Managing Entrepreneurship, Innovation & Creativity: Assignment

Managing Entrepreneurship,
Innovation & Creativity

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Description of the business idea..................................................................................................1
TASK 2............................................................................................................................................2
Social entrepreneurship...............................................................................................................2
TASK 3............................................................................................................................................4
Development of the concept plan................................................................................................4
CONCLUSION................................................................................................................................8
REFERENCE...................................................................................................................................9

·INTRODUCTION
Innovation management includes a set of tools that allow managers plus workers or users
to cooperate with a common understanding of processes and goals. Innovation management
allows the organization to respond to external or internal opportunities, and use its creativity to
introduce new ideas, processes or products(Burns and Dewhurst, 2016). Managing
entrepreneurship is a process of designing and launching a new business in order to earn profit.
In this the major skills to become an entrepreneur includes innovation and creativity. Report will
include understanding of the theoretical business start-up, growth activity and risk factor
included in it. It will also present the understanding about social entrepreneurship and the
motivation to settle up the social enterprise. Study will also highlight the key area of marketing
research.
·TASK 1
·Description of the business idea.
Being an entrepreneur is not at all the easy task. Entrepreneur is the person who identify
an opportunity or create idea for a business and peruse the business taking a higher rate of the
risk than the ordinary financial risk. Background of my story is that I belong to a middle class
family earning revenue from our family business of cafe. I always want to expand my family
business and convert this old cafe into a restaurant. My family been always been there in this
business only. Almost having the different ideas to for this cafe, I always want to convert the
cafe into a restaurant. The skills I am having to peruse the business are-
·Curiosity which helps me in identifying the new problems, reveal potential opportunity and
help in innovation. It also helps me to be passionate about the case study of the different fields
outside by comfort zone.
·Communication- being in the field of the beverage I have crisp and to the point
communication skills to communicate properly with customers and staff members which
somewhere help in increasing effectiveness and efficiency.
·Strategic thinking- to find out the creative way through pressure or the breakdown to reveal
the new opportunity and recognisance of the less profitable fruit in the basket can only be
possible with the communication skills(Burns,2016).

·Risk management – the cluster of the skills of problem solving, analytical skills and
negotiation come under the risk management. It will help me know how to arrange finance and
negotiate with the parties in the development process.
So these are the major skills that are motivating me to pursue towards my dream project.
l壱TASK 2
l弐Social entrepreneurship
It is an innovative approach to solve old community based problems. These are the
individuals who are passionate and more determined about their work. They are more motivated
peoples whose main aim to change the face of the society by their modern approach. Their main
goal is not earning profit but rather than to implement the improvement in the society thus they
are people who present everywhere whether it is environmental issue, social issues and cultural
issues. The social entrepreneurship started for the support of local society. The social
entrepreneurship started for earned the money to selling something to the local society like the
children soap for hand washing (Dana,2018).
Florence Nightingale (U.K.)- She was established the first nursing school as a social
entrepreneur.
Social entrepreneurs emphases on improving living of people in the society and resolving
their problems. Social entrepreneurs have innovative solutions through which they deal with
social problems and work for the social welfare. These enterprises transforms social capital in
most significant manner so that it can give positive results to society.
The social market is the best ideas for selling product in discount rate. In the society
many people have no enough money for the study so when the another person who able to buy
books they can donate their book after end of the semester. Many people no have stove or any
other resources for cooking food so who can't afford money for purchase stove , take them to
free of cost.
The social business is not profit earning organization . The social business and the social
enterprise both are same . The investors are invest money for social business not only profit but
also for the social service .
Examples of social entrepreneur are

1) Smart glasses- Dr Stephen hicks and his team members from Oxford university helped the
people by making smart glasses fitted in 3D cameras which enhance the images in real time
nearby objects providing more clarity and definition. He and his team won the google impact
challenge in 2014 for smart glasses.
Different type of social entrepreneurship are as follows-
· -community project- they are the one who primarily focused on the community projects like
volunteers in fire department in poverty prone areas and efforts to make a community hall for
marriages and community garden for the poor children.
·-Charity sales enterprises- they are the people who worked for charity funds and various
organisations for helping orphanage children and old age people.
·-Create Services which are not provided by government- for example they provide the special
schools for disabled children.(beiro-Soriano, 2017)
By Exploring new opportunities like invest in multiple business, funding from angel
investor, invest in foreign markets like Chinese one and by using social power of the Internet
separates their business from other competitors and motivates them for setting up social
enterprises.
·?Greater than the good intension- to become the social entrepreneur it is not necessary to
have the good intension be the social entrepreneurship required to have the greater idea to work
toward the society of finding something new opportunity and the development in the working of
the society. The social entrepreneur want to work for the society and give some belongingness to
the society.
·Ethical motives and the responsibilities- the ethical entrepreneur have their own ethical
values and responsibilities toward the society that they are not bind to. They work selflessly to
toward the society because the values are the inclination of the life style the values they have that
the society needs to be motivated toward the environment. Everyone should have some value
that so that they can make the world happy.
·Personal fulfilment- the social entrepreneur works according to fulfil the inner soul. They
don't work for the wealth, they work selfless for the society. They have their own believes and
trust which makes them happy. So the social entrepreneurship is not the way the other person do

for the wealth. It is somewhat the done for the self satisfaction or the development of the
society(Schaper, 2016).

·TASK 3
·Development of the concept plan.
1.Introduction
Due to trend of the being healthy in the people of UK, there is the large demand of the
organic food. So to meet the demand of the consumer with the concept of innovation, the
entrepreneur want to convert the old cafe into the restaurant. It is not an easy task to perform. It
requires a lot of strategic planning, risk management, market analysis and finance for the proper
development of the restaurant. There are major opportunity of developing the restaurant -
·It increases the profit by providing variety of food and beverages.
·Performing the home deliver services to create the brand of the restaurant.
·By offering diverse variety of the healthy food will add on to the restaurant profitability.
2.Objectives
·To have diverse menu with cost effectiveness.
·To have customer loyalty by proving them outstanding memorable experience.
3.Market research
There is a lot of competition in the restaurant industry as this is the part of hospitality
industry(Schaper, 2016). Now there are more trends of having dinner and the brunch in the
restaurant. According to the study the stake so the restaurant has immensely raised in the last
past 5 years. Market research used to provide a good deal of important information about the
viability of restaurant. It also gives us the idea of the current market trends and the consumer
lifestyle that all the restaurant want to address and meet the demands of the customers. So to find
out the feasibility of the concept, market research has been done. The market research have been
performed in two phases-
·Primary research
·Secondary research.
In the primary research a questionnaire was developed in which the question were asked
from the respondents about there view on restaurant industry and how often they dine in the
restaurant. What are the wants and preference of the respondent. The questions about there
thinking about organic food menu car. Respondents also have to share there thoughts on the
level of the hospitality they prefer in the restaurant. Due to this questionnaire the entrepreneur

will get clear idea of the feasibility of the concept with the set of things that describe the trend
and preference of the customer.
In the secondary analysis a deep thought are given to the study of the restaurant industry.
The secondary data will give the answer to new research queries and also the difference in the
response in the study and research. The secondary research makes understand that how there is
difference between the ancient and modern hospitality(Read and et.al, 2016). Change in the
trends can also b identified and with the help of the secondary data the demand forecasting can
also be done.
4.Target-
It refers to the target segment of for the restaurant. The entrepreneur had targeted -
·the middle level income people
·Professional.
·Family groups.
So these are the mainly target group for the restaurant as because-
The restaurant has targeted the middle level income group people so that they can offer a wide
variety of the products with different concept. This will help the entrepreneur create the brand of
the restaurant. According to the decent environment of the restaurant mainly the professionals
and family are the in the target group of the restaurant.
5.Marketing
In the marketing, the discussion on the promotional activities of the restaurant will be discussed.
The following are the ways -
·Direct mail- sending a direct brochure, letter or any invitation direct to the mail of the target
customer is one of the recent trend that has been followed by the marketers. Special rebates and
offers are given to the customer to attract them to the restaurant.
·Search engine optimization- by hiring the local or overseas expert in the SEO, the website and
social media interaction can b obtained and this is more customer friendly. It is important to
have SEO in the marketing mix as is spines both offline and online.
·Social media marketing- using of the different social media sites through there blogs , post
and variety of the different rebates(Venkataraman, 2019). Today people almost spend there 1/3
day on phone. Daily engagement and posting of the new offers on the social media turned to be
the platform for marketing.

6.Human Resource -
It refers to the human resource that are need for the development of the restaurant. This includes
the following people that are needed in the restaurant-
·Management people- 2 persons will be required for the management who ensure the quality of
the food is served and look after the operation and the working of the restaurant. The persons
who will be hired will be qualified person with some management skills.
·Chef- chef is the person who make a business into the restaurant. The chef will haver the more
depth duties to look after the taste of the customer. The chef should be the one who can add taste
to the food in the restaurant. The chef can require a helper for cutting the vegetables. The chef
would be hire if he has the personal experience of cooking for 2 years and criminal records.
·Servers- the servers are the person who make the customer feel comfortable and the feeling of
the hospitality in the restaurant. He will be the delivery drivers between the customer and the
chef. The servers should be polite and humble in nature. The servers will take the orders from
the customer and place it to the chef. They are the bridge between the chef and the customer in
the restaurant.
·Miscellaneous- these are the people who are extra care taker of the restaurant who will look
after the cleanliness in the restaurant(Read and et.al, 2016). The main duties they could have is
to put the things back at the particular location, dish wash and making the proper arrangement.
7.Operations- for the operations purpose in the new developed business the business model
approach will be used. In the business model approach various aspect will be discussed with the
reference of the restaurant-
·Customer segment- in the customer segment, the restaurant will create the value for the middle
level income group people and the professional. The family customer will be the more attracted
to the restaurant. The restaurant has to create the more value to the family group people.
·Value propositions- the main aim of the restaurant is look after the demand of the customer
according to the recent trend prevailing in the market. Nowadays the people in UK are more
health concern so the restaurant will pay more attention on the organic food menu in the
restaurant at the cot effective rates.

·Channels- to reach the target segment the restaurant will use the various channels. The online
service will also be included in which the home delivery will be given to the customer. Food
packaging will be also available for the customers.
·Customer relationship- to maintain the long term relationship with customer, a feedback dairy
will be available at the counter so that the customer will contact to the restaurant. For the online
service, the feedback can be there on the online portal. If the issue is genuine then the proper
action will be taken by the restaurant.
· Revenue stream- the customer have the facility to pay through both the stream's at the counter
of the restaurant. Either cash or the online transition. Necessary details will be available at the
reception counter.
·Key partners- to work successfully in the business of the restaurant there are some partners
who help us to perform the business activities. They re the acquired bank, food supplier and the
drink supplier to the restaurant(Read and et.al, 2016).
· Key activities – the key activities of the restaurant is to food preparation for the customer and
the marketing of the restaurant in the target segment. Control of the financial terms and the front
house services also lies in the key activities of the restaurant.
·Cost structure- the cost structure includes the cost of the fixed and variable fixtures of the
restaurant, cost of assessing the staffs and the marketing cost which is incurred in the promotion
of the restaurant.
·Key resources- supply and the storage cost of the restaurant to maintain the quality of the
goods and catering of the goods.
8.Legal issue- the legal issues that are faced by the newly developed restaurant faces are the
licensing issues and the intellectual capital issues. The start-up used to face the problem of
licensing. The cafes and the restaurant has to be register under the food and safety standard only
then they can run there business.
The next issue is the intellectual capital issues- trademark, copyright or the name of the famous
organisation can't be used without any permission.
9 financial -
MonthJanFebMarAprilMayJuneJulysales 10000110001200013000140001500012000total cash
inflow10000110001200013000140001500012000cash
outflowsalary5000600055006000700056004000electricity

bill1000150012002000150020001000deprecation1500150015001440120013001500indirect
cost100010001100150010009001000miscellaneous
80090050060050025070093001090098001154011200100508200Net
cash70010022001460280049503800
10.Risk
there are many risks that the new start up face in the market-
·Financial risk- the risk is related to the finance that a new start-up can face if the planing of
the strategy and the resource development are not done properly in the market then the restaurant
has to face the financial risk(Burch and et.al.,2016).
·Execution risk- it the risk associated with the new start up that if the things don't execute as
they were planned or anything happens that are unfavourable for the development of the
restaurant then the execution risk happens(Storey, 2016).
·Exit strategy – if unfortunately the new start-up fails, then the voluntary wind up will take
place. Realisation of the assets and the liabilities will be there. All the assest will be realises and
the all the liabilities will be pay off.
·CONCLUSION
From the above study it has been summarized that entrepreneurs are made not born. They
have experienced growth through the skills, characteristics and traits posed by them. Innovation
has been the most important trait which every entrepreneur consists. Social entrepreneurship has
been developed by the entrepreneur so that they are able to find out the solutions to social and
environmental issues. The main behind this type of entrepreneurship is to help others and
society by also generating profits. This has also helped entrepreneurs in building up their image
and establishing their growth. It has helped new business in growing. Social entrepreneurs have
also been passionate and dedicated towards their work. They have unique traits which has
supported the social entrepreneurs in achieving their business objectives. These type of
entrepreneurs are risk takers and great influencers. They think of the society and issues related to
it before their own. It has helped them in growing and building image.

l壱REFERENCE
Books and journals
Burch, S. and et.al., 2016. Governing and accelerating transformative entrepreneurship:
exploring the potential for small business innovation on urban sustainability transitions.
Current opinion in environmental sustainability. 22. pp.26-32.
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan
International Higher Education.
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Dana, L.P., 2018. ENTREPRENEURSHIP & SMALL BUSINESS.
Read, S. and et.al., 2016. Effectual entrepreneurship. Routledge.
Ribeiro-Soriano, D., 2017. Small business and entrepreneurship: their role in economic and
social development.
Scarborough, N.M., 2016. Essentials of entrepreneurship and small business management.
Pearson.
Schaper, M. ed., 2016. Making ecopreneurs: Developing sustainable entrepreneurship.
Storey, D.J., 2016. Entrepreneurship and new firm. Routledge.
Venkataraman, S., 2019. The distinctive domain of entrepreneurship research. In Seminal Ideas
for the Next Twenty-Five Years of Advances (pp. 5-20). Emerald Publishing Limited.