Entrepreneurship and New Idea: MaskP Company

This report discusses entrepreneurship and a new idea for MaskP Company, providing a market gap analysis, SWOT analysis, and PESTLE analysis to evaluate its viability in the market. It also covers the sources of entrepreneurship and their pros and cons. The report concludes that the new business idea is viable and can help the company achieve growth in the competitive market.

Unit 27 Assessment

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................4
1. The sources of entrepreneurship and what are the pros and cons of each method..................4
2. Providing an entrepreneurial idea and supporting this with a market gap analysis.................5
3. SWOT analysis of the new idea...............................................................................................7
4. PESTLE analysis and is viability in the market......................................................................8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneurship is the systematic process of discovering and inventing new ways of
combining resource to meet desired goals. The present report will be based on entrepreneurship
and new idea that is MaskP company. The firm provides face masks to keep people safe as they
are more health conscious during COVID-19 and especially after Pandemic. The current study
will support this by applying various types of tools such as Drucker's 7, SWOT analysis to find
out weaknesses and strengths and also adopt opportunities to deal with threats. Furthermore, it
will discuss factors that can impact the company's business operations. By using these methods
and models, the firm will be able to identify how viable it will be in the competitive market.
1. The sources of entrepreneurship and what are the pros and cons of each method
New ideas of the business is totally depended on sources of entrepreneurship and before
implementing any new idea one must sure which business they want to get into. According to
Drucker the entrepreneur always searches for change, new things, responds to it and takes it
positively as an opportunity, It means to innovate to achieve success and progress.
Past experience- The new business idea is a feasible in nature and it is financially sound
and socially acceptable as people are more health conscious. If people have been experienced
something in the past, they have been professionally exposed to various other fields (Audretsch
and Moog, 2022). The new idea needs to figure out how does that help the company to choose a
good business to start.
Customers- for new business, it is essential to understand the requirement of customers
and their buying habits. New ideas and discovery come from reaction of customers so the firm is
going to build new product as per their convenience (Kraus, Breier and Dasí-Rodríguez, 2020).
Before implementing any new idea, firm must take care of needs and requirement plus demand
and also ensure that the new idea represents a large enough market in order to support a venture.
Changing trends and requirements of customers is the drawback of this method.
Research and development- This is the most famous source of new idea which must be
taken into consideration by entrepreneurs (Olanrewaju and et.al., 2020). By using this source,
one can research new ideas and develop successful new product line at private level. The
disadvantage of this method it is time consuming process.
Brainstorming- This is the most effective method for generating new product ideas
which is being used by many companies (Doern, Williams and Vorley, 2019). With the help of

this method, marketers stimulate creativity skills in order to meet goals and participate in team
work. They basically exchange quantity of ideas and make improvement in each other ideas. It
will encourage them to still product another new ideas and enhance each other strengths and
weaknesses. The major disadvantage of this method is some candidates are more quiet and don't
like to speak more in front of others and few of them are actively participated
2. Providing an entrepreneurial idea and supporting this with a market gap analysis
Since pandemic forced the world to start wearing masks when not at home, the company
have begun making and selling protective masks such as N95 masks.
Masks should be used by customers to provide adequate level of protection against
pandemic. The new business idea is going to target audience and encourage them to weak a mask
whenever they are outside especially in a public place. With the help of promotional activities
such as marketing campaigns and social media platforms such as Instagram, Facebook and you-
tube the firm can attract more customers.
Micknesy 7s framework
It is a tool used by company to analyse its organizational design to achieve desired goals.
The major purpose of this method is to depict how effectiveness can be achieved in the company
through various types of elements (Doern, Williams and Vorley, 2019). In addition to this, this
method lies in the interconnectedness of the elements that are classified into hard s and soft s

source: (Audretsch and Moog, 2022)
Strategy- It is a developed plan proper managed by the company to achieve sustained
competitive advantage in the market. MaskP company is going to focus on long term strategy
which helps them to achieve success and is reinforced by strong values, vision and mission. As
mentioned above the firm is going to encourage people to weak mask while going outside and
keep themselves safe. It adhered to cost leadership business strategy and encourage customers.
Structure- The company is going to follow flat organizational structure as it is a start up
company with relatively few or no level of middle management between the front line staff and
the executives (Audretsch and Moog, 2022). All staff is held accountable for their own roles and
responsibilities. The company's structure integrates segments such as CEO, human resources, top
management team, managers and few employees and workers. But the firm goal is to have as
little hierarchy as possible to manage things better.
Systems- The company is going to facilitate business with its systems it includes team
development, staff member recruitment and customer relationship management system. The
management team of the company critically evaluates each of these systems in a regular manner
with the objective and aim of improving efficiency and increasing performance. Hence, by this
they can easily achieve competitive advantages.

Shared values- it is the most important element in Mckinsey 7s model, shared values are
the standards, rules and regulations that guide staff members' behaviour (Gechkova and Kaleeva,
2020). It is important to follow all the rules and regulation in the company to run business
smoothly and enhance organizational culture.
Skills- the abilities that company's staff member's performance well while doing task and
completing projects is known as skills. The company is going to focus on developing various
types of skills among people as it is important to attract customers and professional development.
It involves communication skills, competences, capabilities etc.
Staff members- it is important for company to take care of its staff then only they can
achieve success. This element is concerned with how many staff member a company will need
and how they will be getting proper motivation programs, training and development sessions and
rewarded for their performance (Razmi, Mehrvar and Hassani, 2020). MaskP Company is going
to focus on cultivate staff talent and reward them for selling mask. They will also provide
incentives and benefits to encourage them towards work. In addition to this, the firm is going to
offer them promotional opportunities for exceptional performance and completing targets.
Style- it shows the way firm is managed by top-level team and managers plus how they
coordinated and interact. The staff members of the company share the vision of their leadership
and assist their staff with being comfortable with the organizational structure, culture and shared
values. Hence, it will help them to maximize performance.
3. SWOT analysis of the new idea
By having the SWOT analysis of the new business idea it will make the company to know
about its strengths, weaknesses, opportunities and threats which is described as below:
Strengths
The strengths of the new organization are
that this will helps them to have the good
market share in the market (Benzaghta and
et.al., 2021). The selling of the mask during
the COVID and after the happening of
pandemic makes the company to increase in
the size by manufacturing the quality of
products.
Weaknesses
The weakness of the organization is that
they used to sell the products at the lower
rate. By this it will affect the profitability of
the company and also affect the market size
(Vlados, 2019).
The weakness of the company used to suffer
the company in order to have the better
manufacturing of the products.

Opportunities
The company is having the opportunity to
sell its products at the higher rate when
there is need of the mask in the market.
They can manufacture the variety of design
in order to attract the customers (Hajizadeh,
2019). The opportunity the new business
has that they can earn at the time of lock-
down as well.
Threats
The company may face problem as after the
recovering of the COVID- 19 there will be
no more selling of the masks. As people not
prefer to wear the mask after the recovering
of the pandemic. The main threat for the
new business is that they must have the less
profitability by selling the products at the
lower rate.
4. PESTLE analysis and is viability in the market
The PESTLE analysis will help the new business of mask to know about the political,
economic, social, technological, legal and environmental factors that affect the business.
These factors are described as below:
Political factors
These are the factors that are
determined by the influence of
the government on the market.
As government may have
some policies which used to
affect the new business idea
and affect the market size. The
organization must focus on the
policies of the government and
must fulfil the needs before
and after entering in the new
market.
Economic factors
These are the factors which
used to determine the
economy’s performance that
directly affects the company
profitability. The company
profitability may affect by
having the inflation rates,
economic growth or by
increase in the interest rates in
the market (Christodoulou and
Cullinane, 2019). The rise in
the inflation rate will increase
the rate of the products and
have selling of the products.
Social factors
The social factors includes the
social environment of the
competitive market. It
includes the changes in the
demographics, cultural trends,
population analytics, etc. The
change in the design of the
products which may make the
company to produce the
trending masks for the people.
As people are more trending
nowadays so this will make
the company to produce the
new design of mask.
Technological factors
These factors used to
Legal factors
These factors include both the
Environmental factors
These factors used to

determine the new and
innovative methods that the
company can use in order to
have faster production in the
market. The new methods of
innovation may affects the
operations of the company in
order to produce the product
faster (Achinas and et.al.,
2019). By having the research
in the market the company can
bring the new machine which
helps them to have the faster
production of the products.
internal and external sides of
the company. There are the
various laws that used to
affect the profitability of the
new business. These laws and
policies make the new
business difficult in order to
survive in the market. The
company may affect from the
different laws which includes
the consumers laws, safety
standards, laws related to
labour etc. By considering the
laws it will be easy for the
company to survive by having
the new business.
determine all those factors that
has used to affect by the
surrounding environment.
This factor will help the
company to have more
production of the products as
the company is producing
mask which is very beneficial
for the people in the market.
As the happening of the
pandemic this the most
required thing in the market.
This new business is very viable as it will help the company to have growth in the
competitive market. As the organization used to provides face masks to keep people safe as they
are more health conscious during COVID-19 and especially after the happening of the pandemic.
This will have the company to have good financial position by selling the quality of products to
the customers. By producing the new and trending products will make the company to have the
good market share and size. This new and innovative business idea is going to target people in
the market and encourage them to wear a mask whenever they are outside especially in a public
places and in the large gatherings.

CONCLUSION
From the above study it is concluded about the various types of tools such as Drucker's 7,
SWOT analysis in order to find out weaknesses and strengths and also adopt opportunities to
deal with threats. Furthermore, it has evaluated about the factors that used to impact the
company's business operations. By using these methods and models, the firm will be able to
identify how viable it will be in the competitive market.

REFERENCES
Books and Journals
Achinas, S. and et.al., 2019. A PESTLE analysis of biofuels energy industry in
Europe. Sustainability. 11(21). p.5981.
Audretsch, D. B. and Moog, P., 2022. Democracy and entrepreneurship. Entrepreneurship
Theory and Practice. 46(2). pp.368-392.
Benzaghta, M. A. and et.al., 2021. SWOT analysis applications: An integrative literature
review. Journal of Global Business Insights. 6(1). pp.55-73.
Christodoulou, A. and Cullinane, K., 2019. Identifying the main opportunities and challenges
from the implementation of a port energy management system: A SWOT/PESTLE
analysis. Sustainability. 11(21). p.6046.
Doern, R., Williams, N. and Vorley, T., 2019. Special issue on entrepreneurship and crises:
business as usual? An introduction and review of the literature. Entrepreneurship &
Regional Development. 31(5-6). pp.400-412.
Gechkova, T. and Kaleeva, T., 2020. The mckinsey 7s model in the airport system
protection. KNOWLEDGE-International Journal. 42(5). pp.843-848.
Hajizadeh, Y., 2019. Machine learning in oil and gas; a SWOT analysis approach. Journal of
Petroleum Science and Engineering. 176. pp.661-663.
Kraus, S., Breier, M. and Dasí-Rodríguez, S., 2020. The art of crafting a systematic literature
review in entrepreneurship research. International Entrepreneurship and Management
Journal. 16(3). pp.1023-1042.
Olanrewaju, A. S. T. and et.al., 2020. Social media and entrepreneurship research: A literature
review. International Journal of Information Management. 50. pp.90-110.
Razmi, J., Mehrvar, M. and Hassani, A., 2020. An assessment model of McKinsey 7s model-
based framework for knowledge management maturity in agility promotion. Journal of
Information & Knowledge Management. 19(04). p.2050036.
Vlados, C., 2019. On a correlative and evolutionary SWOT analysis. Journal of Strategy and
Management.