Entrepreneurship, Innovation and Creativity: A Lean Start-up Method for Pet Dedicated Crowdfunding Platform

Entrepreneurship, innovation
and creativity module

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY ..................................................................................................................................3
Lean start up method...................................................................................................................3
Why should innovators use it?....................................................................................................4
Benefits of lean start up method..................................................................................................4
Key steps or tools of lean start up method..................................................................................5
Critical analysis of processes used in business plan...................................................................6
Description of product or service................................................................................................8
Inspiration...................................................................................................................................8
Working procedure......................................................................................................................9
Final version of idea....................................................................................................................9
Evaluation of idea.......................................................................................................................9
Validation of Idea:.....................................................................................................................12
CONCLUSION .............................................................................................................................20
REFERENCES..............................................................................................................................21

INTRODUCTION
Entrepreneurship is defined as one of the significant activity that is used to create and
extract value and to initiate some venture so that specific needs and preferences of customers can
be met in appropriate manner. An entrepreneur is the person who is having capability of taking
risks and analysing needs of market so that they can initiate some specific venture in order to
deal with the same (Chand and et. al., 2018). Entrepreneurship is termed as the ability of
developing and organising business in such a way that uncertainties can be aligned for gaining
business advantage. Innovation is the aspect which is associated with building new combination
so that revolutionary changes can be inhaled within existing products and ultimate satisfaction
can be rendered to customers. This report is containing various elements related to
entrepreneurship, innovation and creativity as this is being observed that in order to provide
success to some venture innovation and creativity are the major elements which are helpful in
dealing with market challenges and opportunities as well. The report is associated with a start up
plan of pet dedicated crowdfunding platform which is directly linked with veterinary. The name
of start-up is Waggle in which assistance is given to pet guardians so that owners of pet can
provide shelter to their pets and manage various pet campaigns in sufficient manner.
MAIN BODY
Lean start up method
The start up is the young company which is
founded mainly by one or more of the entrepreneur which an aim to develop the unique offering
and bring it into the market. Start up is usually a project or the company which undertaken by
person in order to look for, create and validate the scalable model of economics.
Lean start up is a kind of method which is used to found the new company or introduce
the new offering on behalf of any existing organisation. This method advocates the development
of a product which the consumers have demonstrated already so that they get a already existing
market as soon as the offering is launched (Robbins and Devitt, 2017). This method of start up
gives the scientific approach to create and manage the start up and get the desired offering to the
customer's hand more faster. This method involves learning about what the consumers really
wants and also involves continuous learning about the customer's wants and then adapting it
based on the results quickly before the entrepreneur runs out of the money.

The present business report involves a lean start up of online dog therapy business by the
students in the time of Covid 19 so that the stress is released and a feeling of relaxation is felt.
Why should innovators use it?
Entrepreneurship is the distinct practice of management where the traditional method of
business can work when the problem and its solution is known but in today's time, products are
services are designed according to the situation where the problems are known but its solutions
are unknown (Kelly, 2020) . Entrepreneurs must use the lean method because it involves sure to
hit formula. This method of start up involves building the minimum viable product and taking
customer feedback before the launch so that its pros and cons are known and then the launch is
made of the product so that it becomes sure hit formula. This method involves enough space to
test the idea, measure it and then learn from the mistakes or the loopholes before making it actual
hit in the market.
For the present business idea of online dog therapy service 'Waggle', this method is best
suitable as it is being start up by students so they can test the idea and then launch it so that they
can get assured success in its launch.
Benefits of lean start up method
There are many benefits attached to the lean start up method which gives sure hit success
to the entrepreneurs. In context to Waggle, the benefits attached with this method are discussed
below- Closer to customer- The lean start up method have a natural advantage that it gives direct
access to the input from the customers and also gives ability to makes changes in an
efficient and quick manner (Castillo-Vergara, Alvarez-Marin and Placencio-Hidalgo,
2018). This helps in making closer proximity to the customers. This benefit can be gained
by the innovator by exposing the employees to customers and taking regular feedback so
that customer's needs and wants are known. Go after small opportunities- The lean method helps the entrepreneurs to identify and
then attack the market which are small but have potential growth. This can be done by
looking for the customer segment which have special needs which are not going to be
fulfilled by big companies. This helps the start ups to grab small opportunities which
opens scope to attract target market out of it.

 Efficient and quick innovation- Change is something with which everyone struggles, as
a start up, lean methods opens the scope to bring such innovation into the market which
are difficult for the existing companies to replicate and compete with what is being done
(Lee, Hallak and Sardeshmukh, 2019). This can be done by taking risks and executing
such approach which will be disruptive for the existing companies to copy, catch and
execute it.
 Low marketing and sales cost- The lean start up method helps to make the business idea
with high efficient profit machine. Every business wants to convert the target market with
no or less marketing cost. Lean start up method helps in achieving this as the idea is
already disclosed in market and before the launch, it is known to people so the business
spends less on its marketing cost.
Key steps or tools of lean start up method
Building the lean start up is just about finding the problem, validating it and building the
product or service which can solve the problem. This method involves continuous testing and
validation so that the product or service is get into the hand of customer as fast as possible which
will in turn maximise the growth of the business. There are three steps involved in lean start up
method which will help Waggle in launching its therapy service into the market in a quick and
efficient manner. In context to Waggle, the three steps are discussed below- FIND the business idea- Whenever the business idea is to chosen, it is very important
that the idea must be such which solves the problem of the customers. This step involves
paying attention to the problem of the customer so that a solution can be brought out of it.
In relation to waggle, this therapy service is a solution to the problem of Covid which
brought immense stress into the life of people. In order to reduce the stress, this service is
the business idea. EXECUTE the business idea- This step involves building the product or the service
which is minimum viable product (MVP) (Tang, Byrge and Zhou, 2018). It is the version
of the product which allows the innovator to collect the data about the potential
customers and also their feedbacks on product is possible. In context to Waggle, this
business involves the therapy service for the dogs so that stress is reduced during Covid
19.

 VALIDATE the business idea- This is a key step which involves building the successful
lean start up. It involves experimenting the business idea in the real world (Wibowo and
Saptono, 2018). The minimum viable product is tested with real customers and the
entrepreneur sees whether the idea is viable and gather further information in order to
decide whether the product is to be built, tweaked or pivoted. In context to waggle, in this
step, the company shall test its idea in the new market and see its feasibility in the
market.
Critical analysis of processes used in business plan
Consumer value proposition
It is the business or the marketing statement which describes why the customers should
make the purchase of the product or use the service. It is targeted towards the potential customers
instead of targeting constituent group like partners, employees or suppliers. It is kind of promise
that the business will deliver value to its consumers. A statement is involved in this which
highlights the relevancy of the offering as it explains the solution to the problem and improves
the situation of the customer. In context to waggle, there are many problems faced by the people
during the pandemic of Covid 19 as the whole world was shut down and were under isolation
during the lock down period.
Through this proposition, the businesses needs to focus, discuss and then follow so that
the business gain something and achieve the success (Hodges and Link, 2019). This process
begins with analysing the customer needs, offering of competitors and the strength of firm to
make it outstanding in the share market. The customer value proposition involves the principle
that there must e some extra benefit or value attached with the product or service of the form so
that the value proposition can help in differentiating the value of company with that of its
competitors. And once the business is given the attention which it needs from the target market
by using the consumer value proposition, it can increase the sale and make high profits with
number of customers.
With advantages, there comes the disadvantage which are also attached with the
consumer value proposition which is that this proposition mixes many customer segment in one
canvas as each segment of customer have different pains and gains and mixing it make result in
chaos for the innovator or the entrepreneur.