Managing Entrepreneurship, Innovation & Creativity Report 2020

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