Entrepreneurship, Enterprise and Innovation

This document explores the theories, practice, and factors of entrepreneurship, enterprise, and innovation. It discusses the behavior, characteristics, and competencies required for success in this field. It also provides an industry analysis and market trends in the beauty industry.

ENTREPRENEURSHIP,
ENTERPRISE AND
INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
1 THEORIES AND PRACTICE................................................................................................3
3 BEHAVIOR, CHARACTERISTICS, COMPETENCIES AND PERSONALITIES.............4
4 INTERNAL AND EXTERNAL FACTORS...........................................................................4
5 Industry analysis.......................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
The GoGirl company has introduced a lot of products according to the need of the
customers and that is very important for the company if they want to get a competitive
advantage. The company has started the use of organic materials in the products so that the
company can attract more customers. GG is making changes and innovations in the company so
that the company can make the most from the company.
MAIN BODY
1 THEORIES AND PRACTICE
Innovation is getting in a creative idea in a product so that it can capture the market
better. It is very important for innovation in the market products because the wants and needs of
the people in the world keeps changing (Tidd and Bessant, 2018.) . GG has also got a lot of
innovation in the products they are selling to the customers so that the customers can take the
products of the company.
Entrepreneurship is a new business with new ideas who have just entered into the market
and this is just a way to get the company get to the bigger market slowly. There is an
involvement of new designs, new business and launching of that business is involved.
Enterprises involved getting in good and products in exchange for financial and
commercialization is involved. It is there in all the business types and so it is present in GG as
well.
Schumpeter's theory of innovation
Schumpeter is trying to explain by his theory that the company is having a good quality
of products and utility because of innovations which are taking place in the company. Innovation
has made the productivity of the company increase and the production in the company lower
which is not good for the company's (Whatmore, 2016.) . New products need a lot of
productivity in the market and have to make a place for themselves in the market. GoGirl (GG) is
also trying to make innovations in the products so that they can sell their products more but the
only problem is that the productivity of the company has reduced and that can be a huge problem
if the sales increase. The innovation in the product is done for the betterment of the customers
and it is very important for customers. The company has found the right place where they are
getting the raw material from and the company is being able to focus on their production for the

future. There is a management in the innovation department which is making the company have
a stable innovation and improvement of the existing products.
According to the case study is seen that the girl who has rushed out of the house without
making and forgetting she has a date in the evening and then realizes that she has the GG kit in
her bag is a profit for the company. The company has also taken other countries experience and
talent in their own country so that they could innovate the product better.
3 BEHAVIOR, CHARACTERISTICS, COMPETENCIES AND PERSONALITIES
Behavior
There are certain kinds of behavior which is expected out of the entrepreneur. Even if the
entrepreneur is not experienced they have to act like one and be sure of the decisions they are
making for the company. The students in this matter are not independent to take such decisions
for themselves then how will start a business. The students will develop these skills in school
slowly and with time they will make a great entrepreneur.
Characteristics
An entrepreneur must have characteristics of a leader, communications, making
decisions, etc and a student will not have this as long as the school does not make them prepared
for this kind of atmosphere (Veblen, 2017.) .
Competencies
The entrepreneur has the capability of running a business so the company can be under
control and be monitored. It is very important for the entrepreneur to keep a check on the people
who are working in the company. A student will not be able to do that because they will not be
able to guide the people who are not of their age. The convincing skills of the students will be
missing.
Personalities
The personality of an entrepreneur is way different from all the employees in the
company and it is very important for the entrepreneur to keep it that way because they need to
make the most of the employees. Only if the entrepreneur has a different skills and personality
then the employees have the confidence on the entrepreneur and his plans. Students are not so
matured to have skills like these.
4 INTERNAL AND EXTERNAL FACTORS
Strengths Weaknesses

 The unique feature of the company
which is giving it, it's strength is that
they have a new product in the
company which is peel off tattoo
makeup mask.
 The employees focus on every small
details of the product which are being
produced.
 The pricing of the product can be a
disadvantage for the company but the
company can give offers and discounts
to regular customers (Buckley and
Casson, 2016.) .
 The company has no been so good with
adapting to the change in market
demands and the company is still trying
to make the changes in the company so
that they can deal with them.
Opportunities
 There is an increase in the demands of
consumption of make up on a daily
base. The company can get the changes
and make the products which will be
appreciated by the customers.
 The company is focusing on regions
where the make is used for daily use.
Like India and China are not going to
be targeted because they use the make-
ups for only special occasions.
Threat
 The competition in the market is very
high and the company is trying to make
a place for themselves in the market.
 The company is now coming up with
the idea of using henna in the make up
section because the customers have
started buying products which are
organic in nature could turn out to be a
threat to the company for a long run.
Political Factor
The company is trying to deal with its import
and export factor which is really important for
the company to grow. The company is not
harming the environment in any way possible
and the company has taken care of that factor.
Economic Factor
The company is trying to get in innovation in
the products so that the economy of the
company can reach to its objectives and aims
in the economy department. There are skilled
employees working in the company in the
present.
Social Factor Technological Factor

The makeup which is being produced is not
doing any discrimination related to race,
gender, culture, etc (Burns, 2016.). There is a
description of the product on the packet of the
product so that they inform the customers
completely.
To get a competitive advantage the company
has introduced technology in the company
because of the competition they have in the
market. There will be more offering if the
product is being produced efficiently.
5 Industry analysis
The beauty industry has been tears for the years as the mass beauty markets which helps
in the overall development to have defied the gravity. There is level of multi-storey brands as the
women are their main target on the journey of expectoration.
The large brands their parents preferred and seeking out locally-made, artisan, natural products
in all consumer categories. The need to be Diagrammable at all times also helps.
Acquisitions by the major beauty companies of ever-smaller companies at very high values are
drawing in more founders and driving more creativity every day.
The market has shifted towards demand towards organic and natural cosmetics which has turns
out to be provider avenues for growth. Factors such as-
Increasing the level of consumer awareness along with rise in disposable income are estimated to
contribute significantly towards industry growth over the next few years. Factors such as
increasing consumer awareness and rise in disposable income are estimated to contribute
significantly towards industry growth over the next seven years.
The market is highly driven by innovation underpinned by quality. New product development
and provision of an assortment of products is the key strategy adopted by key players in order to
capture a sizeable market share in this segment.
Porters five force model.
Threat of new entrants – there is high level of entrants as it have the level of attraction for
striving the capture of market share. There are number momentary barberries as there are
economies of scales by the level of existing the players (Venkataraman, 2019.) .
Threat of substitutes of substituent in low as the home remedies and mostly used in rural areas
and have the perception regarding the old fashions and ineffective. This has the switching cost
along with buyer propensity both have consideration in low.

Bargaining power of buyer is high as the increases level of combination along with higher level
of advisability have no position to influence which have long terms lacks of profitably
The bargaining power of suppliers is low as the industry is large and variability of product
differentiation is low . So the overall bargaining in low.
Competitive rivalry is high there are level of compositors in the industry, the usually is having
greater level of demand and differentiation level is medium.
Forces level
The threat of new entrants high
Threat of substitutes low
Bargaining power of buyer high
The bargaining power of suppliers low
Competitive rivalry high
Market analysis.
Market analysis is the needs to have proper consumerism along with the preference over
the given market in order to have understanding demand analysis while having the calculation
the level of aggregated demand for the particulate level of service (Kirzner, 2015. ).
(A) Situational analysis along with specification of the objective. The company aim in to have
accurate market demand in order to have interoperates product and services in the market share.
(B) collection of secondary information.
(C) construction of market survey
(D) catheterization of market.
(E) Demand forecasting
(F) Market Planning

CONCLUSION
From the above studies it has been concluded that Acquisitions by the major beauty
companies of ever-smaller companies at very high values are drawing in more founders and
driving more creativity every day. GoGirl company has introduced a lot of products according to
the need of the customers and that is very important for the company.

REFERENCES
Books and Journals
Buckley, P.J. and Casson, M., 2016. The future of the multinational enterprise. Springer.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Tidd, J. and Bessant, J.R., 2018. Managing innovation: integrating technological, market and
organizational change. John Wiley & Sons.
Veblen, T., 2017. Absentee Ownership: Business Enterprise in Recent Times-The Case of
America. Routledge.
Venkataraman, S., 2019. The distinctive domain of entrepreneurship research. In Seminal Ideas
for the Next Twenty-Five Years of Advances (pp. 5-20). Emerald Publishing Limited.
Whatmore, S., 2016. Farming women: Gender, work and family enterprise. Springer.