Entrepreneurship & Innovation: A Literature Review

This assignment asks you to conduct a thorough review of existing literature on the interconnected topics of entrepreneurship and innovation. The goal is to synthesize key concepts, theoretical frameworks, and empirical findings that illuminate the relationship between these two vital drivers of economic growth and societal progress. You'll need to critically analyze diverse sources, including scholarly articles, books, and reports, to build a comprehensive understanding of this complex field.

Running head: ENTREPRENEURSHIP AND INNOVATION
Entrepreneurship and Innovation
University Name
Student Name
Authors’ Note

2
ENTREPRENEURSHIP AND INNOVATION
1. Executive Summary
The present section focuses on case when there is a requirement to design a website and
mobile application- that is essentially product that is mainly designed to function on a smart
phone, tablet as well as wearable and has the requirement of installation; or else a web app
that is a customer server application that functions in the browser. This section describes the
purpose of the report, description of the Entrepreneurial Venture, management of business,
marketing strategies, and competitor analysis, financial plan along with the key risks
associated to the entrepreneurial venture.

3
ENTREPRENEURSHIP AND INNOVATION
Table of Contents
2. Introduction............................................................................................................................4
3. Description of the Entrepreneurial Venture...........................................................................4
4. Management...........................................................................................................................6
5. Marketing...............................................................................................................................7
6. Competitor analysis..............................................................................................................10
7. Financial Analysis................................................................................................................11
8. Key risks and challenges......................................................................................................15
9. Bibliography:........................................................................................................................16

4
ENTREPRENEURSHIP AND INNOVATION
2. Introduction
The current segment discusses about the new entrepreneurial venture of setting up a website
and mobile application named “Freshy Helpline Melbourne”. The study illustrates the
entrepreneurial venture, management practices, marketing exercises, competitors, related
financial aspects of this business along with key risks and challenges encountered in the
process of establishment of the business. The current section sheds light on the cases when
there is a need to develop a website and mobile application- that is a product that is
particularly designed to operate on a smart phone, tablet as well as wearable and calls for the
need of installation; otherwise a web app that is a client server application that operates in the
browser (that is both desktop and mobile).
3. Description of the Entrepreneurial Venture
The current division focuses on the launch of a new offering that is website and mobile
application. Freshy Helpline Melbourne is essentially a start up corporation that operates in
the e-commerce industry and positions itself appropriately to become the market leader in
offering in the recently created service category. The website and mobile application is
intended to help the international students in Melbourne to search for part time jobs,
information regarding facilities of accommodation and information regarding student services
as well as events in Melbourne. Freshy Helpline Melbourne intends to make every effort to
place them as a tactical partnership between diverse online business, business concerns and
several portals along with agents of online payment (Garcia et al., 2017). In this case, the
online consumers can directly deal with the corporation through its website/mobile app,
projected resolution also incorporate certain characteristics of mainly business-to-service
(B2S) of customers. As a result, it can be hereby mentioned that it is of utmost meaning to

5
ENTREPRENEURSHIP AND INNOVATION
plainly illustrate the fact offerings of the company is their service to customers and program
for contentment of customers
The new entrepreneurial venture intends to augment customer experience (that is students in
this case), attract and retain customers and enhance the sales of businesses (property owners
interested in renting out and job portals of employers and employment agencies among many
others). The management of the business intends to make every effort to enhance customer
satisfaction when clients deal with retailers, to augment the process of interaction at the time
when businesses communicate with the customers, and to streamline the order of resolution
of issues in every possible ways (Chatterji et al., 2014).
The service offered by the company Freshy Helpline Melbourne is necessarily a business to
business (B2B) solution that is delivered to businesses having online platform. Nevertheless,
as online businesses also directly interact with the consumers through the company’s website,
the proposed service that is offered also integrate certain features of a business to consumer
service. Thus, it is important to distinctly illustrate what the company offers. At the time
when buyers go through a sequence of different online entries on the website of the company,
the retailers/online businesses whose products is being claimed will be provided at least a
single opportunity of selling (Cieślik, 2017). However, at the end the retailer can target the
buyer with any kind of novel sales offer since the website might appear onscreen. If a certain
service is preferred by a buyer, the retailer can have the supplementary opportunity of selling
since the website will appear with varied offers during the phase. This step can get translated
into sales, and arouse retention that means repeat sales. Therefore, this specific program will
necessarily enhance the satisfaction of the customers and generate higher sales.
Feasibility of the idea: Analysis of the market reveals that there is no helpline for
intercontinental students in Melbourne and majority of the students face huge difficulty in

6
ENTREPRENEURSHIP AND INNOVATION
finding part time jobs and accommodation near the University owing to lack of resources.
However, as per reports there are approximately 766,483 intercontinental students that
enrolled till the period October, 2017 that is 13% more in comparison to the figure recorded
in the year ago period. Thus, it can be hereby mentioned that the figure will enhance in the
upcoming period and the problem is expected to aggravate in the upcoming period (Galindo
& Méndez, 2014).
4. Management
A brief summary presented below shows the major responsibilities of the key people in the
management:
Board of Directors: They are expected to oversee the on the whole strategic course as well
as advancement of the corporation. Particular regions take in functioning soundness, financial
constancy along with long term interests of the business
President: Accountabilities entail tactical direction of business concern, examination of
extension benefits as well as strategic alliance facilitation and administration (Bhagavatula et
al., 2017).
Chief Executive Officer CEO: The core accountability is to preserve a deliberate fit
between reserves of the company and peripheral facets. Accountabilities takes in operation of
the tactical fit between reserves of the company and diverse peripheral facets. Liabilities
consist of operating of daily acts, technical as well as functional reliability and financial
steadiness.
Director of Finance: Accountabilities comprise of monetary supervision, preserving of
assets and management of human reserves.

7
ENTREPRENEURSHIP AND INNOVATION
Director of IT (Information Technology): Liabilities consist of on the whole efficiency of
technology, software development and control of information (Sahut & Peris-Ortiz, 2014).
Director of Sales and Marketing: Responsibilities comprise of generation of sales,
advancement of marketing programs and maintenance of public relations.
5. Marketing
Promotion of the specific service will be implemented by means of pull and push stratagem.
Essentially, the push stratagem can ask for the utilization of sales force that can operate
directly and industrialized marketing to initiate the deal to mainly online businesses. Just the
once accomplishment has been reached in the push policy, essentially the pull scheme might
utilize a huge scale advertising operation to promote development of demand of the consumer
(Drucker, 2014).
Push Strategy: The service of the company is mainly to act as a platform between the
international students and the online merchants (property owners intending to rent out their
spaces, employers looking out for part time job seekers and many others). The online
merchants in this case will have to register with the company, so the initially the business of
Freshy Helpline Melbourne need to be promoted to the online merchants/individual
businesses using sales force. Essentially, the approach of personal selling will be essential to
reach to specific decision makers operating within the online businesses (Karlsson & Warda,
2014). Initially, then contacts can be established with the providers of the internet services
and online businesses and strategic alliances can be instituted.
However, the brand Freshy Helpline Melbourne can be established and entry barriers can be
instituted by arranging partnership so that the company becomes the preferred choice. The
banner of the company Freshy Helpline Melbourne can be displayed throughout the

8
ENTREPRENEURSHIP AND INNOVATION
university sections, academic portals, portals like Yahoo. Online edification portals can also
display the advertisement of the company. The employers/employment agencies and small
online business (property renting agents) can essentially be approached by the sales force of
the corporation. In essence, in a bid to stimulate awareness as well as penetration of service
among several small players, industrial marketing techniques can be used. These can include
advertising in particularly specialised publications along with referral fees for several
retailers who already make use of the service (Roberts et al., 2015). Again, email campaigns
can also be used for the purpose of reaching out the decision makers at small corporations.
Fundamentally, email messages can have an invitation to the company Freshy Helpline
Melbourne website in which a specially developed and designed presentation can help in
explaining the advantages of the new services. Particularly, a novel invitation to be contacted
by an able service consultant to illustrate the details can be included.
Pull Strategy: It is important to attain critical mass in the total number of online businesses
before an advertising campaign that is necessarily targeted at specific customers. The
corporation can plan to introduce TV advertising campaign at Melbourne. The campaign
might start depending on the share of the market. Essentially, the campaign can prompt the
targeted consumers to ensure that the online businesses they make purchases from have the
services of the Freshy Helpline Melbourne. The participating businesses also (employers and
space rent agents) can have the company’s banner. The banner will also necessarily become
the sign of orientation towards customers of the company Freshy Helpline Melbourne. Once
successfully executed, the advertisement campaign will necessarily prompt consumers to ask
for their specific merchants (Thébaud, 2015). Essentially, this consequently will prompt the
online businesses/merchants to plainly look up for Freshy Helpline Melbourne. Therefore, the
demand of particularly merchants can necessarily be pulled. Just the once the intentions of
the service responsiveness and recognition have been attained, consequent financial plan can

9
ENTREPRENEURSHIP AND INNOVATION
for building up and shielding the brand. In actual fact, this consists of mainly print media,
radio as well as television.
Structure of sales and approach towards customers: In this case it can be approximated
that the preliminary expenditure to appoint a sales team along with customer service division
consisting of five individuals. The initial package of compensation for the hired sales force
will necessarily include nominal base salary and a structure of progressive compensation
(Maritz & Donovan, 2015). In essence, this need to make certain that during the early phases
of the growth of the corporation the target sales are satisfied and the customer (in this case
the merchants/individual businesses registering with the Freshy Helpline Melbourne)
satisfaction and retention are fully met. The sales force will consist of two groups, one
looking after business development and the other one is that of the client care expert who
might focus on contentment of the customer as well as preservation in order to make sure
overall stability of the specific program. As such, there is also likelihood to market the
services of the company to definite merchants through mainly providers of internet hosting
service, developers of software as well as portals. In that case, those corporations will serve
as distributors as well as agents essentially compensated based on commissions (Kuratko,
2016).
Distribution and Information Framework: The service that will be made available to
target consumers through internet. The company Freshy Helpline Melbourne will maintain a
specific website that can help in easy as well as trouble free interaction. The banner of the
company can be placed on engaging business’s website; consumers can access the service
directly from diverse online stores. Consumers that do not have admittance to the internet but
intend to receive information regarding products/services can be provided with a toll free
number. Particularly, the toll free number has the need to be functioned by the online
businesses on own. In that manner they need to make sure that operator has admittance to

10
ENTREPRENEURSHIP AND INNOVATION
specific web. High speed lines of communication can be established between the software of
company as well as individual businesses (Dentchev et al., 2016). Each time a specific
product is asserted by a customer all the way through mainly website of the corporation
Freshy Helpline Melbourne, the analogous business is recommended on specific contract as
this occurs. However, it is an vital part of the complete activity. Essentially, the connection
between specific company Freshy Helpline Melbourne and the merchants will essentially be
instituted through the internet. The internet connection will necessarily be safe and secure and
at the same time password protected. Whilst majority of the communication will be made
through the internet, client care professionals of the corporation will routinely make calls on
their specific counterparts to make certain that all the received information and service
requirements are entirely met (Sotarauta & Mustikkamäki, 2015).
6. Competitor analysis
The company Freshy Helpline Melbourne essentially anticipates three different types of
competition for the specific services offered by the firm, namely:
-Direct
-Internal
-Channel (Chen et al., 2015).
The different types of competitors can be illustrated hereby below:
Direct
Founded on the present intelligence, there exists no independent corporation out there
operating as a customised service to the online businesses. However, no single firm is known
to be employing a specific concept of instituting a single presence point on mainly the

11
ENTREPRENEURSHIP AND INNOVATION
internet for consumers (international students). The present state of affairs permits the new
corporation to acquire first mover advantage and develop entry barriers for any probable
entrants (Chen et al., 2015).
Internal competitors
As such, the first competitors to the service of the firm Freshy Helpline Melbourne are the
online retailers themselves. As Freshy Helpline Melbourne have the need to maintain a
partnership and strategic contracts with online retailers in a bid to offer the services,
necessarily they can be categorised as internal competitors (Garcia et al., 2017).
Channel Competitors
The management might make attempts to establish strategic partnerships with several online
businesses registering with the company to simplify the entire procedure of the business.
Online business services will also look after the satisfaction of the customers, exchange of
information, entire costs and supplementary selling benefits (Garcia et al., 2017). Again,
target consumers can also lose out on the limited number of exclusive carriers for specific
businesses.
7. Financial Analysis
The assertions assimilate two different rounds of venture capital investments of AUD 2.6
million, plus admittance to additional AUD 1.4 million for purposes of cash flow. The
declarations do not entail any finance that is raised during the projected IPO. Revenues raised
from advertising, resemblance, consulting and partnership programmes were left out.
The assertions integrate two different rounds of venture investments of approximately AUD
2.6 million in addition to $1.4 million for cash flow reasons.

12
ENTREPRENEURSHIP AND INNOVATION
In this financial plan, computer equipment reflects around 20% of the current fixed costs of
the corporate. Again, investment on technology and software reflects around 50% of current
technology costs.
Projected Cash Flow
Projected Profit and Loss:
Fixed costs of technology reflect revenue allotment of computer and internet associated
developments. Costs of corporate reflect % of revenue allotment for different fixed costs of
corporate related to office associated charges. Again, advertisement points out to % of

13
ENTREPRENEURSHIP AND INNOVATION
revenue allotment for advertising in different media. Additionally, sales and marketing
expends reflects % of revenue allotment for diverse marketing and selling actions, counting
commission on sales. R&D expenses reflects % of revenue for R&D actions and depreciation
on specific capital investment using straight line mechanism is used.

14
ENTREPRENEURSHIP AND INNOVATION

15
ENTREPRENEURSHIP AND INNOVATION
Sales Forecast:
8. Key risks and challenges
Business risks of the company include:
-Maintenance of integrity of specific transactions
-Undertaking electronic processing of varied transactions
-Issues of privacy
-Taxation as well as regulatory services

16
ENTREPRENEURSHIP AND INNOVATION
9. Bibliography:
Bhagavatula, S., Mudambi, R., & Murmann, J. P. (2017). Management and Organization
Review Special Issue ‘The Innovation and Entrepreneurship Ecosystem in
India’. Management and Organization Review, 13(1), 209-212.
Chatterji, A., Glaeser, E., & Kerr, W. (2014). Clusters of entrepreneurship and
innovation. Innovation Policy and the Economy, 14(1), 129-166.
Chen, S. C., Hsiao, H. C., Chang, J. C., Chou, C. M., Chen, C. P., & Shen, C. H. (2015). Can
the entrepreneurship course improve the entrepreneurial intentions of students?. International
Entrepreneurship and Management Journal, 11(3), 557-569.
Chen, Y., Wang, Y., Nevo, S., Benitez-Amado, J., & Kou, G. (2015). IT capabilities and
product innovation performance: The roles of corporate entrepreneurship and competitive
intensity. Information & Management, 52(6), 643-657.
Cieślik, J. (2017). Entrepreneurship and Innovation. In Entrepreneurship in Emerging
Economies (pp. 157-193). Springer International Publishing.
Dentchev, N., Baumgartner, R., Dieleman, H., Jóhannsdóttir, L., Jonker, J., Nyberg, T., ... &
van Hoof, B. (2016). Embracing the variety of sustainable business models: social
entrepreneurship, corporate intrapreneurship, creativity, innovation, and other approaches to
sustainability challenges. Journal of Cleaner Production, 113.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
Galindo, M. Á., & Méndez, M. T. (2014). Entrepreneurship, economic growth, and
innovation: Are feedback effects at work?. Journal of Business Research, 67(5), 825-829.

17
ENTREPRENEURSHIP AND INNOVATION
Garcia, D. H., Leles, A. D., & Romano, R. R. (2017). Program Entrepreneurship and
Innovation: Education as the Core of Innovation. In Advances in The Human Side of Service
Engineering (pp. 235-244). Springer International Publishing.
Karlsson, C., & Warda, P. (2014). Entrepreneurship and innovation networks. Small Business
Economics, 43(2), 393-398.
Kuratko, D. F. (2016). Entrepreneurship: Theory, process, and practice. Cengage Learning.
Maritz, A., & Donovan, J. (2015). Entrepreneurship and innovation: Setting an agenda for
greater discipline contextualisation. Education+ Training, 57(1), 74-87.
Roberts, E. B., Murray, F., & Kim, J. D. (2015). Entrepreneurship and Innovation at MIT:
Continuing global growth and impact.
Sahut, J. M., & Peris-Ortiz, M. (2014). Small business, innovation, and
entrepreneurship. Small Business Economics, 42(4), 663-668.
Sotarauta, M., & Mustikkamäki, N. (2015). Institutional entrepreneurship, power, and
knowledge in innovation systems: institutionalization of regenerative medicine in Tampere,
Finland. Environment and Planning C: Government and Policy, 33(2), 342-357.
Thébaud, S. (2015). Status beliefs and the spirit of capitalism: Accounting for gender biases
in entrepreneurship and innovation. Social Forces, 94(1), 61-86.