Report on Entrepreneurship and Innovation

Added on - 21 Apr 2020

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Running head: ENTREPRENEURSHIP & INNOVATIONEntrepreneurship and Innovation[Cocofina]Name of the student:Name of the university:Author note:
1ENTREPRENEURSHIP & INNOVATIONExecutive summary-The study is aimed at highlighting the few core characteristics that are common to most of theentrepreneurs on this earth. The study has tried to prove the importance of entrepreneurshipwith the help of Cocofina, which has started the very first of its business kind in the UK. Thefounder of Cocofina Jacob is an entrepreneur. The study explains some important traits that anentrepreneur posses. The paper also recommends the few important strategies for Jacob toconsider. Such strategies will indeed help Jacob to expand his business expertise.
2ENTREPRENEURSHIP & INNOVATIONTable of ContentsIntroduction-.................................................................................................................................3Analysis of the environment-........................................................................................................3Micro environment analysis-.....................................................................................................3Macro environment analysis-...................................................................................................5Critical evaluation of entrepreneurship & innovation-...................................................................8Recommendations-....................................................................................................................11Conclusion-................................................................................................................................12References-...............................................................................................................................13Reflective account-....................................................................................................................15
3ENTREPRENEURSHIP & INNOVATIONIntroduction-Entrepreneurship and innovation are two different terms with different meanings as well;however, both the terms when they get combined produce some rare happenings on this earth.Entrepreneurs require some innovative thoughts when they think of starting a business. Onlythose businesses that have been produced by the collective efforts of entrepreneurship andinnovation succeed only (Onettiet al.2012). This particular assignment is aimed at highlightingone of such entrepreneurs Cocofina that came into existence in the year 2005. The concept wasunique and innovative as well. The start of the business is itself very uncommon and interesting.The paper provides an analysis of the business with the help of suitable business concepts. Theaimof Cocofina is “To provide yummy and healthy coconut goodies to the global people”. Theirobjectivesare “To select the supreme coconuts for their customers, to provide an utter taste tothem and to contribute to the communities that they belong to”.Analysis of the environment-Microenvironment analysis-CompetitorsThere are ample number ofcompetitors; however, Vita Coco isprobably the potential competitor(Vitacoco.com 2017)Cocofina offers varied kinds ofproducts made from coconut water, afeat that has remained unchallengedby others (Experts 2017)Organization itselfCocofina is one of the very fewcompanies on this earth that hasshown resilience to any challenges(Sower and rarr 2017)It just started with an incident that tookplace while the founder of thecompany Jacob Thundil was on abeach in Brazil (Sower and rarr 2017)Jacob’s love for coconut was thedecisive factor behind the concept(Sower and rarr 2017)At every stage after the startup Jacobdid produce the role of anentrepreneur. Such as when the firstresponse to the product was negativemainly because of the salty taste ofKerala based coconut. Jacob didchange the resource and selected to
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