Entrepreneurship in Business: Proposal & SOSTAC Model Analysis

This report provides an overview of entrepreneurship in business, focusing on the role of the entrepreneur, risk analysis, and the importance of innovation. It analyzes the essential elements of the entrepreneurial process, including idea generation, opportunity evaluation, and company formation. The report also includes a business proposal for Marks and Spencer, utilizing the SOSTAC model to analyze the company's situation, objectives, strategy, tactics, actions, and control measures, concluding with an assessment of the model's effectiveness in understanding the company's realities. Desklib offers a wealth of similar documents and study resources for students.

Entrepreneurship in
Business

Table of Contents
Introduction .........................................................................................................................................3
Task ......................................................................................................................................................3
1.1. Demonstrate your knowledge and understanding about the following:...................................3
1.2 Analyse the essential elements of the entrepreneurial process..................................................4
1.3 Prepare (with synthesis and creativity) a business proposal / plan on the
business...........................................................................................................................................5
CONCLUSION ...................................................................................................................................6
References............................................................................................................................................7

Introduction
Entrepreneurship is the process which is initiated by one individual who is making his own
thought and ideas turn into a business plan, that individual will be the only person who will be
bearing all the risks n the company and will be enjoying all the rights and the benefits that the
company is having in the working of the organisation. Entrepreneurship is the source of getting new
and creative ideas, it is said that when the individual is launching some of the business or just some
small business the that person is the only owner of the company and the risk taker. These
individuals are the wheels for the economic growth of the company by making new products and
services in the market, which In last makes the business better with the economic
development(Audretsch and Moog, 2022).
Task
1.1. Demonstrate your knowledge and understanding about the following:
a) The role of the entrepreneur
This is analysed in the study that the role of the entrepreneur in the market is so important in the
economical growth of the company in the competitive market and some of the roles of the
entrepreneurs are as follows:
 Initiating and leading business activity: It is considered very crucial that the entrepreneurs
are the core strengths to the environment of the business and they does make ca lot of
difference in the competitive market. As all the society groups do have progress by
developing new needs to the business owners and can satisfy their new and creative business
ideas.
 Creating jobs: When the entrepreneurs decide to create a new branch of business or
expansion of their business then they have some of the needs like proper managing team and
the employees who are having the capabilities to wok on the job profile which is being
demanded by the company and this is the role of the entrepreneur that there is the proper
human resource team who can hire the best talented people who can easily perform all the
tasks of the company working field. And this is the opportunity for the people for having job
in the company and earn god amount of salary and the experience by working in the
company with their full efficiency (World Bank, 2022).
 Identifying business opportunities: This is the role of the entrepreneur that there is proper
analysis of the competitiveness in the market, and then identify all the issues and the
problems that can classifies and can be turned into the opportunities for the company and the

entrepreneurs do make some of the changes like substituting some of the products and
adding some of the new products that can attract more number of customers.
b) Risk analysis: It is the proven fact that it is important to analyse all the risks that can arise in the
business and assessing all the points that can have negative impact on the company and help the
entrepreneur to forecast that if they want to move further in the business or not(Ben Ali, 2022).
There are some proper step in which the risk analysis is properly done and managed and they are as
followed:
 Identification of the risk by making the proper and suitable risks that can create problem in
the working of the company.
 Defining the major level of the problems hat how big or small the issue is.
 Examining the impact of the issue on the company.
 Finish the risk analysis model.
 Analysing the outcome.
 Executing of the solution in the issue.
c) Innovation: This is the important and crucial part that the entrepreneur should make sure
there is proper system in the company and there is all the development working in the
company and the entrepreneur should make sure that the technological factors are
considered important and given priority to.
1.2 Analyse the essential elements of the entrepreneurial process.
There are some of the key elements of the entrepreneurial process which are the proper and
structural steps and they are important to be discussed in the above report and they are as follows:
 Idea generation: It is important that the individual has the proper idea and the plan for the
organising of the business. Analysing of all the issues and problems which can occur during
the making and launching of the venture by the entrepreneur (Goel and Nelson, 2022) .
 Opportunity evaluation: This is the step which is very important that all the opportunities
are given the importance and there is proper analysation of them and then the company and
the owner decides that where to invest more in and where not to invest in, it is the study of
where the company needs to make funding from and invest that particular amount in which
field of work.
 Planning is so important.
 Company formation

 Growth of the new venture.
1.3 Prepare (with synthesis and creativity) a business proposal / plan on the
business
For attempting with this common issue the company that is being chosen for this respective report is
Marks and Spencer and the model which is being used in the report is the SOSTAC model and this
model is helpful to analyse the actual and real situation of the company. And these are as follows:
 Situation: This is the point where the Marks and Spencer as being a brand will think and
analyse the absolute and present scenario of the company(Kostakis and Tsagarakis, 2022) .
 Objectives: In this process the company will make the proper management of all the goals
that are there to be done and completed on time by the company.
 Strategy: This is the step by the M&S to make some suitable steps for getting the target or
complete the tasks and objectives that are set to be completed by the company.
 Tactics: These includes the solutions that how to reach to the respective point of the
company and there are the strategies made for reaching out there(Ratten and Usmanij,
2022).
 Action: What is the actual plan of the company for completing the task assigned.
 Control: This is the point where it is examined that by all the efforts of Marks and Spencer
did the complete their goal or objectives.

CONCLUSION
In this respective report, it has been concluded that the entrepreneurship is little risky but it
can be so much beneficial for the people as they are the only owner of the firm and are responsible
to do what is of their choice in the respective company, there has been the total analysation of te
company with using the SOSTAC model which has helped the company to know all the facts and
reality of the company.

References
Audretsch, D.B. and Moog, P., 2022. Democracy and entrepreneurship. Entrepreneurship Theory
and Practice, 46(2), pp.368-392.
World Bank, 2022. Women, Business and the Law 2022. The World Bank.
Goel, R.K. and Nelson, M.A., 2022. Which political regimes foster entrepreneurship? An
international examination. The Journal of Technology Transfer, pp.1-21.
Kostakis, I. and Tsagarakis, K.P., 2022. The role of entrepreneurship, innovation and socioeconomic
development on circularity rate: Empirical evidence from selected European
countries.Journal of Cleaner Production, p.131267.
Ratten, V. and Usmanij, P., 2022. Artisan Entrepreneurship: Future Trends. In Artisan
Entrepreneurship. Emerald Publishing Limited.
Ben Ali, T., 2022. How Does Institutional Quality Affect Business Start-Up in High and Middle-
Income Countries? An International Comparative Study. Journal of the Knowledge
Economy, pp.1-48.
(Audretsch and Moog, 2022) (World Bank, 2022) (Goel and Nelson, 2022) (Kostakis and
Tsagarakis, 2022) (Ratten and Usmanij, 2022) (Ben Ali, 2022)