Entrepreneurship Analysis: Craig Bunting, BEAR Business, and Theories

This report delves into the entrepreneurial journey of Craig Bunting, the founder and CEO of BEAR, an independent coffee, kitchen, and bar SME venture. It examines the application of opportunity, innovation, and entrepreneurship theories to BEAR's business model. The report discusses the role of an entrepreneur in innovating and creating new opportunities, highlighting how Craig Bunting has created value in the market. It explores the theory of opportunities, including perception, discovery, and creation, and the evaluation process involved. The report also analyzes the theory of innovation, discussing its difference from invention and how BEAR utilizes disruptive innovation. Furthermore, the report covers the theory of entrepreneurship, categorizing it into functional and indicative approaches and examining how Craig Bunting has applied his skills to achieve business success, create job opportunities, and foster business sustainability. The report draws from an interview with Craig Bunting to illustrate these concepts, providing insights into the skills and competencies needed for entrepreneurial success.

Opportunity Innovation and
Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8
APPENDIX......................................................................................................................................9

INTRODUCTION
Entrepreneurship is a task based process, in which any people or an individual uses to
start own business with an intention to sell any verified products or services. Basically, people
who are entrepreneurs are high motivating or inspiring people. In the business world, they are
most productive person who are equipped with defined skills or abilities to motivate other to start
own business regulation (Mitra, 2013). Entrepreneur is one who basically innovates, make or
pursue any new thing to sell it to the society. This report will be on Craig Bunting, who is the
founder & CEO of the “BEAR”. This is a SME venture operates in an area of independent
coffee, kitchen and bar.
In this report, discussion will be put on information related to an entrepreneur and also an
application of theories relating to opportunities, entrepreneurship and innovation. Also, the report
will involves question of an interview.
MAIN BODY
Entrepreneur: An individual is one who used to innovate new things or products into a
market. The major purpose of an entrepreneur is to creates new opportunities into the market
along with the bringing motivation or source of confidence to other people. In a current time,
entrepreneur is one whose aims is to enhance productive into the business environment and also
creating a productive idea's in regulation of business development for a future time period.
Here, Craig Bunting is the founder and CEO of the BEAR which is a independent bar,
coffee & kitchen, with an innovative process of proving customer with innovative food items and
also act as a moral or inspiration for other to bring back business growth for a longer duration of
time. He has started business operation in 2016, December with response of 3 people initially,
but they are operating now operating 8 people with quality services (Marcotte, 2014). It will be
immense pleasure to take his interview, so that many inspire youth would get proper inspiration
or confidence to rise suitability of starting any new starts-ups for a future period duration. In that
interview almost 15 questions will be asked to the Craig Bunting to know their beautiful idea or
opinion on what level of skills or competencies must be pursued by youth to start doing own
business. In this, various theories will be asked to check out about an opportunities, innovation or

entrepreneur in order to prevent the purpose of this interview to get information on how skills or
competencies can be utilises to make once dream achievable.
Theory of the opportunities: It is termed as an deed set of circumstances with possess
unsure outcomes, requires commitment of resources and also involve exposure to risk. In other
words, it has been said as like an opportunity which is a capability to generates value.
Opportunities can also be referred to as value of the sought. This can be termed as a situation
where a major gap between
demand or supply has to be met in terms of customer wishes (Servais, 2014). When, it was
ascertained that that resources have not been consumed properly, then it is recognised as a value
creation capability. When demand in market becomes appropriate and suitable,
in that situation, this will led to creation of a business concept. This business concept will tends
to be comprised of a core
notions on a manner, in which a market place needs to be served or the resources must be
utilised.
Here, business concept develops into a innovative business model that helps to get market
wants and resources.
When different schedules of an activities and the financial business model are
being assigned, it would results into an emergence of business plan. This is one sequential
activity, as like concept -> model -> plan. Opportunity
development reveals that an opportunities has been emerged as a concepts and also in future
gets developed with a given period of time. It has been termed as a continuous process which is
an essential for shaping of a business role or venture.
Opportunities recognition consists of a 3 processes which are separate or different from
each-other perception, discovery along with creation. For this interview, perception generally
implies that different person perceive varied possibilities owing to a people's sensitivity towards
opportunities. Such kind of difference arise, when person is belongs to individual background or
experiences. However, it was noticed that a people who are not able to led anticipate opportunity
which are not always able to utilise them (Mainela, 2018). Also, discovery is aimed to recognise
a fit between resources or market needs. By a proper matching of a market needs or resources, in
that case, opportunities for entrepreneurship is happens. Creation is mainly aimed to new fit

between resources and needs by bringing of a new developments or innovation. During a
development of the innovation, Craig bunting has applied creation rule in which he generated
ideas to starts his own business along with development of a longer business sustainable.
Opportunities evaluation is a process which majorly[ states that opportunities are required
to be developed in each and every stages of its own development. This will be carried by use of
feasibility analysis or regulation test checking. In this, Craig Bunting has evaluated its own idea
of the bear to deliver it to the bigger context. Usually, an evaluation of this idea has required plan
and also curriculum of the strategies to overcome a major disadvantage of being act as developer
by Craig Bunting. This was noticed that evaluation of an opportunities is characterised by the
judgement regarding whether a propose of the opportunities has been accomplished or not.
Theory of an innovation: A business has been established on a basis of an innovation
which needs to be successful in the market. According to the Schumpeter, a business cycle is a
dynamic process in which trade operations change and monetary investment fluctuates due to the
changes in the business regulation. It was realised that the Craig bunting has gone through idea
analysis, before starting of the business venture which have idea's to bring business process into
a reality. Craig has realised the situation of their business regulation along with understanding an
uniqueness of an innovation idea in an unique or develop manner (Kansikas, 2012). With help of
this, author have realised an actual importance of a cut throat competition for a future time
period. Though, it will be possible to realize an actual formation of an innovation such as
production, transportation, manufacturing of any new products or leading change in an
organisational context etc.
Innovation is different from invention, in which a new entity or products use to be make,
that is not existed previously in the world. On response to invention requires an entire
development of a non-existing products, but an innovation makes use of an utilised technology,
material or new sources of an energy. While, interviewing the Craig Bunting, he majorly
explained on how how innovation is differs from invention and also skills they have used to get
that innovation in their Bear business. During his interview, major realisation was to comparison
of an innovation with a level of an arts or process. During that, he applied number of skills and
traits such as power of an analytics, problem solving along with current information or
knowledge in order to led development of the BEAR business. With help of this theory, he tried
to raise quality in their services or customer offering at a given point of time (Lehner, 2017).

Craig has told that BEAR has comes up with technology such as table e-booking, own payment
gateway in which customer can send money without any kind of shortage and business
innovation. The another theory which was used by BEAR is a disruptive innovation, in which
company new technology has been introduced by the organisation in their current market or time
duration. Also, this theory has been taken under care to realise an actually benefits of the
innovation of the Craig Bunting.
In the interview, Craig Bunting ha revealed that, many risks such as destroying of a
business process by rivalries may occur, lack of funds or support of a business partner at a
measurable context. Along with this, Craig Bunting has told that tools or techniques has been
used here to overcome negative impacts by taking measures such as effective utilisation of the
skills, resource measurements along with regulation of policies which can plays a major role in
overcoming an innovation from any kind of closure threats or defeats (Kearney, 2013) Craig has
told that entire this business has comes up with development of an idea which Craig has overseen
to starts own business. Also, it was realised that, bunting has gone through facing several
challenges in order to enhance harmony among the business. With help of this interview, proper
& productive knowledge of a business performance has been comes into an existence.
Theory of an entrepreneurship: Entrepreneurship is referred to as designing, introducing
and carrying business activities efficiently. The person behind the idea and taking initiative with
the establishment is called entrepreneur. Entrepreneurship theories are being divided into two
major categories such as the Functional approach as well as indicative approach (Hisrich, 2015).
Former states the functions to be carried by entrepreneur and latter is concerned with identity of
entrepreneur. According to Peter Kirby, “the theories of entrepreneurial supply are constructed
from either psychological or sociological elements.”
With help of this, it was analysed that Craig Bunting has utilised his own skills or level of
the competencies in order to gather or generate outcomes out of this business for a longer period
of time. He used his own ability or capability to starts business along with an enrichment of
accomplishing own vision or mission for a longer duration. With help of an entrepreneurship
traits or goals, Craig Bunting has started this business operations of the BEAR in context with
earning maximum profits and creating job opportunity. In reality, this has been realised that,
Craig Bunting has utilises his own working along with encouraging or empowering others to
pursue same.

CONCLUSION
From the above report, it is concluded that entrepreneurship is one necessary to bring
business into the regulation of its continuation or regulation in future period of time. Along with
this, various skills or competencies are utilised in this same context to bring business regulation
at one circle along with building the regulation for the longer period of time. Also, this has been
proved important & necessary to increase business sustainability with an utilisation of perfect
skills or competencies to develop growth of a business venture with a correct as well as right use
of the strategies.

REFERENCES
Books & Journals
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Carayannis, E. G., 2013. Encyclopedia of creativity, invention, innovation and
entrepreneurship (pp. 36-47). Springer Science+ Business Media BV, Formerly Kluwer
Academic Publishers BV.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Galindo, M. Á. and Méndez, M. T., 2014. Entrepreneurship, economic growth, and innovation:
Are feedback effects at work?. Journal of Business Research. 67(5). pp.825-829.
Hisrich, R. D. and Kearney, C., 2013. Managing innovation and entrepreneurship. Sage
Publications.
Lehner, O. M. and Kansikas, J., 2012. Opportunity recognition in social entrepreneurship: A
thematic meta analysis. The Journal of Entrepreneurship. 21(1). pp.25-58.
Lowe, R. and Marriott, S., 2012. Enterprise: Entrepreneurship and innovation. Routledge.
Mainela, T., Puhakka, V. and Servais, P., 2014. The concept of international opportunity in
international entrepreneurship: a review and a research agenda. International journal of
management reviews. 16(1). pp.105-129.
Marcotte, C., 2014. Entrepreneurship and innovation in emerging economies: Conceptual,
methodological and contextual issues. International Journal of Entrepreneurial
Behavior & Research. 20(1). pp.42-65.
Mitra, J., 2013. Entrepreneurship, innovation and regional development: an introduction.
Routledge.
Priem, R. L., Li, S. and Carr, J. C., 2012. Insights and new directions from demand-side
approaches to technology innovation, entrepreneurship, and strategic management
research. Journal of management. 38(1). pp.346-374.
Simón-Moya, V., Revuelto-Taboada, L. and Guerrero, R. F., 2014. Institutional and economic
drivers of entrepreneurship: An international perspective. Journal of Business
Research. 67(5). pp.715-721.

APPENDIX
Interview questions:
a) What makes you so different from other entrepreneur’s?
In this question, theory of an entrepreneurship will be applicable, which says that every
person who is an entrepreneur may be differ on the basis of skills, abilities or competencies. In
this, Craig bunting has revealed, as he have skills such as effective communication, interaction
and motivation which makes him so diverse to work in different situation. What was noticed that
his level of confidence or professional attitude makes him great entrepreneur.
b) What skills or competencies has helped you to get success in the life?
On this question, Craig bunting has revealed that skills and competencies such as
effective time management, communication & interaction has made him complete and
productive in ay business situation. Here, theory of the opportunities will be applying in this
context.
c) Describe strength in two words?
In this Craig bunting has told that skills such as time management and personality are his
two strength. These strength helped him to go at effectively or efficiently.
d) What was your one major moment that makes you successful entrepreneur in the business
world?
In this, he revealed that, incident in his studies period that made him think apart from
being strong into academics he prefers to go for skill development and competencies
engagement. This is a results he is a successful entrepreneur.
e) What steps you have taken to overcome your rivalries?
On this question, Craig replied that smile that he has watch out their each and every step
of their rivalries and now situation is under his control along with this he can now predict about
future of the rivalries.
f) What innovation you have put in your business operation and what makes it so unique?
In this asking, Craig bunting has revealed that he focused on technology and process
innovation to identify what customer’s actually likes and what they buy. In process, they have
used to payment gateway such as coupon lump sum, freak wallets etc., to make payment in ease
manner.
g) What is your major strengths or weakness which have resulted into big success of yours?

On this question, he revealed that, strengths such as focus, time management skills and
effective attitude has made him perfect to accomplish his or her dream goals or target in effective
period of time. Along with this, he also focused on overcoming its own weakness such as lack of
interaction by learning pattern of communication in an effective manner.
h) What type of motivation technique you have used to get inspired for accomplishment of your
dream of being as an entrepreneur?
On this question, he told with quick response, well I used to read books, magazine and
articles that has led higher motivation for me. I used to take inspiration from different people or
person whom he think as a source of learning to transform his mind or thought process. This is
what I take for my motivation.