An evaluation of the feasibility of setting up an events management company specialising in a touring music festival throughout the summer season.
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The aim of the enterprise project was to evaluate the feasibility of setting up a business called Wandering Ones Ltd. specialising in organising a small independent touring music festival. The aim was achieved by conducting both primary and secondary research and formulating a business plan. The main focus for the festival is the spirit of community and how attendees can aid the decision making process by contributing their ideas and opinions. The introduction gives an overview of the project, clearly stating its aim and objectives and how they will be achieved. It also states how the project will contribute to the industry and where the overall idea originated from. The literature review then evaluates the business planning process and the qualities of entrepreneurship before going on to assess the current market situation. It also assesses event management strategies, the discussion of which later relates to the business plan. The methodology also feeds into the business plan helping to shape the event design and draw comparisons between the primary and secondary research. Overall, the business plan addresses the different aspects of setting up a business and setting up an event. The business environment is analysed and the logistics of event management are discussed. The financial perspective is also considered, showing that the business will start to profit in its second year of trading. An overall plan is then provided as to how the business will operate. The analysis then discusses the limitations of the research conducted and the effect this could have on the results, going on to conclude with recommendations as to how the business should be implemented. The overall results of the project being that the business venture is a feasible idea given the appropriate level of finance.
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