Entrepreneurial Strategy for Eddy Travels

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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