Managing Entrepreneurship, Creativity, and Innovation

This article discusses the entrepreneurial journey, concept plan, market research, human resources, operations, and legal issues in managing entrepreneurship, creativity, and innovation. It also includes a business canvas model and a focus on the target market of high-school students and young working-class population aged between 15-35.

Running Head: MANAGEMENT 0
MANAGING ENTREPRENEURSHIP, CREATIVITY, AND INNOVATION

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Task 1: My story
As a child, one could find myself playing with the clay and molding out various kinds of
innovative characters from it. As I grew up, my passion for creativity did not die away. One
could find me composing a beautiful piece of song or a poem. My tendency as a child was
always on a creativity side. My family comes from a service background. My father works in a
company as a chartered accountant and mother is a dentist. My family is not entrepreneurial in
nature. It could be said that I drew the innate quality of creativity from my father who in his free
time could be found composing poems or songs. During my high-school days, I got convinced
that I would be taking up a normal job in a company just like my father but my participation in
one of the entrepreneurial activities organized by the entrepreneurial cell changed everything. I
stood first in the entrepreneurial activity and got to know that I have many pre-entrepreneurial
attributes and skills to set-up an enterprise. The pre-entrepreneurial attributes included resilience,
innovativeness, creativity, strong-mindedness, passionate, and perseverance. These attributes
were important to give me the chance to be an entrepreneur.
Task 2: Research questions
Option D: The entrepreneurial journey
Victor went for a trekking with his friends. They were climbing a rocky mountain which got
slippery due to excessive rain in the past days. Suddenly, his leg slept away from the mountain
and he was brought to the bottom. He got frustrated as he climbed so hard to get there but was
brought to nadir. In the state of his disappointment, a thought clicked to him that as an
entrepreneur, he has faced various setbacks in his ventures and considered climbing a mountain
just like entrepreneurship.
The above story reminds that the entrepreneurial journey is like running a marathon or climbing
a mountain. The word “Entrepreneurship” is derived from the word entrepreneur which means to
undertake something (Stuetzer & Potter, 2018). It is about coming up with something new and
exciting. Although the entrepreneurial journey is an adventurous and exciting journey but it is
faced with many challenges or obstacles. It is concerned with coming up with the new idea and
making it commercially viable. The high involvement of risk makes it one of the challenging
professions (Parker, 2018). The journey is a roller-costar ride involving high level of challenges
(Burns paul, 2016)It takes time for an entrepreneurship to get established in the market place

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firmly and to start earning good amount of profits. It is a lonely game where a person is a lone
player where an entrepreneur must get to the destination by stumbling, getting up, and learning
from the obstacles faced. Like a Marathon, the entrepreneurial journey also has six stages. The
stages consist of Pre-start, Start, trial stage, second wind, Final stretch, and finish
(Ramakrishnan, 2019). In the first stage which is a pre-start stage where the marathon runners
train themselves aggressively for winning the tournament. It is the time spent in arduous exercise
and training (McMullen & Kier, 2016). The entrepreneurs just like marathon runners have a big
business idea to be achieved. They are highly dedicated towards achieving it. To bring their
business dream into reality, they educate themselves to learn the various tactics to conduct a
successful business. The second stage which comes is the start stage where the marathon runner
after weeks of training, finally puts on the sport shoes to perform (Kuratko, 2015). The
entrepreneur just like marathon runner after establishing the basics of the business which include
staff hiring, accumulation of the capital, and legal requirements starts its business operation.
There is a high level of excitement for the entrepreneur as he gets into the market to start a
service or to sell a product.
The third stage is Trial stage where the Athlete running a race hits the plateau. In this stage, they
feel nothing seems to be moving as they hit the plateau (Ramakrishnan, 2019). Their body gets
tired and they want to give up. Entrepreneurs also suffer in this stage where he feels nothing is
working in the business. This is a stage characterized by loss, fear, and grief. The fourth stage is
second wind where the body of the Athlete gives up but he keeps telling his mind to move
forward and to achieve the target. It is also same with the entrepreneur, despite incurring loss and
getting de-motivated for a period (Picciotto, 2017). The entrepreneur remembers his dream and
works towards it. The fifth stage is of final stretch where the Athlete faces with the dilemma
once again to move forward. In the situation, when athlete sees the finish line in sight but his
body aches with pain to make to the last. This stage decides the true champion. It is the same
case with the entrepreneur where he faces with the tough challenges that make a normal person
to give up. This time is a deciding factor whether he will be the tough man to get it done or will
simply loose it to fate.
The sixth stage is the finish stage where the athlete finally crosses the line and finishes the race.
The athlete gets the highest satisfaction in completing the race. The same is true for entrepreneur

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who after achieving a certain level of profit and growth or it could be completion of the tough
project feels exhilarated and satisfied with the achievement.
The entrepreneurial journey is like climbing a mountain as it takes great efforts to get to the top
of the industry. In an interview Steve Jobs is one of the best modern day entrepreneurs says that
it is important to follow one’s passion when deciding to start a new venture as it requires a lot of
time, effort, and energy to achieve the results as one has to encounter various obstacles in
achieving them (Streeter, 2015). Just like climbing mountains is a tough job in some seasons
while an easy job in other seasons. Entrepreneurship is also seasonal in nature. In some seasons it
is easy to reach the targeted profits while in some, it is tough ride. There is high level of
fluctuations in their performance ( Sykes, 2018).
Trekking to the higher ranges of the mountains make it difficult for the mountaineers to breathe.
As the mountaineers ascend higher or closer to the peak, it becomes tough for them to survive.
The situation is same for the entrepreneurs who on their journeys achieves the top-most position
in the industry (Lewis, 2018). The position makes them highly competitive and they must strive
harder than before to maintain the position. Even the chances of falling from the cliff increases.
The peak point of the mountain claims the survival of the fittest. A slight problem could led to
their downfall.
Task 3: The concept plan
Introduction
A business providing counselling services to the high-school students through online services on
various topics such as healthcare, beauty, tourism, dealing with harassment and bullying, and
development of employable skills at minimum subscription. The business will achieve its goals
by hiring freshers creative content writers from different fields. The writers should have the
knack of creativity in explaining the various topics to the target group with pinch of creativity in
it. They should have the talent to explain them with the help of story telling in it. The business
concept will serve as the platform for beginners to express their creativity and at the same time
helping students to resolve their problems. In the website, some counselling articles will be
published on generic topics. Some of the generic topics include dealing with harassment at high
schools, cyber-bullying, medical problems related to youngsters and issues like planning of

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vacations with friends. There would be a chat section that will be available for the target market
to ask for the counselling advice. In the chat session, the students can ask for the advice of
specific issues they are facing. A student may me going through family issues and due to which
they are going through depression.
Objectives
The objectives of the business concept are to provide the best quality of counselling services to
the high-school and PhD students, scholars and young working-class population aged between
15-35 on various aspects of life such as healthcare, beauty and on various other issues such as
family, bullying. The second most important objective of the business concept is to help the
writers with the knack of creativity in their career advancement. It is providing the opportunity to
the writers to express their creativity with the help of creative story-telling in their respective
fields with a good pay. The first objective of the business is to provide the customized
counselling services ensuring the confidentiality and secrecy at high cost. As the matters of the
counselling are very personal, the company respects the confidentiality of its members and
avoiding any kind of misuse of their fees. The second objective focuses on the creation of
employment opportunities for creative content writers (Meroño-Cerdán & López-Nicolás, 2017).
Market Research
The business concept is as such not new and company might have to face competition from
various competitors in the market place. The competitors may include various brick and mortar
counselling services, psychologists, and other online platforms (Alford & Page, 2015).
Sometimes the counsellors may be friends and family of an individual or it could be the simple
search engine that is Google. The company must overcome all the barriers to establish its
presence in the market place. Besides, these competitors, there are various issues related to its
establishment of the company providing counselling services. The issues include are social
stigma that an individual bear in the society. According to the survey, people have the less
tendency to express to others that they have a problem and they need its solutions. They want to
portray to the world that they are super happy and need no solutions.
Target Market

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The counselling company targets the students, scholars, working-class population aged between
15-35. The reason behind selecting this target market is that this working population is the most
stressed out population. As they are the beginners in life. They have to face myriad number of
issues in the relationship, healthcare, beauty, and work-place harassments. The rate of depression
is very high among them so they are in the dire need of an effective counselling. Moreover, the
counselling fees charged by the various psychologist and consulting firms is very high and most
of the members in the target market are not high earners. They are struggling for the high- paying
jobs. The company would be providing a good counselling services at minimum cost. The
affordability of the members is another important criterion for selecting this target market. The
creative content writers hired in the company are mostly freshers who are counsellors in their
respective fields. Due to the same age-group, the writers would be in the position to understand
the problems faced by the target market.
Marketing
As most of the target market is found in colleges, Universities, schools, and companies so the
focus of the marketing campaigns would be these places. Various marketing events can be
organized at these places. The company can organize various quizzes at these places. Such
quizzes can help in evoking interest in the target market regarding the company. The company
can advertise its company through various kinds of pop-up ads. The social media platforms such
as Facebook, Twitter, and Instagram can be effectively used to promote the company through a
business page where the community of hired counsellors can post creative contents to attract the
target market (Crittenden & Crittenden, 2015). The E-mails can be sent to the mail address of the
target market, creatively evoking interest to get the right counselling advice of their problems at
a minimum price. The company can organize small promotional events at malls, dispatching
vouchers, and coupons to the winners of the competition.
Human resource
To establish a firm that provides the best counselling services to the organization. it is important
to have good human resource in the organization ( Zotto, 2019). As the company renders the
counselling services in the areas of healthcare, beauty, and various other areas. There are
requirements of experts in all these areas for example there should a content writer from the

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healthcare background who can write creative articles on the topic and can render good
counselling services on the topic. Initially there would be requirement of around fifteen content
writers to start the business. There will also be the need of human resource manager and as an
assistant who could do official work on demand. To maintain the hygienic factor in the company,
it is important to employ a full-time servant hired to maintain the cleanness in the surroundings
of the business. There will also be the requirement of a personal lawyer to investigate any kind of
legal issues that the company faces. The employment of the lawyer in the company would reduce
time consumption of the manager as the manager can focus on the other issues.
Operations
The operational plan of the business will be helpful in deciding that how the business will
operate (Joyce & Paquin, 2016). An accurate business plan will be helpful in the successful
functioning of the business (Canvanzier, 2019).
BUSINESS CANVAS MODEL
Key Partners
The key partners in the business are
publishing firms, consultancy firms, banks,
and advertising firms
Key activities
The key activities of the organization is
delivering the best counselling activities to
the target market and entertaining them with
creative materials.
Value proposition
Core values- an empathetic advice to the
target market, honesty, sincerity, and
attentiveness.
Target market- students, scholars usually
young people in the age-group of 15-35 years.
Customer relationship
Target market Expectations- to resolve their
queries.
It can be integrated by hiring right kind of
experts for it.
Customer Segment
Classes- young classes in the age-group of 15-
Key resources
Resources- Good human resources and an

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35 years.
Important segment- high-school students
effective online connectivity.
Important resources- a strong networking and
good computer systems.
Distribution channel
Distribution channel- Direct online channel.
The direct online channel works best, it will
accompany the network and maintenance
cost.
Cost Structure
Online Network and maintenance cost, hiring
good content writers.
Expensive cost
Hiring content writers who are expert in their
areas so that they can provide good
counselling services and training cost.
Revenue system
Value for willingness to pay-The customers are willing to pay for the good counselling
services.
Mode of payment- they prefer online payment.
Legal issues
The company faces various legal issues when establishing companies. The legal issues can be
regarding its formation, its working, registration, and sanctioning board of directors. The other
important legal issues include dissatisfied employees, cases of harassment or discrimination,
issues related to copyright and patents, audits of immigration. It is important for the company to
take care of such issues effectively. The issues can be taken care of by following a proper
mechanism. To avoid any kind of legal issues it is important to get the well-researched name of
the business. One should take care that the name used by the company should not be used by
other companies. The creation of the standard contract is also important as it lays down all the

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rules and regulations for the clear operations of the business that can save the company from any
legal issues. The explanation can include is regarding the pricing of the services, company’s
liability, and capital accumulation process. As the company will be providing services through
its official website, there should be clear set of privacies and rules in the website for its
operations. A set of procedures instructing the users regarding the effective operation of the
website. Another important legal issue is obligation for the payment of tax. The company should
gather all the relevant information regarding tax collection and an appropriate method of
calculating tax. Other steps the company can take to ensure legal safety is the protection of
intellectual property. The intellectual property rights include copyright and patents (Streeter,
2015).
Financial
Finance is the most important part of the business. It is the blood of the business. It is the one of
the most important things that keeps the workings of the company going (Rostamkalaei, 2016).
Before starting the business, it is important for the company to decide the sources of finances. As
the business is a start-up, it can raise finance from the Angel finance in return for equity, it also
provides the financial advice to the business. The other ways of raising finance is Venture
Capital. It is one of the right ways of raising funds for small business. Crowd-funding can also
help in raising funds as it helps in collecting good amount of funds from the public (Manigart &
Sapienza, 2017). There are loans which are available at a low interest rate helping them in
developing infrastructure in the business (Assenova, 2016). Various kinds of loans can be raised
for varying periods. There are loans that are specifically designed for start-up and these are start-
up loans. These are government-funded start up loans for the business.
Risk, Contingency and exit strategies
The motive of the risk and contingency strategies in the business is to help the business run with
ease. The risk management strategies act as safeguard for the business (Soltanizadeh, 2016).
Various strategies can be framed in various areas of the business. In marketing, the company
should test market its counselling services to note the response of the target market and to bring
about any changes required in the services as it will save the company from any kind of wastage
of efforts. In the initial days of the company, it is important for the company for not to charge the

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annual fees from the target market. It should charge either weekly or monthly as in the case when
the consumer might ask for refund. The company should develop a rigorous and quality selection
procedure for counsellors as one wrong selection could lead to exploitation of business resources
(Short, 2017).

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