Entrepreneurship in Business

This document discusses entrepreneurship in the business world, focusing on the role of an entrepreneur, risk analysis, and innovation. It also analyzes the essential elements of the entrepreneurial process and provides a business plan/proposal for a new restaurant in the food and beverage industry. The restaurant aims to offer innovative and creative food and beverages using organic and vegan ingredients.

Entrepreneurship in
Business

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
QUESTION 1:.................................................................................................................................1
The role of an entrepreneur.........................................................................................................1
Risk analysis...............................................................................................................................2
Innovation...................................................................................................................................2
QUESTION 2:.................................................................................................................................2
Analyse the essential elements of the entrepreneurial process...................................................2
QUESTION 3:.................................................................................................................................3
Prepare a business plan / proposal..............................................................................................3
REFERENCES................................................................................................................................5

INTRODUCTION
An entrepreneurship is a business organisation which is established by an individual or
group of individuals by exploring and developing an innovative idea for presenting something
new and more valuable in front of customers and the potential buyers (Karimi and Walter, 2016).
An entrepreneur is an individual Uber works on their ideas with creativity in order to render
something new to people. Present report will be considering different aspects of entrepreneurship
in business where detailed analysis is conducted over all the essential elements of entrepreneurial
process and then a business proposal is determined. The idea to establish an entrepreneurship
belongs to food and beverage industry where a new restaurant is being established which only
provides innovative and creative food and beverages addressing different cultures but are
prepared with organic and vegan ingredients.
MAIN BODY
QUESTION 1:
The role of an entrepreneur
An entrepreneur is an individual who sets up his or her business and grows it in
conventionally by incorporating and combining different factors in order to explore and create a
new profitable business venture. An entrepreneur please several different roles and holds number
of opportunities in order to attain their targets and render a new profitable business opportunity
to public and to themselves by creating a profitable business venture.
The vital role that an entrepreneur plays for their organisation or business venture is of an
initiator bye by bringing up and developing the process of creating an enterprise with a new
business idea as well as planning the whole process in order to turn the idea into a profitable
business venture. Another role played by an entrepreneur is of a risk taker and risk reducer. By
playing the role of a risk taker the entrepreneur is one who takes the most concerning risks in the
business such as of finding the capital investing it in the business assuring the investor by taking
up all the accountability.
In regards to risk reducer another paneer as the responsibility to payback in full to all the
stakeholders who have trusted in them and the business venture they are planning to or have been
working on to introduce in market. Hence reducing the risk to all stakeholders is one of the major
roles which are played by an entrepreneur.
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Risk analysis
Risk analysis is a prerequisite stage of risk management which is a process that involves
the ability and necessity to predict risks before and identify them in order to develop appropriate
strategies for encountering those risks and mitigating their harmful impacts over the business and
over the entrepreneurship.
Risk analysis is known to be key concern and role for an entrepreneur to play before and
after entering the market with their brand and entrepreneurial venture. Risk analysis is one major
function which will help the entrepreneur in order to identify the most appropriate opportunities
for the business and keep the operations are running with little hindrances and mitigating the
impacts caused from there is that identified as strategies are already developed and executed in a
place.
Innovation
Another important aspect which requires detailed analysis an evaluation for an entrepreneur
and their entrepreneurship is innovation. An entrepreneurship is unique from other businesses
and types of organisations because of the innovation factor. The entrepreneurship establish itself
in the market and position in a unique place with the focus kept on developing an innovative idea
that will offer new value and benefits to the customers and potential buyers. The innovative
approach adopted by entrepreneurs derives the economic, social and technological change within
the industry and in the market.
QUESTION 2:
Analyse the essential elements of the entrepreneurial process.
A significant definition which defines an entrepreneurship as an innovation process that
mobilizes people and resources (Ogbari and et. al., 2016). The entrepreneurial process is the key
towards the success of the entrepreneurship and involves four different stages that are as follows:
 Idea generation is the first stage where an entrepreneur begins to wonder the need for
innovation and invention. The innovative idea for the entrepreneurship development of a
vegan restaurant which offers both offline and online services at all times that is for 24*7.
The restaurant not just offers vegan food but it creates and innovate different food and
beverages by using organic and vegan food ingredients.
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 Decision making and business planning is the second stage of the entrepreneurial
process where the idea is explored and discussed in detail developing a blueprint in a
document as a business plan for the related product and service.
 Project creation is the third stage of the entrepreneurial process where when a sufficient
comparing opportunity and plan is developed the entrepreneurial team goes through the
process for adopting the right path to enter the market and creating the venture according
to legal processes and needs.
 Management and control is the last stage of their the plant which is being executed as
an entrepreneurship is properly managed and evaluated in order to improve control
measures in all the areas that need improvement as well as changes (Richter and et. al.,
2017).
QUESTION 3:
Prepare a business plan / proposal.
PHASE 1
 SWOT Analysis
The strength of the new business idea is it is combined with market trends and
needs. The opportunity available is of growth and expansion of restaurant. The weakness
associated is lack of market knowledge and the threat is changing market trends and
dynamics.
 Objectives
To earn enough profits in the first 5 years of the operation to pay of all the
expenses and costs.
 Developing Tactics
The development tactic that will be most suitable for the restaurant is to enter the
market as a partnership business by involving number of investors (Tur-Porcar, Roig-
Tierno and Llorca Mestre, 2018).
PHASE 2
 Market Segmentation
Market segmentation is performed by taking a demographic segmentation process
where groups are divided according to two factors like age, gender, preferences, lifestyle
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and concerns of people. The target customer group are those who wish to have vegan
food then ever they want and wherever they want. Indeed customer group targeted also
love new dishes that are creative and innovative.
 Deliver Model
The delivery model which will be used by the entrepreneurship and the business
is both physical that is offline and online by effective use of technology and social media.
PHASE 3
 Product and Service offering
The product and service offering is very simple and highly required by people that
is and organic food and beverages which are prepared healthy ingredients and innovation
in taste as well as addressing to several culture (Sadler-Smith, 2016).
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REFERENCES
Books and Journals
Karimi, J. and Walter, Z., 2016. Corporate entrepreneurship, disruptive business model
innovation adoption, and its performance: The case of the newspaper industry. Long
Range Planning, 49(3), pp.342-360.
Ogbari, M. E. and et. al., 2016. Entrepreneurship and business ethics: Implications on corporate
performance. International Journal of Economics and Financial Issues, 6(3S), pp.50-
58.
Richter, C. and et. al., 2017. Digital entrepreneurship: Innovative business models for the sharing
economy. Creativity and Innovation Management, 26(3), pp.300-310.
Sadler-Smith, E., 2016. The role of intuition in entrepreneurship and business venturing
decisions. European Journal of Work and Organizational Psychology, 25(2), pp.212-
225.
Tur-Porcar, A., Roig-Tierno, N. and Llorca Mestre, A., 2018. Factors affecting entrepreneurship
and business sustainability. Sustainability, 10(2), p.452.
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