Managing Entrepreneurship Innovation and Creativity

The report covers the relevant idea where the entrepreneurial ideas are discussed in through business plan. Learn about the importance of creativity, innovation, and focus on products and services. Get insights on market research, target market, marketing, human resources, operations, legal issues, financials, and exit strategy.

Managing
Entrepreneurship
Innovation and
Creativity

EXECUTIVE SUMMARY
Creativity is factor regarding the development and change within the new business ideas and for
this, entrepreneurs move towards the success and growth. Innovation direct the path towards the
competitive advantage and creativity that offers proper growth as well as provides various
opportunities. Innovation is the process through which entrepreneur brings various new ideas and
concepts to generate new things in market than other competitors. Here, entrepreneurs have the
skills of being innovative and they tend to develop their business in different with new products
and other concerning services. Entrepreneurial business nature move surround the invent,
develop and innovate. The report covers the relevant idea where the entrepreneurial ideas are
discussed in through business plan.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
TASK 1 – MY LIFE STORY..........................................................................................................4
TASK 2 – OPTION A – IDEA/CONCEPT.....................................................................................4
What lessons can we learn in getting our ideas and concepts to the market place?...............4
TASK 3 – THE CONCEPT PLAN..................................................................................................7
Introduction – Business Concept and Opportunities..............................................................7
Objectives...............................................................................................................................7
Market Research.....................................................................................................................8
Target Market/Customers.......................................................................................................8
Marketing...............................................................................................................................9
Human Resource....................................................................................................................9
Operations (The Business Model Canvas)...........................................................................10
Legal Issues..........................................................................................................................11
Financials..............................................................................................................................12
Exit Strategy.........................................................................................................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

TASK 1 – MY LIFE STORY
New business or an existing can attain the objective of success in market place when the
entrepreneur is creative in nature, learner as well as ambitious. An entrepreneur is defined as the
one who tends to develop venture with innovative and creative idea within the dynamic business
environment by opting things as per the change and overall development that takes place in the
society and market area as well. I have plan to start a bakery shop under the guidance of my
uncle. It is my dream to open a bakery and something creative which I want in my life.
My mother is my inspiration as she uses to bake various things in my childhood that gave
me inspiration and motivate to open a bakery. I always look and stand in kitchen while my
mother used to bake pastries and I observe several things from her. It clarifies that I am keen and
acute learner. I wanted to become professional baker and adopt bakery as my career. To fulfil
this dream, I have joined catering school and proper classes to gain knowledge and
understanding regarding the suitable concepts. For this, my uncle also supported me and guided
my as he also run his takeaways and I also grasp some practical things over there. In the classes,
I have gained effective learning experience by experts under their supervision.
I have learnt various things from my mother, when she baked various dishes. I observed her
properly that enhanced my interest in backing and it improved my understanding regarding
different techniques. I have learnt traditional method of preparing and mixing dough with hands
in efficient manner. There are various business skills and competencies was learnt by me from
my mother such as management, team working, understanding the needs of customers and so on.
It leads to enable me to have a deep vision about myself with the help of Belbin theory as I am a
coordinator, finisher and shaper. There features represent me as a confident person and also
motivated me to become a successful entrepreneur.
TASK 2 – OPTION A – IDEA/CONCEPT
What lessons can we learn in getting our ideas and concepts to the market place?
Entrepreneurship is also defined as the ability to organise and run a particular business
functions considering the effective management and also bear of all the risk, profits and
uncertainties. It is an institution which is organised by the entrepreneurs by focusing over all the
risks and profitability considering the positive and negative aspects (Kuznetsov and et. al., 2017).

Innovation is the major concept as it refers to the essential part of entrepreneurship that
facilitates to bring new ideas and concepts through ensuring optimum utilisation of resources to
create wealth and credibility.
Creativity is defined as the process of utilising various imaginations and ideas for the
purpose of creating new and innovating things that is not provides by others in market and
people cannot imagine but they have value to the desires and satisfaction.
A market area is the unstable and dynamic environment which is impacted by the several
number of factors imposing suitable impacts on the businesses either it is positive or negative
that depends on the nature and sizes. Market area contains various opportunities through
providing new chances that are exploited by the entrepreneurs to develop new products and
services to customers and also fulfil their needs, demands as well as enhance satisfaction by
providing them proper comfort (Kuckertz and et. al., 2020). Here, entrepreneurs are the
individuals who take entry in the market with complete new product either it is innovated or
invented. These products and services of entrepreneurs facilitates them to retain existing
customers and attract new one to attain objectives of sustainability. Business offerings are
provided as per the preferences of people and also fulfil their needs of the particular commodity
by adding more value that attract customers.
New and innovative products and services plays important role in business growth and
success through providing products to customers that satisfy them through fulfilling their
expectations. An entrepreneur is the one who enter in the market and have various questions and
gained learning through deal with various issues and problems that are raised in competitive
business environment (Wiener, Gattringer and Strehl, 2018). Therefore, it is clear that the
entrepreneurs learn lot of things while developing their organisation and this process going on as
the change is continuous in nature that imply the nature of environment which is dynamic.
At the time of taking entry in the market, it is a very common mistake that an entrepreneur
takes various decisions with out things and taking any advise from experts or experienced people
that impacts overall performance of business in market place. It is the thing that increases
negative impacts on business which are operating in market and know each and everything about
the market as it is not flexible and dynamic in nature. Entering in the market as well as utilising
business resources in proper manner in the difficult task for business. Along with this, an
entrepreneur also need to be patient as well as adopt the attitude of learning and understanding

things to perform in batter manner in different condition. Therefore, in starting phrase,
entrepreneur seek various market factors and adopt the aspect of innovation to gain competitive
advantages. Focus over the products and services: Staying focused over the required things and
correct way to gain determined objectives in efficient manner. Second essential factor
which is essential for the learning is to keep things and utilise them in the process of
producing products and services. Multitasking is the skills that is required to being in an
entrepreneur at the time of preparing and managing the business (Lubberink and et. al.,
2019). While performing task and competing basic schedule for daily the survival, I is
required from entrepreneur that he should have effective concentration and control
overall direction considering the particular things. This strategy leads to provide proper
specialisation and expertise to the entrepreneurs considering the concentrated area that
enable them to enhance overall quality of organisational products and services.
 Patience: In the multiple experience and overall learning, most essential factor is
Patience, for the purpose of attaining success at the starting point of venture launch it is
considered as the myth as an unachievable aspiration. Business need its proper resources
and time for the overall development considering the presence in market. While
introducing and launching the enterprise, the entrepreneurs creates various changes in
their business plan and execute the plan after conducting proper market research.
Entrepreneur launch various new and innovative products as well as services in market
for attracting customers and maintaining competitive positioning than other competitors.
Customers are considered as the priority of the company by undertaking the separate type of
offerings with the unique and creative service portfolio. Entrepreneur is the person who
launches their products and also adopt various stages of market research for the purpose of
understanding customers needs, demands, preferences and their requirements. In the first stage of
launching new and innovative product in market, market research and analysis plays important
role in providing products to customers according to their requirements in order to fulfil their
needs and demands. It facilitates business venture to attain success and retaining customers in
market for longer period of time.
There are various things as well as questions that are considered by the organisation and
entrepreneur in order to make effective visions for the market area in which they are planning to

launch their products and services. The questions like what are the liking and dislikes of users
regarding the offerings? What consumers would like to accept faster? What are the features
that are important for better customer experience . What are those aspects which leads to
offend consumer or annoy them by going through the brand? As these are questions which an
entrepreneur needs to know before entering into the new market. Making customers on the
priority is the common factor on which business concentrates to retain customers and attain
determined goals and objectives properly. There are various social trends that facilitates business
to understand customers needs and identify potential buyers in market to gain various
opportunities than other competitors.
TASK 3 – THE CONCEPT PLAN
Introduction – Business Concept and Opportunities
Business is the concept that is involves in producing various product and services and
provide them to customers that have value for them. It is defined as the idea that contains various
information about various products and service which business serves in market to targeted
customers, USPs, target market place and customers that provides various benefits and
advantages to business to gain sustainable competitive advantages than other competitors.
Proper business concept facilitates to launch products in market. Here, this concept is devised
and also incorporate into the business plan is defined as the written document that consist data
and information about business course of actions and strategies that are important to survive in
market place.. For the new businesses, it is essential to create appropriate business that guide
business to perform all defined functions in best possible manner.
Innovative business facilitates entrepreneur to differentiate business entity from other
competitors, It should be unique as well as distinct way that are adopted by business to explore
things to enter in targeted market place and present products that satisfied customers needs and
demands. There is a specific business idea is presented that is related to launching bakery shop in
particular market place. It provides various products to customers in market such as cakes,
cookies, breads, pastries and other concerning items of different flavour. It is unique in nature
because it provides bakery products to customers that are prepared with traditional methods and
techniques. In current competitive business environment, it is essential for business to bring

creativity and innovation in business offering that are going to be served to potential buyers in
specific market place.
Objectives
The main objective of launching new bakery shop in market is to provides products to
customers that are made by traditional method. These products have value alive and also flourish
them in the market area for the future generation in order to acquire all the knowledge regarding
the past legacy and rituals. The objective of bakery is to develop the market and least earning of
5% revenue of business through reducing business expenses and cost.
Market Research
Market research is considered as the important factor which is being required to be
conducted before entering into the market and also establish their ventures effectively. The main
objective of conducting research in market is to find out regarding the feasibility of company and
their overall offerings. The market research is conducted in two ways either by primary sources
or by secondary sources. In terms of conducting the feasibility study for the bakery shop
secondary market research is useful as the secondary method of data collection is already exist
in market place that is part of external business environment. The researchers and entrepreneurs
also need to collect the relevant data and also sort things out in the most specific and effective
manner considering the information to reach towards the most constructive manner and also
provide effective evidences. By this, the researcher or entrepreneur tend to gain the higher and
detailed knowledge and understanding about what exactly people are missing in terms of the
bakery products and what is expected from them in regarding innovation and creativity.
Target Market/Customers
The effective marketing technique is also termed as STP that represent Segmentation, Targeting,
Positioning which is the most appropriate method in order to set effective target and also
identifies the concerning customer base. The model has three components which are discussed
as:  Segmentation: It is the initial factor in which whole market and population are classified
in various small groups in the bases of their similarities that helps in the next step of
targeting in terms of framing the audiences who fall under the category of the products
and services of the company. The process of segmentation is divided in various types and

the entrepreneur of bakery shop tends to use Psycho graphic Market Segmentation
method by considering the interest of people into the consideration. Targeting: It is the next step of STP tool in which specific segmented market groups are
targeted by the organisation for representing the overall offerings of the concerning
products and services. Targeting is concerned on focusing towards the potential set of
buyers. In the context of bakery shop, business targeting the buyers who are missing out
traditionally prepared bakery products in their bakery products regarding all the effective
and fancy commodities which are available in the market with modern techniques and
taste.
 Positioning: Positioning is the process in which company tends to make proper efforts
for effectively entering in market by developing the attraction towards particular aspects
and respectively for those individuals who are their potential buyers and general public as
well. This factor is quite critical for the new venture or the organisation as well as
through the concerning products Bakery shop will get their overall presence in the
market. There are various marketing tools are used by the business such as social media
and printed advertisements are the most effective source for having the proper positioning
in terms of reaching towards the local people and vast crowd.
Marketing
Marketing is the important factor of the business plan considering the promotion factor as
here the advertisements, informational sources and promotions both are considered as the
marketing tools where company opt the concerning information regarding the suitable products
and services. Marketing is the important factor for the businesses in present time and the whole
business world. Therefore, the Omni-channel marketing is most effective marketing technique
which is facilitates Bakery shop to spread awareness in market place. This is the popular concept
of marketing that is productive in nature. Omni-channel marketing is the platform that facilitates
business organisation to promote its products and services through both physical as well as
virtual marketing as it tends consider the overall coverage of both the audiences for the firm.
There are various number of tools are used by the organisation that plays most significant for the
bakery shop include social media, print media and digital marketing. Further, the social media
platforms like, Facebook, Instagram, twitter and so on in which the entrepreneur tends to develop
social account of bakery shop by which they can share the number of posts and diversified

information that can be shared to the end users. Here, the posters and the advertisements are
considered as the print media tool that can be used to attract potential number of people to reach
old people who are considering traditional methods in their lives as well.
Human Resource
Within the respective company, there are number of human resources who tends to consider
there functioning of smoothing running of business organisations like labour and suppliers,
distributors, workforce and so on. It is important for the company to have skilled or competent
workforce in terms of performing their task effectively in an effective manner. They also need to
focus over offering suitable training to their workforce regarding the innovative technology for
performing their work in an effective manner. In regard of this, the distributors are the main
focus of the company in which they lead to provide the qualitative products which are useful for
company for providing better and effective services to customers. The suppliers also need to
focus over offering qualitative products and services to their users to satisfy them during the
specific period of time. It leads to enhance the profit margin and overall growth for the future
period of time.
Operations (The Business Model Canvas)
Business canvas model is undertaken as the strategic concept that is useful in terms of enhancing
the innovation or suitable documentation that are available for the organisation. It is undertaken
as the effective chart which is useful for the company to identify the value proposition of the
products, financials and customers. In terms of the opted company, they tend to consider the
business canvas model which is discussed as underneath:
Key Partners:
 Technolo
gical
associates
 Legal and
administra
tive
partner
Key Activities:
 Consumer
administra
tion
services
 Provide
helps to
their
concernin
Value
Proposition:
 Interact
effectively
with the
customers
and sellers
as well
 Consider
Customer
Relationships:
 Interactio
n through
social
media
 Provide
support
24/7 to its
Customer
Segments:
 Segment
the
potential
customers
on the
grounds
of

g
consumer
s
 Promote
and
manage
advertise
ment
economic
and
effective
manner in
terms of
offering
concerning
products
and
services
user in an
effective
manner
income,
education,
age,
lifestyle,
taste and
so on
Key Resources:
 Sales and
marketing
departmen
t
Channels:
 Effective
use of
mobile
applicatio
n and
websites
for the
promotion
and attract
number of
audience
 Adopt
online as
well as
offline
applicatio
n
Cost Structure:
 Cost of technology
 Cost of advertisement and operations
Revenue Streams:
 By associated advertisement method
 Registration fee

Legal Issues
Legal issues are considered as the most important issue that come at the time of starting of new
business venture that leads to impact the overall organisational structure at the depth level. In
terms of the respective company, the legal issues that occur at the time of starting the new
business venture like shortage of funds, taxation and so on. The new business ventures are
always ready to be aware regarding the different taxes considering the different government and
state. For this, the legal issues of taxation lead towards the massive issue if not considered at the
time of commencement of business. Hence, there are several legal issues that are considered by
the business organisation for the smooth running of company in the future period of time. While
facing the legal issues like taxation, it is important for the company to provide detailed
information regarding their business to the government agents undertaking their liabilities so that
no issues will occur in the future period of time.
Financials

Exit Strategy
Within the business sector there is no organisation that will last for the longer period of time as
the exit strategy is used at the time of recovering the loss and also depict the need to wind up
things considering all the operations and functions of business. Here, the acquisition and merger
is being considered as the most important that exist in present time which is important and used
by most of the firms. The reason is for the effective use of strategy which is used by company in
order to get benefit from both the merger and acquisition as well. Further, no expenses have to be
carried out in order to bind the company and it is also important for the firm to opt effective
strategy so that they are able to wind up the company in an effective manner.
CONCLUSION
From the preceding discussion, it has been summarised that the innovation and creativity develop
the demand in order to bring the entrepreneurship within the market. Creativity is identified as
the beginning level of innovation as the social entrepreneurship is the concept where an
individual takes willingness to contribute in terms of resolving the issues pertaining within the
society. effective listening, generating employment, exploiting the changes as the new

opportunity are required as the key motivations that leads to impact the development of social
enterprise. Here, the respective company undertake brainstorming in certain limits by
considering the business concept, objective of the venture, market research, human resources and
so on.

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