Managing Entrepreneurship, Innovation & Creativity

This report covers various tasks related to entrepreneurship, innovation, and creativity. It includes an introduction to entrepreneurship, the journey of an entrepreneur, and a new business idea for a restaurant. The report also discusses market research, objectives, finance management, and operations for the restaurant business. The subject is Managing Entrepreneurship, Innovation & Creativity.

Managing
Entrepreneurship,
Innovation &
Creativity

EXECUTIVE SUMMERY
This report has analyzed and cover 4 tasks in this report. In which report has provided
introduction and definition of the entrepreneur and tell them about the background. In the second
task 2 report has selected option B in which report has concluded journey of the entrepreneur
and also has provided example of the successful entrepreneur. In the task 3 report has provided
new business idea which was a restaurant business and according to this idea this report has been
concluded introduction, objectives, , market research, Target market, marketing, HRM,
operations, legal issues, finance, exit strategies, other issues and references.

Table of Content
EXECUTIVE SUMMERY..............................................................................................................2
TASK 1............................................................................................................................................4
Introduction.................................................................................................................................4
TASK 2............................................................................................................................................4
Option D –Theme– Entrepreneurship Journey...........................................................................4
TASK 3............................................................................................................................................7
The Blue Sky Thinking...............................................................................................................7
CONCLUSION..............................................................................................................................12
TASK 4..........................................................................................................................................13
References.................................................................................................................................13

TASK 1
Introduction
Turning invention into the innovation relies on how any entrepreneur give position to
themselves, managing and gets funding their venture to be successful businessman. An
entrepreneur is an individual person who create and organize their own business ideas to be a
successful businessman (Ateljevic and Page., 2017). They take greater financial risk in order to
achieve success in their life.
I want to become an entrepreneur and because I know what skills and motivation I will
need to be a successful innovation. I am having good time management of my daily life activities
and I believe that we do not need anyone to motivate us, because a successful entrepreneur
always motivate themselves and motivate others to work. One of the most important thing I have
learned that if anyone wants to be a successful in their life then it is important for them to take
risk in their life, because without taking risk in life we cannot become successful businessman.
Creative ideas come by doing smart work (Bieraugel., 2015). It is ability of any individual that
how they do any hard work in easy ways.
In my family my uncle is an entrepreneur who started their business from nothing to
everything. This inspired me a lot and motivate me do something creative in my life. My uncle
take Financial help from their Friends and relatives and start their business with small veritable
shop. In the beginning he started saving profit and invest some amount in the shares. He had
knowledge in shares, so he used to make more money from this way and invest that profit in
expanding his business, now he is owner of 3 retailer shops in the UK.
I personally believe in the team woke because if we are doing any task in group then it
will take less time as compare to the individual.
TASK 2
Option D –Theme– Entrepreneurship Journey
Definition of entrepreneur and skills needed to become entrepreneur
An entrepreneur is a person who create and organize his own business idea to be a successful
business. They take greater financial risk in order to achieve success in their life. They should
have some kills to be successful in business. Here are some skills which can help an individual to
become an entrepreneur, so that they can start their own business and earn money.
Time management

Time management is one of the most important skill of successful entrepreneur because
good time management can allow achieving goals of the life in shorter time (Burns., 2016). With
this skill entrepreneur can focus to explore and generate new ideas and strategies for their
business. Each benefit from time management will improve another aspect of the daily life. This
skill is required to become a successful entrepreneur.
Risk taking
Without taking risk in the business no one can become a successful entrepreneur. In the
starting they have to invest money in the business, and they have to take risk. Risk is important
for the business if they will take risk in their life and if they fail then also they can learn from the
mistakes and nest time they will be aware from the risk in the business they want to start.
Create own product
It is important for the businessman to create their own product and brand name business
if they will copy other than they cannot achieve success, so think , learn and make own product
which should be better creative and attractive for the customers.
Finance Management skills
Most of the people want to become an entrepreneur in their life, but they always
complain about finance. This is the reason people do not choose entrepreneurship as Career.
Arranging finance from the market is also skill of the entrepreneur (Chen, Chang and Lo.,
2015). There are 4 ways to arrange funds for the business, first of family members because this is
the best way to arrange finance, after that friends, bank and in the end investors. There are many
people in the market who have money, but they do not know here and how to invest their money.
It is important for the entrepreneur to find those people, and they can work together to make
business successful. Most of the successful entrepreneur arrange fund by searching investors
who can invest their money ideas.
Journey of an entrepreneur
Without struggle and taking risk there is no success in life and business ventures. Behind
every successful entrepreneur there is a lot straggle (Chen. And et.al., 2015). They are able to
achieve this success because of their dedication and normal people can also achive success in
their life if they have passion to become something, and they should have passion in their life.
First of all if any person want to become an entrepreneur then they should learn to mange their
life in effective way and adopt skills of the successful entrepreneur which has described in the

beginning of this task. They have to find ideas for their business and make planing how they will
start and what will be the role of the employees who will work in their business.
It is important for the business man to have their backup plan, if they fail in the business,
and they have to make strategies as a back up. After making the business plan they have found
investors and ensure them about their ideas. It is one of most difficult work for the beginner
because if they find any investor then also it will be very difficult for them to create trust among
the investors. If entrepreneur have good communication skills then they can create trust and this
is one of the important skills for the entrepreneur. After finding the investor for their business
they have to show their ideas and find skills-full employees and worker who can can help
entrepreneur to achieve objectives of their business, so they can earn profit, and they can be
successful in their business (De Klerk., 2015). Most of the entrepreneurs fail in the starting of
the business but it is important for them to understand their mistake and learn from those
mistakes. People who have passion and who learn from their mistakes can become a successful
entrepreneur, and they can become a motivation for the others who want to start their business as
an entrepreneur.
One of the best example Richard Branson who become a successful entrepreneur in the
age of 16. He inspired many people to become like him (Dentchev and et.al., 2016). When he
was in school he was not that good in academic performance after some time he found his
ability to connect with people He was able to intact with people, and he was having better
communication. One of his 1st business venture was a magazine called 'The student' which
become very popular in just a one night. He transacted under the name Virgin because that time
he newly enters the business. After sometime he open his own shop in London which was
successful for him, and he makes a lot of money from their. This entrepreneur also face
successful in their business, but he was having skills which make him different from the other,
and he started from very small and now he is one of the most popular entrepreneur, who is
inspiring millions of people around the world.
TASK 3
The Blue Sky Thinking
Introduction

The Blue sky thinking means to have a proper and creative ideas of the business. Which
should be different from the other's in the same industry. This term is slimier to think outside the
box and finding of alternative ideas for the business.
There are many business in the world which can help individual to become a successful
businessman, restaurant business is one of them because this business have potential and
capability to make profit. This new concept of business idea is based on restaurant with the name
of The Green Leaf. Main theme of the restaurant will be natural environment which will be open
restaurant and it will include natural fountains and tress on the boundaries. This will give natural
feeling to the customers and it will attract people (Dereli., 2015). There will be 10 employees
and 1 manger who will serve food and food will be totally vegetarian because nowadays people
are health consensus and its look luxury as well. For the negative and positive feedback from the
customers there will be suggestion & feedback box will be there on the counter and Location of
the restaurant will be near any take will provide more neutral feeling to the customers.
Objectives
 Attract customers with the natural theme of The Green Leaf restaurant.
 Provide satisfaction to the customers with service's and providing them a natural feeling.
 Quality food in affordable price to gain customer locality and give competition to the
other restaurants.
 Natural theme and green food
 To become a successful entrepreneur with this business idea.
Market research
Primary research- For the research of the market entrepreneur conduct a face to face interview
of the people who belong to this field and according to the restaurant theme entrepreneur make
some questions about this new concept and also ask for the suggestion, so they can get more
innovative ideas For The Green Leaf restaurant. This takes time but it will help to gather some
information of the field and also help top get new suggestion which can be suitable in this theme.
For the interview also invite experts from the Food & beverage field who were working in this
field from long time which provide market.
Secondary researches
PESTLE analysis of restaurant

Political- It is important for the restaurant to follow the governmental rules like health and shifty
guideline. In which food should be fresh and place where restaurant cook is cooking a food
should be clean (Edwards-Schachter and et.al., 2015).
Economical- Inflation rates increase in the UK economy can influence prices of the Green Leaf
restaurant. To overcome this problem entrepreneur will maintain the inflation rates report.
Social
Nowadays people in UK are health consensus, and they consider green food more than
organic food so it will affect the Green Leaf restaurant, and they can attract customers with their
theme and green food.
Technological
Technology will helps to improve business and provide memorable experience to the
guest of the The Green Leaf restaurant.
Environmental
Waste food will be recycled and restaurant will provide natural products. This will
provide healthy and fresh air to the customers.
Competitive analysis through Porter's 5 Forces
The threat of new subtenants- one of the major problem for the new restaurant is finance. It is
necessary to have enough capital to start business (Jones, C., Lorenzen, and Sapsed., 2015). For
the Green Leaf restaurant. Entrepreneur will search for the investors according to their ideas.
Threat of substitute product- Sometimes the greatest competitive challenge comes from
substitute products and services. Grocery and supermarket chains are a huge substitute for the
restaurant industry, especially in economically hard times.
Bargaining power of the supplier
large producers of simple ingredients, like potatoes, sell to a huge number of restaurants,
which makes bargaining with these suppliers challenging as well.
Competitive rivalry
The Green Leaf restaurant can give competition to the restaurant in the market because
their theme is different and attractive to the customers. This new business can be successful with
this idea.

The bottom line- Customers respect to the quality and healthy food and better atmosphere and
The Green Leaf restaurant is with new and unique idea so it can be successful and achieve
market growth (Yashkova And et.al., 2016).
Human resource management
This business plan will also add human resource management who will recruit employees
who can work for the company and who have skills to achieve business objective of the Green
Leaf restaurant. HR manger will provide them a training, so they can provide better services and
experience to the customers and satisfy their needs with their services.
Skills required for the Job-This post need a good experience and knowledge of the management
system and The Green Leaf restaurant give job to the person, who will have this necessary
qualification and knowledge.
 He should have knowledge of the management process and customer behavior
knowledge
 they should have proper qualification and degree.( MBA in HRM)
 Hr manger should have effective communication skills, so they can provide clear and
proper instructions to the staff during their training.
 He should have budget knowledge and make budget plan for The Green Leaf restaurant.
 Hr manger should have project management knowledge, so they can help to make this
idea more innovative (Tülüce, and Yurtkur., 2015).
Operations
Business module canvas
Key Partners Key Activity Value
Propositions
Customers
relationship
Customer
Segments
 Waste
manageme
nt and
recycle
companies
 Green
food
suppliers
 Developm
ent of the
Website
 Marketing
for the
restaurant.
 Quality
services to
 Low price
scams for
customers
 Better
quality
food in
low
 Connectio
n to the
composers
 Warm
welcome
to the
customers
 Relationsh
 New
generation
& old both
 Families
and
friends
 Customers
who like

 Veritable
suppliers
 Governme
nt
 Supplier
the
customers
 Build
brand
 Digital
marketing
budget ip with
good
communic
ation
 Good
behavior
with
customers
 Solving
their
quarries
to eat
green food
 Sports
person
Key sources Channels
 Farmers
 Access to
the
compostin
g farms
 Direct
selling
 online
applicatio
ns
Cost structure Revenue Stream
 Marketing
of the
restrounts
 Website
developm
ent
 Advertise
ment
 salaries
 Per
compost
royalty fee

 Resources
Legal Issue
For the protection of the Green Leaf restaurant name and idea. Owner of the restaurant
will take license for business which is important for the company to make their Restaurant legal
and to protect its idea (Provasnek and et.al, 2017). They will make legal document and take
permit from the UK government, there will be only one owner of the company so owner will
take sole proprietorship. In this legal entity will not share their profit to any other and own their
business alone. To protect the business idea's, owner of the Green Leaf restaurant will file patent
application in which no other company can use their services, and they cannot steal idea of the
Green Leaf restaurant. They can also use nondisclosure agreement.
Finance
The theme of the restaurant is totally different and new which help them to attract new
customers to try their food. Advertising of the Green Leaf restaurant will provide them a new
customer for the company, and they can earn profit from this idea. This business idea will take
high amount of the finance. There are 4 ways to arrange funds for the business, first of family
members because this is the best way to arrange finance, after that friends, bank and in the end
investors. There are many people in the market who have money, but they do not know here and
how to invest their money. It is important for the entrepreneur to find those people, and they can
work together to make business successful. Most of the successful entrepreneur arrange fund by
searching investors who can invest their money ideas.
Risk, Contingency and Exist strategies
It is important for the entrepreneur to make existing strategies. This strategies is
something which can be looked by the every investor in the small business. If they are starting a
business then they should have existing strategies to overcome from the business.
Liquidation
This business plan will use this strategy to come out from the business (Piperopoulos.,
2016) .if the Green Leaf restaurant idea will not work then they will use this strategy in which
owner will close up their restaurant, and they will sell their own asset in the market, so they can
pay dept.
Sell business to the mangers and employees

if owner will face any idea then they will sell their all the legal rights and property and
asset to the manager or otherwise employees of the company who are interested to run this
restaurant in their own way. After this agreement, they will be the owner.
Other issue
There can be a some issue which can occur during the implementation and operation of
the new business ideas. One of the major issue can be faced in this business idea is during the
implication of this restaurant if investor of the company change their mind to invest. Owner can
face problem and this can demotivate them. Company can face problem in the operational
activity of the restaurant if their workers does not have effective communication this will create
conflicts withing the restaurant and this can effect the probability of the company so it is
important for this business ideas to provide a proper training and communication practices, so
they can understand each other and help to complete the given task
CONCLUSION
As per above report has been analyzed and cover 4 tasks in this report. In which report
has been provided introduction and definition of the entrepreneur and tell them about the
background. In the second task 2 report has been selected option B in which report has been
concluded journey of the entrepreneur and also has been provided example of the successful
entrepreneur. In the task 3 report has been provided new business idea which was a restaurant
business and according to this idea this report has been concluded introduction, objectives, ,
market research, Target market, marketing, HRM, operations, legal issues, finance, exit
strategies, other issues and references.
TASK 4
References
Books and journal
Ateljevic, J. and Page, S. J. eds., 2017. Tourism and entrepreneurship. Routledge.
Bieraugel, M., 2015. Managing library innovation using the lean startup method. Library
Management.36(4/5). pp.351-361.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Chen, M. H., Chang, Y. Y. and Lo, Y. H., 2015. Creativity cognitive style, conflict, and career
success for creative entrepreneurs. Journal of Business Research.68(4). pp.906-910.

Chen, S. C. And et.al., 2015. Can the entrepreneurship course improve the entrepreneurial
intentions of students?. International Entrepreneurship and Management Journal.11(3).
pp.557-569.
De Klerk, S., 2015. The creative industries: an entrepreneurial bricolage
perspective. Management Decision.53(4). pp.828-842.
Dentchev, N. and et.al., 2016. Embracing the variety of sustainable business models: social
entrepreneurship, corporate intrapreneurship, creativity, innovation, and other approaches
to sustainability challenges. Journal of Cleaner Production.
Dereli, D. D., 2015. Innovation management in global competition and competitive
advantage. Procedia-Social and behavioral sciences.195. pp.1365-1370.
Edwards-Schachter, M. and et.al., 2015. Disentangling competences: Interrelationships on
creativity, innovation and entrepreneurship. Thinking Skills and Creativity.16. pp.27-39.
Jones, C., Lorenzen, M. and Sapsed, J. eds., 2015. The Oxford handbook of creative industries.
Oxford University Press.
Kuratko, D. F. and Morris, M. H., 2018. Examining the future trajectory of
entrepreneurship. Journal of Small Business Management.56(1). pp.11-23.
Piperopoulos, P. G., 2016. Entrepreneurship, innovation and business clusters. Routledge.
Provasnek, A. K. and et.al, 2017. Sustainable corporate entrepreneurship: Performance and
strategies toward innovation. Business Strategy and the Environment.26(4). pp.521-535.
Tülüce, N. S. and Yurtkur, A. K., 2015. Term of strategic entrepreneurship and Schumpeter's
creative destruction theory. Procedia-Social and Behavioral Sciences.207. pp.720-728.
Yashkova, E.V. And et.al., 2016. Development of Innovative Business Model of Modern
Manager's Qualities. International Journal of Environmental and Science
Education.11(11). pp.4650-4659.