Entrepreneurship in Business: Essential Elements and Business Proposal

This report covers the role of entrepreneur, business planning, innovation, and essential elements of the entrepreneurial process. It also includes a business proposal for Yum! Cafe, which aims to expand its operations and increase revenue by 30% by 2024.

Entrepreneurship in
Business

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK...............................................................................................................................................3
Demonstrate knowledge and understanding about the following:.............................................3
Analyse the essential elements of the entrepreneurial process...................................................4
Prepare (with synthesis and creativity) a business proposal / plan on any business of your
choice..........................................................................................................................................4
..........................................................................................................................................................7
CONCLUSION ...............................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
An entrepreneur is an individual that works on the economical as well as organisational
working in order to manage the conflicts and risk. In simple words, entrepreneur is a person that
forms a new venture, who bears most of the risks and cherish the income. Moreover to it, the
process of setting up an organisation is called as the entrepreneurship. (Johnson, and Schaltegger,
2020) In it entrepreneur is basically understood as the creator and innovator who source a new
thoughts, service, goods and procedures of the business. Furthermore, the following report will
cover about the scenario to show vital terms regarding the role of entrepreneur, planning of
business and innovation as well. Additionally, it will also include about the crucial components
of the procedures of the entrepreneur as well as it will cover the business plan or proposal.
TASK
Demonstrate knowledge and understanding about the following:
The role of the entrepreneur
Entrepreneur will assist and help the commercial business in analysing the need so of the
consumers by which the company can make such services and will give to their consumers.
Apart from this, entrepreneurship encompasses of the several departments and the alteration
among the company and entrepreneurship. After managing many kinds of the problems
entrepreneur will attain high level of opportunities in their working. Entrepreneur starts its
business with having low capital as well as limited resources in order to meet the need of the
company(Welter, Baker, and Wirsching, 2019). Entrepreneur will implement their own norms as
well as policies in accordance to make their own strategies which is not used by any other firm.
Moreover to it, entrepreneurs like Mark Zuckerberg, Elon Musk are those entrepreneurs that
work in accordance to their job roles in order to attain their long term goals effectively.
Business planning
It refers to the road map which represents the information of the start up which includes
their goals, purpose and objectives as well in order to accomplish them. This is the organisational
structure which inlcudes types of fiscal and functional view point of the company. This is the
crucial document which is used for impacting the capital before making the management.
Innovation

Innovation is the basic method in the commercial business and it is essential by which
bigger amount of the consumers can get an effect in accordance to the business. Moreover,
innovation is an effectual way of making and the method which is used by the company in
relation to implement the desire thought. Additionally, innovation will include several different
types of offering and exercises to show the way of merchandise and services in order to develop
unique application in the area of marketplace (Hsieh, and Wu, 2019). This will be more efficient
at the time when there are several divisions and structure in order to enhance the part of
authentication, marketing, observing and reviewing of the offerings to the consumers.
Analyse the essential elements of the entrepreneurial process
There are around four main components of the entrepreneurship which are mentioned
below: Innovation – The entrepreneur support to the economical context of the modifications
and innovation as well as the level of such division which will ensure the success. They
implement creative opinions on the available opportunities and take out something
different and new. Organization – It is crucial in the making the idea of entrepreneurship. In this,
entrepreneur need to observe and monitor to control everyone in the company and the
process in an effectual as well as efficient way (Jena, 2020). Risk – In entrepreneurship attaining success can be difficult because it contains risk and
without taking risk, an entrepreneur can never attain growth and it can sometimes lead to
the failure of the business. Taking of risk is necessary in order to utilise several
opportunities as well as attaining the edge over the competitors.
 Vision – An entrepreneur need to possess a brawny and effectual vision in order to be
more successful. It includes how the organisation and management can approach which
will operate. The way in which an entrepreneur monitor their management and evaluate
the working in order to be more profitable (Sutter, Bruton, and Chen, 2019).
Prepare (with synthesis and creativity) a business proposal / plan on any business of your choice
Executive Summary – This represents the business plan of Yum! Cafe in context to the
method undertaken in relation expand the business operations. It includes diverse range of
offerings in order to scale the operations.

Overview of company – This includes the overview of the organisation in which where it
is situated and what products and services they will be offering.
Mission and vision of company – This includes the mission of Yum! Cafe is provide
quality and healthy product to their consumer. Apart from this vision of the company is to attain
more success as well as profitability in order to position themselves in the market area.
Objective -
 To increase the revenue of firm by 30% up to 2024.
 To enhance the customer base in relation to gain more margins of profits.
Industry and Market Analysis
SWOT
 Strength – Healthy and quality products.
 Weakness – Pandemic COVID 19
 Threat – Competitors in market area.
 Opportunities – Expansion in new range of products.
Personnel and Management
Ownership - Firm is operated by single proprietor
Number of employees – 15 - 20 employees
Financing Summary
Venture has started with low capital. Later it has getting outside investment.
Financial Plan
Cash flow statement:

Balance Sheet:

CONCLUSION
From the above report it has been concluded that, effectual plan and entrepreneurship is
crucial for the company which is planning to expand their business operations. In addition to
this, since there is no requirement to evaluate the opportunities which is there in the market place
and because of this entrepreneur can manage such opportunities for the growth of the business.

REFERENCES
Books and Journals
Sutter, C., Bruton, G.D. and Chen, J., 2019. Entrepreneurship as a solution to extreme poverty: A
review and future research directions. Journal of business venturing, 34(1), pp.197-214.
Hsieh, Y.J. and Wu, Y.J., 2019. Entrepreneurship through the platform strategy in the digital era:
Insights and research opportunities. Computers in Human Behavior, 95, pp.315-323.
Welter, F., Baker, T. and Wirsching, K., 2019. Three waves and counting: The rising tide of
contextualization in entrepreneurship research. Small Business Economics, 52(2),
pp.319-330.
Johnson, M.P. and Schaltegger, S., 2020. Entrepreneurship for sustainable development: A
review and multilevel causal mechanism framework. Entrepreneurship Theory and
Practice, 44(6), pp.1141-1173.
Jena, R.K., 2020. Measuring the impact of business management Student's attitude towards
entrepreneurship education on entrepreneurial intention: A case study. Computers in
Human Behavior, 107, p.106275.
Fossen, F.M. and Sorgner, A., 2021. Digitalization of work and entry into entrepreneurship.
Journal of Business Research, 125, pp.548-563.