Entrepreneurial Insights: Unlocking the Secrets of Small Business Success

The provided articles and online resources discuss various aspects of entrepreneurship, innovation, and strategy. The authors argue that there is no need for a new theory in social entrepreneurship as it can be understood by applying existing theories from the Academy of Management perspective. The importance of business models in technology entrepreneurship is highlighted, emphasizing their role in creating innovation devices. The articles also touch on the topic of enterprise skills for young adults, the impact of small loans on new businesses, and the significance of entrepreneurship education and employment performance. Additionally, the resources discuss the status of entrepreneurship education in universities, international entrepreneurship education experiences, and problem-solving techniques used by growing very small businesses.

Innovation Proposal

TABLE OF CONTENTS
Introduction .....................................................................................................................................3
Identifying the business opportunity............................................................................................3
Identifying this concept as a good opportunity for an entrepreneur starting a new business......4
Explaining the market which would be addressed.......................................................................5
Secondary research to investigate the validity of the proposal and any competitors..................6
Considering the problems which could arise in developing the concept.....................................9
Reflecting process .....................................................................................................................10
Conclusion.....................................................................................................................................10
REFERENCE.................................................................................................................................12
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INTRODUCTION
Business organizations are required to work on advance track in order to stay competitive
and surviving in the long run. Innovation is one such way. The impact of using innovation
through the means of technology is all too apparent today. With the deployment of innovation
aspect, execution of new business models, reconfiguration of demand-supply, inflow of new
practices etc. are made (Inauen and Schenker‐Wicki, 2012). The core lies from the result of
innovation aspect is to associate the new and emerging innovations with the business
opportunities. Bringing innovation to the working is considered to be a key challenge for every
company (Entrepreneurship, innovation & strategy Business administration specialization,
2015). It demands huge investment which focuses strategic planning through execution of smart
plan to the identification of new business opportunities (Perks, 2010). Therefore, the report has
been prepared which focuses completely on innovation of new business opportunity. A new
enterprise named Hand-wash Plc has been initiating a new business plan for emerging with a
new opportunity. The proceeding of this report will cover the explanation of this concept as a
new start up and its emergence in the UK market. Secondary research has been conducted with
respect to problems, creative processes etc. encountered in flourishing of the market. The report
is intended to cover the innovation plan for the new business proposal. This will be achieved
through identification of new business opportunity. The discussion will be carried out with the
help of complete market research for starting business till the development of concept. The study
will be carried on with the analysis of findings of this whole business report.
Identifying the business opportunity
The term 'opportunity' refers to the good chance or favorable condition for getting
something by situation. In similar fashion, the business opportunity is also like a generation of
new idea for doing specific function at a given point of time at a given surrounding. A good
entrepreneur is identified with the hope to build a better business that can attract customers
(Madichie, 2009). Along with this, building of new business practices is most crucial for growth
and future organizational success. In the same vein, the best way to identify the business
opportunity is to realize the market inefficiencies. It is to work in that line which helps in
developing the resources and capabilities to fill the gap of inefficiencies. Another way is to look
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at the absence of that product in the market so that new start up can become better (Derucker,
2012).
The most promising idea for new business opportunity generates from the customers
itself. Hand-wash Plc has picked up the idea and used this thought in its new business startup.
They studied the scenario by taking employee who are working at the organizations. Sanitation
and taking preventable measures are very vital for the safety of the employees. Proper hand
washing is essentially required (Galloway and et.al. 2005). After studying the number of deaths
and people who are becoming part of communicable diseases such as AIDS, Cancer etc, various
health care organizations are considering cleanliness and hygiene at workplaces and schools on
high note (Holcombe, 2015). Taking this thing as an advantage, Hand-wash Plc, designed a new
product named Go Safe. It is a hand-wash which provides a quick and easy access to monitor the
hand-washing of the employees at the workplace. This new product has been designed with the
solution which is made up of a unique dye that remains on the hands after wash. It fades with the
color of skin in six minutes (Marchesnay, 2011). This product is taken as a best hand wash which
is helpful for supervisors to check at glance whether the hand-washing has been made or not.
The organizations will attract to this product as it ensures high assurance of safety of hands
which further is helpful for regulating number of diseases at workplace. In respect to the soap as
a product, it is effective in addressing sanitation compliance and assures follow up of all current
FDA regulatory essentials (Holcombe, 2015).
Identification of the concept
This concept of hand wash as a business product has been chosen by considering the
innovative idea of dye which is present as an ingredient in the hand wash. This hand wash is
blended with the time sensitive dye into its mixture. Whenever, it is applied on the hands for
hand wash, a dye reacts with the hand at the time of lathering process (Madichie, 2009). This, in
turns stain the hands with a different color which gets remain on hand for 6 minutes.
Uniqueness or better of hand wash
This hand wash which contained a mixture of dye is unique because of various reasons.
Firstly, it is Eco-friendly. It implies that use of this product does not make any harm to the
environment and may not have any other side effect. Positioning of this hand wash product is
made to create a strategic image for increasing sales and profit. Therefore, for this product,
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Competitive positioning is used where customers are developed to demonstrate about the
additional advantage about the competitors. The unique aspect of using dye into their product
enabled this business to create counter strategy of being differentiated from other hand washes
available in the market.
With the emerging issue of spread of communicable diseases and infections at the
restaurants, hospitals and corporations, there is need to ensure appropriate hand wash of the
employees. In that case, six minutes has been set as a standard time which is adequate and
enough time for ensuring that hand-washing has been done (Henderson and Robertson, 2000). It
helps managers or top leaders to assess and monitor well whether the employee has made the
hand wash or not. It is unique also because does not react with the skin. Along with this, it is
better as it does not cause any allergy to the skin irrespective of any number of time hand
washing is done by an individual.
Identifying this concept as a good opportunity for an entrepreneur starting a new business
Identifying particular business opportunity and selecting it as a concept is the corner
stone for a business enterprise. For entrepreneur of Hand-wash Plc, emerging with a concept that
could better be carried forward as a good business opportunity is vital. In UK, it has been
examined that hand washing with water and soap helps to minimize communicable diseases by
50%. Various investigators from London have estimated the fact that if everyone makes a habit
of hand, then millions of death per year could be prevented thereby lives of people can be
secured. In the same vein, 16% of respiratory diseases are reduced by hand washing.
This analysis and evaluation enabled the entrepreneurs of Hand-wash Plc to become the
first producers who worked to solve this problem. Research and development team of this
business have worked on conducting the study. It shows that by using Go Safe, as a hand wash,
they could cut down the spread of communicable diseases by 75% (Henderson and Robertson,
2000). This concept of hand wash for the organization has been recognized as a new business
opportunity after evaluating the fact that various companies has been going through.
The benefit of this problem is to ascertain where generation of issue has been
encountered from the inability of supervisors who cannot control or monitor the process of hand
washing of the employees. All the hand wash products available in the market has been assessed
and have been found that there is no such similar or effective hand wash solution. The growth
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potentials and long term benefit ensure 100% preventable compliance to hand wash which is
good for the company and for the whole UK (Kariv and Coleman, 2015).
Visibility and key success factors
 High quality components will be used for making the liquid hand wash. It ensures
effective cleaning of the hand which is good from the point of view of customers as well
as owner.
 Reasonable prices add as a key factor to this product. By making it available at the
affordable prices, customers will get attracted to buy and make best use of it.
 Customers retention is highly taken care while making plan for new product or service. In
relation to this new hand wash product, the primary aim is come out with an idea that
helps in understanding the need of customers. Therefore, in streamline of identifying
health needs of the customers, the product is planned.
 The most vital aspect which will be taken care is the market share. As a new product in
the market, the most critical success factor will be to gain market share. The strategy is
need to be planned which will focus on gradual gaining of market share.
 Finance is the critical success factor therefore, there is need to measure the outcome in
terms of cost employed. There is need to measure the positive flow of money with the aid
of employing fund at right technology and manpower.
Explaining the market which would be addressed
Describing market
A business is well identified when the successful identification and description of target
market has been made with respect to products or services. Creation of better target market
strategies helps to appeal specific target audiences, their characteristic and lifestyles. Hand-wash
Plc is an existing business who deals with the products that are related to hand washing. Go Safe
hand-wash is planned for the employee of an organization (Morris, Kuratko and Covin, 2010).
At the initial level, the core lies in creating awareness at the workplace. This product has been
made by targeting both female and male group who are working and are part of corporations,
health care organizations and restaurants. Income level will be average to high level class with
business and service class group. The concept of ensuring significance of cleanliness and
hygiene is essentially required from operational to top level of managers in the organization.
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Secondly, psycho graphic information for the target market will be determined. The aspect of
selecting the Go Safe will pursue with the strategy of selling fading dye soap for day care
facilities. The attributes such as care for health and hygiene of the employees is targeted. In this
way, both demographic and psycho-graphic aspects have been taken.
Size of the market
In context of market size which is all about number of individual who are considered as
the target buyers and sellers of the goods. Go Safe will be need for every workplace with the
arising need of safety from communicable disease from each other (Doganova and Eyquem-
Renault, 2009). after analysing the market size, the group who have been targeted are In this
context, the employee participation will be more focused. Go Safe hand-wash will be the
requirement at restaurants and hospitals and thereby will show tremendous market need.
Growth potentials
Go Safe hand-wash will be following three main strategies. These are designed with an
intention to accomplish growth potentials:
 Explore the presence in the market with the hand-wash which is highly fragmented. It
carries the differentiated features and products.
 To develop a branding campaign which supports in building positive perception, strong
awareness and maximum sales.
 To work on continuous basis to develop new market products (Dacin, Dacin and Matear,
2010).
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The above illustration shows the positive aim of profit cash flow of this new business. It
shows the three main aspects for the coming three years. It reflects the sales, gross margins and
net profits which will growth in the third year. The investors have adopted the substantial growth
potential. It is made with the objective of revenue generating stability.
Secondary research to investigate the validity of the proposal and any competitors
The innovation proposal for the new business product of the Hand wash Plc has been
made. It has been achieved with the help of secondary research which investigate the validity of
the proposal and its competitors. Business plan for Go Safe has been prepared through following
investigation made as follows:
Resource requirement
Commencing a new start up cannot guarantee a success. However, proper
implementation of resources contributes the success. Go Safe has been introduced to the market
with the utilization of following resources: Financial Resources: Funding has been vital part of current business plan. Hand-wash
Plc will be working and therefore requiring a startup of $250,000 capital. As planned, this
business will generate the net profits of $850,000 in sales. This will also be helpful for
the organization as well to generate the stability.
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Illustration 1: Financial Projection of new hand wash business

 Human Resources: Success of staff can be evaluated from talented and strength of the
manpower. For this new business, team members who will belong to different areas put
their expertise and skills for manufacturing, development, distribution, and marketing of
Go Safe hand-wash. Physical resources: A proper place, adequate machines and marketing materials will be
needed for making the product effective in the market.
Market demand
According to secondary research, various journals, books and online have been studied.
Habit of hand-wash before or after eating, using loo, and when doing any work is required. One
out of every five staff member working in organizations at UK has been found with infectious
diseases. It is the demand of the policy as well. Market demand for the hand wash is taken as
high requirement by considering it has rampant illness and germ possibility. The senior leaders
focuses on objective of reducing medical leaves and absenteeism (Acs and et.al., 2009).
Following two areas are considered as two target markets for fading dye products:
 Hospitals: The cost of nosocomial infections for care and treatment incurs cost of $2,300
per incident and $4.5 billion annually. It is contributing to the deaths of about 30000 in
the UK itself.
 Restaurants: The citizens of UK intake food and also become victim of food borne
illness. Fast food tends to cause various issues and kills over 10,000 people each year.
Every year over 80 million e incidents are of food poisoning in the UK. The U.K. spends
between $7.6 and $23 billion annually on health care.
The above two-dimensions show the need for a call that indicates use of Go Safe as a
markets product that will surely retain in the long run.
Competitive advantage
 Go-Safe products provide high value to other hand washing compliance goods.
 They give an unprecedented level of control which permits managers to monitor and
follow hand washing frequency and habits among employees (Li and Liu, 2011).
 It will be the first fading dye hand wash in the market thereby wills build brand identity
in advancing hygiene standards.
Industry life cycle
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The illustration above depicts the life cycle of whole industry of soap. This is essential
for Hand-wash Plc to analyze the whole industry in order to emerge in it in the long run.
Commencing from pioneering phase, low demand will be there as it falls in typical start up.
Growth phase will accelerate with increasing competition. Increasing competition will be
realized by the industry such as Gojo, Kimberley Clark, Dial, Provon, and SoftSoap (Doganova
and Eyquem-Renault, 2009). Lastly, the stage of stabilization and deceleration stage shows the
attributes of shift in demand curve to downward as depicted in the figure above.
Porters five forces
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Illustr
ation 2: Industry life cycle
(Source:... Sheriff and Muffatto, 2015)

The above illustration shows the five forces analysis of PORTER for Go-Safe. The main
components of this model has been explained as follows:
 Threat of new entrants (or barriers to entry) : It shows that profitable markets results into
high returns in order to influence new firms. It develops many competitors and thereby
decreases profitability for all enterprises in the industry.
 Threat of substitute products or services : Prevalence of goods of other company
enhances the propensity of customers to switch to options.
 Rivalry: For industries, the intensity of competitive rivalry is the major factor of the
competitiveness.
 Bargaining power of buyers : The bargaining power of customers refers to the market of
end product. It shows the ability of consumers to put the firm under pressure with respect
to price changes.
 Bargaining power of suppliers : The bargaining power of suppliers is refers to the market
of inputs. It is characterized by aspects such as as few substitutes, suppliers of raw
materials, components, labor, and services etc.
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Illustration 3: Porter Five Forces Model
(Source: Porter Model, 2015)

On the basis of above stated forces, the analysis have been made. It has been analyzed
that Hand-wash Plc is a part of industry in UK which is very fragmented. However, it faced
various competitors as well which carries their own generic brand (Maritz, Jones and Shwetzer,
2015).. The industry evaluation has been obtained and therefore it has been found that it is still
growing at a stable rate. In respect of innovation, it has been new which will be acceptable in the
market at a slow rate but will have successful market growth in the long run (Sheriff and
Muffatto, 2015).
PESTLE
Political In UK, this startup has to address all government frameworks with respect to
use of resources and market operations.
Economical Launching of Go-Safe in the UK market and its impact with the factors such as
household consumption, unemployment rates may affect its marketing.
Social Habit, lifestyle and health tend to support the growth and use of GO-safe hand-
wash in UK market.
Technological The technology used in fading dyes will be pivotal for organizational success.
Interactions between fading dyes and antibacterial or anti-microbial bases will
prove appropriate for its use in restaurants and offices.
Legal All the changes in legislative and policies of UK are required to be included at
the workplace of hand-wash Plc.
Environmental The objective of the company to develop hygienic surrounding creates positive
impact on society.
Skills and competences that an entrepreneur requires
Competencies supporting entrepreneur for successful venture into an enterprise. An
entrepreneur requires following skills and competencies for working in a new business such as
Hand-wash Plc. Competences are generally classified in following categories as follows:
 Venture into an enterprise
 Manage and organize an organization competently and ably.
 Able to define goal for which the Company is constituted.
 Behavioral competencies
1. Initiative
2. Systematic planning
3. Creativity and innovation
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4. Risk taking and Risk Management
5. Problem solving
6. Persistence
7. Quality performance
8. Information management
9. Persuasion and influencing abilities
 Enterprise launching competencies
 Enterprise managing competencies.
Considering the problems which could arise in developing the concept
Problems that were encountered while developing the concept of new business idea have
been discussed as follows:
 Issues of business ideas were found to be major issue. Developing and working on
creating an idea for the product that would prove effective for the long run is required to
be made.
 Lack of finances was my biggest issue. The investment was made largely on dye and its
detection that would make it number one product (Rae and Woodier‐Harris, 2012).
 Another common inability that was faced was the promotion. As it was not generally
believed by the people through the use of social media promotion until they have their
own experience.
Reflecting process
The reflection is required to analyze process which depicts the finding and developing an
idea by considering a creative process involved in generating idea for Go-Safe hand-wash. It has
been made through the help of Gibbs Reflective Cycle: Description: All the situations that I faced during searching of new business plan or idea
was a challenge. This is inclusive of all the activities that are part of planning such as
resources need, market research, access to opportunities etc. Feelings: It is all about thoughts that I matched with the relevance of situation. It is all
about facets such as competences identification, competitor’s analysis and all. Evaluation: I found after my midway of working on this plan about the positive technique
that apply to my working.
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 Conclusion: The situation that I planned in context of my market opportunities will be
seen in implementation of my business plan.
 Action: The work is done to deal with the situation that is in respect to process made.
CONCLUSION
In a nutshell, it can be said that working on current innovation proposal was a learning
experience. It discloses various facts that commences from a planning to a implementation of
action plan. It has been executed with the review of various aspects that helped in success of the
Hand-wash Plc in developing its new product Go-safe hand-wash which is beneficial for citizens
of the UK.
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