Managing Entrepreneurship, Innovation & Creativity

This study material covers the topics of entrepreneurship, innovation, and creativity. It discusses the impact of organizations and products launched post 1999 on the way we work. It also includes a concept plan for a company in the sugar-free biscuits market. Explore these topics and gain valuable insights.

MANAGING
ENTREPRENEURSHIP,
INNOVATION& CREATIVITY

Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Are you entrepreneurial, innovative and/or creative?..................................................................3
TASK 2............................................................................................................................................3
Research Questions......................................................................................................................3
Discuss and illustrate, how organizations and products launched post 1999 are changing the
way we work and do things?.......................................................................................................3
TASK 3............................................................................................................................................6
The Concept Plan.........................................................................................................................6
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation creates new demand and entrepreneurship brings the innovation to the
market. Innovation is the successful development of competitive edge and as such, is the key
to entrepreneurship. Creativity is the starting point for innovation. Creativity is however
necessary but not sufficient condition for innovation. This report contains information in three
tasks which highlights the issues such as details of the manager. Discuss and illustrate, how
organizations and products launched post 1999 are changing the way we work and do things and
the last task which involves The Concept Plan for the company.
TASK 1
Are you entrepreneurial, innovative and/or creative?
I have worked as a marketing manager in different companies for around 10 years and my father
is an entrepreneur which makes the background of my family entrepreneurial. Many things has
been taught to me by my father which is why the skills which are required for an entrepreneurial
venture is possessed by me. If the company gives me a chance it can be assured by me that I can
create and set the market (Lu and et.al., 2017) for the products introduced by the company with
he help of effective strategies of marketing and guiding the path to channels of promotion so that
company can achieve their goals and objectives and their name can be renowned so that they
have a decent amount of share in the market. This way company can focus on other areas such as
developing the product through which they can enter into new segments of market which again
will be marketed by me and this is return will help the company to generate high amount of
profits and retain their share of market.
TASK 2
Research Questions
Discuss and illustrate, how organizations and products launched post 1999 are changing the way
we work and do things?
Literature Review-

According to (Sutanto, 2017) the nature of trading in business has been changed as many
of the companies maintain their operations online as it provides more access to easy reach. This
aspect of doing business has gained the interest of people as it deals in many discounted rates
which are helping them to get attention of many people in the market and creating difficulties for
the business that maintains their operations on traditional basis. Almost every firms of different
nature are enabling with this aspect as it is the future of conducting the business. One of the
reasons of products that have come after 1999 has changed the business to more technological
oriented side which has revolutionized to conduct the ways of business. It is up to the business
that more level of investment they put in more they will be able to keep up with the trends of
market that keeps on changing. These products has made the market very dynamic because of
which the rate of change has changed very high. They need to assess that these products are
making the trends which is attracting the customers of the market. This is forcing the operators
of business who works with traditional approach to shift their approach online and make a
presence there and there are many reasons for that as it is providing the opportunity to expand
the scale of operations and with the help of that they can serve from anywhere. It is necessary
that they comply with these factors. The opportunities are removing the barriers of geography
and there is no restriction on time as they are able to maintain the operations 365 days non stop.
Even for promoting the business or engaging in the activities of marketing these aspects of social
media are used which is worked under the aspect of digital marketing. There are a lot of options
which are used such as Google Ad words, social media marketing, search engine optimization
etc. so that they can promote their services to their target audience over a specific area. Now with
the help of Google people can search anything on the internet and find out its details so that they
can assess the authenticity of the product. Also it is the use of mobile phones that has converted
into smart phones and computers are now high performance computers which has changed the
pace of market and way of working and because of their advanced features customers are
attracted to these products. It is because of these products that the possibility of conducting
business online was opened and achieved growth.
Challenges
As per the view of (Al Shobaki and et.al., 2018) they need to assess the line in which they
want to deal in. There are many barriers which stand in the way of setting up the market and

build trust with customers. One of the major challenges they face is of cyber security as not
every site has strong resources which can keep the data of customers safe. Businesses that are
maintaining their operations on small scale needs to have a proper framework for this so that
they can protect their data. If it happens then they will not be able to bear the loss of the market.
This is why it is necessary for them to keep their operations safe and work on the policies and
framework that helps them to counter the cyber attacks. The growth of online sector increased at
a fast rate which is because of the more advanced and developed products in the market but it has
also increased the level of companies dealing in this sector which is why they have to keep their
pricing competitive and if they are able to clear this measure then they will be able to win the
competition. In order to attract customers those who have potential it is necessary that company
make their portfolio unique.
In accordance with (Fontana and Musa, 2017) sometimes these companies do not have
enough resources to deliver the order of the customer on time. This creates dissatisfaction in the
minds of customer as not many of them have that much patience to keep waiting for the product.
This challenge needs to be solved by increasing the efficiency of business. One of the most
major challenges that affect the business of the companies such as Google, Amazon etc. is
providing better service to customers in comparison with operators and dealers that work with
traditional business. The area that they need to put their focus on is the area of segmenting the
customers and it is necessary when the business of e-commerce is beginning their operations. If
they want to improve the level of customer segmentation they need to increase the clarity and
visibility of their offerings they demand that the customer support provided by them needs to be
better. One of the challenges is to convert the rate of traffic that visits the website to actually
making it into purchase. Many of the people use it just for visiting the products and compare it
with others. In order to make them purchase it is very difficult for the company. They need to try
out methods such as optimizing the keywords so that only products that are relevant are
displayed. The competition has increased in the sector of online business and the products that
are performance oriented and advanced which is why it is necessary to make sure that they are
getting enough focus so that they can influence the minds of the target audience (Dentchev and
et.al., 2016).

TASK 3
The Concept Plan
Introduction
The company is making their way of entering into the line of products that are sugar fee
biscuits as level of their consumption is high and it is necessary for the patients who are suffering
from diabetes. The concept of the business is to give rest to their patients so that they can
consume it without stress and which does not affect their health. This way the image of the brand
will get recognized and they will be able to achieve success in the market (Protogerou,
Kontolaimou and Caloghirou, 2017). The opportunities for the manufacturer will be very high as
there are a lot of patients who cannot consume these biscuits as all of them have sugar which are
not allowed to them. They can extend their base of operations to everywhere by making the
supply of their products strong so that they obtain most of the share in the market.
Objectives-
 To increase the market share by 10% by the end of current financial year
 To increase profit margin by reducing cost of the operations by 15% within current
financial year
 To increase product availability on online platform by 25% to ensure that customers can
get what they need through online platform
Market Research-
With the help of market research they will be able to assess the competitors that can take
the share of the company. There are many big brands in the market which are serving for a long
period of time and removing them from their position will not be easy. With the help of research
they will be able to assess the strategies used by them so that they can work on the counter
measure which will help them to be prepared and achieve growth in the market,
Target Market/ Customer-

The target market of the company will be where the most no of customers are diabetic
and senior citizens because they are the ones who will prefer sugar free digestive biscuit. If they
target the audience that is young and do not suffer from illness then they won’t help the company
to become success (Acar, Tarakci and van Knippenberg, 2019).
Marketing-
5 P’s-
Product-
The product offered by the company is known for its unique offering and attributes. It is
because of the quality of the product it has gained so much recognition and became an instant hit.
The management of the company has set their target audience to those people who are diabetic
and those who are concerned about their health. That is why they are working on increasing the
range of their products and making their portfolio more diversified.
Price-
Currently the pricing of the company is kept at low so that they can target more
customers in the market and increase their share by earning more revenue. But with time their
plan is to keep the strategy of cost leadership but for the products that will attract high quality
oriented and premium class customers they will be able to earn more from them by offering them
different range of products. Company believes that the pricing strategy of the brand will be as
per the audience they have targeted and chosen as their base (Khajeheian and Tadayoni, 2016).
Place-
In a very less time company has made effective channels of distribution so that they can
make their products available at the places where the demand of the product is high. Also the
company has kept one thing in mind that is they deal in consumer goods and the demand for
those goods is the most in rural markets that is why they are making their channels of
distribution more effective so that they can reach their goals.
Promotion-

The company is undertaking different strategies for marketing and promotion which
involves methods that are traditional and methods that are modern such as newspapers, television
to social media and digital marketing so that no end is left to increase the awareness of the brand.
For this company has set a budget as uses of these strategies are very expensive which helps
them to invest the decided amount of fund for the company.
People-
It is necessary to keep in mind that more the customers of the brand are satisfied more it
will help the company to turn them into the ambassadors of the brand. It is necessary that
employees that are involved in the company understand the importance of mission, values and
objectives of the company so that they put more of their efforts in order to keep the customer
satisfied and get repeated sales (Coulson-Thomas, 2017).
Human Resource-
It is important that HR manager of the company has an effective team and experience
about the job so that they can perform their duties up to the required standard. It is the duty of the
manager of the HR to recruit employees that are eligible for the job and that have the potential to
achieve growth for the company. Also in order to achieve growth they need to make sure that
their employees are getting proper training and development facilities with the guidance and
support by HR so that they can work on to the right path and help the company establish their
base in the market.
Operations-
This aspect will focus on the area of model of canvas which can help them to share the
language for assessing, describing (Hallak and et.al., 2018), visualizing and changing the model
of business. This way company can gain the insight on gaining more value focus on creation and
the deliveries.
There are 8 aspects to the model of canvas-
Customer Segments-

Company must focus on those segments which has the most potential and shortlist them
so that they can generate the most revenue.
Value Proposition-
They need to portray the details of their products and services and how are they
beneficial for the customers in the long run.
Revenue Stream-
It is necessary that company evaluates their major sources of revenue so that they can
determine their value added services.
Channels-
It is necessary that company makes a proper channel of communication so that they can
engage in a conversation with their customers which will help them to deliver the value
proposition.
Key Resources-
It is necessary that the company evaluates their key factors such as employees, customer,
knowledge and the monetary (Newman and et.al., 2018) aspects without which business will not
be able to maintain their operations.
Key Partners-
They need to take out their partners without which they can not deliver their goods into
the market.
Cost Structure-
After the evaluation of activities and resources of the company they need to assess the
products that costs the most so that they can make it viable for the business.
Legal Issues-

The legal issues for the company will be that their product must meet the hygiene
standards and all the mentioned ingredients must be matched in the test so that they can get the
approval of food authority and regulations (Bujor and Avasilcai, 2016). If these are not met or if
their products does not work as per the cause it has been made for then they will not be allowed
to serve their operations.
Financial-
This area is concerned with looking after those aspects through which they can raise
funds and after the evaluation of the market it is important that they allocate the funds into the
right area. By investing their money into the right area they will be able to get high amount of
returns and sustain their share in the market.
Risks, Contingency and Exit Strategies-
The risk involved for the biscuits is high because there are many companies who can
copy the concept and idea of the same. Also for the companies who are dealing on large scale it
will be easier for them to even steal their idea and market them on a large scale which will leave
the business of the company get affected. Also it is not easy to sustain the forces of market as
there are a lot of forces which the company needs to be prepared for so that they can work on the
basis of that. For this they will have to make a contingency plan which will work as a backup for
them so that they can make an attempt to fight back with these forces and achieve the set goals
and objectives.
If the company is not able to achieve success in the market then they will look for a way
to shut down their operations and (Strobel and Kratzer, 2017) leave the market. There are many
strategies involved which can be considered by the company such as liquidation where they will
have to sell their assets such as land, machineries and other assets and get the value for that.
Other one is sell their equipment to one of their competitors which can be an easy task as
competitors are the one that can pay the right amount because they can take the right use of that
equipment. It is up to the management of the company to finalize a decision.

CONCLUSION
From the above studies it has been concluded that smart phones and high performance computers
has changed the whole working of the dealings in the market as now customers can get more
advanced products which are more developed as per the basis of time and this has allowed
businesses to sell their products online which helps them to increase their reach. But with time
competition has increased in this sector and other than that they are facing many challenges such
as providing better experience of shopping to customers. The product that is going to be offered
by the company is targeting the consumers who care for their health and who are diabetic with
old population so that they can convince the customer to buy their product. It is up to the quality
and attributes that will determine the level of success being offered to the company.

REFERENCES
Books and Journal
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constraints: A cross-disciplinary integrative review. Journal of Management, 45(1), pp.96-
121.
Coulson-Thomas, C., 2017. Stimulating creativity, enabling innovation and supporting
entrepreneurship. Management Services, 2017(Summer), pp.26-29.
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.
Sutanto, E.M., 2017. The influence of organizational learning capability and organizational
creativity on organizational innovation of Universities in East Java, Indonesia. Asia Pacific
Management Review, 22(3), pp.128-135.
Al Shobaki, M.J., and et.al., 2018. The Entrepreneurial Creativity Reality among Palestinian
Universities Students.
Fontana, A. and Musa, S., 2017. The impact of entrepreneurial leadership on innovation
management and its measurement validation. International Journal of Innovation Science.
Khajeheian, D. and Tadayoni, R., 2016. User innovation in public service broadcasts: creating
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Hallak, R., and et.al., 2018. Firm performance in the upscale restaurant sector: The effects of
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Lu, J.G., and et.al., 2017. “Going out” of the box: Close intercultural friendships and romantic
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Strobel, N. and Kratzer, J., 2017. Obstacles to innovation for SMEs: Evidence from
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