking and solving problems by finding the gaps in the market.
3.4 Spotting opportunities
The opportunity that the company spotted is the time consumed in buying products and the availability of the convenience of door-to-door service. The online app system came as a boon to bridge the gap. The other factor that has the potential advantage for the business model is the growth of the customers and the rise in demand for the medicines
4. Theories of Entrepreneurship
4.1 Maslow’s theory
Maslow's theory of hierarchy is based on the motivation theory. It concentrates on the hierarchy needs of a person the needs are based on the psychological needs of human beings. It is relevant in this case as it helps in understanding the needs of the customer and the market. The end of the medicine is the most basic need and is highly prioritized by the customers (Burns, 2016). The other needs as discussed by the customers are the self-actualisation needs, self-esteem needs, belongingness needs, safety needs and physiological needs.
4.2 Elon Musk the man behind the motivation
I personally see Elon Musk as the prime source of my motivation. The speeches and the vision of...