The Impact of Hosting an Event on Entrepreneurship

This assignment explores the impact of hosting an event on entrepreneurship, highlighting both the benefits and drawbacks for entrepreneurs and host societies. It examines how events can promote brand recognition, build connections with clients and audiences, and generate revenue. However, it also discusses the potential damage to host societies, including loss of privacy, investment costs, and political conflicts. Effective event management is crucial to mitigate these risks and maximize the benefits for all stakeholders.

Running head: ENTREPRENEURSHIP, INNOVATION AND START-UPS
Entrepreneurship, Innovation and Start-Ups
Name of the University:
Name of the Student:
Author Note:

1ENTREPRENEURSHIP, INNOVATION AND START-UPS
Task 1
Entrepreneurship and Innovation are becoming increasingly important in modern
days, at all the areas of government and business. The entrepreneurial start-ups motivate the
economy in indentifying new and innovative opportunities by redirecting the resources to
them. ABC Organization has decided to organize some events which include start-up
weekends, hackathons and innovation events. For conducting the events, the company will
have to keep certain factors into consideration. Firstly, the company should have a well-
planned policy, which is effective enough to deal with new challenges. Moreover, this will
enable them to increase their service delivery along with the declining budgets for innovative
thinking (Cobham et al., 2017).
For organizing the Start-up weekends, the organization needs to take certain factors
into consideration. The organization needs to hire an event manager, who will ensure full
attendee experience and give them a better idea of the overall plan. Ideally there should be
two lead organizers and around three to five members in the event management team. The
lead organizers should be fully prepared to hand over the responsibilities to their members.
Sharing the workload will reduce the pressure on the organizers as well as the event manager.
Moreover, it will help in reducing the things, which might go wrong (Munro, 2015).
Organizing a successful hackathon event might require the organizers to prepare well
strategies and on time. On the basis of the goals and event size, it is highly important to plan
the whole work in a more precise manner. Moreover, it is important to calculate the overall
budget and plan the event in accordance with that. In addition to this, the event managers
should choose the correct venue and pick the theme. Furthermore, hackathon event is all
about attracting the most number of attendees and therefore, the planners should attract the
maximum number of heads. Additionally, for the success of the event, the organization can

2ENTREPRENEURSHIP, INNOVATION AND START-UPS
look out for sponsors as well as secure prizes for more engagement of the participants
(Müller, 2015).
For the innovation events, the organization can also mix up their format of the event.
Creating a buzz-worthy and unique event experiences is the best method of differentiating the
event. Sparking the imagination with innovative ideas of the event can bring in new crowds
as well as keep the attendees coming back. Moreover, it is important to maintain secrecy in
the events and spread the event ideas in order to make it a success. Furthermore, pushing
these ideas a step further will help in establishing the credibility as well as innovativeness of
the brand (Iza, 2016).
Task 2
A successful entrepreneur should have certain entrepreneurial attributes, depending on
the type of events they organize. These qualities will contribute to their success and most
importantly, the entrepreneurs are not afraid of delegating tasks, especially those who are
extremely successful. It is important for the entrepreneurs to gain some useful insights in
order to achieve success, especially at the time of pitching or launching an idea (Cobham et
al., 2017). It is immensely necessary for them to manage time in an effective manner. Proper
management of time is highly important between urgent tasks and the ones, which can wait
(Müller, 2015).
Moreover, an effective entrepreneur needs to use a whiteboard or notebook in order to
prioritize their tasks by jotting them down, from higher to lower level. Tables and mobile
devices have notepads and calendar; however, nothing is more efficient than an actual written
‘to do’ list. It is important to focus on one work at a time and do not let the new ones disrupt
the progress. In addition to this, the entrepreneurs need to knock the tasks one at a time.
Furthermore, visualizing the goals as well as success is important (Mourik et al., 2016).

3ENTREPRENEURSHIP, INNOVATION AND START-UPS
On visualizing the goals and success of the event, the entrepreneurs are required to
see the goals as well as success in their minds, at the first place. It is now time to turn them
into reality. Not only they are required to visualize their goals as well as successes, but also
they should visualize each step that is going to lead them there. In addition to this, the
entrepreneurs should be able to listen as well as communicate well. If an individual is a good
listener and at the same time, a good communicator it will result into a successful
communication (Lynch et al., 2016).
However, if a person cannot communicate his/her goals and objectives clearly and is
not willing to listen to others, it might lead to miscommunications. Therefore, it is important
to mention that time is one of the major things, which each and every entrepreneur should
manage in an appropriate manner. Understanding and managing time is highly important as
well as valuable. An entrepreneur should understand the value of time and segregate his/her
works in accordance with that. Furthermore, time is valuable and therefore, an entrepreneur
should not waste it on some disruptions. It should be handled well by other organizational
members as well (Xu, Wong & Tan, 2016).
Task 3
An event can benefit the society to a huge extent by bringing in revenue and adding
up to their productivity level. At the same time, it can cause certain issues to the society as
well. On discussing about the beneficiary factors, it can be said that events help in
contributing a lot to the society, in terms of revenue. It helps in building brand recognition as
well. Hosting an event promotes the event organization and helps individuals connect with
the brand. Their reach will extend as the event attendees bring in their friends, family and
relatives (Veal & Burton, 2015).

4ENTREPRENEURSHIP, INNOVATION AND START-UPS
Planning an event helps in showcasing the beauty and utility. Moreover, it helps the
organizers connect with their clients, members and audiences on a personal level. This further
brings in huge impact upon their engagement. These face to face connections have the power
to solidify a group’s interest in the company or the organizing team. Creating valuable
connections are one of the key components of the event’s success. Furthermore, it helps in
strengthening the community by building more valuable connections, in the societal context.
In addition to this, it also helps the entrepreneur to build trust of the society, generate revenue
and raise funds (Jones, 2017).
On the other hand, there are certain drawbacks of an event as it can cause damage to
the hosting society as well. The host has some of its own disadvantages as well. The normal
as well as routine life of the locality and residents get affected from the event organized at
their area. Moreover, the inmates of that particular area might lose their privacy. In addition
to this, at times the organizers might even take over the areas and lands of some private
residents due to the mega events. The host society may also have to invest a lot at the event,
which the native residents can also oppose. It may also give rise to political conflicts,
competition among the aspiring contenders and violent communal riots (Munro, 2015).
Therefore, it is true that the host society can gain heavily from sponsorship bids, but at the
same time, an event can cause great damage to the society as well.

5ENTREPRENEURSHIP, INNOVATION AND START-UPS
References
Cobham, D., Jacques, K., Gowan, C., Laurel, J., & Ringham, S. (2017). From appfest to
entrepreneurs: using a hackathon event to seed a university student-led enterprise.
Iza, A. (2016). Entrepreneurial skills, technological progress and firm growth (No. 9469).
EcoMod.
Jones, M. L. (2017). Sustainable event management: A practical guide. Routledge.
Lynch, M., Slĺttsveen, K., Lozano, F., Steinert, M., & Andersson, G. (2017). Examining
entrepreneurial motivations in an education context. In DS 87-9 Proceedings of the
21st International Conference on Engineering Design (ICED 17) Vol 9: Design
Education, Vancouver, Canada, 21-25.08. 2017.
Mourik, R. M., Bouknegt, R., Castaldi, C., & Huijben, J. C. C. M. (2016). Effective business
model design and entrepreneurial skills for energy efficiency services. In BEHAVE
2016 4th European Conference on Behaviour and Energy Efficiency, 8-9 September
2016, Coimbra, Portugal.
Müller, M. (2015). The mega-event syndrome: Why so much goes wrong in mega-event
planning and what to do about it. Journal of the American Planning
Association, 81(1), 6-17.
Müller, M. (2015). What makes an event a mega-event? Definitions and sizes. Leisure
Studies, 34(6), 627-642.
Munro, D. (2015). Hosting hackathons a tool in retaining students with beneficial side
effects. Journal of Computing Sciences in Colleges, 30(5), 46-51.
Veal, A. J., & Burton, C. (2015). Research methods for arts and event management.

6ENTREPRENEURSHIP, INNOVATION AND START-UPS
Xu, Y. H., Wong, I. A., & Tan, X. S. (2016). Exploring event bundling: The strategy and its
impacts. Event Management, 52, 455-467.