Entrepreneurship and Innovation in Baking Business

PROJECTS
ENTREPRENEURSHIP AND
INNOVATION

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
What personal ethics drove Apollonia’s decision to take over the family business?..................3
Characteristics of a successful entrepreneur................................................................................5
CONCLUSION..............................................................................................................................10
REFERENCES................................................................................................................................1

INTRODUCTION
Entrepreneurship can have several forms but the entrepreneurs share a common trait which is
that an entrepreneur is anyone who recognize an opportunity and chooses to take action on that
particular opportunity. Some entrepreneurs begin a new venture by resolving the problem that is
important, providing them some value that the other people would acknowledge if the product or
service is being given to them. Other entrepreneurs initiate the venture by providing a better trap
in terms of product, services or it could be both. In the past few years, the baking industry has
been flourishing vividly due to the internet and the widespread exposure. Also, there exists
numerous home bakers who have initiated baking customized cakes and are improvising in every
order. This digital platform assisted many starters as well as the experienced bakers to come into
a common platform (Huarng and Yu, 2021).
This report will discuss the major characteristic that are required for a entrepreneur to be
successful in a baking business or venture. Though the characteristic of the successful
entrepreneurs tend to be quite similar despite the type of the organization but as a beginner
entrepreneur must be a jack of all trades and inculcate distinctive abilities, skills and the
personality traits. Also, it includes the individual ethics to start the baking business as every
individual has some kind of ethics that need to be approved and accepted by the society (Hameed
and Irfan, 2019). These ethics are the codes of conduct that are employed by the entrepreneurs
that influences the society in a positive manner which lead to the increased chances of success of
the venture.

MAIN BODY
What personal ethics drove Apollonia’s decision to take over the family business?
Entrepreneurship can be defined as the process of setting new business by taking the market risk
for profitability and growth.an entrepreneur is the one who make some innovations in the
business by their creative thinking and good services. Entrepreneurs plays a very crucial role in
establishing any business and helps in achieving the goals. They are also very important for the
economy as they innovate new ideas for setting new business into the market and that leads in
earning revenue from the enterprise (Singh, and Gaur, 2018). There are basically four types of
entrepreneurs which are builder, opportunist, innovator and the last one is specialist. Builders are
the one who establishes business for a short period of time. They have temperamental
personalities which is very good for growth. Opportunist are the one who have optimistic
personality. They know the right time and right opportunity to adopt. Innovators are the best in
all as they come up with some innovative ideas of business which no one thought of. The last
one is specialist and these are also known as analytical and risk averse. They are very good in
skills because of their education and literacy. In the case study Apollonia’s decision of making
his parents business more successful was very accurate as being an entrepreneur she have all the
qualities within her. For establishing a business on her own there are many skills which are
required by an entrepreneur to have in them. Some of the skills and attributes an entrepreneur
should have for establishing and operating a business are as follows:
1. Versatile
When starting a business it is very necessary to have a personal customer interaction and
handling sales directly. Having a direct contact with the client is the best way of getting reviews
from the customer about the products. This makes the customer happy and empowered and a
happy customer always recommend other customers as well. So being versatile while running
any business is very essential as it helps in improving the growth and success rate of the
enterprise (Berger, and et.al, 2021).one more way of being versatile with the customers is
directly answering the phone calls of the customer. In the case study Apollonia’s is also have a
quality of being versatile like asking the customer about the quality of the breads and reverting
directly to the queries of the customer.
2. Flexible