(PDF) Fundamentals of Entrepreneurship Development

Entrepreneurship - context,
process and practice

Table of Contents
INTRODUCTION...........................................................................................................................1
Business Planning Process...............................................................................................................2
Ideation........................................................................................................................................2
The idea.......................................................................................................................................3
Business Planning.......................................................................................................................4
Entrepreneurial Development..........................................................................................................6
Ideas and Opportunities...............................................................................................................6
Resources....................................................................................................................................7
Into action....................................................................................................................................8
Moving Forward..............................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
Appendix A....................................................................................................................................11

INTRODUCTION
Entrepreneurship plays an effective role in every business and through this, a business
can reach to further level of success. In UK, there is a global competition in the world,
government has a strict policy which has to be adopted by every firm Kirzner, (2015). Apart
from this, the employment is also increases in every country. Therefore, instead of competing
with other competition group, the graduate students of the country wants to open their own
business that is based upon their own interest and skills which further helps to grab some other
future opportunities. Not only competition, even there is a rapid development of economy and
technology on global scale which further brings a lot of opportunities for an entrepreneurs. In the
same way I also get an opportunity to go through some important steps of entrepreneurship
which is further guided by entrepreneurship theory and practices.
Beside this, when I start this project, I had some knowledge regarding an entrepreneurs
means but I also faces difficulties in order to explain the differences between start up company
and entrepreneurs are, but this project is all about my own business idea and the business
planning process. I realised that starting own business is more beneficial rather than fighting in
this competitive world and as I wanted to develop my knowledge and skills related to how to
start up a new business with innovative concept along with the process of executing plan into a
market.
I realised that development as an entrepreneur is directly link to personality and their
characteristics such as resilience, innovative, risk taker etc. and these skills helps a person to
become successful entrepreneur. In the same way, this reflective essay is also focused on my
own business planning in which I will describe my own experience and what I have learnt In the
process of business planning and development as an entrepreneurial person. Thus, the entire
report shows my fundamental learning process. Thus, the report clearly reflect all the experience
of my business planning process with the idea of my new business and then evaluating own
personal development as an entrepreneur and then it also identifies how my feeling will change
at every stage and then I will move forward in order to demonstrate what are the actions which
will be taken after this business planning process.
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Business Planning Process
Ideation
Generating an idea is the first step of business planning process and I was not a
innovative person who posses a lot of ideas in mind. But on the other side, this stage stumped me
and undermined my confidence to rethink the concept of entrepreneurship. That is why I take
various approaches such as I used to talk with my friends, family and teachers. Or else, whenever
I have a free time I used to determine the market gap and analyze the needs of people, and even
always surfing on Internet in order to determine what is the latest technology development in a
market and how do I apply those into my entrepreneurial business.
Apart from this, during my lecture I learn the entrepreneurial theory i.e. Effectuation. It
has been state by Djuricic & Bootz, (2019) that a logic of entrepreneurial expertise, their
interactive process helps to create a new vision for the world. As per my view, though it would
be quite difficult to find out different opportunities in this dynamic market for a normal
individual but on the other side, it ill be more easy for an entrepreneur because they posses skills,
knowledge, social network and then creates a variety of opportunities which helps them to find
new way. In the same way, as an entrepreneur, I should also set my goals and grab all
opportunities that helps to lead me towards generating new business idea. After analyzing my
view point, I was able to clear my views and come with different ideas for my new
entrepreneurial business.
Before, adopting the effectuation technique into my idea generation, I do some research
on different entrepreneurial theories and noticed on Sociological theory. This is one of the
traditional theory and entrepreneurs used this theory in social context which further enable the
opportunities for an entrepreneur advantage Dees, (2017). Thus, this theory helps me a lot and
force me to work for the welfare of the society and serve for people only. This idea creates
pressure to develop an idea in the context of social welfare. But on the other side, Gurău,
Volovelsky, & Dana, (2019) criticized this theory as well such that adopting Sociological and
effectuation theory is not good because it is influenced by the level of uncertainty in market
environment. Though I also know little bout market condition in UK that is why I started
working on this. Such that through research I determine the need of customers and their view
point. On the another side, as per the view of Long, Xia & Hu, (2017) effectuation also helps all
the entrepreneurs in order to recognize the value of resources and use them in the changing
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environment as well. That is why I though that this theory help me in order to develop the best
idea which is suitable for entrepreneur business process planning as well.
In addition to this, there are basically two business ideas which come across in my mind.
One is to open a restaurant by offering a healthy food because I loved to eat healthy foo and
through my research I realized that people are more conscious regarding their health and they
prefer to take healthy diet and in UK, all the fast food restaurant and hotels offer junk food only.
Second idea is open a restaurant with sand theme where robots provide customer services i.e.
influenced by my teacher because they always innovate new things by using advance
technologies. As I also have good knowledge regarding new technique and on the other side I
also done a management course and even some of my friends are already engaged in restaurant
business so that also guide my during initial stage. From the above two business idea I took
second idea because there is no sand theme restaurant in UK while on the other side, there is a
tough competition in hotel industry regarding the food quality and healthy food in a market.
The idea
The business idea which I determine is to open sand theme restaurant with artificial
intelligence in UK. As there is a most common process in food and service industry that people
have to wait for a long time in some popular restaurant because of low service of brand image.
Even I already had an experience because the environment and interior of the restaurant is not so
attractive and different and on the other side I was waiting for the so long to get my food, and
that is why I never want to go in that hotel again. Thus, this experience also influence me a lot
and I realized that good environment and best customer service affect or leave an impression
among the customers. That is why I choose this business idea, though this idea also win a high
reputation among customer of Japan and India.
Moreover, it is also analyzed that majority of customers are preferred to choose those
place where there is a good environment and provide a good service with shorted period. These
both things are included in my new business idea and having good knowledge in management
and advance techniques I can easily start up this new concept in UK, that further help to
introduce new idea among people as well. Apart from this, when I was thinking about my
business idea I wanted to link my idea with the culture of Japan as well such that in Japan, which
is well know for its advance technologies and in the same way, I want to link my concept with
such country in order to realize people about the culture of different country. Apart from this,
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there is another reason for choosing this sand theme with artificial intelligence concept is such
that to serve for the welfare of society and through my innovative concept I want to realize
people that they can also take some initiatives by using their competencies and skills in order to
introduce their own concept that further helps to make their business popular In market without a
fear of high competition.
Business Planning
It is the next plan in which the idea can be developed in next process. The business
planning is one of the most important concept in an entrepreneurship that great influence the
success of business. As per the view Burns, (2016) business planning refers to that activity which
helps to collect information, set vision, mission, develop the objectives as well as strategies in
order to take a business at further level of success. In the same way, I am also planning to se up a
new business and that is why I also consider some key elements such as marketing research,
resources, partnership agreement and promotion of my business.
Among all, market research is the first step which needs to be consider because it directly
influenced the decision making process. For this reason, initially I made market research and
walked around the city that whether there is concept of sand theme in UK and even on Internet, I
also research about this concept and found a result that the country still finding the ways in order
to develop some innovative themes regarding hospitality industry. Thus, I find satisfying results
and beside this I also found that the country also looking forward to adopt new techniques so that
introducing sand theme with artificial intelligence is consider a good theme and even I did not
have a fear to face any type of competition in market because there is no hotel or restaurant that
offer such type of theme Burns & Dewhurst, (2016).
Beside this, during market research I realized that as compared to other ordinary
restaurant, Youngsters prefer to come here because of new and unique sand theme concept and
even this theme is not introduced in any other country except India in 2015 only while on the
other side, the artificial intelligence concept is also unique because in the history, it is firstly
introduced in 2012 in China and it is also realized through my market research process, that
people wants to become familiar with new concept, culture and that is why introducing a unique
concept of restaurant with the best customer service will be helpful and creates a positive impact
upon my brand as well Cooper & Folta, (2017).
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Next step is resources, which refers to the specific assets that is required by the business
in order to make the firm valuable. Even I spent a lot of time in order to find out the best
resources which needs to be consider while planning for a business and I come to realize that I
already had one resource that is knowledge regarding new concept and new techniques. Apart
from this I also required the resources such as human capital and finance. This further analyses
that to set up a business is not easy as it seems such that financial capital is one of the core
foundation to an entrepreneurial business and that is why I found different sources of getting or
collecting a fund and finally chooses two best option i.e. take small amount of loan from the
bank and support from my family. So that whatever the losses which my business faced will
mostly beard by my family. But this also made me little worried about my business future, on the
other side, I am also confident about my business that it will never fail.
Another step is partnership agreement, as my business is basically based upon sand theme
and artificial intelligence that is why I have to first develop a partnership with Indian sand
suppliers and Japanese artificial intelligence suppliers. Though I face a lot of difficulties and
even some of them are not yet solved. Firstly, choosing the best suppliers among many and the
top supplier have quite high rate which is not affordable so I decided to choose another supplier.
Though the second one offer low rate of product but the quality is not up to the mark and that is
why I choose the top supplier for supplying the product to UK. Another issue is that the unit
price is quite therefore, I take more amount of loan from the bank. The second resource is human
capital and for that I set an agreement with 7 persons who can set up a building with defined
time. But these issues somehow disappointed me regarding the feasibility of my business idea
but on the other side I feel positive because my family always support me and assure that the
business will be profitable.
Another and final stage of my business idea is about the marketing or promotion. As, for
a small business it has been analyzed that there are small marketing option and most of them are
chooses modern method i.e. social media, poster. In the same way I also choose poster as a
promotional tool for my business. For my entrepreneurial business idea I also come up with
unique activity as per my target customers that is youngsters. It is realized that young generation
are easily attracted when a business offer them some unique concept and in order to fulfill this, I
also offer them an activity of playing games where I offered them a variety of games but the
condition is to play those games with different people except known person, because In this way,
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different culture of people know each other and they can also spend lot of time without
gossiping. In this way, people easily interact with different peoples Wheelen and et.al., (2017).
Apart from this, there is some discount offers on every product and even the restaurant is also
open for all time with an assurance of their safety as well. In this stage I felt confident because
when I share this games activity with my friends they also showed high interest.
In the same way, I also filled all the details in Business Canvass Model (attached in
Appendix) that briefly mentioned some key elements of my entrepreneurial business idea.
Entrepreneurial Development
In this I am going to reflect my personal development as an entrepreneur in which I am
comparing my current competencies and previous assessment that helps to reflect the better
understanding of my own development while working on this project. This covers the ideas and
opportunities, resources and into action which are as mentioned below:
Ideas and Opportunities
These are the first area in entrepreneurial framework that basically includes the skills
such as spotting opportunities, creativity and vision though an individual's ethical and sustainable
thinking. Now I am improving myself in developing innovative idea. Before this, I am not as
innovative and creative and even I am afraid of many challenges and difficulties in learning and I
always back out from those ways where I felt there may be some difficulties. But while I start
making new entrepreneurial business idea I even face many difficulties in better way at the time
of partnership agreement. This shows that I win over my fear and instead of giving up my idea I
start finding solution of these problems. Apart from this, these adverse situation even spoil my
mood but I did not let my mood affect my decisions and that is why, now I feel satisfied for my
work and I felt that I improved myself and in present situation I can easily spot opportunities for
my future also.
Apart from this, earlier as I mentioned that I was not as innovative person and that is why
selecting the best idea for my business is one of the toughest work for me. As I have enough
knowledge regarding new technique but when I am in that situation where I have to provide
solution at that time I felt aimless. In that case, the effectuation process help me a lot in order to
improve my creativity and innovation skills and also provide guidance to think on new concept.
Apart from this, in order to make my business unique I also introduce variety of games into
workplace so that people can interact with each other. Thus, this all shows that to become a
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successful entrepreneur, it is quite necessary to have a creativity innovative skills and have
endeavor for improvement in their future.
Resources
It is the second area that basically involves some skills such as self-awareness, self-
efficiency, financial support, motivation and extra knowledge that should be posses by the
person. In the same way during my entrepreneurial journey, I also improved a lot by focusing on
some competences. Among all, I felt that in self-assessment I cannot perform well because it
needs a lot of time to conclude something and because of consuming a lot of time, I never spent a
time on this, and as a result, I did not take better decision for the project. But when I plan to set
up a business process through a better market research in which I realized that setting up a goal is
quite necessary for a project which definitely posses a goals and objectives.
Apart from this, in every business planning, it is essential to have some goals because the
entire business is depends upon it. For example, when I was dealing with the agreement of
suppliers at that time, I though that the prices of each unit is so high, through my self-
assessment, I realize that dealing with another suppliers will help me to invest little on it. But
other one did not provide better quality of products that is why I leave that option. Thus, as per
my perceptions, my self-assessment and self- efficiency are developed as compared to my
experience.
Beside these, an entrepreneurship also contributed a lot in order to collect capital that is
invested for setting up a business Laguna, & Marklund, (2018). Though I only know some
sources of funds such as bootstrapping, bank loans, money from friends, family etc. Thus this
experience also helps me to enhance my knowledge such that I come to know more sources of
funding such as small business grants, government grand, angel investor and crowdfunding.
Such that I do not know about these types of sources but as my new concept is completely
unique that based upon advance technology then it clearly shows that there may be chances of
loss and profit and that is why I choose to take loan from bank and get support from my family
as well. Through this resource, I develop my financial skills and helps me to developing a
confident about the feasibility of my own business idea and its planning. Overall, I also develop
motivation and communication skills by solving variety of difficulties.
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Into action
It is the third step in which the whole business is taken into action such that take an
initiative, planning and also to cope up with the different difficulties. As per above self-
assessment which shows the result that I can now easily handle many complex issues during
business planning process. Apart from this, I feel that I am lacking some communication skills as
I realized this while making market research and on the other side, I still did not provide
solutions of some complex issues.
As from the above, first of all, I need to work on my communication skills because
communication plays an effective role at the time of dealing and signing an agreement. In my
school time, I was not participated in any activities because of my fear of speaking and that is
why I am still lacking some skill related to communication and this always creates a negative
impact upon my performance. Having vast knowledge is not enough for a person to start up a
new business but a person should also have a fluency in their words that easily convince others
Al-Mashari & Al-Mosheleh, (2015). In order to improve this, I start reading some professional
books and also take part in some activities so that I can speak freely without hesitating.
As if I improved this skill then it will be help me in dealing with top supplier of the
company in my future. On the other side, when I was dealing with suppliers I try to convince
them a lot but due to lack of communication, the prices are not settled down of each products and
this affect me as well. Apart from this, in order to improve my communication skills, I start
attending some classes and start presenting myself in better way so that it will help me to
overcome my fear as well. Beside this, I should also do a better job regarding to control my
emotions at the time of communication. Even I should also listen to others and their suggestions
in careful manner such that it will help me to grab some more opportunities in my future too.
Moving Forward
It is the last section of the report under which states that whether I move forward my new
business idea or give up. In order to proceed it, firstly I carefully review the entire business
process in deep manner of opening a sand themed artificial intelligence restaurant in UK with a
unique concept of games bu I will not open it because of many reasons. First of all, I do not think
that I am good enough to open new restaurant with unique concept though it is unique but it
requires high amount of investment as well which is not possible because I am not confident that
the business will be successful in the future. Beside this, second reason is that the business is
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quite risky as per the information collected by me from the Indian sand restaurants. Third, the
suppliers are in different countries and it becomes so risky for them to send the sand from India
to UK and it seems to bear a lot of expenses for me.
Fourth reason is, when the artificial intelligence when somehow fail to work then I have
to send them back to Japan which is not possible and for its repair I need to wait for so long
which is not possible for a running business. Apart from this, though my family support me
financially but I do not want to take risk of money because even I also doubted on the feasibility
of my business idea. These reason force me to drop this idea and it might be better choice to opt
this in future when I improve my skills and have financial support as well Brinckmann & Kim,
(2015).
CONCLUSION
By summing up above reflective report I concluded that I improved my communication
skills and learn from the business planning process, some self improvement gained as an
entrepreneur. In addition to this, through effectuation technique, I also generate different
business idea and among many I chooses one and I also completed my business plan that further
focused on market research, resources, agreement and promotional tools as well. Earlier I was
not able to face any problem but currently, I developed some skills and now can easily face
challenges with more confident and even I also realized my competence which needs to be
developed to get more opportunities.
Overall, through this journey of business planning, I also learn different things that helps
me to enhance my knowledge and I also faces some difficulties but at that time my friends and
family support and motivates me. Even I will also search out many solutions but due to my lack
of communication keeps me away from the success. Thus, I will always learn this journey and
also try to use it as a motivation in my future development option.
Finally, I will not execute the business into existence because of high risk and finance.
Therefore, as per my perceptions, I would like to use this idea in my future when I will be more
confident about myself and have variety of skills which are posses by an entrepreneurs so that I
can easily achieve the success.
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REFERENCES
Books and Journals
Al-Mashari, M., & Al-Mosheleh, H. (2015, April). Enterprise Resource Planning of Business
Process Systems. In UKAIS(p. 2).
Brinckmann, J., & Kim, S. M. (2015). Why we plan: The impact of nascent entrepreneurs'
cognitive characteristics and human capital on business planning. Strategic
Entrepreneurship Journal.9(2). 153-166.
Burns, P. (2016). Entrepreneurship and small business. Palgrave Macmillan Limited.
Burns, P., & Dewhurst, J. (Eds.). (2016). Small business and entrepreneurship. Macmillan
International Higher Education.
Cooper, A., & Folta, T. (2017). Entrepreneurship and high‐technology clusters. The Blackwell
handbook of entrepreneurship, 348-367.
Dees, J. G. (2017). 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability (pp. 34-42). Routledge.
Djuricic, K., & Bootz, J. P. (2019). Effectuation and foresight–An exploratory study of the
implicit links between the two concepts. Technological Forecasting and Social
Change, 140, 115-128.
Gurău, C., Volovelsky, E. K., & Dana, L. P. (2019). The path of a successful entrepreneurial
sojourner: A case study about Ilan Maimon. In Diaspora Networks in International
Business(pp. 373-390). Springer, Cham.
Kirzner, I. M. (2015). Competition and entrepreneurship. University of Chicago press.
Laguna, M., & Marklund, J. (2018). Business process modeling, simulation and design.
Chapman and Hall/CRC.
Long, D., Xia, Z. Y., & Hu, W. B. (2017). How does entrepreneurial opportunity affect the
decision-making process of effectuation? Evidence from China. Kybernetes.46(06). 980-
999.
Wheelen, T. L. and et.al., (2017). Strategic management and business policy (p. 55). Boston:
pearson.
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Appendix A
Business Canvass Model
Key Partners
 Japanese
artificial
intelligenc
e suppliers
 UK food
suppliers
Key Activities
 Carrying out market
research
 Key resources
 Building
partnership with
suppliers
 Marketing
Value Propositions
 Enjoy dinner by
seating on sand
 Provide customer
service with
artificial
intelligence.
Customer relationships
 Offer unique
discount
coupons.
 Least price
facilities.
Customer Segments
 Youngsters
Key Resources
 Financial capital
supported by family
 Cooks
 Robot maintenance
 Robot suppliers
Channels
 Social media
 Poster
 Advertisement
Cost Structure
 Purchasing technology
 Purchasing food ingredients
 Dining facilities (table, desk, light, etc.)
 Rent and decoration
 Wages
 Advertisement
Revenue streams
 Obtained after the restaurant is officially opened.
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