Review and Analysis of Entrepreneurship and Innovation Literature

The assignment requires the student to read and analyze various research papers and articles on entrepreneurship and innovation, identifying key themes, concepts, and theories. It also asks the student to provide a summary of the reviewed literature, highlighting important findings and contributions to the field. The assignment aims to develop critical thinking, analytical, and writing skills in students.

Managing Entrepreneurship,
Innovation & Creativity

Table of Contents
TASK 1............................................................................................................................................1
Introduction.................................................................................................................................1
TASK 2............................................................................................................................................1
Entrepreneurial traits are needed to be a successful entrepreneur. What traits and attributes
should they avoid?.......................................................................................................................1
TASK 3............................................................................................................................................4
The Concept Plan........................................................................................................................4
REFERENCES................................................................................................................................9

TASK 1
Introduction
An entrepreneurship is an activity of setting a new business, taking the financial risk for
earning profit. Innovation and creativity both are regarded to overlapping construct among two
different stages of creative process. Creativity is production of the useful or new ideas and on the
other hand, innovation is execution of new ideas in to new service or goods.
I am an entrepreneur, creative and innovative person and I am coming from the open
environment where my parents support me for doing some thing new and innovative. I am
interested in doing the new things, take risk and overcome from them by making the better
solutions in an effective manner. My family members are more supportive and provide me full
financial support. In my family, my father is entrepreneur and from him I learn many things or
creativity. Under this module, I am bringing selling skill, self- reflection, resiliency, strong
leadership qualities, motivation etc. These all skills and attributes are helpful for me in setting up
the new business in a better or effective manner. As I am very creative and also develop the new
ideas and concept for make business more successful.
TASK 2
Option D – Theme - Entrepreneurial Journey
Entrepreneurial traits are needed to be a successful entrepreneur. What traits and attributes
should they avoid?
Entrepreneurship is the process of starting new business with creative ideas and willing to
take risk. It is the capacity to organise, develop and manage new business with the hope to make
profit. The person who develop the business is called entrepreneurs (Abu-Saifan, 2012).
Entrepreneurial Journey
What is question asking- The question is asking from me about the journey of an
entrepreneur and different traits which are required to be an entrepreneur and which should be
avoid.
Find on
Discover- In the research, I discover that traits should be necessary in an entrepreneur because it
is helpful in conduct the business activities and operations in a significant manner. On the other
hand, entrepreneur should be innovative as well as creative to make things better.
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Research methodology- The research methodology that was used in conducting an
investigation is qualitative because it is based on the theoretical basis.
Measure success or failure- If an entrepreneur is able to perform its business functions
and enhance sales then it will help in measure success and on the other hand firm is facing the
loss and many risk arise then it will be failure.
Entrepreneurship
education and Business start-ups- It is necessary that an entrepreneur should be well qualified
and he should have better knowledge and understanding about the business or management
concept. Through this, it can able to start the new business firm in an effective manner.
Every entrepreneurs should possess entrepreneurship traits. These attributes helps
business to take risk and earn maximum profit with creative ideas. The traits which entrepreneur
requires are:
Traits of an Entrepreneur as Advantages
The characteristics of an entrepreneur is termed as entrepreneur traits. The eight traits of
an successful entrepreneur traits is been discussed below.
Strong leadership qualities: A leader is more than just a retentive. He values goals no
matter how much unpleasantness work is there to reach that goal and a capacity to boosts the
morale of the employees with strong communication and interpersonal skills (Anderson,
Potočnik and Zhou, 2014). The person directs subordinates to achieve group or an individual
goal's and bring out effectiveness and efficiency in their work. An individual gains the faith and
respects of the subordinates by directing them towards a positive path and encouraging them for
fulfilling the objectives.
Highly self-motivated: Successful entrepreneurs are the one who take actions to invoke
changes by going out and analysing the world. They do no sit back and wait for the opportunities
to come to them to grab. A person is confident and motivated and work passionately to achieve
the targets or solve problems. He is of flexible nature and adapt to the changing situations and
think foresightedly at a universal level by a more complete vision or goal rather then on the
present task (The 5 Personality Traits All Entrepreneurs Must Have, 2018). A person is skilled in
his field and encourages his subordinates by motivating them for accomplishing new tasks and
objectives.
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Strong sense of basic ethics and integrity: A sense of basic ethic and integrity is there in
every entrepreneur for the business to earn a life long productivity and profit. Entrepreneur's
maintain integrity at highest standards to prove themselves so that people are ready to do
business with them (Armstrong, Cools and Sadler‐Smith, 2012). In respect to working with
clients or leading a team, if the person is at default, they admit their mistakes rather than blaming
others for it and to rectify or resolve it.
Willingness to fail: No business can run without taking a risk and every plan has a
negative and a positive result to it. A successful entrepreneur is the one who is not afraid of
failure and takes risks whenever needed. They takes best decision even in the hardest or worst
situation and have a mind set that plans doest give the successful results always and they might
get the failure in those plans. A person does not get success in his business unless he is not ready
to face the failure.
Serial innovators: Successful entrepreneurs are the one who bring innovations and
change in their existing business. They try to bring effectiveness in their businesses by correcting
and improvising their products and services. People welcome change coming in the market and
try to improve the strategies or methods and develop new ideologies for the ultimate success of
their business.
Eagerness to learn: Nobody has a complete knowledge of everything, entrepreneurs
have the capacity to learn more and gather more knowledge about their business as much as
possible for the smooth functioning of the business (Burns, 2016). He should not set boundaries
for learning and asks questions or search for information to take effective and best decision for
the business. A successful entrepreneur is confident but egoist to the point that he knows
everything because it exempts them from taking the best decisions.
Competitive spirit: Entrepreneur enjoy challenges and competition as starting a business
on its own is itself a big challenge. In business, competition is there at every level and people
have to do wars to win those challenges and to survive and grow in the market. It is also a
challenge to an individual to grow a business in the completive market that can either earn him
profit or face a loss.
Understand the value of a strong peer network: Entrepreneurs can never get success
alone, it takes a network of contacts, partners in business, peers and resources to get success in
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their business. Successful entrepreneurs make good relationships with the people around them
who would help them to enhance and get profit for their business.
Get to know customers: A successful entrepreneur is the one who have a detailed
knowledge about the customers so that they can provide them with the products and services
according to their needs and requirements. By knowing the needs of the customer they can get
productive in their business which will lead to the success of their business (Cajaiba-Santana,
2014).
Disadvantages
Inadequate financial planning- Some of the business ideas need lot of capital and others
have steeper curves which are based on the investment or savings. In context to this, many
entrepreneurs are fail to allocate necessary or adequate resources that will provide them more
time for scale business (Five character traits every entrepreneur should avoid, 2018). In order to
set up business or conduct some business operations, there is a need to an entrepreneur to arrange
proper money in an effective manner.
Self- centric- It is an entrepreneur that is not team player and also not want to work in a
team. This person should know everything and also can be deliver anything. His main focus on
fulfil his needs and take all decision himself (Davila, Epstein and Shelton, 2012). From this kind
of ego, entrepreneur can survive hardly out there it can lose control and also take the work
decisions, follow wrong business plan and delay all orders These all develops the negative
impact on business so it is necessary that an entrepreneur should avoid this skill.
Dishonest- Promising the unrealistic solutions and specification delivered in the no time
can assess make sale but it is main disservice to business. It develop the negative effect on an
entrepreneur or its business. Sales, management chops, adequate planning and negotiation skills
should be necessary in an entrepreneur. An entrepreneur should not put its fake testimonials or
reviews on website because it impact the reputation of business (Dawson and Andriopoulos,
2014). It is necessary that an entrepreneur should not adopt or use any wrong trick on consumers
about purchasing products.
Lack of focus- Some of the entrepreneurs give up easily and they do not try to deal with
any issues or problems. New business take some time to flourish and its results are visible with
in 6 months of establishment. Easily give up is a main disaster for business and entrepreneur.
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TASK 3
Name:
Concept Name: The Blue Sky Thinking!
Brand Executive Summary: The name of business is Baby Step Clicks and it provides the
photography services to people at different locations. In photography services includes free
blooper, travelling expenses with in Penang and One Family portrait with Key chain.
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The Concept Plan
1) Introduction of business concept and opportunities
Introduction
The name of company is Baby steps clicks. Here, the business concept is related with
new born baby. It has target the area of Malaysia which provide photography services in family
portrait frame with key chains and travelling expenses with Penang free blooper.
Customer- It is an individual that purchases services or products from business or stores.
Under this plan, customers are babies and their family.
Value proposition- It refers to marketing statement or business that an organisation uses
to summarise why customer should purchase service. The main benefit from photography
services it that through this parents can capture the photos or happy moments of their children.
Product or Service- Photography services
Opportunities
The entrepreneur chose this market to focus on new born baby. As there is high birth rate
of babies in Malaysia as compared to other. This city is full of natural beauty, beaches.
Nowadays, parents want to click pictures with their born baby as a future memory (Dodgson,
Gann and Phillips, 2013). They reflect the love of the parents toward their children. People of
Malaysia loves photography shoots.
2) Objectives
Aim: The main of this idea is to capture the memories of childhood.
Every entrepreneur or businessman must set clear objectives for the company. As such
help in achieving the target results. Here Baby steps click has following important objectives
which are:
1. To promote the different destination places in Malaysia.
2. To attract customers through targeting new born baby for photography services.
3) Market research which includes primary and secondary
Market research is the process of collecting information about market which includes
tastes and preferences of consumer about the products and services (Edwards-Schachter and et.
al., 2015). Here the different methods for market research has been used which includes primary
and secondary:
Primary Research
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It is the called first time research. The researcher itself conduct or hire other to do it. In
this the researcher go to target market. The examples of such are: focus groups, interviews,
surveys (online or mail), questionnaires etc. The entrepreneurs take help of other people to know
about market opportunities and threats before starting business. They also study and conduct
research to know about customer ideas , taste, preference. Here business is related with
photography services for new born baby so they firstly know about craze of pictures among
people. As this increases the cost of the businessman. In this, questionnaire is to be filled through
respondents to know about the opinions and view points about the concept.
Secondary Research
It is the research which has already gathered, published, compiled. The data and
information are collected through government agencies, books, magazines, library, trade
journals. When data are abstract through sources, user must check about fresh and new data not
outdated (Hartley, Sørensen and Torfing, 2013). The researcher can take help from above to find
accurate data. The entrepreneurs can refer books, magazines before start-up business plan. This
help in getting better results and more in formation about he related field or area. On the other
hand in secondary statistics included the key note.
4) Target Market/ Customer
In this, the target audience is Babies and the customer is a person.
Target market is the group of particular consumers for the goods and services is aimed. It
is the collection of customers to whom the company focuses on it. It is the subset of market of
the people for providing goods and services. Baby step clicks has target particular group of
people in the society i.e new born baby to market its photography services among customers.
5) Marketing
In order to communicate with consumers, firm will use the email and telephone.
Marketing is management and study of the exchange relationships. It is used to develop,
keep and fulfil needs of consumers. On the other hand, marketing is helpful in aware the people
about the services or products to consumers. As Baby Step Clicks is a core business ideas and its
main focus on photography. So, for make promotion of its services and products, this company
use the effective marketing strategy for an instance give advertisement on internet. Consisting
online marketing tactics consist develop website with online gallery that show all the new photos
of the new born children. This marketing strategy is helpful in attract the parents of new born
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babies so that they can take interest in the babies photographies (Kim, Kumar and Kumar,
2012). On the other hand, there is another marketing strategy that Baby Step Clicks can use is
Segmentation, Targeting and Positioning (STP).
Segmentation- It refers to dive market in to small parts so that firm can easily target the
market without face any difficulties. Its main aim is to design effective marketing mix that
matches with expectation of consumers in targeted segment. There are different kinds of
segmentation given below:
Geographic segmentation- Under this, market is divided according to geography. This
kind of the market segmentation is necessary for marketers as persons are belong to various
regions can have various needs.
Behavioural segmentation- In this, market is segmented on the basis of behaviour,
choices, usages, decision making and preferences of customers. It is usually segmented on the
basis of product knowledge and its use.
Demographic segmentation- Under demographic segmentation, market is divided
according to age, marital status, family size, race, gender, occupation, nationality, religion etc.
Psychographic segmentation- It divides audience according to their attitude, personality
and lifestyle. It works on premise that purchasing behaviour of consumers can be impacted
through lifestyle and personality.
Targeting- It includes breaking market in to segments and also concentrating on
marketing efforts on one or more than one segments involving consumers whose wants can
match with services and products offerings (Kuratko, 2016). Under this, main target market of
Baby Step Clicks is new born baby.
Positioning- It is marketing strategy and its main aim is to make brand occupy distinct
position and compete with strong rivals at market place. Baby Step Clicks company will
positioning its business in the baby markets of Malaysia.
6) Human resource
It is a department in company that deals with recruitment, administration and also provide
training to staff members. It is a responsibility of human resource department to hire the capable
staff members which can perform the tasks and also doing their activities in an effective manner.
Baby Step Clicks company recruit and select those employees which are well qualified and have
ability to deal with the consumers in a better manner (Parkman, Holloway and Sebastiao, 2012).
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7) Operations
As Baby Step Clicks provides the photography services to new born baby. The main
operations of this company is to provide the facilities to new born babies and their parents, take
care sitting arrangements of persons, provide different attractive destination places in Malaysia
etc.
8) Legal issues
Legal issues of law refers to the legal questions which are foundation of case. In context
to Baby Step Clicks, legal issues can be related to health and safety of babies at the time of
clicking photos at different destination places. Firm should take care the health of children. On
the other hand, privacy is a main legal issue. Under this, sometimes company leak the photos of
children without their permission so it is a kind of main legal issue.
9) Financial
In an organisation, finance plays an important role and without the money, firm can not
perform its business operations. As the Baby Step Clicks is start- up company and it requires and
need to arrange more funds to perform the business operations in a proper manner. Under this,
firm arrange the funds through taking loan from banks, angel investors etc.
10) Risks, Contingency and Exit Strategies
Under this, risk can be related to the inadequate funds, do not follow all rules and policies
which are set through government and any kind of legal issues by Baby Step Clicks business
firm. These all risks can be develop the negative impact on development of business and its
productivity (Priem, Li and Carr, 2012). On the other hand contingency is related to future event
which is possible but also can not predicted with certainty. With the better contingency plan,
company can deal with the any risks which can be happen in future.
Exit strategy is contingency plan that is implemented through trader, business owner,
investor etc. in order to liquidate position in financial assets. If the firm is not performing in a
better manner or go through loss, then it can use exit strategies to shut down business. Different
exit strategies are mention below:
Winding up- It is method of dissolving, ending business. This kind of strategy consists
selling all assets, distribute remaining assets to shareholders or partners and paying off to
creditors. It is legal process and also regulated through corporate laws and partnership
agreement.
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Dissolution- It is an action of ending the business or firm in a formal way. Under this,
company end its business and operations.
11) Other issues
The other issues which parents of new baby can face at the time of clicking photos is
destination places and facilities (Urabe, Child and Kagono, 2018). Sometimes, company
provides destination places itself and does not consider other destination places according to
demands and preferences of parents of new born babies.
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REFERENCES
Books & Journals
Abu-Saifan, S., 2012. Social entrepreneurship: definition and boundaries. Technology innovation
management review. 2(2).
Anderson, N., Potočnik, K. and Zhou, J., 2014. Innovation and creativity in organizations: A
state-of-the-science review, prospective commentary, and guiding framework. Journal
of management. 40(5) pp.1297-1333.
Armstrong, S. J., Cools, E. and Sadler‐Smith, E., 2012. Role of cognitive styles in business and
management: Reviewing 40 years of research. International Journal of Management
Reviews. 14(3). pp.238-262.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Cajaiba-Santana, G., 2014. Social innovation: Moving the field forward. A conceptual
framework. Technological Forecasting and Social Change. 82. pp.42-51.
Davila, T., Epstein, M. and Shelton, R., 2012. Making innovation work: How to manage it,
measure it, and profit from it. FT press.
Dawson, P. and Andriopoulos, C., 2014. Managing change, creativity and innovation. Sage.
Dodgson, M., Gann, D. M. and Phillips, N. eds., 2013. The Oxford handbook of innovation
management. OUP Oxford.
Edwards-Schachter, M. and et. al., 2015. Disentangling competences: Interrelationships on
creativity, innovation and entrepreneurship. Thinking Skills and Creativity. 16. pp.27-
39.
Hartley, J., Sørensen, E. and Torfing, J., 2013. Collaborative innovation: A viable alternative to
market competition and organizational entrepreneurship. Public Administration Review.
73(6). pp.821-830.
Kim, D. Y., Kumar, V. and Kumar, U., 2012. Relationship between quality management
practices and innovation. Journal of operations management. 30(4). pp.295-315.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Parkman, I. D., Holloway, S. S. and Sebastiao, H., 2012. Creative industries: aligning
entrepreneurial orientation and innovation capacity. Journal of Research in Marketing
and Entrepreneurship. 14(1). pp.95-114.
Priem, R. L., Li, S. and Carr, J. C., 2012. Insights and new directions from demand-side
approaches to technology innovation, entrepreneurship, and strategic management
research. Journal of management. 38(1). pp.346-374.
Urabe, K., Child, J. and Kagono, T. eds., 2018. Innovation and management: International
comparisons (Vol. 13). Walter de Gruyter GmbH & Co KG.
Online
14 Surprising Traits of Successful Entrepreneurs. 2018. [Online]. Available through:
<https://www.themuse.com/advice/14-surprising-traits-of-successful-entrepreneurs>.
Five character traits every entrepreneur should avoid. 2018. [Online]. Available through:
<https://www.virgin.com/entrepreneur/five-character-traits-every-entrepreneur-should-
avoid>.
The 5 Personality Traits All Entrepreneurs Must Have, 2018. [Online]. Available through:
<https://www.entrepreneur.com/article/298650>.
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