Innovative Management Strategies for ABC Ltd.

The report highlights the importance of management in business operations at ABC Ltd. It emphasizes the need to identify market risk and bring innovations in products, processes, and methods. The report also notes that generating unique ideas from competitors can help establish a new startup in the market. Effective management plays a crucial role in managing all business operations, including purchasing, selling, marketing, administration of people and funds. With talented and experienced management, ABC Ltd can manage its operations effectively and achieve its target aims and objectives by delivering best products and services.

Business development planning
1

Table of Contents
INTRODUCTION ...............................................................................................................................3
Role of Entrepreneur........................................................................................................................3
Development of idea........................................................................................................................5
Management of business..................................................................................................................6
CONCLUSION ...................................................................................................................................8
REFERENCES.....................................................................................................................................9
2

INTRODUCTION
Looking at the present competitive business world, the success of a new start-up business is
highly depends upon the development of an innovative business idea. It enable firm to establish
effectively into the market and compete effectively with the rivalry firms. Moreover, entrepreneurs
also plays a major role in the process of idea generation to create an unique business idea. Apart
from that, management in the organizations owes liability to manage daily operations, activities and
functions by framing policies and taking strategic decisions. Better management decisions are
greatly assist firm to achieve their target business goals and objectives. Present project assignment
is based on a new start-up venture of designer fashion outlet, named ABC Ltd. The report explore
the importance of entrepreneur, development of unique and innovative business idea and the role of
management in the success of ABC Ltd.
Role of Entrepreneur
Entrepreneur is a person who put their own funds by taking high risk in order to start a new
business venture in the present competitive market. He is solely the greatest determinant of business
success. They set up new venture and bear entire risk involved in the process of ensuring regular
hazard free business functioning (Barreto, 2013). He is commonly seen as a innovator of new ideas
and process and implement it to convert his idea into reality. They play an inevitable and major role
in the success of organization. Good entrepreneur identify better opportunities and reflect positive
attitude towards searching for new possibility and finding unmet market needs. Moreover, their risk
taking attitude enable them to face market challenges and resolve it by taking strategic decisions to
exploit the opportunities. Entrepreneurship is regarded as the process of designing, launching and
operating a new business venture, called a new start-up. In other words, it refers to the capability
and willingness of entrepreneur to pay focus on launching and running of a successful business by
managing risk effectively (Grimes and et al., 2013). Successful entrepreneurs find out new
opportunities by evaluating and examining the present market demand and thereby take decisions to
serve unmet customer desires and expectations.
In the current age of globalisation, role of entrepreneurs in the success and growth of
business is increasing day by day. With reference to the chosen business of designer fashion outlet,
ABC Ltd, innovation aspect of entrepreneur gained high importance. In the current age, emergence
of entrepreneurial ability stimulated a rising trend of competition in the cloth designing and fashion
industry. In order to grab larger market, entrepreneur require high level of creativity and innovations
so as to produce designer, fashionable and branded cloths to meet customer demand (De Carolis,
2014). With the selected business, entrepreneur primarily play a role of fashion entrepreneur who
3

pay focus to create, organize and design different types of cloths for men, women and children in
order to manage venture. The core business practices of ABC Ltd, is based on the creativity and
innovations in the fashion entrepreneur. Exercising initiative, organizing a venture, exploiting
business opportunities, decision-maker quality, goal-oriented, multi-talented, risk takers, accepting
challenges etc. qualities help ABC Ltd to succeed growth in the market by compete effectively
(Hampel, Loewe and Reeg, 2015).
In ABC Ltd, entrepreneur will conduct a market research to identify available business
opportunity in fashion industry. This helps business to create and develop a unique business idea
which can be exercised in the market to initiate a new start-up. Innovative and creativity ability of
the entrepreneur assist ABC Ltd to develop new ideas, processes, methods, products, services etc.
so that it will be able to meet demand of target customer group (Barreto, 2013). Moreover, this
qualities provide benefits to ABC Ltd to find out creative solution of the problems and achieve
target goals and objectives. Along with this, it helps firm to bring changes and improvement in the
clothing products and production process as well.
Apart from that, entrepreneur determine financial need of the ABC Ltd and meet it by
gathering funds from different type of sources like personal saving, financial help from friends and
relatives, bank loan, issue of share capital etc. Through getting funds from appropriate financial
source, it can meet their financial need. Entrepreneur also lead and manage ABC Ltd human capital
so as to strengthen business position by enhancing competitive ability. Leading people effectively
helps to motivate and encourage personnel to put their best efforts in the completion of assigned
tasks and duties (Chiu, Balkunid and Weinberg, 2016). As a result, their motivational level and
satisfaction level can be enhanced to achieve desired goals and objectives.
Furthermore, risk taking feature of entrepreneurs is also of great importance. It is because
this quality prepare ABC Ltd, entrepreneur to be ready always about the future market uncertainty.
For instance, changes in customer clothing demand, expectations, desires, their pricing behaviour,
technological advancement by the competitor etc. are some of the factors which may bring risk for
the ABC Ltd. In such situation, entrepreneur will evaluate business risk by using different tools and
techniques and take decisions to overcome it (St-Jean and Audet, 2012). High dedication,
commitment, confidence and experience also provide huge assistance to ABC Ltd to employ best
business practices to smoothen the business operations and assure long run sustainability.
In addition to this, flexibility and adaptability of ABC Ltd entrepreneur enable firm to
deliver best value in return for the customer money invested in its products and services. Offering
demanded cloths in different design for men, women and children helps to increase their
satisfaction level by meeting dynamic business need (Hampel, Loewe and Reeg, 2015). They also
4

consider competitors move and other external factors prevail in fashion industry to render
qualitative services to the customers. Besides this, innovation ability and great knowledge of
advanced technologies assist ABC Ltd to bring innovations in product design. Moreover, use of
advanced and upgraded technologies enable firm to differentiate its clothing products and services
from the competitors, which in turn, help to attract global customer base, increase turnover, market
share and enjoy success (Barreto, 2013).
Development of idea
It can be assessed that it is essential for the creative team of ABC Ltd to adopt effective
development of product idea so that success can be attained. Business is required to develop
innovative business culture so that problems faced by each member can be overcome mutually. It
also assists in enhancing the sales and profitability of firm (Adams, 2016). Development of idea
helps in positioning the firm towards success and thus bring positive outcomes in the firm. ABC Ltd
is required to adopt effective advertising agencies in order to promote the innovative business idea
into market and thus overcome the challenges faced by them so that desired outputs can be attained.
Through advertising the product, entrepreneur faces challenges of rising competition among
products. There are different competitors of fashion retailers in market and thus they bring advanced
technology so that target customers can be attracted. Company also adopts effective strategic
planning in terms of developing the products so that success can be attained. Creativity is the best
method through which business idea can be developed in terms of getting the things done easily. It
is also essential for firm to obtain effective method through which desired objectives can be attained
(Chambers, 2013).
Development of idea is the best way through which product can be developed in market and
thus bring positive outcomes so that success can be attained. It is the best way through which that
helps in developing business idea so that role of entrepreneur can be developed in order to enhance
the sales and profitability of firm in market. Company is required to build effective product in order
to launch the same in market and thus improve the services (Yoder-Wise, 2014). Development of
product requires proper research that needs to be done so that market objectives can be identified. It
is the best way through which proper research is done in order to develop the product in market and
thus bring success. It is another crucial tool which needs to be developed so that sales of firm can be
enhance, ABC Ltd is fashion brand and thus requires to review customer opinion in terms of
developing the product rage as per client's interest so that sales of firm can be enhanced.
Further, ABC Ltd is required to develop innovative product in market so that it helps in
bringing positive results and thus improve the business success. Company is required to adopt
5

effective marketing strategies in order to promote the products so that success can be attained.
Fashion requires regular change and thus it is essential for firm to bring innovative change in the
product and thus bring positive success in the firm (Jeffs and et al., 2016). For instance, if the
development of idea would be effective then it will help business to attain success in market. Hence,
business needs to obtain effective development of idea so that required changes can be attained. It
helps in enhancing the sales and profitability of firm in market. Developing of idea is crucial so that
positive results can be attained in terms of attaining success within firm.
Further, it is significant for firm to bring innovative change in market so that positive results
can be attained in the form of success. It is essential for ABC Ltd to develop the product in terms of
improving its positioning in market and thus improve the sales to attain desired targets. Also,
company needs to adopt effective results and thus attain best results can be attained in market.
Development of idea helps in improving the business performance so that evaluation of positive
results can be attained in an effective manner (Highsmith, 2013). Hence, it results in achieving
business success. It is essential for business to achieve developing the idea needs to attain
objectives.
Development of idea has greater impact of the success of the firm such as ABC. In order to
start up a new business there is significant role towards development of idea in an effective manner.
As such this determines success and failure of the new business in the market. Further it makes
determination of survival of the business for longer duration of time. In case idea is being
development through proper analysis and research of the market then such has potential to bring
success to the firm (Packenham, 2015). However in case idea is being developed without critical
analysis of the market then this can result in greater risk for the organization. Further this affects the
success of the company as well.
Management of business
Management is regarded as the wide process which includes different functions like
planning, staffing, organizing, leading, directing and controlling people (Juergensmeyer and
Roberts, 2013). They make policies, examine business performance and take decisions for the
purpose of accomplishment of business goals and targets. It is an integrated business approach
which major aims at act of getting combined efforts of all the people with the aim of achieving
desired goals and objectives (Chambers, 2013). In context to ABC Ltd, managers are liable to frame
policies, rules and regulations and aligning business functions and daily activities with the business
strategy. They take decisions for the better and optimum use of business resources in effective and
effectual manner.
6

Managing director e.g. Certified Executive Officer (CEO), is the highest authority in the
ABC Ltd who is responsible to set targets and communicate it to all the other managers. It is the
highest reporting authority to whom all the other departmental managers will be responsible to
report about their performance (Doise and et al., 2013). Thereafter, at the middle level mangers,
various departmental managers comes like sales department manager, marketing department
manager, purchase department manager and finance manager etc. In such respect, ABC Ltd's sales
department will play a crucial role in the formulation of sales policies, discounting rates and other
factors which helps to enlarge business turnover.
Moreover, manager of purchase department fulfil the demand of production department by
contracting and negotiating with the suppliers (Role of management in business, 2013). It helps
ABC Ltd to product designed cloths in required quantity to meet market demand. On the contrary,
marketing departmental manager use different component of marketing like advertisement, personal
selling, online marketing etc. so as to increase consumer awareness to increase market demand. In
the present age of advanced use of technologies (effs and et al., 2016). ABC Ltd can conduct an
advertisement marketing campaign through the use of internet. Website creation and advertisement
on social networking site will greatly assist manager to attract more and more customers from the
international market to sale designer and fashionable cloths to different age-group.
On the contrary to this, finance manager of ABC ltd will assess business financial need for
short, medium and long term duration. Moreover, he helps to collect funds from the suitable finance
sources to meet business need. Along with this, he makes assessment of ABC ltd's financial
performance through the evaluation of financial statement (Adams, 2016). Through this, effective
decisions can be carry out to assure regular and hazard free functioning. He makes policies for the
maximum use of funds to minimize cost and maximise profitability. Moreover, he prepare budget
and communicate to all the departments to monitor their regular functions and thereby control cost.
Further, with the assistance of financial planning, managers can assure financial security from the
lack of resources and meet challenges (Packenham, 2015).
Along with this, workers also plays an essential role in the success of ABC Ltd because
being a designer cloth provider company, workers will sell fashionable and branded cloth product to
the customers as per their desires and needs. Therefore, it becomes necessary to have talented and
able work force who will be able to deliver best services to the global customers. HR manager plays
an essential role in the management and leading of employees by designing employment policies
and decisions for the betterment of workers (Highsmith, 2013). HR manager recruit skilled
labourers, organize training and development program, manage employees performance through
performance evaluation and reward them in order to motivate and encourage workers to put their
7

best efforts. This in turn, ABC Ltd, will be able to deliver best products and services as per
consumer need and demand. Thus, from the above discussion, it becomes clear that managers
decide targets, make plan and implement it effectively in order to assure continuous functioning
(McCrimmon and et.al., 2010).
CONCLUSION
In conclusion of the above project, it can be said that entrepreneur plays a major role in the
development of ideas, managing business opportunities, respond market risk, and bring innovations
in the products, process and methods applied by ABC Ltd. While, in the middle part, it has been
inferred that generation of unique and different ideas from the competitors helps to establish a new
start up in the market. In the end, report described that management plays a vital role in the
management of all the business operations like purchasing, selling, marketing, administration of
people and funds as well. By having talented and experienced management, ABC Ltd, can manage
its operations effectively and achieve their target aims and objectives by delivering best products
and services.
8

REFERENCES
Books and Journals
Adams, N., 2016. Regional development and spatial planning in an enlarged European Union.
Routledge.
Barreto, H., 2013. The Entrepreneur in Microeconomic Theory: Disappearance and Explanaition.
Routledge.
Chambers, R., 2013. Ideas for development. Routledge.
Chiu, C. Y. C., Balkunid, P. and Weinberg, F., 2016. When managers become leaders: The role of
manager network centralities, social power, and followers' perception of leadership. The
Leadership Quarterly.
De Carolis, D. M., 2014. The pivotal role of the academic entrepreneur and the entrepreneurial
university in global life sciences. Collaborative innovation in drug discovery, pp.609-619.
Doise, W., and et al., 2013. The social development of the intellect (Vol. 10). Elsevier.
Grimes, M. G., and et al., 2013. Studying the origins of social entrepreneurship: compassion and the
role of embedded agency. Academy of management review. 38(3). pp.460-463.
Hampel-Milagrosa, A., Loewe, M. and Reeg, C., 2015. The entrepreneur makes a difference:
Evidence on MSE upgrading factors from Egypt, India, and the Philippines. World
Development. 66. pp.118-130.
Highsmith, J., 2013. Adaptive software development: a collaborative approach to managing
complex systems. Addison-Wesley.
Jeffs, L., and et al., 2016. Enabling Role of Manager in Engaging Clinicians and Staff in Quality
Improvement: Being Present and Flexible. Journal of nursing care quality.
Juergensmeyer, J. and Roberts, T., 2013. Land use planning and development regulation law 3d
(Hornbook Series). West Academic.
Packenham, R. A., 2015. Liberal America and the third world: Political development ideas in
foreign aid and social science. Princeton University Press.
St-Jean, E. and Audet, J., 2012. The role of mentoring in the learning development of the novice
entrepreneur. International Entrepreneurship and Management Journal. 8(1). pp.119-140.
Online
McCrimmon, M. And et.al., 2010. New role for management in today's post industrial organization.
[Online]. Available through: <http://iveybusinessjournal.com/publication/a-new-role-for-
management-in-todays-post-industrial-organization/>. [Accessed on 8th July, 2016].
Role of management in business, 2013. [Online]. Available through:
<http://www.bmmagazine.co.uk/in-business/advice/the-role-of-management-in-business/>.
9

[Accessed on 8th July, 2016].
10