Entrepreneurship and Business Ideas

This document discusses the importance of entrepreneurship and the development of new business ideas. It reflects on the processes used for the development of a business plan and the challenges faced. It also outlines the tools and concepts used for effective management of supply chain, service delivery process and others.

Running head: ENTREPRENEURSHIP AND BUSINESS IDEAS
Entrepreneurship and Business Ideas
Name of the Student:
Name of the University:
Author’s Note:

1ENTREPRENEURSHIP AND BUSINESS IDEAS
As opined by Storey (2016), the concept of entrepreneurship as well as the
development of new business ideas had gained a substantial amount of prominence within the
cannon of the contemporary business. Burns and Dewhurst (2016) are of the viewpoint that
the services rendered by the entrepreneurs become important not only from the perspective of
the development of new business idea but at the same time from the perspective of the
management of the diverse aspects of the business venture as well as the contribution that
they make towards the national economies of the different nations. However, at the same time
it needs to be said the business prospects of the business ventures depends greatly on the
ability of the entrepreneurs to recognize business opportunities and also the efficiency which
with they manage the diverse aspects of their business (Kizner 2015). I would like to say that
I tried to develop my entrepreneurial skills in my previous assignment for the development of
a business idea, namely, the A1 Platinum Car Wash. In this assignment, I will reflect on the
processes which were used by me for the development of the business plan and also the
challenges that I faced regarding the same.
I would like to say that the first major challenge that I faced regarding the completion
of the assignment and also the formulation of the business plan was the creation of an
effective team with the members who were supposed to work with me for the completion of
the assignment. In this regard, I would say that we took the help of Tuckman’s model of team
development for the creation of an effective team which in turn would ensure the fact that we
create an assignment that would be in synchronicity with the requirements given by the
professor. Kiweewa et al. (2018) are of the viewpoint that the Tuckman’s model of team
development is one of the important generic models of team formation as well as
development which helps the individuals to create an effective working team. Furthermore,
the four important precepts of the model, namely, forming, storming, norming and
performing were used by us for the creation of the team.

2ENTREPRENEURSHIP AND BUSINESS IDEAS
As opined by Woodcock (2017), the stage of forming is the one wherein the members
of the team are initially selected on the basis of their capabilities. I would say that this stage
was completed by our professor since it was the professor who selected the different
members of our team who would complete the assignment. The second stage is the staging of
storming in which the different members of the team start to build trust on each other and
also learn about their capabilities (Wang et al. 2016). In this regard, I would say that this was
a simple stage for us since the members of the team were from our and thus we had a fair
amount of idea regarding the capabilities of each other and on the basis of this the tasks were
allocated. The third stage is the stage of norming wherein the disputes among the team
members are being resolved and also the different members of the team learn to trust each
other (Mangan, Lalwani and Lalwani 2016). This was a fairly simple stage for us since by
virtue of knowing each there was not much scope for any disputes and thereby we were able
to trust each other in an effective manner. Finally, the last stage is the stage of performing in
which we undertook the completion of the assignment and the development of the business
plan. In this regard, I would say that at the beginning of the second week we created the blue
print for the completion of the entire assignment so to complete the entire assignment in an
effective manner.
As opined by Monczka et al. (2015), business canvas model can be defined as a
strategic management framework or template which helps the organizations or the individuals
to outline the methods or the measures that are needed for the development of a new business
venture or an existing venture. Rutherford et al. (2017) are of the viewpoint that the business
canvas model can be seen as a visual which outlines the different facets of the services or
products that an organization is likely to offer, namely, the value proposition, the actual
product or services, customer base, finances, infrastructure and others. In this regard, I would
say that for the development of the business plan for the above mentioned group assignment

3ENTREPRENEURSHIP AND BUSINESS IDEAS
we took the help of this model for outlining the different facets of the venture. More
importantly, we took the help of the strategy of innovative value chain for the effective
formulation of the business idea for the car wash business venture.
According to Frederick, O'Connor and Kuratko (2018), the effective usage of the
strategy of innovative value chain requires the individuals to take the help of three processes,
namely, idea generation, idea identification and idea diffusion. Taking the help of this
framework at the initial stage we identified the different kinds of business opportunities that
the business market of the United Kingdom offered to the entrepreneurs and also the other
individuals who wanted to establish their own business venture. Some of the most important
business ideas which we identified on the basis of the analysis of the business market of UK
were car wash, floating restaurant, hot-pot restaurant, innovative waste damping and
management services and others. Meyer, Neck and Meeks (2017) are of the viewpoint that
the stage of idea identification is the one in which the individuals are required to select the
best possible idea out of the plethora of ideas that they have identified based on feasibility
and also their own resources. In this regard, I would say that the idea of car wash venture was
adopted on the basis of the analysis of the demands of the car and other kinds of vehicle users
and the problems that they faced. Thus, it can be said that our primary idea behind this
business venture is to offer a faster vehicle washing option to the customers which they can
avail even from the comfort of their home. The final stage is the stage of diffusion wherein
the idea was cascaded to our professor and also we set out for the development of the
business model for the business venture.
As stated by Read et al. (2016), the process of identification of the right of business
opportunities is an important job role of the different entrepreneurs and the overall prospects
of the business developed by them depend on the kind of business idea that they have
selected. Thus, it was because of this fact that we spent a substantial amount of time for the

4ENTREPRENEURSHIP AND BUSINESS IDEAS
identification of the right kind of opportunity which was likely to yield maximum success.
The net result of this was that we spent a substantial amount of time on finding out the
current needs of the customers and also the kind of services that they expected from the car
wash service providers. In this regard, I would like to say that we recognized the fact that
offering home services to the customers at their time and convenience was the best possible
way to attract a large number of customers and also to offer them quality services. This is
also important from the perspective that the revenue earned by the contemporary organization
depend greatly on the extent to which they are being able to satisfy the customers. Thus, this
business model is likely to offer us with the opportunity to not only grab a large number of
customers but at the same time earn their loyalty through the kind of services that we would
offer and thereby earn a comparatively higher amount of revenue.
Burns and Dewhurst (2016) are of the viewpoint that the entrepreneurs are not only
required to develop new business ideas through the identification of new business
opportunities but at the same time formulate effective strategies for the management of
supply chain, service delivery process and others. In this regard, the tools as well as concepts
which were taught to us in the course work were of great help to us since they helped us to
create the blue print for the various departments of the business venture. The net result of this
is that we set out to outline the supply chain system that we would be using for the delivery
of services to the customers and realizing the fact that time is a major attribute on which the
quality or services as well as the satisfaction level of the customers depends we decided to
use the strategy of time-based competition. In this regard, I would say that we took the help
of ‘fast to market’ and ‘fast to product’ entities of the strategy of time-based competition.
Through the usage of these two concepts we were not only able to reduce the time for the
service manufacture cycle but at the same time that the time which was needed for the actual
delivery of services as well. More importantly, we hired the right number of workers on the

5ENTREPRENEURSHIP AND BUSINESS IDEAS
basis of the initial demand of our services and also contracted some of the retail suppliers for
ensuring a steady supply of materials that were needed by us for the delivery of services.
Thus, through the effective usage of the above mentioned strategy we were able to ensure the
fact that we will not be facing any kind of problems related to the supply chain that we have
decided to use and also would be able to offer quality as well as timely services to the
customers.
I and the other members of my team for the effective management of our project
segregated the entire work into various smaller sections and allocated each of these small
sections of the assignment to the different members of the team on the basis of their
capabilities. Furthermore, we also created various milestones for the effective completion of
the entire assignment and also to ensure that there would not be any issues related to
performance. It is pertinent to note that initially we faced some problems related to
performance however by working in collaboration we were able to manage the issues in an
effective manner. Taking on the job role of the entrepreneur I modified the future course of
action that would be taken by our business venture and chalked out a detailed plan for the
future course of action that would be taken by the business venture and also the new services
which would be offered by the venture provided the initial plan yields significant amount of
revenue and gains success. Some of the ideas which were generated by us for the newer
services were repair and maintenance services, vehicle insurance and others which would be
developed in a fuller form in coming years. However, it was agreed by us these ideas will be
pursued on the basis of the response that we got from the customers regarding the kind of
services that we offered to the customers. Furthermore, we also resorted to the method of
regular checks regarding the progress that we made related to the completion of the
assignment so as to ensure its timely completion in a quality manner. More importantly, the
concepts which were taught to us in the class were of great help to us since they gave us an

6ENTREPRENEURSHIP AND BUSINESS IDEAS
overview of the manner in which we were required to develop plans for the management of
the different aspects of the business venture like supply chain, service delivery system and
others.
To conclude, the entrepreneurs are increasingly playing an important role within the
framework of the contemporary business because of the wide range of services that they offer
to the organization. For example, the most important job roles of the entrepreneurs are not
only the identification of the business opportunities presented by the business world but at the
same time development of the blue print of the organization which will indicate the different
processes that the organization needs to follow. I would like to say that these attributes of the
entrepreneurs were being followed by me and my team members for the formulation of the
business plan, namely, the A1 Platinum Car Wash which would offer home based car wash
services to the customers. More importantly, to ensure the fact that the business idea
developed by us would be a success we conducted extensive research regarding the
opportunities presented by the UK business markets and also the demands of the customers.
It was on the basis of this that the different aspects of the business like supply chain, service
delivery model and others were selected by us. Thus, it can be said that we were able to meet
the prediction that was made by us regarding the performance of our team and also the
completion of the assignment which was made by us at the beginning of the second week.

7ENTREPRENEURSHIP AND BUSINESS IDEAS
References
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Frederick, H., O'Connor, A. and Kuratko, D.F., 2018. Entrepreneurship. Cengage AU.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
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Mangan, J., Lalwani, C. and Lalwani, C.L., 2016. Global logistics and supply chain
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