Entrepreneurship, Innovation and Start-ups

This report discusses entrepreneurship in the context of Eagle Boys, the famous pizza shop in Australia. It covers theoretical concepts, qualities of successful entrepreneurship, and the role of innovation in business success. The report concludes with recommendations for Eagle Boys to stay competitive in the market.

Running head: ENTREPRENEURSHIP, INNOVATION AND START-UPS
Entrepreneurship, Innovation and Start-ups
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1ENTREPRENEURSHIP, INNOVATION AND START-UPS
Executive Summary
This report focused on the in-depth discussion of entrepreneurship in the context of Eagle Boys-
the famous pizza shop in Australia. Entrepreneurship is regarded as the process of running
independent business. In the entrepreneurial venture, the entrepreneurs hold the responsibility of
taking risk and enjoy the achievements, Innovation is the major factor in running own business
venture in a creativity. It is the prime responsibility of the entrepreneurs to explore the value of
resources. This is the node of running business in a cost effective manner. The staffs must be
encouraged to think in innovative way and apply them in the working process for the sake of
promoting speed in business and thus secure a strong position in the market.

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Table of Contents
Introduction:....................................................................................................................................3
Task 1:.............................................................................................................................................3
Significant theoretical concepts regarding the issue:...................................................................3
Task 2:.............................................................................................................................................5
Knowledge and qualities of entrepreneurship and their impact on the success of business:.......5
Task 3:.............................................................................................................................................6
Role of entrepreneurship and innovation on success of business:...............................................6
Conclusion and recommendation:...................................................................................................7
Reference List:.................................................................................................................................8

3ENTREPRENEURSHIP, INNOVATION AND START-UPS
Introduction:
Entrepreneurship is defined as the process of running an independent business venture by
taking both the liabilities and financial benefit. In the contemporary times, entrepreneurship is
playing a major role in promoting economic development in both national and international
context. Innovation is the key aspect of entrepreneurship, which supports in running the business
in a creative way and thus attain competitive advantage (Drucker, 2014). Present paper intends to
make in-depth discussion regarding entrepreneurship. A case of Eagle Boys Pizza, Australia will
be discussed. Issues along with the theoretical frameworks of the issue will be discussed. The
skill and attributes of entrepreneurs and its impact on the success of business will be assessed.
The paper will also highlight the significance of innovation and entrepreneurship.
Task 1:
Significant theoretical concepts regarding the issue:
Entrepreneurship is considered as the activity of setting up independent business venture
by taking own liabilities. McLuskie (2017) commented that as the uncertainty in the market is
rapidly increasing, running own business venture has become the matter of utmost importance
for attaining competitive advantage. As per the case study, Eagle Boys- the famous pizza shop is
one of the major entrepreneurial ventures in Australia, playing a major role in the economic
development of the nation. Consistent effort towards research and development is one of the
major aspects of the company, through which, they have secured a strong position in the market.
According to the Resource Based Theory of Entrepreneurship, it is the prime responsibility of
the successful entrepreneurs to explore the value of resources, which can have a firm impact on
running own business in a cost effective manner. Malecki & Spigel (2017) both tangible and

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intangible resources play a significant role in attaining competitive advantage, which is the key
of strengthening the position of a company in the intense competitive market. The CEO along
with the higher authority of Eagle Boys are extremely committed towards exploring valuable
resources such as research and development, innovation, lucrative branding and align them for
the success of business (Bhagavatula, Mudambi & Murmann, 2017).
Appropriate branding is one of the most significant component for improving the public
image of a company. According to the Aaker’s model, brand equity is one of the major factors in
to generate attraction among the customers.
Figure 1: Aaker’s Brand Equity Model
(Source: Cañeque & Hart, 2017)
There are five different factors such as brand loyalty, brand awareness, perceived quality,
brand association and other significant properties. Brand loyalty can be considered as the extent
to which the customers are loyal to certain brand. Brand awareness is considered as the degree
to, which the customers are knowledgeable regarding a certain brand. With the assistance of
unique brand management approach, Eagle Boys has become able to strengthen their image
among the customers which is the key of sating aside from the competitor (Spigel & Harrison,

5ENTREPRENEURSHIP, INNOVATION AND START-UPS
2018). Therefore, Eagle Boys is being considered as one of the most trusted brands in Australia.
Task 2:
Knowledge and qualities of entrepreneurship and their impact on the success of
business:
Creativity and innovation are one of the most significant for successful entrepreneurship,
which support in attaining success from business. There are multiple qualities that are highly
required for running a business venture with utmost efficiency. Strong optimism is the greatest
skill of successful entrepreneur, which supports in facing the challenges which is the key of
attaining innovation. Effective leadership skill is also a great factor in running a business venture
towards appropriate direction (Parker, 2018). A firm vision has served the CEO of Pizza Boys
with the ability to secure a strong position in the hardcore competitive market of Australia. As in
the entrepreneurial venture, the employees are being controlled independently, it is imperative to
introduce certain motivational factors, in terms of increasing the degree of commitment among
them. Creative thinking is one of the most significant skills of successful entrepreneurial venture
(Hardy & Maguire, 2017). This is the way, through which variety of practices can be assessed
appropriately in order to come to an innovative ideas and apply them in the business process for
attaining success (Kazanjian, Drazin & Glynn, 2017). Consistent research and development and
excellent branding are the major creativity of Eagle Boys, through which thy have become the
greatest brand throughout Australia.
Setting attainable goal is also a vital quality of successful entrepreneurs. It is imperative
to set goal in accordance with the inner skills and competencies. Identification of strengths and

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weaknesses also helps in designing the business plan in an effective manner. Appropriate
planning and organizing is another key quality of successful entrepreneurship (Meyer, Neck &
Meeks 2017). It is imperative to design the business plan and arrange the variables in accordance
with the predetermined goals. This can have a firm impact on running the business in a
consistent and cost-effective manner. Making timely decision based on the issues is another
major quality of successful entrepreneurs.
Task 3:
Role of entrepreneurship and innovation on success of business:
Passion of integrating innovative ideas into products and services is the greatest skills of
successful entrepreneurs. This is the way, through which critical business related issues can also
be solved. Innovation is one of the greatest way of facing challenges and make strong business
plan for the sake of mitigating those challenges (Eckhardt, Ciuchta & Carpente 2018). Increasing
workplace productivity is the biggest advantages of integrating innovation in the business
process. This is the mode of allowing the staffs to think in a creative manner and thereby explore
new working process. This acts as a motivational factor for the employees to boost their
performance level. Eagle Boys is extremely committed towards integrating innovation in their
working process (Bhachu, 2017). The company is consistently putting stress to come up with the
new way of working. They have introduced two- tiered pizza delivery box with the intention of
placing two pizzas into one box.
Creativity is the critical factor in staying aside from the hardcore competitors. With the
assistance of effective innovation, the great qualities of business can also be showcased. Eagle

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Boys is using recycled papers in the pizza boxes for the sake of running business in an
environmental friendly manner (Cooper, 2017).
Conclusion and recommendation:
Based on the discussion, it can be concluded by saying that, innovation is the key aspect
of operating an entrepreneurial venture with utmost proficiency. Branding is the major factor for
staying aside from the hardcore competitors in the market. This is the mode if strengthening the
public image of a company. Successful entrepreneurs must possess strong leadership skill, with
the assistance of which, they can be able to motivate the human resources and thereby lead them
towards appropriate direction. Comprehensive stress on the area of research and development
helps in improving the quality of products and services and thereby generate attraction among
the customers.
However, as the competition in the Australian Food and Beverage Industry is rapidly increasing,
Eagle Boys should incorporate a certain system in their business process. A strong system plays
a significant role in running the business in a profitable manner. In the era of drastic
development of technology, it is recommended for Eagle Boys to ensure strong presence in the
social media, which is the key of attracting a potential base of customers. As intellectual property
is the greatest aspect of business, it must be protected through unique logo and trademark.
Effective business plan is one of the key factor in running the entrepreneurial venture
appropriately. The predetermined goals, strengths as well as weaknesses must be incorporated
within the business plan. In addition, strategy must also be undertaken for overcoming the
weaknesses and thereby run the own entrepreneurial venture successfully.

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Reference List:
Bhachu, P. (2017). Immigration and entrepreneurship: culture, capital, and ethnic networks.
Routledge.
Bhagavatula, S., Mudambi, R., & Murmann, J. P. (2017). Management and organization review
special issue ‘The innovation and entrepreneurship ecosystem in India’. Management and
Organization Review, 13(1), 209-212.
Cañeque, F. C., & Hart, S. L. (Eds.). (2017). Base of the Pyramid 3.0: Sustainable development
through innovation and entrepreneurship. Routledge.
Cooper, A. C. (2017). Networks, alliances, and entrepreneurship. Strategic Entrepreneurship:
creating a new mindset, 201-222.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
Eckhardt, J. T., Ciuchta, M. P., & Carpenter, M. (2018). Open innovation, information, and
entrepreneurship within platform ecosystems. Strategic Entrepreneurship Journal, 12(3),
369-391.
Hardy, C., & Maguire, S. (2017). Institutional entrepreneurship and change in fields. Sage
Publications.
Kazanjian, R. K., Drazin, R., & Glynn, M. A. (2017). Implementing strategies for corporate
entrepreneurship: A knowledge‐based perspective. Strategic entrepreneurship: Creating
a new mindset, 8(2), 173-199.
Malecki, E. J., & Spigel, B. (2017). Innovation and entrepreneurship. Elgar companion to
innovation and knowledge creation, 625-637.
McLuskie, P. (2017). Innovation and Entrepreneurship. International Journal of Entrepreneurial
Behavior & Research, 23(1), 159-162.

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Meyer, G. D., Neck, H. M., & Meeks, M. D. (2017). The entrepreneurship‐strategic management
interface. Strategic entrepreneurship: Creating a new mindset, 17-44.
Parker, S. C. (2018). The economics of entrepreneurship. Cambridge University Press.
Spigel, B., & Harrison, R. (2018). Toward a process theory of entrepreneurial ecosystems.
Strategic Entrepreneurship Journal, 12(1), 151-168.