Managing Entrepreneurship: Innovation and Creativity Report

This report explores the concepts of entrepreneurship, innovation, and creativity in the context of a micro lending company. It discusses the business concept, market research, target market, marketing strategies, human resources, and operations. The report also highlights the role of social entrepreneurship in creating positive social change.

Managing Entrepreneurship
Innovation and Creativity
Report

Table of Contents
TASK 1: MY STORY (INTRODUCTION)....................................................................................3
TASK 2: RESEARCH QUESTIONS..............................................................................................3
TASK 3: THE CONCEPT PLAN...................................................................................................5
1. Introduction- Business Concept and Opportunities................................................................5
2. Objectives................................................................................................................................6
3. Market Research – Primary and Secondary / competitors......................................................6
4. Target Market/Customer.........................................................................................................6
5. Marketing................................................................................................................................7
6. Human Resource.....................................................................................................................7
7. Operations...............................................................................................................................7
8. Legal Issues.............................................................................................................................9
9. Financial..................................................................................................................................9
10. Risks, Contingency and Exit Strategies..............................................................................10
11. Other issues.........................................................................................................................11
CONCLUSION..............................................................................................................................11
TASK 4: REFERENCES...............................................................................................................12

TASK 1: MY STORY (INTRODUCTION)
Entrepreneurship is referred to as an appropriate action which in turn tends to focus on
taking action associated with an entrepreneur. Entrepreneurship is referred to as a pursuit of
opportunity and is an effective process for designing and running the business (Ratten, 2017).
Creativity is considered to be an ability to effectively develop new set of ideas which in turn
helps in discovering effective way to look at various different problems and opportunities. On
the other hand, innovation is referred to as the ability to effectively apply the creative solutions
in order to enrich the society. I have been coming from a business family. I have a family
business of real estate and real estate brokering. The environment from which I am coming from
is solely from a business environment which is full of creative and innovative environment.
Coming from a business family in turn engage me to work with lot of new people on an everyday
basis. This in turn helps me in generating feasible business ideas in order to edge over the
competition. The pre- entrepreneurial attributes and skills are ambition, eagerness to learn,
creativity, risk taking, confidence, assertiveness, perseverance, ability to listen, competitive,
initiative, persuasive, productive, interactive, finding appropriate solution to the problem, etc.
TASK 2: RESEARCH QUESTIONS
Social entrepreneurship is referred to as an approach by effectively starting up the new
set of companies in which the individual develop, fund and effectively implement appropriate
solution to the several environmental issues. Social entrepreneur is referred to as a person who
tends to pursue a novel application who in turn tends to have a potential to resolve various
community based problem (Chand and et.al., 2018, July). They focus on taking risk and also
make an effort to create a positive change within the society by taking correct initiatives. A
social entrepreneur tends to effectively start a business which is beneficial for the greater social
good and not just for making profit. Social entrepreneurs seeks to effectively produce various set
of environmental friendly products in order to serve the community. A social entrepreneur also
focuses on seeking to address large number of imbalances in order to determine the root cause of
the social problem. One of the key goal associated with the social entrepreneur is not to earn
profit, but in turn tends to implement wide degree of improvements within the society. Social
entrepreneur is referred to as an effective way which helps in connecting individual to the life's
purpose in order to create difference within the world (Petkova,2019). Social entrepreneur tends
to combine various social and commerce issues in order to improve the lives of the individual in

order to connect to the cause. For example, TOMS is a company where they focus on the
concept of “one for one” for shoes. For every new pair of the TOMS shoes which has been
purchased by the customer, the company tends to donate a pair of shoes to the needy child. On
the other hand, other company FIGS tends to exist in creating comfortable and ethically
responsible and sustainable scrubs. They also tend to focus on creating high quality products and
also tends to focus on donating thousands of scrubs to the health care providers in around 35
countries.
Social entrepreneurship is referred to as the combination associated with commerce with
social issues (Lichtarski and Trenkner, 2018). The success of the business is also dependents on
the business contribution to improve the world. The key characteristics associated with the social
entrepreneur is to attain large scale social, focus on innovation while finding appropriate solution
to the social problem, using appropriate feedback to effectively adapt and refine. Social
entrepreneur are referred to as an individual who focuses on creating innovative solutions to the
cultural, social and environmental challenges. Social entrepreneurs in turn are considered to be
very persistent and ambitious who in turn focuses on tacking various major issues and in turn
also focus on creating new ideas for the system level change (Andrzejewski, 2019). The skills
and attributes associated with the social entrepreneur is to effectively recognize various unjust
social issues, taking direct action, creative, fight adversity, inspiring change, identifying various
business opportunities, adaptable to change, perseverance, confident, leadership skills, team
spirit, creativity, social skills, etc. Another example is associated with the Grameen bank, where
they tend to provide small loans to those part of the society who are living in poverty in order to
make them financially self sufficient.
The motivation of the social entrepreneurship is that, it tends to provide training, support
and employment to the disadvantaged group of the society (Ratten and Usmanij, 2020). Business
tends to focus on creating and maintain products in order to effectively respond to the economic
and social needs of the society. Another key motivator of the social entrepreneur is mainly
associated with the profit redistribution. Business which tends to exist in order to generate large
number of profits which in turn is redistributed for the cause of charitable activities. The key
motive is to create a new opportunity for the business which in turn has never been explored.
Moral responsibility and ethical motives in turn is considered to be one of the key motivator for
the social entrepreneur to carry out the social enterprise business. Social entrepreneurs in turn are

largely motivated by various non- economic factors which in turn eventually leads to
improvement in the society (Ateljevic and Page, 2017). The key principal associated with the
social objective is mainly linked with the social entrepreneurs. On the contrary, selfishness in
turn is considered to be one of the last motivator for the social entrepreneurship. For example,
Walmart has added social value by imposing sanctions over the suppliers and manufacturers in
South America by effectively using resources which in turn has been obtained from the Amazon
(4 Things That Motivates a Social Entrepreneur Beyond Creating Social Value, 2020). Donating
for the social cause in turn tends to result in social fulfilment. This in turn leads to creating a
sense of accomplishment by effectively creating the same set of underlying interests associated
with the ethics and morals. The social entrepreneurs tend to focus on developing functional and
social competences in order to solve various social problem. Social entrepreneurs are in turn
considered to be as one of the mission driven individuals where the individual tends to focus on
effectively creating several business operations. The key role of the social entrepreneur is to
provide benefit to the communities which in turn is considered to be very useful in reaching
socially excluded individuals by providing them training, volunteering and various other
employment opportunities (Ratten, 2019). The key benefit of the social enterprise is to
effectively create better customer relationships which in turn is considered to be more
responsive, transparent and accessible. Social entrepreneurship tends to result in improved
insight, increased productivity, better innovation, change in the culture, enhanced reputation,
understanding society, etc.
TASK 3: THE CONCEPT PLAN
1. Introduction- Business Concept and Opportunities.
LedFord Micro lending company is an effective business concept which tends to focus on
providing resources and capital to the less privileged people in the society. Micro lending is
considered to be as a provision for small short term credit (Lorenzo, Kawalek and Wharton,
2018). This is used to cover emergency expenditures. LedFord Micro lending company tends to
provide effective financial services such as savings account, payment service, fund transfer, loan,
insurance, etc. This company tends to create an effective platform where organization lends loan
to the individuals at a lower interest rate in order to make a better standard of living for the
community. The key opportunity of the Micro lending firm is to create an effective opportunity
for the people to obtain instant loan at a low interest rate. LedFord Micro lending company is

considered to be an effective platform which in turn offers opportunity to the millions of
financially excluded consumers a re- entry into the appropriate traditional financial system
(Acar, Tarakci and van Knippenberg, 2019). This can be done by helping individuals to
effectively build credit for the longer period of time.
2. Objectives
 To build a world where each individual of the society and community, especially those
who are below the poverty line in turn have access to the high degree of financial
services.
 The objective is to provide access to the financial services to poor in order to create an
opportunity for building financial capabilities and also grow financial self- efficiency.
 The interest rate of the LedFord Micro lending company is tailored in accordance to the
each individual borrower.
3. Market Research – Primary and Secondary / competitors.
BRAC is a UK based one of the leading micro finance company which was established in
the year 1974. It is considered to be one of the world's largest provider of effective financial
services to the poor. BRAC is considered to be one of the key competitors for LedFord Micro
lending company because it tends to have 40 years of expertise in designing, testing, loan and
various other saving products in order to effectively meet the unique requirements of the people
who in turn are living in poverty (Chand and et.al., 2018, July).
4. Target Market/Customer
A target market in turn is referred to as an effective market segment which in turn helps
in targeting the specific group of people in order to deliver specific set of goods and services
offered by the LedFord Micro lending company (Ateljevic and Page, 2017). The target market
for the LedFord Micro lending company are entrepreneurial poor, less privileged people,
ambulant vendors, shopkeepers, economically active individuals, household based entrepreneurs,
people below poverty line, etc. LedFord Micro lending company tends to focus on providing
loans and micro lending services to the poor clients in order to provide better credit access to the
individuals. It helps in providing opportunity to the families by taking advantage of the overall
loan repayment rates.

5. Marketing
Marketing is considered to be very useful for the company to effectively grow their
customer base. This helps in expanding their business to the newer market and gaining advantage
of higher customer base. LedFord Micro lending company will focus on determining the key
needs of the customers in order to target the right customer base. Promotion of the various
services provided by the LedFord Micro lending company are given which in turn helps in
attracting large number of customers (Lorenzo, Kawalek and Wharton, 2018). This helps in
increasing there clientele base. Social media marketing such as Instagram, LinkedIn, Facebook,
YouTube, etc. will in turn focus on creating an appropriate marketing strategy in order to
mention in short the financial services which in turn has been provided by the company. The
company should focus on advertising their product with the beneficial advantage provided to the
less privileged part of the society. This in turn helps in targeting the specific target market which
in turn helps in effectively carrying out its business activities.
6. Human Resource
The key human resource required to effectively carry out the business operations of the
LedFord Micro lending company are employees, financial manager, Marketer, operational
manager, financial planner, ground level staff, etc. they are in turn considered to be the key
human resource within the organization(Lichtarski and Trenkner, 2018). Financial manager of
the company will focus on meeting the long term goals and objectives of the company. It helps in
analysing the various risk for the suitable class of customers. The key role of the marketing
manager is to maintaining and create brand value in the eyes of the customers. It focuses on
social media, promotion and advertising in order to attract large customers. Operational manager
tends to focus on analysing the various operational business activities within the organization.
This in turn helps in improving the organizational process which in turn helps in improving the
productivity, quality and efficiency.
7. Operations
KEY
ACTIVIT
IES
KEY
RESOUR
CES
KEY
PART
NERS
HIPS
CHANNE
LS
CUSTOM
ER
RELATI
ONSHIP
CUSTO
MER
SEGME
NT
VALUE
PROPOSIT
ION
REVENU
E
STREAM
S
Providing Human NBFC, Customer Face to The To build a Usage fee,

loan at
lower
interest
rate to less
privileged
people
(Brem,
2017).
It
provides
effective
financial
services
which in
turn is
tailored in
accordanc
e to the
each
individual
borrower.
resource
such as
employees,
financial
manager,
Marketer,
operational
manager,
financial
planner,
ground
level staff,
etc. are
considered
to be key
human
resource.
Non-
govern
mental
organiz
ation.
are
consid
ered to
be key
partner
s.
loyalty,
Cost
leadership
strategy,
etc.
face
interaction,
business
meeting,
persona
assistance,
etc. are
considered
to be the
key
measures
for
maintainin
g customer
relationshi
p.
target
market
for the
LedFord
Micro
lending
company
are
entrepren
eurial
poor, less
privileged
people,
ambulant
vendors,
shopkeep
ers,
economic
ally
active
individual
s,
househol
d based
entrepren
eurs,
people
below
poverty
line, etc.
world where
each
individual of
the society
and
community,
especially
those who
are below
the poverty
line in turn
have access
to the high
degree of
financial
services.
brokerage
fees,
leasing,
asset sale,
etc. are
considered
to be key
revenue
streams
(Mitra,
2019).

8. Legal Issues
The Led Ford Micro lending company in turn must focus on legally comply with the
various laws, rules and legislations (Lorenzo, Kawalek and Wharton, 2018). This in turn
eventually leads to higher operational growth and smooth function of the business in a legal and
systematic manner. The regulation and standards of the micro finance will in turn helps in
ensuring the financial soundness of the micro finance industry. This in turn helps in reducing the
possibility of failure to carry out any business activities. All the micro lenders company of the
UK comply with the Micro Finance Act, 2018. This bill tends to provide array of registrations,
supervision, licensing, etc. associated with micro lending business.
9. Financial
FY 2020
Sales 1000
Revenue 8000
Less: COGS 2000
Gross profit 6000
Expenses
HR expenses 700
Packaging and shipping 520

Market research cost 360
E-commerce website development 390
Depreciation 194
Rent 250
Refrigerator cost 100
Website cost 400
Advertisement and promotion 500
General office supplies 300
Technology integration 420
Employee salary 200
Interest 467
Total cost 4800
PBT 1200

10. Risks, Contingency and Exit Strategies
Risks Contingency Exit Strategies
Financial risk Financial risk tends to have
huge impact on the
performance of the firm. This
in turn hampers the
performance of the business
which in turn largely affects its
operations.
In order to manage the
financial risk within the set
business enterprise the
company must in turn focus on
preparing a set budget, identify
and monitor the several risks.
Market fluctuation This in turn results in change
in the exchange rate, interest
rate, inflation rate, etc. This in
turn eventually in turn largely
affects its business operations.
In order to mitigate the market
risk, the company must focus
on tweaking the portfolios in
order to mitigate the market
risk. Hedging the portfolios
against the currency risk and
sticking to the low impact
liquidity risk in turn helps in
existing the market risk.
Credit risk A credit risk is the failure to
make the required set of
payment which in turn
eventually affects the market
operation.
Building an emergency fund in
turn is considered to be one of
the most effective measure to
resolve credit risk within the
company (Acar, Tarakci and
van Knippenberg, 2019).

Legal risk Non- compliance with any of
the legal requirements of the
company will in turn lead to
reputation loss and will also
result in various legal penalties
upon the organization.
The company must timely
comply with the various legal
regulatory authority in order to
carry out all the business
operations with accuracy and
efficiency.
11. Other issues
Strategic risk is also considered to another issue in Micro lending company because this
in turn leads to poor decision making and inadequate resource allocation. In order to mitigate
strategic risk within the organization. The company must in turn focus on avoiding unwanted
negative consequences and focus on taking necessary measures to control such activities.
Transferring the risk by effectively managing the portfolio helps in mitigating strategic risk.
Another major issue is less awareness to people related with the beneficial services offered to the
less privileged area of the society.
CONCLUSION
This study summarizes that, Social entrepreneur tends to combine various social and
commerce issues in order to improve the lives of the individual in order to connect to the cause.
This study develops a concept plan for LedFord Micro lending company. The objective is to
provide access to the financial services to poor in order to create an opportunity for building
financial capabilities and also grow financial self- efficiency.

TASK 4: REFERENCES
Books and Journals
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.
Andrzejewski, S.A., 2019. Entrepreneurship, Innovation, and Creativity: Gendered Constructs or
Equal Domains?. Go-to-Market Strategies for Women Entrepreneurs, Emerald Publishing
Limited, pp.45-56.
Ateljevic, J. and Page, S.J. eds., 2017. Tourism and entrepreneurship. Routledge.
Brem, A., 2017. Creativity and routine: Conceptual considerations on managing organisational
ambidexterity in entrepreneurial ventures. International Journal of Entrepreneurship and
Innovation Management. 21(3). pp.261-273.
Chand, M and et.al., 2018, July. Entrepreneurship, Innovation and Creativity in South Asia.
In Academy of Management Proceedings (Vol. 2018, No. 1, p. 17897). Briarcliff Manor,
NY 10510: Academy of Management.
Lichtarski, J. and Trenkner, M., 2018. On the co-existence of innovation and creativity in the
lean management environment. In Forum Scientiae Oeconomia (Vol. 6, No. 3 Finance,
Innovations and HRM Aspects in the Modern Organisations, pp. 67-81).
Lorenzo, O., Kawalek, P. and Wharton, L., 2018. Entrepreneurship, Innovation and Technology:
A Guide to Core Models and Tools. Routledge.
Mitra, J., 2019. Entrepreneurship, innovation and regional development: an introduction.
Routledge.
Petkova, N., 2019. The Role Of Innovation And Creativity As Key Factors For The
Development Of Social Entrepreneurship In Bulgaria. Entrepreneurship.7(2). pp.124-132.
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.

Ratten, V. ed., 2019. Entrepreneurship and the Community: A Multidisciplinary Perspective on
Creativity, Social Challenges, and Business. Springer Nature.
Ratten, V., 2017. Entrepreneurship, innovation and smart cities. Routledge.
Online
4 Things That Motivates a Social Entrepreneur Beyond Creating Social Value. 2020. [Online].
Available through:<http://www.yourarticlelibrary.com/entrepreneurship/4-things-that-
motivates-a-social-entrepreneur-beyond-creating-social-value/14199>