Managing Entrepreneurship Innovation & Creativity Report

This report discusses the importance of creativity and innovation in an organization and how it can help in finding new ways of doing tasks. It also provides insights on entrepreneurship, market research, target market, marketing, and more. The report includes a story of an entrepreneur, an idea/theme, and a business plan. The business plan is about opening a restaurant that provides both modern and traditional cuisines and designated dining facility to the local people.

Managing
entrepreneurship,
innovation & creativity.

Executive summary.
Innovation and creativity is one of the major source of growth in an organisation. Involving
creativity and innovation in a business can be a risky step but if involved correctly then it can
provide success to the company. It helps the company in finding and applying new ways of
doing task and will also make sure that the company is working on their utmost efficiency and
effectiveness. It is important for the entrepreneurs to make sure that the resources of the
company are utilized to their fuller capacity. The entrepreneur have to build passion in
themselves in order to start a business of their choice. It requires a vision and skills to build up a
business and to compete in the market. In this report, a story of entrepreneur, a idea/theme and a
business plan is provided.

Table of Contents
Task 1: MY LIFE STORY...............................................................................................................4
Task 2 – Option 1 – IDEA/ CONCEPT...........................................................................................5
What are the lessons that we can learn by putting our ideas and concept in market place ?......5
TASK 3 – THE CONCEPT PLAN..................................................................................................8
Introduction – Business Concept and Opportunities...................................................................8
Objectives....................................................................................................................................8
Market Research..........................................................................................................................8
Target Market/Customers...........................................................................................................9
Marketing....................................................................................................................................9
Human Resource.......................................................................................................................10
Operations (The Business Model Canvas)................................................................................10
Legal Issues...............................................................................................................................11
Financials..................................................................................................................................11
Exit Strategy..............................................................................................................................12
Conclusion.....................................................................................................................................12
References......................................................................................................................................13

Task 1: MY LIFE STORY
Entrepreneur is the ultimate decision maker of an organisation. It is important for the
entrepreneur to be creative and ambitious in order to achieve the goals and objectives of an
organisation. Creativity and innovation in the processes of company can make it immensely
effective and efficient which will helps the company in lowering the cost and also in attaining
competitors advantage in the market (Grillo and et. al., 2018.). Thus, with the idea that I have in
my mind and my passion towards my idea, I want to open my own restaurant. I always wanted to
have a bakery shop of my own and wanted to manage according to my creativity and
management skills.
My inspiration and my support system is my father who helped me in creating my dream
idea in to an actual plan. He always helped me in my tasks and has always provided innovative
solutions to me. It is important for me to make sure that I find the best possible way to do a task
and when I couldn't get satisfied with my work I always like to have an opinion of my father and
discuss my opinion with him. In this way we always be able to find a best possible solutions. He
was the first one who supported me in my idea and helped me in planning thing accordingly. He
was my first teacher and always supported me in each and every phase of my life.
At an early age of 20, I have decided that I wanted to open a restaurant of my own and I
have attended Management school in order to gain a proper knowledge about the workings and
in order to develop my management skills. It is important to develop necessary skills before
entering into any new venture. My biggest fear was the fear of failure and in order to overcome
it, I have developed my self confidence and my research skills so that their is no scope of
mistake (Walker and Lloyd-Walker., 2019.). I have a passion and ambition towards this project
as it is my dream to open a restaurant of my own and to serve best quality as well as wide variety
of food to my customers. My restaurant will always provide modern dishes as well as traditional
dishes to the customers. Those who wants authentic tradition food will love our menu. Our
restaurant will also provide designated dining facility to the local people as it will not only help
us in fulfilling our social responsibility but will also make sure that diners are having one more
reason to choose our restaurant.
I know my social responsibility and I want to do something for the society which is the
reason why I want to provide a facility of designated dining. In my opinion it is important for all
the organisation to know their social responsibilities and in return to the resources of the society

used by the company, they must return benefits back to the society. By doing CSR activities the
company will also be able to attract more customers and by highlighting local cause the company
will be able to attract more support from customers.
Task 2 – Option 1 – IDEA/ CONCEPT
What are the lessons that we can learn by putting our ideas and concept in market place ?
Entrepreneurship is starting a new business and working hard in order to make it a
success. It is a process of designing, introducing and running a business which can provide
financial benefit to the business and its owner. It is important for the owner to make sure that
they are running according to the strategies so that they will be able to survive in the market
(Harrison and et. al., 2018.). It includes profits as well as risks. Significant portion of start-ups or
businesses will get closed due to lack of funds or losses so it is important for the entrepreneur to
make sure that their business is working properly and is able to survive. Innovation is an
important tool for entrepreneurs as it helps them in finding the best possible processes for their
products and will make sure that the products of the organization are lower in cast and are high
in quality. On the other hand, Creativity refers to finding new ideas which can help the company
in becoming more efficient and effective and will help the company in finding ideas which is out
of the box. It is important for the company to include creativity in their business as it will help
the company in satisfying customers and will add value to the products of the company.
It is significant for the company to make sure that they are working according to the
market and the taste and preferences of the customers as the markets are highly dynamic and
changes continuously which can have a severe impact on the workings of the company if the
company is unable to cope with those changes. Continuous analysis will make sure that the
business is in the right direction and is moving according to the market and its trends. Market has
a wide scope for creative and innovative products. People always looks for new products which
can satisfy their needs and wants in the best possible way and if the company is providing value
to the customers with their products and services then the company will be able to achieve
success in the market.
Innovation plays a major role in helping the company in obtaining competitors advantage
in the market (Imran and et. al., 2018.). It is important for the company to make sure that their
products are different from the products of competitors and the processes of the company are

also different from the processes of the competitors as only in that case the company will be able
to achieve higher margins of profits and will be able to provide products at affordable prices.
This will also help the company in attaining a bigger market share in the industry.
Bringing new concept in the market can be a mix of success as well as failure. No
innovation can be a complete success or a complete failure. Their are some aspects of the idea
which can bring success to the company whereas there are some ideas which can bring failure so
it is important for the innovator to take notes and try to change aspects which are not working for
the company and enhance the aspects which are working in favour of the company. The process
of innovation and creativity can be challenging but can also highly rewarding for the company.
There are few things that are needed to be kept in mind if the entrepreneur wants to bring a new
concept in the market.
Focus on the problem: It is important for the businesses to focus on the problem first. It
will help the company in solving the problems first (Bürger and Volkmann., 2020.). It is
important for the company to make sure that the problems of the company are handled
effectively and efficiently so that they can incorporate new innovation in their processes.
Focus on target marketplace: It is important for the entrepreneur to make sure that they
re focussing on their targeted market segment and are working according to the taste and
preferences of that market segment otherwise the innovation of the company will not be able to
attract any new customers for the company as the changes are not what the customers wants and
will not add any value to the products of the company.
Focus on internal factors as well: Sometimes the products of the company is not the
only thing which needs innovation, it can be the internal management of the company which are
hindering the growth of the company. It is important for the company to analyse the problems of
the company effectively so that solutions can be provided to that factors. In order to identify this,
the company may start to offer smaller version of their products and should see the reaction of
people towards the product. If the products is able to attract customers for the company then
innovation is required in the internal management of the company otherwise external factors
should be taken into consideration.
Information about competition: It is important for the company to be updated about the
workings of their competitors. It will help the company in analysing the strategies that are
adopted by the competitors and will also help the company in attaining competitors advantage in

the market (Zgheib., 2018.). The competition analysis will keep the company updated about the
taste and preferences of the market and will also make sure that company is working according
to the trends of the market.
Keep efforts consistent towards customers: It is important for the company to make
sure that their efforts are consistent and the customers are updated in regards to the products and
services of the company. It is important for the company to continuously reach out to the
customers and to make sure that the customers of the company are not having any
misunderstanding about the products or offerings of the company. When the company puts their
consistent efforts in the company then only the company will be able to attract potential
customers and will be able to retain the customers of the company.

TASK 3 – THE CONCEPT PLAN
Introduction – Business Concept and Opportunities
A business idea is a pathway for an entrepreneur to enter into the industry. It is important
for the enterprise to make strategies before entering into the market as it will help in handling the
situations of the company (Shahab and et. al., 2019.). Every aspect of the industry is new for a
businessman when they enter into a market and it is important for the entrepreneur to handle the
situation with utmost efficiency as the resources available is also very limited for the company.
The business idea is pretty simple to introduce a Restaurant in the market. The food of the
restaurant will have the essence of both modern and traditional cuisines. The business will also
provide the facility of designated dining which will help the company in contributing to the
society and will also help in attracting large number of customers.
Objectives
The main objective of opening a new restaurant in the market is to provide an authentic
taste of traditional cuisines to the customers. Also the company will provide best in class services
as well as food to the customers of the company. The company will provide benefits to the
society and also wants to achieve at least earning of 6% over their revenues after the deduction
of all expenses and costs.
Market Research
Market research is an essential activity that is needed to be done by the company before
entering in to any new market in order to analyse the strengths and weaknesses of the market. It
will also help the company in gaining knowledge about the taste and preferences of the target
market and will provide information about the competitors and their strategies (Scott and et. al.,
2018.). There are two methods through which the company can conduct market research which is
primary and secondary. The company may use primary market research method but it will be
time consuming and will include high cost so in order to do feasibility study, the company may
choose secondary research method. Secondary research does not involve high cost and will also
help the company in getting in depth knowledge about the market and the expectations of the
customers from the company.

Target Market/Customers
It is marketing tool that helps the company in analysing the target market segment of the
company and the potential customers of the company. The tool consists of three factors which is
segmenting, targeting and positioning.
◦ Segmentation: it refers to dividing the markets of the company into different
segments. In case of restaurant, the company must divide their market on the basis of
traditional food lovers and modern food lovers (Héraud, Kerr and Burger-Helmchen.,
2019.). The company can also divide their market segment on the basis of designated
dining people.
◦ Targeting: It is important for the company to make sure that they are attracting right
audience for their business. In case of restaurant, the company must attract foodie
people who are willing to try new food and new taste.
◦ Positioning: It refers to the step where the company is needed to analyse the position
of the product of company so that they can target the valuable market segment for the
company. In case of restaurant, the company must use social media uin order to reach
to the desired market segment.
Marketing
Marketing and promotion is one of the most essential factor of a business plan. It is
crucial for the company to make sure that they are marketing their offerings effectively and
efficiently. Marketing will help the company in reaching to a wider audience and will also make
sure that the company is able to attract potential customers of the company through effective
marketing campaigns (Hamdi-Kidar and Vellera., 2018.). In order to survive in today's world it
is essential for the companies to make sure that they are doing impressive promotion of their
products. In context to the restaurant, Omni channel marketing can be a better suggestion or a
tool as it covers both virtual and physical areas of marketing. Digital marketing as well as
newspaper advertisements can be the best possible options for the company. It has a wider reach
and will be able to attract customers who are in neighbourhood and will be able to reach to old
people as well as youth.
Human Resource
Human resource is one of the major resource for the organization. It helps the company in
getting innovative and will also help in providing creative solutions to the problems of the

company. Every company requires skilled and competent employees so that they will be able to
perform the tasks of the company effectively and efficiently (Gasparin and et. al., 2021.). It is
crucial for the company to make sure that the workforce of the company is capable of providing
best in class products to the customers of the company. It is also important for the company to
provide appropriate training to the workers of the company as it will help the worker in
increasing their productivity. The main focus of the company must be on reducing the employee
turnover ratio and it is only possible if the workers of the company are having job satisfaction.
Reduction in the employee turnover ratio will help the company in saving cost which will
otherwise have to be bear by the company as selection and recruitment and training cost.
Operations (The Business Model Canvas)
Key Partners:
Logistics partner.
Investors
Financial
partners.
Legal partners.
Key Activities:
Serving the best
quality food in
the minimum
time possible.
Value
Proposition:
Quality food
Variety in cuisines
Designated dining
Affordable prices
Customer
Relationships:
Customer care
services, Loyalty
points, fast
services.
Customer
Segments:
Tourists.
Employees of
neighbourhood
offices.
Students.
People who love
authentic
traditional food.
Key Resources:
Kitchen chefs,
service staff,
marketing team.
Channels:
social media
platforms and
newspaper
advertisements.
References.
Cost Structure:
Cost of recruitment and training(Harlow and
Chadha., 2019.)
Cost of marketing and promotion
Revenue Streams:
Investments.
Sales.
Legal Issues
Legal issues are one of the most important issues that are needed to be taken into
consideration by the company in order to ensure smooth workings of the company. These are the

rules and regulations that are imposed by the government in order to protect the consumers rights
as well as to promote fair trade in the industry (Hsieh and Wu., 2019.). It is important for the
company to make sure that they are complying with all the rules and regulations of the
government. In case of restaurant, it is important for the company to keep a close check on the
food safety regulations and keep their employees aware about the new rules so that the company
will be able to avoid any mistakes. The taxation laws must be followed by the company properly
so that the company will be able to avoid any penalty or punishment afterwards.
Financials
The finance department of the company will make sure that the company is allocating
their funds in correct tasks and the funds of the company are being utilized effectively and
efficiently. (Schaltegger and et. al., 2018.)

Exit Strategy
It refers to a situation where company is in a complete loss and the owners are thinking
about winding up the business in order to avoid any further losses. Because of the fact that a
company will only be able to survive for a certain period of time, it is important for the company
to plan their exit strategy so that they can exit the market in the best possible way (Hwang, Choi
and Shin., 2020.). In case of restaurant, the best possible exit strategy is merger or acquisition as
it will make sure that the company is able to recover the cost and new management may turn the
losses of the company in to profits. The company invests high amounts in the interior and
ambience of the restaurants and by selling it the company will not be able to recover the cost
invested but with the help of merger or acquisition the investments of the company will not go in
waste. It will help the company in recovering at least some cost and the change in management
will provide new hope to the restaurant.
Conclusion
From the above report it is concluded that in order to introduce a new concept in the
market it is important for the company to make sure that they are working effectively and
efficiently and will also make sure that the company is having a proper business plan in order to
ensure that the company will be able to handle the situations of new market. The dynamic
conditions in the market will create situations for the company which are needed to be handled
by the company effectively and efficiently so that the company will be able to survive in the
market.

References
Books and Journals
Bürger, T. and Volkmann, C., 2020. Mapping and thematic analysis of cultural entrepreneurship
research. International Journal of Entrepreneurship and Small Business, 40(2), pp.192-
229.
Gasparin and et. al., 2021. Business as unusual: A business model for social innovation. Journal
of Business Research, 125, pp.698-709.
Grillo and et. al., 2018. A knowledge-based innovation assessment system for small-and
medium-sized enterprises: Adding value with cognitive mapping and MCDA. Journal
of Knowledge Management.
Hamdi-Kidar, L. and Vellera, C., 2018. Triggers entrepreneurship among creative
consumers. Journal of business research, 92, pp.465-473.
Harlow, S. and Chadha, M., 2019. Indian entrepreneurial journalism: Building a typology of how
founders’ social identity shapes innovation and sustainability. Journalism studies, 20(6),
pp.891-910.
Harrison and et. al., 2018. Entrepreneurial leadership in a developing economy: a skill-based
analysis. Journal of Small Business and Enterprise Development.
Héraud, J.A., Kerr, F. and Burger-Helmchen, T., 2019. Creative management of complex
systems. John Wiley & Sons.
Hsieh, Y.J. and Wu, Y.J., 2019. Entrepreneurship through the platform strategy in the digital era:
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Hwang, W.S., Choi, H. and Shin, J., 2020. A mediating role of innovation capability between
entrepreneurial competencies and competitive advantage. Technology Analysis &
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Imran and et. al., 2018. Knowledge processes and firm performance: the mediating effect of
employee creativity. Journal of Organizational Change Management.
Schaltegger and et. al., 2018. Collaborative entrepreneurship for sustainability. Creating
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Entrepreneurial Venturing, 10(2), pp.131-152.
Scott and et. al., 2018. Educating entrepreneurs for wealth creation (pp. 1-13). Routledge.
Shahab and et. al., 2019. Entrepreneurial self-efficacy and intention: do entrepreneurial creativity
and education matter?. International Journal of Entrepreneurial Behavior & Research.
Walker, D. and Lloyd-Walker, B., 2019. The future of the management of projects in the
2030s. International Journal of Managing Projects in Business.
Zgheib, P., 2018. Multi-level framework of push-pull entrepreneurship: comparing American and
Lebanese women. International Journal of Entrepreneurial Behavior & Research.