Managing Entrepreneurship, Innovation & Creativity

Managing
Entrepreneurship
Innovation &
Creativity

Contents
Introduction......................................................................................................................................3
Main Body.......................................................................................................................................3
Task 1...............................................................................................................................................3
Task 2...............................................................................................................................................4
Theme- Society............................................................................................................................4
Task 3...............................................................................................................................................7
INTRODUCTION.......................................................................................................................7
Objectives....................................................................................................................................7
Market Reaserach........................................................................................................................7
Target Market..............................................................................................................................7
Marketing.....................................................................................................................................8
Human Resource..........................................................................................................................8
Operations....................................................................................................................................8
Legal Issues...............................................................................................................................10
Financial....................................................................................................................................10
Risk, Contingency and Exit Strategies......................................................................................11
Other Issues...............................................................................................................................11
Conclusion.....................................................................................................................................12
References......................................................................................................................................13

Introduction
Innovation and entrepreneurship they are the most essential and useful tool in the
present business world in order to keep up the pace with the rapidly changing environment.
Entrepreneurs are those individuals who create a new business with the ability of bearing risk
and enjoying high rewards (Bansal, Garg and Sharma, 2019). Innovation is the prominent tool
that is used by entrepreneurs through which they exploit the opportunities for a different business
or different services. Entrepreneurs are supposed to find the purposeful sources of innovation,
identify the changes and how to convert them into opportunity for successful innovation. Below
mentioned report explores the key themes of managing entrepreneurship, innovation and
creativity supported by theories, evidence of engagement in enterprise activities along with the
analysis of viable business ideas.
Main Body
Task 1
Entrepreneurs are the one who have the ability to take risk for creating, managing and
run a business unit. In order to become an entrepreneur there are few set of skills and abilities,
few of them are inherent in nature and few are acquired through experience. I am an entrepreneur
who builds and sell the ideas to the public that have not been existed before and are unique in
their approach. I belong to a business-oriented family background where my ancestral were
business man and my parents are continuing the legacy of inherited business. I am a graduate
from one of the prominent business school in London. My ability to take risk and perseverance
has contributed towards becoming a successful entrepreneur. Being an open-minded and out of
the box thinking have enabled me to develop and implement innovative ideas that brings
evolution and changes the life of people through the development of unique products and
services which are a blend of unique features, quality and deriving expected value to the
customers.
I am ambitious and focused towards the mission and vision of my life. I believe in
achieving the short term goals that are the stepping stones and take us more closure towards the
success. Being ambitious, I always strive to work hard with completed honesty, dedication and
integrity. Being visionary has always kept me focused, motivated and committed to my work and

value system. My ability to listen and willingness to learn irrespective of the situation and
person, will take me the success and growth in the future. Being creative and innovative thinking
style have always added value to my personality and make me different than that of another
entrepreneurs and managers.
Task 2
Theme- Society
Social entrepreneurship is a type of business which is done for the welfare of society to
solve their issues and problems. They are Non - Profit earning organisations which measure their
success in terms of rate of generating a positive return to society (Saebi, Foss and Linder, 2019).
They mainly work for poverty, healthcare and the development of weaker section of societies.
Hence, social entrepreneurs are those people or a group of individuals who work together for the
welfare of society and develop standard of living for weaker section of societies.
In case some social enterprises aim to earn profit then also they work for other benefits behind
earning profit. Their main aim is to develop their society by giving good facilities even they
work to earn profit. For example a social enterprise that operates a restaurant by giving
employment to unemployed and poor people and provides living facilities to homeless people is
good for both to earn money and utilize it for needy people development and to provide
employment and staying area to homeless people.
Key skills of Social entrepreneurs-
 Leadership- It is important for social entrepreneur to influence society that they are
working for their benefits. A good leadership is required to solve the issues and problems
of people so that they will believe them and cooperate with social entrepreneurs (Dwivedi
and Weerawardena, 2018).
 Optimism- It is important that social entrepreneur must have self confident to achieve
their goal to do something better for their society even when their society doubt on their
calibre and abilities. Self confidence and self-efficacy is essential for social
entrepreneurs.
 Grit- It is the combination of hard work, passion and perseverance. It is compulsory that
social entrepreneur must be passionate for providing better facilities to their society and
must work hard to achieve their goals.