Entrepreneurship in Business: Role of Entrepreneur, Essential Elements, and Business Proposal

This report discusses the role of an entrepreneur in business planning and innovation, essential elements of the entrepreneurial process, and a business proposal/plan. It also includes an introduction to entrepreneurship and its importance. The report is relevant to students studying entrepreneurship or business courses.

Entrepreneurship in
Business

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Explain the role of an entrepreneur in business planning and innovation..............................1
Analyse the essential elements of the entrepreneurial process...............................................2
Prepare (with synthesis and creativity) a business proposal / plan on any business of your
choice......................................................................................................................................2
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
An entrepreneur is an individual who creates a new business by bearing the most of the
risk and creating value for the society in order to earn profits. The entrepreneurship is the process
of identifying the new ways in which the various resources can be combined in order to forma a
different kind of product or service. The entrepreneurs have different minds has and has the
ability to produce the product in a different manner for the benefit of society. There are various
examples of well-known entrepreneurs such as Mark Zuckerberg, Bill Gates, Jeff Bezos.
(Richter, and et.al.,2017). This report will include various topic such as role of an entrepreneur in
innovation, risk analysing and opportunity spotting, essential elements of entrepreneurial process
and at last
MAIN BODY
Explain the role of an entrepreneur in business planning and innovation
Role of an entrepreneur- The entrepreneur is a person who has several responsivities and the
main one is creating the business by adding a value with the creative ideas. The person practices
several activities such as leading, guiding, allocating the task to the employees, creating jobs in
business, allocating risk, and growth of the business organisation. The main aim of the
entrepreneur is to grow its business in best possible manner. It is very important for the
entrepreneur to think in a different way so that the company can achieve its goals and objectives
and to serve its customers. (Awaworyi Churchill, 2017)
Business planning- To start a business, the most important aspect for an entrepreneur is to have
a strategic business plan in mind so that the operations of all the activities can be conducted. It is
very important for the entrepreneur to plan a business so that the use of resources can be made
properly and there is no waste of it. Also, planning can help in reducing risk for an entrepreneur.
In an entrepreneurship, the entrepreneur plays vital role in planning a business and identifying
the various needs that need to be fulfilled by the venture. It also requires the allocation of the
best possible resources in order to conduct business activities in an effective and efficient way.
The business planning is a tool which guides the entrepreneur on the right path for achieving
objectives and goals.
Innovation- This is explained as a new idea which is been created by an entrepreneur for
producing the product or service. This also can be defined as bringing developing in the existing
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product which can bring persistent improvement, reinforcing of the brand. The innovation is
related to concentrating on the current needs of the consumers which is been recognised by
entrepreneur. This helps the entrepreneur in thinking in a different way and beating the
competition in the market. (Dennis 2017)
Analyse the essential elements of the entrepreneurial process.
The entrepreneurship is a continues process which includes planning and launching of a new
product or service in a more efficient way. The process and various elements of entrepreneurial
is discussed below: Discovery: This is the elements which is about introducing and identifying the various
opportunities for the business. Developing a business plan: This is the elements where entrepreneur need to develop a
plan which is the most important to conduct business activities. Resourcing: In an entrepreneurial process, the entrepreneur has to identify the financial
resources and other sources for the business venture. So that they can be used for the
business organisation. Managing the Company: It refers to introducing the business operations for the
determination of achieving the desired goals and objectives.
 Harvesting: It is another significant component of entrepreneurial process under which
the entrepreneur makes the decision related to the future prospects of the development of
the venture.( Ferreira, Fernandes, and Ratten, 2017)
Prepare (with synthesis and creativity) a business proposal / plan on any
business of your choice.
Executive Summary: The respective coffee shop is going to be open in the United Kingdom
market. The mission of the coffee shop it to serve the food and coffee to the people in best
innovative way.
Product and Services: The coffee shop is going to provide coffee, sandwiches, burgers and
other food items. In order to make the coffee, tasty the organic coffee is also going to be
available in the coffee shop.
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Market Analysis: The coffee shop needs to analyse the market and the preferences of the
customers in order to serve the best items in the market. The target market of the
organisation will the young generation.
Marketing Strategy: the company need to adopt the good marketing strategy in order to attract
customers. The various discount and offers can help in attracting customers.
Financial Planning: For this the entrepreneur can take a loan from bank and pay the interest
amount in future. This is the best benefitable for the venture starting by the individual.
(Rosário, Fernandes, Raimundo,and Cruz, 2021).
Budget: below mentioned is the budget of organisation
Particular Amount
Raw material 20000
Salary of Staff 50000
Kitchen Utensil 100000
Crockery 30000
Total 200000
CONCLUSION
From the above report it is concluded that entrepreneurship means starting a new venture
with a innovative and development in the product or services. an entrepreneur has different
kinds if ideas which help in establishing a business. Fir an entrepreneur there are few things
which are important such as business planning, innovation and responsible of all the
activities conducted within an organisation. there are various steps which need to be
followed by an entrepreneur to be successful in the market. A business plan is been made
which is introducing a coffee shop with organic coffee and organic food items.
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REFERENCES
Books and Journals
Richter, and et.al.,2017. Digital entrepreneurship: Innovative business models for the sharing
economy. Creativity and innovation management, 26(3), pp.300-310.
Awaworyi Churchill, S., 2017. Fractionalization, entrepreneurship, and the institutional
environment for entrepreneurship. Small Business Economics, 48(3), pp.577-597.
Dennis Jr, W., 2017. Research mimicking policy: Entrepreneurship/small business policy
research in the United States. The Blackwell handbook of entrepreneurship, pp.64-82.
Ferreira, J.J., Fernandes, C.I. and Ratten, V., 2017. Entrepreneurship, innovation and
competitiveness: what is the connection?. International Journal of Business and Globalisation,
18(1), pp.73-95.
Rosário, A.T., Fernandes, F., Raimundo, R.G. and Cruz, R.N., 2021. Determinants of nascent
entrepreneurship development. Handbook of research on nascent entrepreneurship and creating
new ventures, pp.172-193.
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