Innovation and Entrepreneurship

Innovation and
Entrepreneurship

Contents
Introduction.................................................................................................................................................3
Main body...................................................................................................................................................3
New business Start-up idea .....................................................................................................................3
Business profile.......................................................................................................................................5
The business model.................................................................................................................................5
Fact of differentiation..............................................................................................................................6
Difficulties to the start-up Idea................................................................................................................7
Marketing Plan........................................................................................................................................7
Competitor Analysis................................................................................................................................8
Sources of Capital ...................................................................................................................................9
Intellectual Property................................................................................................................................9
Conclusion...................................................................................................................................................9
References.................................................................................................................................................10

Introduction
The idea of entrepreneurship involves the innovation attributes and value creation. The
entrepreneurship involves the individuals investing their efforts in the organization. Innovation is
a specific tool for the entrepreneur who gives the advantage of exploiting the opportunities for
different business and services. It defines the capability of discipline, learned and practiced. In
the organization entrepreneurs searches the sources of innovation, changes and opportunities
symptoms for become successful. The innovation is term seemed as economic or social
phenomenon rather than the technological. The innovation term is of creating new inventions.
The entrepreneurship refers to a field of business which provides understanding of opportunities
in the market for creation of something new such as new product or services, new market etc.
this is created by the entrepreneur who is individual person who takes risk and uncertainty for the
purpose of profit maximization. In the study the discussed topic are related to business model
developing market plan and analysis of competitor plan and sources of funding (Abuzjarova,
M.I., 2018).
Main body
New business Start-up idea –
 Assessing business idea- It is necessary to conduct the market research for knowing the
potential of business idea whether it will work or not. The market research defines the detail
study of different aspect of marketing. The market research relates to the product, price,
policy etc. in market research consumer behavior is determined in terms of needs wants and
preferences. The market research information involves on the industry, competitor analysis,
SWOT analysis, macro factors of environment, and various marketing strategies. All this
research helps in increase of profitability and growth.
 Building Business plan- To start a venture it is essential to define the business plan stating
the mission, vision and objective, strategies and action plan of the company. To create
successful venture it should be simple with low cost in terms of monetary and time having
adequate financing and resources. The adequate business plan helps in saving cost and time
in long run securing growth (Ahmad, S.Z and et.al., 2018).

 Deciding on budget- To keep the cost low there must be determination of the budget for
starting of new organization. The company determines source of finance, resources and
manpower required. It also determines the ways for proper allocation. It requires the financial
forecasting of demand and supply regarding the product. The financial goals should be
ranked according to the importance in setting of budget which helps in focusing one goal at a
time.
 Deciding on a legal entity- To start a business it requires the cost depending on the state,
city. For incorporating the entity filing fee is determined by the organization. The filing paper
work creates huge cost where it is advised to start a business as sole proprietor where less
paperwork will be required and time will be saved. It involves the licenses, taxation,
registration and insurance. It requires the determination of business structure for starting
business by registering and should take some time for knowing pros and cons of each
structure (Bartolacci, F., and et.al., 2020).
 Take care of money- After the deciding of the entity the funds should be kept separate from
the personal funds. The business should keep with him enough funds to meet the future
obligations. The business can check its account through local union or bank by giving
licensing information of the entity and some initial deposit to get start of business with
financial institutions. The SME starts its business by taking loan or credit cards or help from
some relatives. To have the adequate funds in the organization it requires the strong pitch
 Getting website- It will help the in doing online business where the company will be in the
eye of the consumers and get recognized which builds the brand entity. For all this it requires
a website means securing a URL with having a proper domain sites which will allow
searching a domain address of choice or can have its own official website. This will attract
more customers which will generate profit and goodwill. it also requires the integration from
remote work.
 Testing sales- The business comes with the great idea but fails to market successfully. It
requires the testing of sales to check the viability of the product, public thinking regarding
the business and product. It is essential to spread the words in creative and inexpensive ways
of product or service to the right people in the market for generating business. There can be
use of social media presence and advertisement. Testing involves placing a product for sale