This report discusses the importance of creativity and innovation in managing entrepreneurship. It covers topics such as idea and concept of business venture, business plan, market research, target market, marketing strategies, human resources, and operations.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
EXECUTIVE SUMMARY In this competitive market, creativity and innovation or two most important factors which needs to be considered. They both are main reason for achieving growth as well as development in a business field. An entrepreneur needs to be enthusiastic and use his or her creative skills so that everything in venture is executed in most efficient way.This assignment it comprises of Idea and concept of business venture and a detailed business plan. Table of Contents
INTRODUCTION.................................................................................................................................4 TASK 1- My Life Story.........................................................................................................................4 TASK 2- OPTION A- IDEA/ CONCEPT.............................................................................................5 What lessons can we learn in getting our ideas & concepts to market place?....................................5 TASK 3-THE CONCEPT PLAN..........................................................................................................7 CONCLUSION...................................................................................................................................12 REFERENCES....................................................................................................................................14 Books & Journal..............................................................................................................................14
INTRODUCTION Business sector changing with rapid scale and it has become important to focus on innovationanddevelopment.Managingentrepreneurshipisnotaneasyprocess whichrequireshigh level of skills and knowledge. Innovation, idea and creativity are important elements during the process of entrepreneurship which are to be undertaken with theproperconsiderations.Thisreportgivesbriefinformationaboutconceptof entrepreneurship in an individual life.This assignment comprises of my story, research questions on a particular theme, and a concept plan. TASK 1- My Life Story Entrepreneurship is a challenging task and a basis for a new venture is only successful when innovation creativeness and planning for new ideas are being produced.It is important for entrepreneur to be aware about self-owned activities skills and knowledge so that they are applied in a related field in appropriate manner. Entrepreneur is one who carries out business activities with the new and changing ideas. Through this analysis of my knowledge I have decided to open themed restaurant.it will be a type of a restaurant in which theme will be changedautomaticallydependinguponthebehaviour.Mainreasonforopeningnew restaurant is that to serve people with new services as well as food dishes with wide variety of alternative options.To open this restaurant I have set my short term objectives as well as long-term and still making a plan that how everything will be executed in a proper manner.Becoming entrepreneur is my dream and to fulfil this dream at any cost(Abrudan, 2020). The idea of becoming an entrepreneur comes from my father who is also entrepreneur and has business of real state. I often used to often observe my father that how he deals with people and influence them over their decisions. This motivated me to become an astronaut with something new and innovative ideas which has been never produced before.Moreover, to access my knowledge and development in skills I did MBA business and administration. Gaining knowledge from my post-graduationimproved my communication skills presentation skills and decision making as well as critical thinking skills which help me to influence other decisions(Cook, 2016).
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
During post-graduation, I also used to analyse my father technique to convince people and I analysed that he used to think not in his own way but according to the minds of customers and clients. Also examining my father skills I also learnt that to be a successful entrepreneur one need to be motivated and have self-confident as a less ability to manage people so that teamwork is established. These observations help me and increase my knowledge in a field.When I was in college I was able to manage team work and co-ordinate with each other which gives me e strength to understand my capabilities in effective manner. TASK 2- OPTION A- IDEA/ CONCEPT What lessons can we learn in getting our ideas & concepts to market place? A business venture is being carried out by entrepreneur and through understanding the procedure of entrepreneurship. An entrepreneurship is defined as ability to run business operation functions through maintaining as well as managing all risk and profits. Due to increase of competition in market is it has become important to deliver something new to the public so that business idea runs in a specific manner. Both these concepts are to be coordinated with each other which lead to better results and higher efficiency as well as productivity.As an entrepreneur ideas to open a restaurant with the change theme, executed properly several things will be required such as use of technical knowledge, high skilled employees and staff, furniture as well as physical resources and other procedures for completion of business venture(Drady, 2020). At market place there are many competitors of a particular field which increases the demand for innovation in the minds of customers. Market is a place which is filled up with ample number of opportunities and benefits which are to be explored by entrepreneur proper research and analysis. It is necessary for entrepreneurs to focus on market trends consumer behaviour, emerging changes within a field, so that it is easy to develop business ideas with new alternative options through which competitive advantage is gained at wider scale. In hospitality sector competition intensity is increasing at rapid scale which makes it difficult for new coming business ventures to run their operations in effective manner. Due to this on-going pandemic situation of covid-19, market has been changed and demand for customers is also changed with the period of time.Therefore it is important for entrepreneurs to follow all the market trends and changing scenario with another sector which will help in
successful implementation of innovative idea. As pandemic situation has impacted upon hospitality as well as other sectors of business, prices of all resources products and goods has increased at higher level.I will also take suggestions from my family as well as friend regarding food dishes and other beverages products so that it is easier for me to open a restaurant in a specific way(Dwivedi, 2018). In this fast moving world, use of digital business is rising and it has become important to business activities through social media and other digital platforms. To promote an advertisement theme restaurant I will use social media tools such as Facebook,Instagram YouTube and other E-Commerce sites through which it will be easier for me to access to customers and there is little face to face contact due to situations. Also, all precautions and protectiontoolswillbegiventocustomerswhowillwakeokcomingtorestaurant physically.Opening a new venture is a longer procedure and which many legal formalities message also process that need to be focused. While planning for restaurant in a commercial sector, there are several types of research questions which arises in mind of customers as a less in my mind as entrepreneur which are- Should I promote my restaurant in this situation or not? Will customers well approach to my restaurant innovative idea? What other additional features are to be provided to customers for a better user experience? What are negative points which can impact on business? Itisimportantformeasanentrepreneurtounderstandcustomerneedsand requirements and keep them as priority level so that retaining of customers is for longer period of time.Moreover a survey (friends or family) and decision making process will be carried out so that it will help me to understand what are the current situation of market and what actually does customer things about opening a new business in this situation.It is essential for me to overcome with these research questions so that actual planning is executed without facing any problems or issues. It is essential to have a proper plan because you're the planning it is not possible to achieve goals or objectives with in a timely period.Problems and issues often arises when or prior to the opening of a business ventures and such issues are
needed to be resolved in most efficient manner so that process does not breakdown(Maula, 2020). TASK 3-THE CONCEPT PLAN Introduction-Business Concept and Opportunities A business idea is known as a unique and innovative approach that opts by an entrepreneur in order to provide a different product and service to society. With this, they explore the available opportunities in market for their growth and success. It helps people to meet with their own expectations by exploring something new and unique that was not present in market earlier. It is essential to analyse ample of factors such as availability of funds, human resources, current market trend before selecting undertaking a business unit. There are ample of opportunities that can be explored by an entrepreneur. The idea to initiate a bakery shop is quite impressive as well as simple. It is a store through which different types of pastries, cakes, junk foods, cookies are made available to customers. Bakery contains it in differentflavoursandalsopreparecustomizedproductsaspertheorderreceiveby customers. Here the unique point is to make all products in house and use traditional approaches of baking. It is analysed that there are ample of rival firms which are working in similar field thus it is important for entrepreneur to adopt new as well as unique techniques to serve target segment in an efficient manner. Objectives- The main aim behind opening a bakery is to make familiar the young audience with traditional values. It will provide them valuable experience about conservative rituals, culture that is essential to keep them in touch with tradition. Alike any other business the purpose of bakery is to book 10% profit margin out of total income after paying expenses. Market research- It is an important aspect and need to undertake before starting a business venture. It helps to know the current trend prevailing in market and meet with needs and preference of customers in an appropriate way. Main purpose to undertake market research is to analyse the feasibility of business unit. It can be done by primary as well as secondary sources. To analyse the opportunities of sustainability of bakery secondary tools are used. In this, data has been collected through websites, books, journals, and other sources. This data is already
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
present and researcher needs to draw valuable inferences out of it to take effective decisions. This not only saves time of entrepreneur but also helps to get detailed knowledge about the things, experience that people are looking to receive from a bakery. In addition, it also provides insights about innovative techniques that need to be undertake in order to create difference from rivalries. Target Market STP considers as the most suitable approach to select target audience and position the product among buyers. It is a process that helps to know appropriate segment that will be highly profitable for company. The steps included in model are discussed as follows: Segmentation-It refers to divide the whole population in small groups as per their characteristics. It can be done on the basis of age, gender, location, occupations, status, personality and many more. There are different ways to bifurcate audience into smaller groups are available but in case of bakery entrepreneur use Psychographic Segmentation to provide products to buyers as per their interest. Targeting-After divide audience into segments, the next step is to select the group that will target by business owner. It need to be determine after due consideration. Under this, company concentrates only on one selected group of people. Here, targeting audience for Bakery are those people who wish to get traditional experience that has been lost somewhere due to current lifestyle. Positioning-It is the last step of whole process under which company emphasis to increase in number of loyal customers by making effective positioning of product among target audience. It refers to the way in which customers perceived a particular brand. It is essential for both an existing as well as new venture to position their products in effective manner. Bakery shop is looking forward to position itself as a shopthatprovidestraditionaltouchtocustomersalongwithuniqueproducts. Entrepreneur is using this point as an USP to attract more number of buyers. Marketing- Marketing is a significant element of every business unit that is undertake in order to aware target audience about the offerings of company. The main aim of marketing is to promote products and services at wide level and. It is a crucial variable of business plan which is used to enhance customer’s base of company. With this, an organization maintains
good relationship with customers by meeting with their needs in appropriate manner. Marketing approach which is suitable for Bakery shop is Omni channel marketing. It is strategy which covers both physical as well as virtual way to promote product. With this, entrepreneur will be able to meet with the needs of both type of customers who are looking for personal touch and those who wish to make online purchase. Omni channel comprises a lotoftechniquessuchasDigitalMarketing,socialmediamarketing,Printmedia. Entrepreneur can prepare a page for bakery shop over Face book, Instra gram and other social platforms. Human Resource- Humanresourcesare crucialelementof an organizationthat performsvarious business functions in order to achieve predefined objectives. It is essential to have skilled, competent workers to prepare effective strategies. In addition, companies also provide proper orientation to employees to make them familiar with working process of organization. In addition, they also organize training programs to improve in productivity of human resources. Entrepreneur need to appoint potential candidates for the assistance. They need to be competent enough to deal with customers visiting in bakery shop in order to provide them overwhelming experiences. Operations Business model is known as a strategic tool which is used to describe a business idea in appropriate manner. It is a document that comprises ample of charts, visuals that are essential to identify values preposition of product, customers, marketing and other aspects. For Bakery shop, model is given as under: Key Partners: Technology partner. Legal partner Key Activities: User assistance to providethe proper support. Undertake effective advertisement activities. Value Proposition: Competent representativesto interactwith customers. Provideproducts andservicesin affordableprice Customer Relationships: Provide complete assistanceto customers throughsocial media platforms Customer Segments: Segmentits customeronthe basisofage, income, education and many more.
range.Key Resources: Salesteamand market representatives Channels: Mobileappas wellaseffective website. Offlineand Onlinechannels topromote products. Cost Structure: Cost of technology Cost of advertisement and operations Revenue Streams: Byaffiliate advertisement. Registration fee. Legal Issues- There are ample of legal formalities need to follow while initiating a new business venture. Entities are required to pay direct as well as indirect taxes to higher authorities. In addition, there are ample of rules related to employment, customer protection and other laws are applicable on new business ventures. Entrepreneur of Bakery shop needs to pay the taxes on timely basis and apply appropriate compliances within company in order to avoid any legal issues in future. Financials- Finance is also an important aspect that needs to be considered while initiating a new business unit. The budget in case of Bakery shop is discussed below: Launch cash budget ParticularsJanuaryFebruaryMarchAprilMayJune
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Cash Inflows Investment8000 Credit sales120020007500300050006500 Total inflows920020007500300050006500 Cash Outflows Fixed : Equipment’s250012001500250011001500 Variable:Direct material350300250150100500 Total Outflows285015001750265012002000 Net cash flow6350500575035038004500 Opening balance063505850116001195015750 Closing balance6350585011600119501575020250 ParticularsJulyAugustSeptemberOctoberNovemberDecember Cash Inflows Investment Credit sales120032001500820012503210 Total inflows120032001500820012503210 Cash Outflows Fixed : Equipment’s12006005005001200700
Variable:Direct material5002504502501300500 Total Outflows170085095075025001200 Net cash flow-50023505507450-12502010 Opening balance202501975022100226503010028850 Closing balance197502210022650301002885030860 Exit Strategy There is a particular life of a business venture after that its performance starts to decline thus there is a need to determine appropriate strategy to exit from business. While companies incurred huge losses and there are no opportunities for future growth, it is suitable to wind up the operation. One of the most suitable methods to exit from market is merger and acquisition as it provides ample of benefits such as increase in overall efficiency, resources. Thus, it is important to undertake appropriate strategy to dissolve entity in an efficient manner. CONCLUSION After a brief analysis of this above report it has been concluded that to manage entrepreneurship innovation and creativity it is important to have an appropriate knowledge about concept. Without using innovation or creativity in a field, it is difficult to survive in this competitive market. Furthermore, it has been stated that to open a new business venture it is necessary to understand reason for change as well as how it will impact the both customers and market.Also, so a detailed concept plan is needed to be carried out because without
focusingonproperplanningofideasitisnoteasytoimplementtheprocessof entrepreneurship.Through proper research analysis it is easier to gain detailed consumer insights and market formation which will be used by entrepreneur in a new venture which is beneficial for high growth.
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
REFERENCES Books & Journal Abrudan, 2020. The challenge of young Romanian designers: creativity in business.Industria Textila,71(3), pp.245-251. Cook,2016.Leadinginnovation,creativityandenterprise.IndustrialandCommercial Training. Drady, 2020."Creativity the WHOLE or the HOLE in Business Education." InProceedings of the International Business Conference 2016: Searching for Innovative and Creative Business Solutions (pp. 67-74)., pp. 67-74. Vilniauskolegija, 2016. Dwivedi,2018.Conceptualizingandoperationalizingthesocialentrepreneurship construct.Journal of Business research,86, pp.32-40. Maula, 2020.Enhancing rigor in quantitative entrepreneurship research. Rowley, 2020.Leadership in East Asia: Globalization, Innovation and Creativity in Japan, South Korea and China. Routledge. Shamim, 2017.Examining the feasibilities of Industry 4.0 for the hospitality sector with the lens of management practice.Energies,10(4), p.499. Sorenson,2017.Regionalecologiesofentrepreneurship.JournalofEconomic Geography,17(5), pp.959-974.