Entrepreneurship in Business: Role of Entrepreneur, Business Planning and Innovation

This report discusses the role of entrepreneur, business planning and innovation in entrepreneurship. It also covers the essential elements of the entrepreneurial process and provides a business proposal for a cafe. The proposal includes the executive summary, product and services, market analysis, marketing strategy, financial planning and budget.

Entrepreneurship in
Business

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK...............................................................................................................................................1
Demonstrate your knowledge and understanding about the role of entrepreneur, 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:.......................................................................................................................................5

INTRODUCTION
Entrepreneurship is defined as the capabilities and eagerness for developing, organising
and running a business enterprise for the purpose of making profit. Starting of a new business is
found as the most prominent illustration of entrepreneurship. In the terms of economics, it has
been found that the creation of profit is related with the land, capital, natural resources and many
more. The person who have the abilities and desire to start a start up venture is known as
entrepreneur (Audretsch and Moog, 2022). This report include the knowledge and understanding
of risk role of entrepreneur, business planning and innovation along with the several important
components of entrepreneurial procedure. In addition to this, it also deals with a creative
business proposal or a plan of business.
TASK
Demonstrate your knowledge and understanding about the role of entrepreneur, business
planning and innovation.
Role of entrepreneur
Entrepreneur is the person who is responsible for creating and growing a business by
adding creative ideas. Entrepreneur perform several roles in entrepreneurship such as initiating
and leading business practices, allocating the duties of employees, forecasting the modifications
in business, creation of jobs in business, recognising the opportunities of business, creation and
distribution of wealth in the business organisation. The traditional role of entrepreneur is to
initiate and grow the business. For the same purpose, they also have to perform the role of
allocation of resources, assigning the tasks to employees so that they can achieve the goals and
objectives of entrepreneurship.
Business Planning
In order to start a business, it is necessary to develop a business plan first as it include the
overall process of starting a business. A well planned planning of business can avoid the wastage
of resources along with reducing the risk (Liguori and Winkler, 2020). In an entrepreneurship,
the entrepreneur is responsible for business planning and analyse the exactly needs to be fulfilled
by the venture. Entrepreneur also analyse the requirement of resources which are required to
implement the plan in an effective and efficient manner. Business planning is also defined as the
tool which helps the entrepreneur start ups get where they are going.
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Innovation
Innovation is defined as the creation of new ideas and products or upgrading the existing
services or products. Innovation in entrepreneurship leads to the creative development of
entrepreneurship, persistent improvement, reinforcing the brand of organisation and and more
(Tien and et. al., 2019). Innovation also focus on the current needs of customers which may help
the entrepreneurship in beating the competition available in the market.
Analyse the essential elements of the entrepreneurial process.
Entrepreneurship is a constant procedure which is to be followed by the entrepreneur for
planning and launching the new venture in a more efficient manner. Below mentioned are the
important components of entrepreneurial procedure: Discovery: It is the first element which start from the idea generation under which the
entrepreneur recognise and evaluate the opportunities of business. Developing a business plan: It refers to the development of a comprehensive business
plan. In the success of a business venture, business plan plays an important role as it is
consider as the benchmark and present an evaluation criteria to get to know about the
movement of organisation (Morozova, Popkova and Litvinova, 2019). Resourcing: In an entrepreneurial process, the entrepreneur have to recognise the
finances and other sources for the business venture. All these resources are being used
for the purpose of making venture successful. Managing the Company: It refers to initiating the business operations for the purpose of
achieving the desired goals and objectives. It involve the decision of structure of
management which is found as necessary for solving any issue or problem in operations.
 Harvesting: It is the another important component of entrepreneurial procedure under
which the entrepreneur make the decision related to the future prospects of the venture
such as growth and development of start up venture.
Prepare (with synthesis and creativity) a business proposal / plan on any
business of your choice.
While starting any business venture, the entrepreneur is required to create a business proposal or
plan as it create the outline of the task which are required to be done in the organisation. Below
mentioned is the business plan of a cafe which is providing coffee, sandwiches and snacks items:
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 Executive Summary: The respective cafe is going to be open in the market of London,
United Kingdom. The mission of organisation is to sell the food items and become the
favourite brand of people living in London.
 Product and Services: The respective cafe is going to provide coffee, sandwiches, burgers
and other food items. In order to make the coffee, organic coffee beans are being used by
the cafe which give the healthy and delicious taste.
 Market Analysis: At this stage, the cafe have to analyse its target market and the
management analyse its competitors available in the market. The target customers of
respective cafe are the young generation people because they prefer coffee most.
 Marketing Strategy: The Cafe can adopt the attractive marketing strategy such as buy two
coffee and get one sandwich free (Ratten and Usmanij, 2021). They can also make meal
by adding some food and beverage items which can save money of customers.
 Financial Planning: The cafe will take loan from bank in order to get all the resources and
starting the business operation. In the exchange of getting money, the cafe have to pay
the interest to the bank with the regular instalments.
 Budget: below mentioned is the budget of respective cafe:
Particular Amount
Raw material 20000
Salary of Staff 50000
Kitchen Utensil 100000
Crockery 30000
Total 200000
CONCLUSION
From the above report, it has been concluded that the entrepreneur is birth giver of
entrepreneurship because that person is responsible for initiating all the activities in the business
venture. An entrepreneur has an important role in the venture and some of role of entrepreneur
are explained above. Create a business plan is important before starting a business as it provide
the idea related to the operations which are going to be performed. Innovation is the idea which
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bring some differentiation in the products and services or the working procedure of business
venture. Entrepreneurship is done by following a process which involve several steps. All these
steps are consider as the important elements of entrepreneurial ventures.
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References:
Books and Journals
Audretsch, D.B. and Moog, P., 2022. Democracy and entrepreneurship. Entrepreneurship Theory
and Practice, 46(2), pp.368-392.
Liguori, E. and Winkler, C., 2020. From offline to online: Challenges and opportunities for
entrepreneurship education following the COVID-19 pandemic. Entrepreneurship
Education and Pedagogy, 3(4), pp.346-351.
Morozova, I.A., Popkova, E.G. and Litvinova, T.N., 2019. Sustainable development of global
entrepreneurship: infrastructure and perspectives. International Entrepreneurship and
Management Journal, 15(2), pp.589-597.
Ratten, V. and Usmanij, P., 2021. Entrepreneurship education: Time for a change in research
direction?. The International Journal of Management Education, 19(1), p.100367.
Tien and et. al., 2019. Sustainable social entrepreneurship in Vietnam. International Journal of
Entrepreneurship, 23(3), pp.1-12.
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