Managing Entrepreneurship, Innovation & Creativity Report 2020

This report discusses the entrepreneurial journey, business concept, and opportunities in managing entrepreneurship, innovation, and creativity. It explores the challenges faced by entrepreneurs and provides solutions. The report also includes a personal story of an aspiring entrepreneur and research questions related to the theme of the entrepreneurial journey.

UGB 234: Managing
Entrepreneurship, Innovation
& Creativity Report 2020
1

Table of Contents
INTRODUCTION...........................................................................................................................3
Task 1 – My Story: In the beginning...............................................................................................3
Task 2 – Research Questions...........................................................................................................4
Option D – Theme - Entrepreneurial Journey..................................................................................4
Metaphors: The entrepreneurial journey is like running a marathon or climbing a mountain?
Discuss.........................................................................................................................................4
Task 3 – The Concept Plan..............................................................................................................6
1 Introduction – Business Concept and Opportunities................................................................6
2 Objectives.................................................................................................................................6
3 Market Research – Primary and Secondary / competitors........................................................7
4 Target Market/Customer...........................................................................................................7
5 Marketing..................................................................................................................................7
6 Human Resource.......................................................................................................................8
7 Operations – Using the Business Model Canvas......................................................................8
8 Legal issues...............................................................................................................................9
9 Financial.................................................................................................................................10
10. Risk, contingency and exit strategies...................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12
2

INTRODUCTION
Entrepreneurship is considered as the practices as well as procedures of establishing a new
business through utilising effectual new and creative ideas. Moreover, it is define as broad
method of launching, designing and managing a new business which is generally a small venture.
So, this is whole procedures that includes abilities and purpose of entrepreneur for setting up a
business as well as undertake whole accountabilities related with this. Also, it implies that profit
and risks are related with venture are whole consider through businessman (della Volpe, 2020).
In this respect, the people who are involved into formation of such business are known to be
entrepreneurs. In addition to this, innovation is the ability of applying creative solutions to that
options and problems for developing person and society. Creativity is defined as capability to
improve new thoughts as well as seek new ways of considering growth options. This report is
categorised into three tasks. The initial task is related to the entrepreneur story, second is about
discussion upon entrepreneurship theme. Along with this, business plan is also discussed in this
report.
Task 1 – My Story: In the beginning
I am entrepreneurial, innovative and creative. All these can be undertaken based upon my
life journey so far whereby I have been part of two restaurants. Into both, I utilised my creative
as well as innovative abilities for attaining the success of business and go through professional
development consequently. I want to be an entrepreneur as after accomplishment of my study I
likes to shape my career as entrepreneur but due to certain circumstances it could not happen. I
do not belong from any entrepreneurial family background. As I worked in ZAO SHEN
Restaurant Cyprus as a head waiter for at least 2 years and in Hilton Syon Park also i worked as
head waiter for 2 years. Moreover, at present I am working as Food and Beverage supervisor in
Hilton Syon Park due to my competent abilities and skills. But I want to be successful
entrepreneur through utilising my creative and innovative ideas so that I can set venture which
can able to accomplish the customer requirements through my excellent services as I am good at
this. Moreover, as because of having few effective skills such as appropriate communicator,
good personal presentation skills, time management and prioritisation for assuring task are to be
performed, multitasking and teamwork skills.
3

All these inspire me for becoming a good entrepreneur as well as also helpful for me to deal
with whole hurdle that comes in between. Along with this, my innovative and creative thinking
skills may identified an effectual ideas of business will helps me to execute as well as transform
this ideas into reality and motivates me to keep accomplishing customer needs by setting up the
business.
Pre entrepreneurial skill & attributes that are being contributed to this module:
There are different attributes and traits that are part of my present skills and competence
all these have contributed towards achievement of my laid objectives. Success comes from a
idea that is foundation of a team. While I was working for the role of a head waiter I was willing
to enhance my contribution towards my assigned responsibilities by use of my existing team
leadership skills such as managing and motivating my whole team so that their level of
contribution can be increased. For this purpose of there is use of Belbins team model to enhance
my team management skills that helped me in achievement of may laid down objectives in the
course of performing my assigned responsibilities.
I played firstly the role of shaper that is a individual who is working towards dynamic
situations and enjoying Teamwork of stimulating other. In this I used to consider all the
possibilities that used to arise in the course of performing team task. There can be some obstacles
such as high challenges that may lead to other team members to quit the job. In this situation I
used to help people to make them realise their potential and then work according to the required
level. Implementer was also a role that I had to play in Hilton Syon Park, in which I have to
work towards the task of implementation of all the strategies in the course of work that had to be
performed in the course of work. Further the success achieved at these roles helped actually to
attain the position where I am working today (The 9 Belbin Team Roles (With Examples), 2019).
Task 2 – Research Questions
Option D – Theme - Entrepreneurial Journey
Abstract:
From the above discussed factors can be said that entrepreneurs are playing a very crucial
role in the process of taking more initiatives to assure that their idea is properly
implemented . For understand this prospective there has to be use of some view points of
4

different authors that can help in getting more insights about the way these activities are
managed by individuals.
Metaphors: The entrepreneurial journey is like running a marathon or climbing a mountain?
Discuss.
Entrepreneur is defining as an individual who takes whole potential gains as well as risks
while performing entrepreneurship. These people provide various potential and initiatives with
intent to assure which its business is effectually established (Ferreira, Coelho and Moutinho,
2020). Moreover, the people who are involved into formation of such business are also known to
be an entrepreneur. The journey from beginning stage of obtaining capital and resources to
develop business for obtaining maturity as an outcome of efflux of years of practices into market
is a wide-ranging journey. As time goes on, it includes numerous problems that required be
highlighting and fighting off through entrepreneur so that business sustainability is not put upon
risk.
Seeking on this entrepreneurship nature and journey of entrepreneurial, the academicians
as well as researcher often related the end with metaphor of operating a marathon or developing
mountain. Undertaking the entrepreneurial journey difference with mountaineering a mountain,
some similarities are analysed:
LITERATUER REVIEW
According to views of Sujan Patel, 2017, Success can be defined by achievement of
standards and level. Such as there are certain personality traits such as motivation. Further is
need of skills like optimism that can help entrepreneurs in sharing their vision with each other.
Overall goals is to be more oriented tow-heads the pre determined goals. Creativity is also
another skill that can help in building up of business on big ideas. Entrepreneurs are the ones
who are willing to develop new ways of doing certain activities they posses the passion to bring
some positive changes in the existing way of doing work. Risk taking is also a aspects that is
related with staring something new or working towards dealing with presence of any type of
uncertainty in the course of launching a new venture. These skills are very essential for the
purpose of helping a individual in turning themselves to be a successful entrepreneur (The 5
Personality Traits All Entrepreneurs Must Have, 2020).
Being stronger than anyone thinks:
5

Establishing a new venture is very challenging as comparing as mountaineering the
mountain. It is so as climbing is much risky not only challenging but can also create problems
into individuals life if it is not performed with appropriate planning. In this respect, this may be
considered that there are some person who emphasis the zeal and courage to carry out
entrepreneurship (Why climbing a mountain is the ultimate metaphor for business success, 2019).
At the time when a person accumulate the interest to invest into new business then it should
understand that they are already forward of various other person like a decision requires strength
that they possesses.
Having an experienced partner helps:
Mountain climbing is considered as a risky and deadly task owing by which a person can
perform various work under assistance of expertise individuals (Hitters, Bhansing and
Wijngaarden, 2020). In similar manner, when an entrepreneur plan to establish a venture, it
needs assistance from individuals who has huge experiences upon entrepreneurship as well as
possess deep understanding of market area. It aids them to obtain main information regarding
industry’s trends and patterns, customer behaviours and plan of actions. In this respect, it is not
essential to take assistance from friends, family or relatives, business coach and many more also
provide the entrepreneur’s intent.
Requires the right equipments for success:
A climber needs particular essential equipments while mountaineering the mountain.
There are considered as crucial for them as well as it absence can impact the person’s life. In
same way, an entrepreneur also requires the effective tools for assuring that business are
recognized to be technological, monetary and others (6 Entrepreneurship Lessons We Can
Learn From Climbing Mountains, 2019). Without these aspects, they may not able to set a
business or operate its regular practices (Landoni and et. al., 2020). Extending the journey of
entrepreneur is not a single day work but it needs consistent potential to put forward through
businessman for assuring that it may delivers expected results in rendering to requirements and
choice of consumers at market area.
Reaching a Summit is not always rewarding:
A several times, this has been considered that climbers reach at top of mountain is not
providing happiness with scenic beauty or other fundamental amenity in this manner. The
outcomes are still far from its desires after performing whole hard work through them. It happens
6

in journey of entrepreneurial case also. For this, the business should has a main aspects who likes
that entrepreneur are to be available upon call 24*7. So, the business man would feel that
establishment as well as administration of business was performed to obtain it as an outcome. In
this context, what is needs to be acknowledged through entrepreneur is that all these are few
hurdle into success journey. Moreover, the business may not achieve growth if they accomplish
their customers’ requirements into the due time course.
There is always other mountain to climb:
Mountains are risky as this considers that the climber is climbing just single hill as well
as individuals is putting its sights set on summit (Mayasari and Chandra, 2020). Although, as
soon the person climbs the mountain as well as catches breath, it cannot be appalled to identify
that this was initial peak within a mountain series. It happens mainly into the entrepreneurial
venture case whereby the businessman overcomes a problem that it would meet other hurdles
into the journey of entrepreneurial. For dealing with all these, business man requires to put into
effect its creativity as well as innovation competencies. It allows them to overcome difficulties of
entrepreneurial journey as well as assure longer term business sustainability into market area.
It is toughest at end stage:
The end stage is when the climber obtains exhausted as the journey considered to be very
much tough. Hereby, the person tries hardest as well as is very much influenced to just give up.
This also happens into entrepreneurship case in which initial phase is not so much difficult as last
one. entrepreneurs has to understands that it is the stage in which it requires to put hardest
potential for attaining the expected results as well as solved the problems which is faced through
society effectively and efficiently.
Conclusion
From the above discussed aspects it can be said that in the lief of a entrepreneur there are
certain skills that are compulsorily required in order to enhance the present level of skills of a
individual. For this there is need to use of the existing skills of individual for the purpose of
creating a new venture. These traits actually help in working towards a new identified
opportunity or a creative approach to a common problems that is faced by people in society.
Commercial viable solutions:
There can be use of certain creative solutions to the existing gaps that can be faced by
individuals such as business, technological and societal problems. Entrepreneurs are willing to
7

fill the gaps by use of innovative solutions to revision a product or create a complete new
product, there are two major solutions such as adaptive and innovative. Adaptive model seeks for
problems that can be tested before hand to test its effectiveness. This approach helps in seeking
higher efficiency & contribute towards more stability. Innovative model is used for defining of a
problems discovering it and then leading towards avenues of solutions. Innovative model is
focussed on using a out of the box approach to develop certain novel solutions. It is a shared
approach that can help on using a distinctive style of management that is based on rapid decision
making, informality and intuition. Conventional thinking styles can be used according to creative
entrepreneurs.
Task 3 – The Concept Plan
1 Introduction – Business Concept and Opportunities
Business is considered as ideas of person which can transformed into a practices with
intent of providing advantages to individuals as well as obtaining profitability. So, the business
plan which is going to be introduced in marketplace is through restaurant that would be
providing delicious food to customers (Nyawu and Schultz, 2020). This business would be
initiated which is named as “Delightorozo”. This plan has been seeking on developing trendy
foods and services that are being availed through consumers. Moreover, this would provide
numerous opportunities as well as the essential one is to specification of various options for
personalising the services in order to develop them according to the requirements that is desires
through consumers.
2 Objectives
The objective of “Delightorozo” that would be accomplished at the year end. So, the
objective is:
“To introduce a restaurant business with various offerings into competitive market within
2 years”.
3 Market Research – Primary and Secondary / competitors
Market research is important as it is considered as an organised potential for accumulating
information related to targeted marketplace and consumers. This is essential for a businessman to
consistently perform marketing investigation with intent to understand the requirements and
desires of consumer into a specific industry (Paoloni and et. al., 2020). Moreover, this also
8

facilitates understanding related to strategies opted through competitive organisations into
similar sector. In this respect, the primary as well as secondary research implemented upon
hospitality sector of United Kingdom which states that well known firms are prevailing into
respective industry such as Hilton, Sticky walnut, Orwells, house of tides and many others.
These organisations have developed its brands into market in very well defined manner and have
an effective consumer base. So, it is essential for “Delightorozo” to introduce its plan with
appropriate strategies for sustaining into very much competitive sector.
4 Target Market/Customer
“Delightorozo” would be segment the marketplace based upon geographic and
psychographic aspects such as lifestyle, interests, country and others. Also, they are targeting the
individuals who are from United Kingdom middle and upper class people. Moreover, they are
basically targeting the consumer of all age group as various types of foods are available for
different groups.
5 Marketing
Marketing is very much vital aspects for any new business as this is helpful for promoting
them in effective and efficient way. So, for promoting the new venture among audiences,
“Delightorozo” would apply social media marketing such as Face book and many more. This
mainly considers that it is appropriate marketing techniques as it would able to connect clients
and build effectual relationship with them as the time passes (Pirson, 2020). This also provides
awareness regarding their offerings and services. Along with this, the social media websites
enables marketer or entrepreneur to employ a wide range of strategy as well as tactics for
promoting the content as well as has huge number of individuals involved into it. As
“Delightorozo” is new business so, this requires having an effectual strategy of marketing so that
they can able to reach at huge number of consumers for enhancing their productivity as well as
profitability. So, utilisation of social media marketing would be more efficacious for respective
business.
Social media marketing would be helpful in maximising awareness of their brands as well
as also enhance traffic upon websites of “Delightorozo” by facilitating reach to huge consumers.
Utilisation of social media marketing through them would involve uploading eye catching
content, videos, advertisements and others upon several social media platforms in order to
engage their clients (Ratten and Usmanij, 2020). The platforms which would be involved into
9

their marketing strategy would be Snap chat, face book, Twitter and many more. Respective
restaurants would be utilise various social media platform to has an effective reach among their
clients. Along with this, application of social media would also assure more appropriate future
for futuristic business by developing awareness about its restaurant at international level.
6 Human Resource
Human resources is also a key terms into business plan as this would helps entrepreneur to
provide an effective services to potential audiences. Along with this, this is a set of individuals
who develops personnel of entity, industry or economy and is utilised for describing both person
who performs for entity and department who are accountable in order to manage the resource.
“Delightorozo” would has to initiate with about 20 person who are interested to serve customers
as well as also having appropriate understanding of customer requirements into restive industry.
Though, with enhancement into profitability and business they may maximise their staff
members for effectively meeting the requirements of consumers (Rose, Hölzle and Björk, 2020).
7 Operations – Using the Business Model Canvas
For performing the new business in effective and efficient way, the entrepreneur should
utilise some kind of business model which would be helpful in attaining success. Business
canvas model is effective tool that assists firms to get knowledge about a business model in well
defined way. With assistance of this, it will drives towards insights regarding consumers they
serve, what are the value proposition which are provided by what channels as well as how its
business gains funds. So, for “Delightorozo” business canvas model is best which are discussed
below:
Key Partners
 Suppliers
 Consume
rs
Key Activities
 Providing
effective
service and
offerings to
clients.
Value
Propositions
 Facilitating
effective
quality
services to
consumers
at
affordable
Customer
Relationships
 The
restaurant
will
provide
effective
services to
customer at
discount
Customer
Segments
The restaurant
would target UK
people of all age
10

rates. price.
 Develop
healthy
relations
Key Resources
 Financial
resource
 Human
resource
and others
Channels
 Distributio
n channel
 Social
media
channels
and others
Cost structure
 Furniture
 Equipments.
 Rents
 Staff salary
Revenue streams
 By providing online and offline services they would
able gain more profitability.
8 Legal issues
Legal issues can be considered as a point on which the evidence is undisputed, the results
of that based upon interpretation of legislations. There are several legal problems that may
obstacles towards administration of new venture while introducing into new marketplace. This
involves disagreement among intellectual property, legal issues with employees and others
(Runco and Pritzker, 2020). Along with this, at the time of business registration the manager
requires to follow the Companies act 2006 that includes norms and regulations that is mentioned
under it. For dealing with these whole problems, the “Delightorozo” manager required to execute
practices with assistance of expertise who has experience of putting off legal consequences that
may harm the respective firm sustainability.
9 Financial
This is the key aspect which is highly needed for establishing as well as incorporating
venture. With assistance of financial resources, a business may perform their operations in
appropriate as well as proper manner. In order to initiate a new business, finance plays a vital
role that assists in implementing several operations of business in appropriate and effectual way.
11

In respect of “Delightorozo”, there are many options that may be available towards them for
raising funds like crowd funding, banks, retained earnings and many others. Therefore, out of all
these the banks are most appropriate option for respective restaurant as it is safe and secure
options.
10. Risk, contingency and exit strategies
There are numerous risk that occurs and can creates obstacles towards “Delightorozo”
manager in terms of competitors strategies, varying marketing trends, political fluctuations and
many others. It will develop the environment of business more dependent that brings firms
existent into danger (Schubert and Tavassoli, 2020). Therefore, the entrepreneur requires
formulating some kind of exit options as if its venture fails for sustaining into competitive
marketplace. So, few of them are described below: Liquidation: This is considered as the close up as well as sells whole assets strategy. In case
firm is facing the situation of loss continuously then entrepreneur may opt this exit strategy
through selling the whole venture to another company. This is an effectual options as
venture may be bind up in faster manner. But respective strategy has some drawbacks and
the key limitations is that the value of business assets such as equipments, furniture may be
too less.
 Merger and acquisition: This is considered as the other effectual exit option which may be
opted through a venture into the loss situations. Into this, the entity may perform merger
with any another business for dealing with unwanted as well as unfavourable situation of
business. The firms sell their assets to another one to deal with uncertain business
conditions.
CONCLUSION
According to the above report, it has been concluded that entrepreneurship is not a simple it
is just a challenging procedures that includes considering various problems as well as risks. This
is essential for businessman to deal with many hurdles for assuring longer term sustainability of
new business. Moreover, this is also understood that journey of entrepreneurial is frequently
consider to be resembling procedures of mountaineering a mountain. Along with this, it has been
summarised that business plan facilitates helps to businessman in order to establish business
based upon innovative ideas effectively. This includes components like market investigation,
12

human resource, canvas model and many more. Social media marketing is helpful in maximising
awareness of their brands as well as also enhance traffic upon websites Apart from this, there are
numerous risk that occurs and can creates obstacles such as competitors strategies, varying
marketing trends, political fluctuations and many others.
13

REFERENCES
Books and Journals
della Volpe, M., 2020. Entrepreneurial Innovation Management: the joint Italy–Colombia
master’s degree. International Journal of Educational Management.
Ferreira, J., Coelho, A. and Moutinho, L., 2020. Dynamic capabilities, creativity and innovation
capability and their impact on competitive advantage and firm performance: The
moderating role of entrepreneurial orientation. Technovation. 92. p.102061.
Hitters, E., Bhansing, P. and Wijngaarden, Y., 2020. 7 Entrepreneurship in creative
clusters. Creative Cluster Development: Governance, Place-Making and
Entrepreneurship.
Landoni, P. and et. al., 2020. Business model innovation in cultural and creative industries:
Insights from three leading mobile gaming firms. Technovation. 92. p.102084.
Mayasari, Y. and Chandra, T., 2020. Social capital for knowledge management system of the
creative industry. Journal of Enterprising Communities: People and Places in the Global
Economy.
Nyawu, P. and Schultz, C., 2020. Managing employee creativity and innovation in selected
Zimbabwean manufacturing companies. Southern African Business Review. 24(1). pp.1-
24.
Paoloni, M. and et. al., 2020. Knowledge management, intellectual capital and entrepreneurship:
a structured literature review. Journal of Knowledge Management.
Pirson, M., 2020. A humanistic narrative for responsible management learning: An ontological
perspective. Journal of Business Ethics. pp.1-19.
Ratten, V. and Usmanij, P., 2020. Entrepreneurship and Organizational Change: Managing
Innovation and Creative Capabilities. In Entrepreneurship and Organizational
Change (pp. 1-6). Springer, Cham.
Rose, R., Hölzle, K. and Björk, J., 2020. More than a quarter century of Creativity and
Innovation Management: The journal's characteristics, evolution, and a look
ahead. Creativity and Innovation Management. 29(1). pp.5-20.
Runco, M. A. and Pritzker, S. R. eds., 2020. Encyclopedia of creativity. Academic press.
Schubert, T. and Tavassoli, S., 2020. Product innovation and educational diversity in top and
middle management teams. Academy of Management Journal. 63(1). pp.272-294.
14

Online
Why climbing a mountain is the ultimate metaphor for business success. 2019. [Online].
Available Through: <https://wp-agency.co.uk/climbing-mountain-ultimate-metaphor-
business-success/>.
6 Entrepreneurship Lessons We Can Learn From Climbing Mountains. 2019. [Online].
Available Through:<https://www.forbes.com/sites/allbusiness/2016/10/15/6-
entrepreneurship-lessons-we-can-learn-from-climbing-mountains/#770523ee3e41
The 9 Belbin Team Roles (With Examples), 2019, [Online]. Available Through: <
https://www.indeed.com/career-advice/career-development/belbin-team-roles>
The 5 Personality Traits All Entrepreneurs Must Have, 2020, [Online]. Available Through:
<https://www.entrepreneur.com/article/298650>
15