Managing Entrepreneurship, Innovation & Creativity

Managing
Entrepreneurship,
Innovation & Creativity

Table of Content
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
TASK 2............................................................................................................................................3
.........................................................................................................................................................6
TASK 3............................................................................................................................................6
1. Concept plan ..........................................................................................................................6
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Entrepreneur can be defined as outcome of procedure which is applicable to creativity as
well as innovation for capitalising marketplace opportunities. Creativity can be defined as
potential of an individual which can led to intact invention. It is an entrepreneur who bring
innovation in business. An entrepreneur has creative skills which enables them to facilitate
innovation. In organisational context, facilitating innovation in business is very much crucial fore
growth as well as success of an enterprise. Innovation is the strategy which assist firm in
increasing sales and profitability. It helps an enterprise in gaining the competitive advantage in
the market.
The report will include the story of an entrepreneur. Study will highlight the skills of
successful entrepreneur. Assignment will emphasizes on analysing the way product launch after
1999 are changing the method of working by an organisation.
TASK 1
Entrepreneurship is a process of establishing a business with the help of creating
innovative ideas. I completed my graduation in Commerce and joined Business of my father. I
belong to an entrepreneurial background as My father is an entrepreneur he operate a business of
restaurant and variety of healthy & hygienic food to customers. Further, my grand father is also an
entrepreneur he starts his own business at the age of 16. By working in my fathers business I
learned so many business things. My Father is my inspiration and after getting inspired by father's
business & entrepreneurial skills I am also thinking to start my own business. Thus, I am an
entrepreneur and I am planning to establish my own business in local area of London named as
Cocktail and Champagne Bar. This business is my own idea and with this business I will offer
variety of drinks as youngsters are more addicted to beverages this business will be profitable for
me in near future. Further, non alcoholic beverages will be offered in this business so individual's
health does not get affected.
TASK 2
Organisations & Products
Impact of Changes in Organisations and Products Launched post 1999 on Workings.

According to (Weisburd and Braga, 2019), Development of new organisation is also
necessary as new firms brings innovation & new products in market which in turn contributes to
economic development. Number of organisation in United Kingdom are increasing due to
Emergence of Entrepreneurship & Small Businesses.
An organisation and business firm develop and modify its products & services in
accordance with consumer demand and recent trends in market. Emergence of new technologies
and ideas in market leads to an increase in profitability and market share of companies. Thus, it is
useful for business firms to introduce new products in market. Organisation are offering many
products at a time and they are mostly focuses on delivering products which are innovative. After
1999 companies are focusing on implementing technology and automation in their products as this
minimises time and facilitate effective services. Google also make huge changes in its product
offerings after 1999 with the changes made in requirements of organisations and customers.
Google is a Multinational company offering technological products & services to many
countries across the globe headquartered at California, United States. Company started its
operations in the year 1998 with Search Engine Services. This search engine is the most dominant
& powerful search engine. After 1999 company make innovations and make expansion plans by
introducing more products in its product portfolio. In 2002 google launched news services with
that individuals can easily get recent news. After that company launched google books and
entered in to the business of advertising and this is the most profitable service among all the
services included in product portfolio of Google,
Product Development makes business of Google more profitable. Organisations and
Products offerings are changing after 1999 due to changes in technological factors. Further,
organisations are introducing different technologies such as Electronic Monitoring System, Robot
and Automation for that Google is developing more products in market. All these technologies
promoting better & faster services which in turn creates demand for products and services.
As per the point of view of (Jensen and Lundvall, 2016), Nature of Organisational work
is also changing which in turn changes product & service offerings. Technological Changes post
1999 effect productivity and employment in organisations because with the implementation of
technology employees working with in an organisation are expected to use new technology and
make innovation.

Workings of Google changes due to increase in use of technologies. For Example- Now a days,
individuals are using online services and for that Google is providing details regarding price and
other services provided by other companies. With technology implementation Google introduce
various products & services such as Advertising, Consumer Services (Web based Services,
Software's & Hardware's), Internet Services and Enterprise Services.
Google entered in to payment and banking services because after 1999 and in recent
times more number of individuals are using fund transfer applications. Hence, Google Pay
Application is launched by Google. Use of Internet and technology is increasing in Organisations
for that Google offer services which are useful for work & productivity like Google, docs, Google
Sheets and Google Slides, for time management in organisation a service called Google Calendar
is introduced by company. Further, Email is useful for facilitating communication and for cloud
storage google drive is launched by organisation.
For Example- If any new product is introduced in market than google show detailed
information related to features, pricing and other benefit of that product. Further, Google is also
giving information as to use of products.
According to (Etzkowitz and Zhou, 2017), for developing an innovative and profitable
business individuals require new ideas in order to that company is providing information related
to development ideas. Google also provide necessary information to organisations so that they can
set up their organisational structures. Various Messenger such as Hangouts and Google Duo are
developed company so that organisations can establish immediate communication among
employees.
Organisations are operating all their functions such as Finance, Marketing, Sales, Human
Resources and Research & Development with Internet fir that Google changes its working and
started offering Internet Services through Google Fiber, Google Fi and Google Station.
Google is changing its business plans and offerings with the changes made in
organisations and products but as per the point of view of (Tidd and Bessant, 2018), it is very
difficult for company to cope up with changes and that requires huge cost & time.
Google adapt new ideas and technologies on a daily basis by analysing market trends and
this helps organisations in their product development and profitability maximisation.

YouTube is also introduced by Google which helpful for organisation in providing videos
which gives information related to a specific product which in turn beneficial in product
development.
It is reviewed that Company faces problem in changing its workings because it
employees are not able to adapt changes easily and with the change company has to organise
training & development programmes for employees so that they can offer services in accordance
with changes made in products and organisations. Further, products which are launched before
1999 are not technology oriented thus, it is easy for Google to provide its services and less
number of organisations are using technology before 1999 thus, company is required to offer
limited information on search engine. Furthermore, post automation reduces employees
requirement which enhances unemployment and that will have a negative impact on economy of a
country.
From the above guideline it is examined that Google enhances its product & service
portfolio in accordance with changing requirement of products and organisations.
TASK 3
1. Concept plan
Concept plan is basically a document which consist of the detailed information about new
business venture. It is considered to be as planning efforts which are taken by an individual
before establishing new business venture. Development of concept plan is very much essential ,
as it helps in identifying the opportunities as well as risk associated with establishing particular
type of business. Concept plan is basically a road map which assist an individual in identification
of the activities or procedure which are required to be performed in order to achieve desired
goals or objectives (Acar, Tarakci and van Knippenberg, 2019.). A cocktail which will be served
by newly establish business venture to customers would basically a drink which will consist of
distilled beverages such as Vodka, brandy, Tequila etc. Somwe of the cocktail drink will also
consist of cream.
Here, the business concept is to launch cocktail and champagne bar. The name of
organisation will be Volcano. It will be basically a sole proprietor firm. An entrepreneur has
chosen to establish sole proper tor business as it will be easier for an entrepreneur to make quick
decisions. In addition to this, other reason fore establishing sole proprietorship enterprise is that

an entrepreneur of new business venture doest not want to share profit with other people. An
entrepreneur has decided to establish cocktail as well as champagne bar business as there is
high scope of growth. In addition to this, the firm in food and beverage industry in earning high
profit. Continuous increase in the food and beverage business has positively influenced an
entrepreneur to establish specific business (Kuratko and Morris, 2018.). The structure of new
business venture will be flat, as it will help an entrepreneur or management in making quick
decisions. The team of highly skilled and talented workers will be created in order to drive an
organisation towards accomplishment of desired business objectives.
Establishment of cocktail as well as champagne bar will be a innovative business ideas as
unique combination and wide variety of drinks will be offered to customers. Air’s list of more
than 100 bottles reflects the zeitgeist as well as imported chilled wine will attract the customers.
The interesting flavours of cocktail will be served with snacks. New business venture will be
establish unique location that is rustic as well as stylish tree-house spot (Tidd and Bessant,
2018). By establishing the business in specific industry an entrepreneur will gain an opportunity
to expand business at very rapids rate. In addition to this, an individual establishing such type of
business can get an opportunity to earn high revenue.
The main objectives of Volcano, newly establish business venture is to earn high profit
and sales. In addition to this, an organisation intends to become popular cocktail as well as
champagne bar among customers. The main purpose of newly establish business venture is to
provide customers with high value proposition by offering them with good quality as well as
wide variety of cocktail or champagne.
Market research : It is the investigation which has been found that the food and beverage
industry in which an enterprise is planning to expand business is highly competitive. It will be
very much difficult for Volcano that is newly establish business venture to survive in highly
competitive business environment (Al Shobaki, Amuna and El Talla, 2018. ). Newly established
organisation will required to concentrate on providing high value proposition to customers, as it
will provide firm with an ease in maintaining business sustainability in highly competitive
business environment.
Marketing : Marketing manager in Newly establish business will develop the website which
will consists of all essential information about business and products or services. In addition to

this, in addition to this, brochure will be distributed for generating brand awareness. Word of
mouth is the marketing strategy that will be adopted by an enterprise for promoting business.
Human Resource: the human resource manager in Volcano will be responsible for recruitment
and selection of new candidates. In addition to this, duty of human resource manager is to
provide an appropriate training to staff so quality as well as professional services could be
delivered to clients.
Operations: The different operations which will be performed by employees in Volcano that is
newly established business venture include production, marketing, sales, inventory, supply chain
management, accounting, finance etc.
Business canvas model
Key Partners : An entrepreneur has decided to form an partnership with college as well as
universities. Business owner will have focus on developing the strong relationship with
suppliers as well as investors.
Key activities : The key business activity of Volcano will be to attract customers and influence
them to buy goods or services. Other key activities are supply chain management, inventory
management, sales promotion , accounting etc.
Key resources: The resources which are required for establishing cocktail as well as champagne
bare business are skills , knowledge about industry or market, capital, land or infrastructure,
human resource, technology, furniture, and other equipments.
Value proposition : An entrepreneur of newly establish business venture is planning to offer
quality as well as wide varieties of Cocktail as well as champagne drink to customers at
reasonable price. In addition to this, business owner is planning to create good environment in
order to provide customer with excellent experience.
Customer relationships : An entrepreneur of newly establish business venture will use social
media fore seeking the feedback from the customers and to engage them in business. Social
media marketing will be utilised by marketing manager in Volcano for communicating with
customers and informing them about goods or services (Hodges and Link, 2019). In addition to
this, An organisation will conduct marketing campaign, as it will assist them in meeting with
target customer group and will assist an enterprise in developing the strong relationship with
customers.

Channel : An entrepreneur of newly establish business venture has decided to distribute goods
or services directly to customers. Human resource team in an organisation will hire some
candidates as a sales person who will support firm in distributing products or services to
customers. In addition to this, business owner will seek support from the distributors as they are
people who have in depth knowledge about the market as well as strategies which can be
utilised fort positively influencing people to buy goods or services.
Customer segments: An entrepreneur of Volcano that is newly establish business venture will
use demographic marketing strategy. It is the marketing segmentation strategy which will help an
organisation in fulfilling the needs and expectations of customers. An entrepreneur is planning
to target adult people belonging to high income group, as these people can make their significant
contribution towards generation of high profit by firm. An enterprise will also target people
belonging to the different nation (Newman, Schwarz and Nielsen, 2018).
Legal issues : In context of cocktail as well as champagne bar business, obtaining the insurance
coverage is very much essential. An entrepreneur of Volcano will obtain licence from relevant
authority for selling the cocktail. Business owner will keep detailed records of all liquor, wine
and beer received from suppliers that include the date and quantity of everything, as it will be
kept as proof in order to avoid legal issues.
Financial: In context of cocktail and champagne bar business, an organisation will earn revenue
by selling the wide variety of cocktail, champagne and other beverages to customers. In addition
to this, an enterprise will supply c cocktails and champagne for special type of events such as
wedding, birthday parties etc. According to the market research conducted the sale which is
expected during the first three accounting year are first financial year : 300000£ , second year :
600000£, Third year : 800000£.
The cost of establishing the cocktail and champagne bar business
Activities Costs
Registration charges
Obtaining of licences
Marketing activities
Insurance
800£
1300£
10000£
2600£

Rent
Costs of inventory
Costs of launch of website
Purchase of furniture and other equipment for
bar such as crockery
30000£
60000£
800£
15000£
Risks , contingency and exit strategy : The main risk is the failure of business. An entrepreneur
of Vocalno in order to avoid such type of risk has made plan after conducting the in depth market
research (Hjorth, Drakopoulou Dodd and Weik, 2018.). Other types of risks associated with
Cocktail and campaign bar business in decline in the the demand of the drinks due to increase in
the awareness about the health issues. In addition to this, there are high chances of legal issues
due to continuous changes in norms related to industry. Business owner of volcano has obtain
permission as well as licences in order to avoid such type of business risks.
CONCLUSION
From the above report it is concluded that Innovation is necessary for the growth of an
organisation and it contributes to economic development of United Kingdom. Further, it is
outlined that number of small & entrepreneurship businesses are increasing in UK and with that
innovation is also increasing. Above report summarises a reflection of my own story. Moreover,
in this report Product/Organisation theme is selected which concludes changes in working as
operations of Google due to changes made in products and organisations. Further, this report
summarises a concept plan which concludes market research, marketing, human resource,
operations, legal issues, financials and risk contingency.

REFERENCES
Books and Journals:
Tidd, J. and Bessant, J.R., 2018. Managing innovation: integrating technological, market and
organizational change. John Wiley & Sons.
Kuratko, D.F. and Morris, M.H., 2018. Examining the future trajectory of
entrepreneurship. Journal of Small Business Management.56(1).pp.11-23.
Acar, O.A., Tarakci, M. and van Knippenberg, D., 2019. Creativity and innovation under
constraints: A cross-disciplinary integrative review. Journal of Management.45(1). pp.96-
121.
Al Shobaki, M.J., Amuna, Y.M.A. and El Talla, S.A., 2018. The Entrepreneurial Creativity
Reality among Palestinian Universities Students.
Hodges, N.J. and Link, A.N., 2019. Innovation by design. Small Business Economics. 52(2).
pp.395-403.
Newman, A., Schwarz, G. and Nielsen, I., 2018. The effects of employees' creative self-efficacy
on innovative behavior: The role of entrepreneurial leadership. Journal of Business
Research. 89. pp.1-9.
Hjorth, D., Drakopoulou Dodd, S. and Weik, E., 2018. Organizational Creativity, Play and
Entrepreneurship: Introduction and Framing.
Tidd, J. and Bessant, J.R., 2018. Managing innovation: integrating technological, market and
organizational change. John Wiley & Sons.
Jensen, M.B., and Lundvall, B.A., 2016. Forms of knowledge and modes of innovation. The
learning economy and the economics of hope, pp.155-182.
Etzkowitz, H. and Zhou, C., 2017. The triple helix: University–industry–government innovation
and entrepreneurship. Routledge.
Weisburd, D. and Braga, A.A. eds., 2019. Police innovation: Contrasting perspectives.
Cambridge University Press.