Entrepreneurial Strategy for Eddy Travels

This document discusses the entrepreneurial strategy for Eddy Travels, a personal travel advisor powered by AI. It explores various plans of action, such as studying the competition, researching new goods and services, listening to consumer feedback, and responding to change. The document also analyzes the organization's tactical circumstances using PESTEL analysis and SWOT analysis, and suggests an implementation strategy for growth.

Entrepreneurial Strategy

INTRODUCTION
Entrepreneurial plan is the way by which a venture incorporates and re-organises its
fundamental set of relations with its business atmosphere. It is a strategy that is classified by
extensive and more or less instantaneous alteration in the blueprint of analysis included by an
establishment. It can be an act and process of improving new products and methods in a inhibited
and rivalry environment. Entrepreneurial strategy consist tools for creation and operating a
commerce including all aspects of advertising and processes (Gans, Stern and Wu, 2019). This
written document is supported to Eddy travels which is personal travel advisor powered by AI.
This organisation was incorporated in 2018 and operates its business in travel and tourism
industry. It is small enterprise so there are 10 employees who create their giving in
administration the business of this establishment. The report will define about several capitalist
and entrepreneurial plan of action, enterprise’s strategic circumstance and ability etc. Moreover,
will explain about growth and functioning plan and suggestions.
MAIN BODY
Critically assess a variety of entrepreneurial and intrapreneurial plans
Entrepreneurial and intrapreneurial plan of actions indicate to those strategies which are
implemented and adopted by an establishment in form of incorporate and re-organise the
business of organisation. These plans of action are used to manage its business in efficient form
or earning rivalry benefits from particular business industry. The explanation of different
entrepreneurial and intrapreneurial tools and techniques are defined as under in reference to
Eddy Travels:
Study the competition- It is an appropriate plan of action that can be utilised and accepted
by the administration of firm. By using and implementing this strategy, the management of Eddy
Travels can analyse the competition in the business industry within it running. It will be useful to
design and formulate plans and tactics to handle competition and overcome rivalry (Anwar,
Khan and Khan, 2018). The information about competition will help the venture to provide
effective marketplace for its commodities and facilities to stand out, even utilising the rival’s
weaknesses to respective firm advantages.
Research new goods and services- It is other plan which can be accept by an enterprise
because it enable in acknowledging promising goods and facilities on the prospect that could
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improve the company’s operations. In Eddy Travels, by accepting this strategy, the management
can conduct research in context of find out the need and requirement of services in market. For
instance, online transportation booking, online hotel booking and mobile application facilities
etc. are some services that are highly in style and favour greatly liked by customers. So by
providing these types of facilities to consumers, the venture can make growth and progress in its
commerce
Listen to consumer feedback and adapt- It is more crucial and significant plan of action
which can be accept by the administration of respective organisation in form of building
development and development in its commerce (Gao and et. al., 2018). With the help of it, Eddy
travels can familiar with its customer requirements and their experience as well as with the
problems that are suffered by them towards establishment’s facilities and services. It will help in
offering services as per target audiences need and making improvement in customer base by
increasing it.
Respond to change- In a production, modifications are taken place daily. In commerce,
modify is predictable and those capable of responding are supple and adaptable. In Eddy Travels,
by accepting this technique, the administration can determine the modification that is arisen in
business atmosphere in term of technological innovations and accept them for efficient
operations of business. If the management accepts alteration quickly then it will enable in
developing brand image and marketplace location and maintaining customer till long time
period.
Analysis of organisation’s tactical circumstances and its entrepreneurial ability and situation
To analyse the establishment’s tactical condition, the management of the company can
utilise diverse methods, approaches and conceptions, some of them are explained as under in
reference to Eddy Travels.
PESTEL Analysis
It is a process within an organisation identifies external business environment and make
changes to get over the complexities effectively. There are several factors that are described as
below:
Political factor- It considers different components that are associated with the laws and
regulations of government. It has the key impact on the changes of the establishment’s
civilization, so this is essential for the venture to manage the alteration in an effective form
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(Ching, Gans and Stern, 2019). In UK, the management is steady and have endorsed the
organisation civilization that helps in developing the financial system of the corporation. Brexit
is the main component cause of which business of Eddy Travels impacted as most of the target
audiences of enterprise in the European marketplace which affect the profits and development of
company. Respective firm has to focus on the political changes and take effective action that
enable in developing civilization of the enterprise appropriately.
Economical factor- It is a factor that is connected with the recession, increase and
disgusting home earning etc. All these factors are crucial as it help organisation to increase the
sales and provide hold for the financial system. The current economic component of UJ is
instable due to corona virus pandemic which influence development and progress of business in
form of gaining profitability (Khan and et. al., 2019). Along with this Brexit is other component
which also influenced the financial system of the company cause of occurring inflation that
negatively affects the economy of respective enterprise in term of making fluctuations in tax rate.
Social factor- This factor considers modifying styles in the community, people backdrop
and how they impact the commerce. The different nation has their own type of civilization and
consumers that impact the customs of firm. In UK, the individuals are more communal and tech-
friendly so in this case Eddy Travels, management have to identify the communal ethnicity and
create changes as per the needs and requires of the individual that enable in increasing the sales
effectively. Along with this, the firm can make concentration on the trend and needs of
consumers so that they can advise them for transportation and accommodation services as per
their requirements. Because in this COVID19 pandemic change are arisen in customer needs
towards hygiene and sanitised hotels, vehicles and many more.
Technological factor- It is the most important component that greatly impact the business of
enterprises. There are several kind of technical changes are occurred constantly that influence the
working culture of enterprises. There are several aspects that are surviving in this factor such as
bring creation in the facilities and introduction of new techniques that help in developing the
business of enterprise. In reference to Eddy Travels, the management has to identify the recent
changes that arisen in the technology and also focus on the venture can accept and use, because
the different countries like India, China etc. are fast growing nations that are adopting
alternations effectively (Jessop, 2019). In respective venture, to deal, survive and sustain n the
current situation, the management can use technology in payment activity and offering web
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based platform to its target audiences. It will positively influence the venture in form of
increasing consumer support and holding users till long period.
Environmental factor- It is connected to the environment and it is crucial for the company
have force from the government as they damage the surrounding. For the travel and tourism
segment, the increasing tourism ranks crosswise the globe have also lead to a huge augmentation
in contamination extents from airplanes, ships and other vehicles (Marom, Lussier and Sonfield,
2019). Numerous weather transformation actions are following the conception of decline in
tourism to handle the complexity. In present time, COVID19 is one of the main ecological
problems which negatively influence the commerce of enterprise in phrase of tumbling earning,
income and customer’s base. By allowing for ecological safeguard legislation in commerce like
pollution act and carbon footprints etc, the organisation can form a positive influence over
atmosphere.
Legal factor- The lawful legislation also impact the company, so this is essential for each
organisation to focus on the changes accomplished in legislations as this aid in effective
execution of the firm efficiently. This considers diverse factors such as the legislation and
regulations of global trade, rules and duty rates that all comes below lawful factor. There are
diverse kinds of basis that are important as this help in attaining accepted outcomes and also aid
in executing effective changes. The laws must be pursued by the company the firm like Eddy
Travels which assist in enhanced performance of the enterprise. There are several of the laws
which are used to evade the unprincipled actions and to provide better facility to customer. The
management of respective firm has to track all the instructions which are used in UK and adopt
the changes to administrate the need of the marketplace. There are several kinds of factors which
need to be identified and comfort as this aid in improving the effective development opportunity
to accomplish set goals and aims in the particular form.
SWOT analysis
It is a deliberate alternative that is utilised by the organisation to analyse the capability,
weaknesses, development chances and risks. The explanation of this determination is explained
in reference to Eddy Plc:
Strength- A technological group with the effective abilities and knowledge. The
organisation’s traditional normal verbal communication dispensation system is previously
effective than any off the self resolution for travel (Spigel and Harrison, 2018). As the respective
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establishment do not embrace any catalogue, they can associate with the greatest travel services
suppliers and assist their consumers and user in term of planning their trips more easily and
appropriately. Along with this, the effective capability of this enterprise is that it offer effective
advices and suggestions to its clients regarding travel and tourism trough online and by using
artificial intelligence.
Weaknesses- The weakness of the company is to amalgamate instantly with some of the
leading messaging applications in the globe were an astonishing form to kick-start Eddy travels.
However, the enterprise is incomplete by what functionalities the respective venture can have on
them (Mizuno and Odake, 2018). To assuage it, the corporate are preparation to offer a web
supported stage and a mobile application afterwards the year, permitting its consumers and
customer to flawlessly plan their tours on any tool they select.
Opportunities- Facebook is trying recompensing methods and is scheduling to amalgamate
the backend of Messenger, Whatsapp and Instagram inboxes that will speed up mobile
commerce in the West. The ordinary languages acknowledging is still an unexplained issue and
complexity in travel sector. In addition to it, by making business expansion in developing nations
cross wise the globe, the firm can also grain a growth option.
Threats- Some online travel organizations, great technological establishments and an
amount of start ups are offering their own digital helpers for travel, potentially fetching their
rivals in the upcoming time. Change in to government laws and legislation is the main threat that
affects the business of company. In current era corona virus pandemic is the main threat that
highly influences the business of respective enterprise.
The management of the company can also form some objectives that can be effective for
the development of the establishment. The explanation of them is as below in reference to Eddy
travels:
 To make improvement in the customer base by making expansion in its business in to
new market.
 To increase the profits of the company through providing new facilities to its users.
Development of an implementation strategy that will be consistent with identified objectives
In reference to growth, the management of Eddy Travels can accept Ansoff Matrix which a
form that include several tactical alternative which are crucial for the development and progress
of enterprise. This conception is formulated by Igor Ansoff to enable several business
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establishments to acknowledge the threats o developing their commerce. The explanation of this
conception in reference to particular venture is as below:
Market penetration- It is the foremost and first growth alternative that can be accept by the
management of Eddy travels with the motive of building improvement in the company in form of
maximising consumer base and increasing sales (Lombardi and et. al., 2019). If the
establishment accept this tactical alternative, then there is no threat as within current and existing
commodities and facilities are initiated in current marketplace by devising modifications and
innovation in pricing strategies and promotional channels.
Product development- It is other effective development alternative which can be accept by
the management of Eddy Travels in form of devising improvement in profit margins and
productivity of the business venture (Elert, Henrekson and Sanders, 2019). The degree of threat
is elevated in contrast to market infiltration as within its fresh facilities is instigated by
organisation in to current marketplace so it is not assure that users will like or ready to take the
benefits of them or not.
Market development- This growth choice can be accept by the administration of Eddy
Travels in form of organising to a dissimilar consumer section, inflowing into a new home
marketplace and incoming into an unknown marketplace. Here, the extent of threat is high in
compare to product development strategic option as in it; the business enterprise offered its
commerce in to new marketplace or country with its current facilities. So it is not ensure that the
people of new marketplace will prefer the benefits of these facilities of personal organisation.
Each country has its own customs and traditions, so the needs and demands are change.
Diversification- This tactical development alternative is more dangerous as facilities are
new. This growth alternative can be accepted by the management of Eddy Travels with the
motive of building development and progress in its sales, consumer support and profitability. By
adopting this strategic alternative, the organisation can structure two type of diversification like
associated and unconnected by growing company in connected industry of making expansion
business in diverse sectors such as Food, hospitality and retail sector etc.
This has been analysed form the above defined information that marketplace enlargement
is an efficient choice that can be accepts by the management of Eddy Travels in form of
beginning and making expansion in its trade in to improving countries such as China and India
etc. It will help in developing the production of the establishment in developed form. By
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adopting market development option, the firm can make improvement and success in its business
in term of capturing a large market, increasing customer base and maximising sales as well as
profitability of venture. By adopting this option, the firm can create competitors to other travel
sector establishment and as well as it also assist in gaining competitive benefits. It will enable in
attracting a range of customer as now these days people prefer to take online services. In current
situation of COVID pandemic, it will essential as the company use AI to offer its services. This
will help in retaining target audiences till log term.
Judgement of opinion and evaluation of alternative approaches to problem solving
It can be suggested to the particular firm, according to the explained data and content that by
considering diverse methods and models of situational study, strategies and approaches of
entrepreneurial, growth and enlargement conceptions that these all are efficient plan of actions,
the enterprise can sustain and stay alive in a rivalry atmosphere and run its company in efficient
mode in form of attaining its commerce aims (Fleacă, Fleacă and Maiduc, 2018). Implementation
and use of different conceptions and models are also made their involvement in the progress and
development of business organisation.
CONCLUSION
It has been determined form the defined content that entrepreneurial plan of action indicates
to the strategies that are implemented and utilised by an establishment for effective incorporation
of the venture on a business sector. Effective plan of action are crucial for the growth and
progress of business. By utilising and implementing PESTEL investigation tactical condition can
be determined and SWOT study help in analysing ability and place of the firm in particular trade
sector. By accepting tactical alternative of Ansoff vector, the enterprise can build development in
its production.
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REFERENCES
Books & Journals
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Anwar, M., Khan, S.Z. and Khan, N.U., 2018. Intellectual capital, entrepreneurial strategy and
new ventures performance: Mediating role of competitive advantage. Business and Economic
Review, 10(1), pp.63-93.
Gao, Y. and et. al., 2018. Impacts of proactive orientation and entrepreneurial strategy on
entrepreneurial performance: An empirical research. Technological Forecasting and Social
Change, 135, pp.178-187.
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Ching, K., Gans, J. and Stern, S., 2019. Control versus execution: endogenous appropriability
and entrepreneurial strategy. Industrial and Corporate Change, 28(2), pp.389-408.
Khan, N.U. and et. al., 2019. The role of entrepreneurial strategy, network ties, human and
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Jessop, B., 2019. Entrepreneurial City. The Wiley Blackwell Encyclopedia of Urban and
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Online
Eddy Travels. 2020. [Online]. Available Through:
<https://pitchbook.com/profiles/company/265607-20#overview>.
STARTUP STAGE: Eddy Travels provides personalized trip planning in messaging apps. 2019.
[Online]. Available Through: <https://www.phocuswire.com/Startup-Stage-Eddy-Travels>.
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