Here is a entrepreneurship business plan as followed: plz write recommendations and summary for this business plan.

Data: final sales is RM540 and final profit is Rm395.82.

(Must include sales target vs actual and profit target vs actual in summary)

1. Introduction This report proposes to discuss our business ideas and execution. We are a team of five business students aim to gain experience in the world of entrepreneurship by applying key entrepreneurship concepts and principles to our business project. Our team decided to produce and market handmade, organic soaps to the people of Nilai at the price of RM3 each. The project last for 7 weeks with 3 weeks period dedicated to selling the products. In this report we will discuss the product's features, benefits, the business financial aspects and business strategies adopted. We also included achievements, limitations, lessons learned and some recommendations to consider. 2. Business Idea Summary We decide to enter the market and seize the opportunity during this pandemic with our soaps products. We noticed that people are becoming more health-conscious especially in terms of personal hygiene. We differentiate ourselves with other well-known brands by positioning our products as organic and handmade. Our target customers are people in Nilai and slightly biased towards women. This is as we also pride ourselves with customer focus strategy where we offer customization and personalization of our products based on customer demands in terms of fragrances and shapes. One of our advantage is cheap production cost. This allows us to gain high profit margin of 73.3% by selling each soap at RM3. By setting our profit target at RM440, we took a more conservative approach in assessing our selling capabilities. In terms of business strategies, we employed several key frameworks such as SWOT Analysis, STEEPLE Analysis, ANSOFF Matrix and many others to achieve our business objectives. 3. Brand name Our brand is called 'El Savon' which is derived from the French language. The meaning of El Savon is "The soap". We decided on a French name as it sounds sophisticated and profound. It adequately represents our brand's qualities of elegance, luxuriousness and exotic perception. The fragrance and designs we provide, gives our customers the feeling of enlightenment and aristocracy which regular market soaps are unable to achieve. Another significant reason behind our brand name was to give it an international perception among the local citizens of Malaysia. Our brand is locally made with ingredients purchased from the local market, however the ideology that is behind creating it is French. Our soap recipe comes from French handmade soaps and hence, the name is able to circumference around the superiority of these soaps over the batch produced market soaps. 1. Product features: a. Our soap will be 100% handmade. We will produce them ourselves without the use of any machine or electric equipment. b. The soaps are organic and made with only natural ingredients. The ingredients are glycerin which is what we used for the base of our soap. We add oils such as olive oil, coconut oil, rosehip oil, jojoba oil, peppermint oil, etc. c. The soaps have unique fragrances such as lemon, rose, mint, strawberries, fruity, and many more. These fragrances are completely natural and cause no harm to the customers. d. Our soaps have a massive variety of shapes and sizes so that our customer will have various options. e. The production of the soap is not focused on the basis of quantity, instead its based on the quality. This helps our product be customer focused and not sales focused. II. Product benefits to customers: a. Our soaps are rich in antioxidants, vitamins and nutrients resulting in healthy skin. We begin with a foundation of organic olive oil, sustainably grown organic palm oil and organic coconut oil. Olive oil is a perfect hydrating agent, palm oil makes a rich lather and coconut oil has outstanding cleaning ability. Then We apply essential oils and special ingredients dependent on the plants for their soothing and relaxing powers. Because of the precise combination of oils used in each mixture, our soap is long lasting and washes away cleanly. Skin feels moisturised, silky smooth and clean after use b. The soaps provide natural and organic ingredients rather than chemicals and synthetic ingredients. Wide processing companies prefer to use toxic preservatives such as parabens linked to breast tumours. Sodium lauryl sulphate is a commonly used ingredient that renders soap extra foamy but is also a recognised hormone disruptor. The use of these additives is beneficial for the bottom line of such a business but not for the customers wellbeing. c. The base of all our soaps are made of Glycerin which gives moisture to the skin. Glycerin is an emollient that absorbs moisture from air during the day, retaining moisture in the skin. mass- produced soaps do not normally contain glycerin, which can leave the skin feeling dry which is irritating. They are not genuine soap but contain detergents that deprive skin of its natural oils. d. The customers will have a huge variety of products to select from. III. Product benefits for our company: a. The pandemic has caused an Increase in demand of cleaning products as now people are washing hands and taking showers more than usual. This gives our product a leverage in the market. b. The capital required to make the product is not very high. We as students can afford to incur the cost of making the soaps. c. As mentioned earlier, the cost of producing a soap is not very high. This means that we can charge a high profit margin and still be in an affordable price range for our customers. d. The ingredients to make our soap are easily available and very common on online websites. Ordering our ingredients online does delay our production time but makes it very convenient to get them in the first place. 4. Selling price The market today, due to the pandemic, had given us a leverage of high demand. But the pandemic has also decreased the overall purchasing power of consumers and we as a company understand that. Utilizing smart pricing strategies to sell our soaps will help us gain competitive advantage. Our aim is to keep the pricing in line with the values of benefits we provide to our customers. Therefore we decided to keep our price at the very minimal without any compromise in the quality we aimed to achieve. Selling price is the price at which we sell our products to the customers. We derived our selling price by first determining our cost price and then adding our profit margin to it. In order to make forty soaps, we incurred a cost of fifty ringgit. This means that the cost of making one soap is RM0.80. Our profit margin is 73.3%. In conclusion, we will sell our product at a price of RM3 per soap. 5. Target market Our business is completely new. This means that we have very limited resources. As all the partners of this business are students, we do not have the capability of generating enough capital to provide delivery for our products. This is why we decided to make our product available where we live and target that particular market Our target markets are of two types: a. Nilai market - Nilai is a town between the district of Sepang, and the district of Seremban, Negeri Sembilan, Malaysia. It is a rapidly growing town due to its proximity and connectivity to Kuala Lumpur, Putrajaya and Kuala Lumpur International Airport through the KTM. Our production is in Nilai. This makes it easy to deliver to areas such as MesaHill, Desa Palma, Stars Valley, Lili Residency, etc. b. Feminocentric market - this means that our products are partial towards women. This is because of our cute and feminine shapes and sizes of soaps. The fragrance is also something which women would be more inclined to rather than men. 6. Sales Target 7. Profit target & Business Strategies El Savon as a firm would be looking into nine different business strategies, more than 50% of our business strategies are related to marketing. Vision & Objectives: El Savon's vision and objectives would be to sell a customized handmade creating our own market. We are not seeking for more profitability, but we are seeking for less profitability but a minimal to mid-market. As we our firm believes in entrepreneurship's moral and basic principal, we are not a profit seeking business but we are an idea creating business. We have led our idea come into existences by incorporating El Savon Core Values: Our core value consists of 2 things which are being ethical and customer satisfaction. Our basic core values are to be an ethical firm; we seek to serve our customers with 100% satisfaction in buying our product. It clarifies that our customer shouldn't have any problem with our product and services. SWOT Analysis: We will look into depth on our Strengths, Weaknesses, Opportunities and Threats. So that it'll help us identify our basic marketing goal. Our Strength can be the current scenario of Covid-19, as people are looking into hygiene factor more; our product shows that it's safe to use and its completely hygienic. Our other strength can also be 'Handmade' product as people have been looking into such trends in buying handmade products from clothes to soaps. Our Weaknesses can be the market competition as it is a perfect competition market and there are a lot of competitors in the market itself. Our competitors are a very large incorporated company. So, we are looking to minimize our weakness by various factors such as marketing strategies. Our Opportunities can be the current situation of Covid-19 as majority of the firms and incorporation related to hygiene and health have been skyrocketing in this situation due to the uncertain opportunity in the market. As some of the group members are an international student, external factors such as legalities can be our threats so we are looking to minimize it. STEEPLE Analysis: We will also be looking into Social, Technological, Economical, Environmental, Political, Legal and Ethical aspect so that we won't bump into any issues during our productions or sales. Our Social aspect includes lifestyle changes due to Covid-19, it also includes the fashion changes so that we can focus on marketing according to it. Our Technological aspect includes electronic marketing and promotion via Facebook, Instagram and WhatsApp. We are also looking into paid promotion in our business strategies using technologies. ANSOFF Matrix: We will also use ANSOFF matrix to see where our product lines and what can be the further plan for our marketing so that we can be more unique. The following is our ANSOFF matrix: EXISTING PRODUCTS NEW PRODUCTS El Savon MARKET PRODUCT PENETRATION DEVELOPMENT EXISTING MARKETS INCREASING RISK NEW MARKETS MARKET DEVELOPMENT DIVERSIFICATION INCREASING RISK This is where our product lines. As soap is already an existing product in an existing market, so we basically need to focus on our Market Penetration. We are targeting certain customers such as gynocentric for a better penetration in the market. Also, we are keeping an eye on our marketing skills so that we don't lack behind in the market penetration or be unsuccessful in it. 7 P(s): 7 P(s) includes product, price, promotion, place, people, process and physical evidence or environment We have focused that our Price is perfect for our product and our promotion is done in a suitable place or not. We have also looked into our marketing mix such as people who deliver our product, the process on how it works as well as the physical environment that our customer experience. So, we have a better price (i.e. RM 3), we have a suitable product for the promotion in suitable place and for suitable people for our promotion. Our marketing mix is also strong to give our product a better startup. Tactics: There are various tactics that we will be using. To avoid loss, we will use breakeven analysis. Breakeven analysis will help us identify that how many quantities should we sell to avoid any kind of loss. To estimate our profit return, we will be using Return on Investment to know how our business is flourishing. We will also use customer feedback to know the side of our improvement. Resource Allocation Plan: Our Resource Allocation Plan would be through wholesalers where we can find the desired product in a required amount in a less price. One of our resource allocations are done through Lazada. It will help us to get on time delivery of our production materials. Measurement: We will use various tools mentioned above to track our outputs and our performance during the entire semester time. The tools include, Return on Investment, 7 P(s), STEEPLE analysis, SWOT analysis, ANOSFF matrix. We will take note on each our strategies and concluded what are product did in the market. 9. Achievements, Challenges and Lessons Learned 1. Achievements II. Challenges Starting a business comes with its own set of risks and challenges. It is certainly not an easy task to accomplish. We had come up with several challenges during the course of our business. They are listed below: a. Time limit - initially we presumed that we would have about seven weeks to complete our business goals. Later we realized that we would have only three weeks. Entrepreneurs in general take years to just research a market or a product. We on the other hand had to research, market, produce and sell our product in only three weeks. As a group, we definitely had to pull up our socks in meeting our goals with such a short time limit. b. Quantity produced - it was very difficult to produce a large quantity of soaps when we had only one person to produce it. Most of the partners are in their hometowns due to the pandemic. This compromised on the quantity we could produce per day. c. Lack of members - as mentioned earlier, the pandemic restricted all our members to work together. There were only two partners in Malaysia and so they were the only ones that took care of sales. The input of the other partners were equally important in terms of marketing and taking orders. However sales were compromised due to the lack of staff. d. Limited ingredients - we ordered all our ingredients from Malaysian online markets. Due to this, we had to wait for several days to just receive adequate ingredients to produce our soaps. We were not capable of ordering a large amount of ingredients due to financial constraints as all the members are unemployed students. This resulted in delay of sales