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Economic Stability of The New Start Up

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  • Level: High school
  • Pages: 5 / Words 1167
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Question :

There are the following question that cover the requirement of the brief that is given below:

  • Plan a new start-up to sell fresh fruits through vending machines and the data is related to the competitive and economic sustainability.
Answer :

Competitive and Economic Sustainability

Since, a new start up is taking place where entrepreneur is going to sell products like fresh bio fruits with the help of vending machines. Here, it is being found that both competitive and economic sustainability factors plays a crucial role for a start up because they are the two major factors based on which the businessman invests in the start up. There is peak period in year between 2008 and 2009 when growth rate is 6.0% which much more than from its initial stage which will benefit entrepreneur in their economic sustainability (Epstein, 2018).

A detailed study of the competitive market needs to be done as it is a new product line being launched in the category of vending machines, also many changes or alterations may have to be done to support its existence in the market. Both the competitive factors and economic stability are further explained in detail as under:

Competitive Factors For Present Start-Up:

Vending business is expected to grow with diverse range of products in the upcoming time specially in the field of high quality coffee, beverages, snacks , bio fruits etc.

Promotion of New Products:

In UK, with the growing technological advancement vending machines are likely to be used at a increasing rate for product launches and marketing in the coming time. In present context, the new start up is likely to be launching a number of vending machines which will be supplying bio fruits in travel locations and bars in near future. One additional feature present in them will be that they will be socially activated.

Strong Growth in Semi Captive Locations:

Semi- captive locations are receiving a strong growth rate for sales in the field of vending involving travel locations and shopping malls. Vending machines located in convenience stores dealing in bio fruits are also expected to receive a great amount of profits and also developing very quickly (Schaltegger and Wagner, 2017).

Competitive Landscape:

Pelican Rouge Coffee Solutions is a strong leader in this particular category because the company offers best techniques for innovative and attractive vending machines. It has features like leading technology and efficiency in the amount of energy used. So, the start up people can also use such techniques for new innovations and attracting customers.

Technological Advancement:

Vending operators are increasingly investing in technology for example, growing trend for telemetry capability, enabling the checking and evaluation of stock and vending figures from network machines all over UK. These machines even provide the facility of cashless and contactless payments. The leading companies launching the vending machines include Nayax, Counter Solutions,and Crane Payment Solutions (Franzoni, 2015).

As technological advancement compared in different consecutive years in UK it has been seen that business industry of digital marketing sector is booming in all years like, in initial year 2011 growth of digital market is more than 5% as compare to other SME's ,in year 2013 rate is slightly raised from more than 10% ,and if 2014 is measure growth rate of digital market jumped from more than 25% which is very high as compare to competitive SME's .

Henceforth,the new start up should focus on the above mentioned factors for a steady growth of the start up.

Economic Sustainability:

Sustainable economic growth refers to the economic development that helps to satisfy the needs of humans but in such a way that the natural resources and environment remains sustained for the future generations. It is the use of various strategies that can be used for employing existing resources in an optimal manner. Hence, it means that the people involved in the new start up should use the resources in such a way that it does not affect the environmental, social and cultural aspects of the community.

As per above data UK economic sustainability growth rate in year 2016 increase by 1.8% as compared in year 2015. In year 2017 growth is slightly increase by 0.5%. There is highly increase of economic growth in year 2008 and 2009 which is 6.0%.

The ways of maintaining economic sustainability are:

Effective Policies:

The new start up should adopt effective policies, rules etc which help in enhancing the economic growth. It includes efficient fiscal management and resource allocation, appropriate regulatory systems. These help in making an economy sustainable over time (Santoyo-Castelazo and Azapagic, 2014).

Infrastructure:

It is a key component which the new start up should keep in mind while their establishment. Enterprises need adequate transportation systems from rural roads to airports to easily access markets fir their goods and services. The availability of reliable energy and communication technologies make enterprises more productive and innovative. The developing countries can many a times face problems in these facilities arrangement and the absence of such basic needs is a chronic barrier that leads to poor economic performance.

Skilled Workforce:

A skilled workforce is an asset of an organisation. It is an important foundation of sustainable economic growth. Companies that invest a proper amount of funds in human capital usually demonstrate the strongest growth rate. In developing countries, many working age adults lack the literacy and numeracy required for the employment , they lack the accurate skills for performing the work. Hence, it is necessary for the new start up company to invest accurately for the growth of skilled workforce (Santoyo-Castelazo and Azapagic, 2014).

Also read:- The Implications Of Digital Technologies On SMEs

As per the above mentioned skilled data it has been seen that numbers of managers directors and senior official is 26,15,600, number of professional and technical occupation is 37,71,600, and and if skilled trades occupation is measure their number is 28,97,200, number of professional occupation workforce 49,73,200 is very large as compare to other skilled workforce.

These are the factors which help in maintaining overall economic stability to the new start up and help in growth. To get more details about assignment help UK connect with our experts online.

REFRENCES

  • Epstein, M.J., 2018.Making sustainability work: Best practices in managing and measuring corporate social, environmental and economic impacts. Routledge.
  • Schaltegger, S. and Wagner, M., 2017.Managing the business case for sustainability: The integration of social, environmental and economic performance. Routledge.
  • Franzoni, S., 2015. Measuring the sustainability performance of the tourism sector.Tourism Management Perspectives,16, pp.22-27.
  • Santoyo-Castelazo, E. and Azapagic, A., 2014. Sustainability assessment of energy systems: integrating environmental, economic and social aspects.Journal of Cleaner Production,80, pp.119-138.
  • Santoyo-Castelazo, E. and Azapagic, A., 2014. Sustainability assessment of energy systems: integrating environmental, economic and social aspects.Journal of Cleaner Production,80, pp.119-138.
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