Managing Entrepreneurship, Innovation & Creativity

Explore the concepts of entrepreneurship, innovation, and creativity in this comprehensive study material. Learn about the traits of a successful entrepreneur, the entrepreneurial journey, and the structure of a concept plan. This resource is suitable for students studying entrepreneurship, innovation, and business management.

Managing Entrepreneurship,
Innovation & Creativity

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
PART 2............................................................................................................................................3
Literature Review........................................................................................................................3
PART 3............................................................................................................................................5
Structure of Concept Plan............................................................................................................5
REFERENCES..............................................................................................................................11
Appendix........................................................................................................................................12
Business Canvas Model.............................................................................................................12

INTRODUCTION
Entrepreneurship can be defined as the strategic business procedures by which a person
known as entrepreneur develops business organization by taking risk and keeping hope to get the
best result in the form of financial rewards. A good entrepreneur considers a driver of economic
growth and innovation as well. The modern entrepreneurship process includes lots of efforts of
an entrepreneur for creating. In this report will discuss about entrepreneurial journey. it will also
provide brief overview of the structure of concept plan in this report.
PART 2
Literature Review
Theme- Entrepreneurial Journey
According to Omar, (2019), entrepreneurship is the ability of a person who creates a new
business. A good entrepreneur should have passion for the entrepreneurship instead of just
making money because when they have such personality that ultimately encourages them to
create some creativity for the society. Passion is one of the most significant characteristics that
must have in entrepreneur for the obvious reason. It also plays effective role in making
entrepreneur successful for example if a entrepreneur love what they do. Then they automatically
become inspired to put their extra hours in their business to make it more successful and flourish.
It become pleasure for the entrepreneurs to see the results of their employees, which goes
immensely well beyond the money received. A successful entrepreneur must have strong work
ethic for example a successful entrepreneur must make sure that they are always the one who
come first in office and the last one to leave. Such people are those who comes to the office
during their off days to ensure that the received outcomes fulfil their expectations. In other word,
a successful entrepreneur are those people who always have their mind in their work, even they
are not in the workplace. Mukherjee, (2016) have quoted a great example about Jeff Bezos over
the sated fact in their published books that Jeff Bezos and his wife were invited in the TV shows
for launching a new business wherein a host asked his wife that is Jeff Bezos gave you proper
time then his wife replied that he always thinks about his business to make it’s flourish and more
successful, even we spend more time together. So, job is the first wife of him then I am. Jeff

Bezos also were agreed with his wife statement. It denotes that he is one of the more successful
entrepreneurs among others. Motivation is also important for the good entrepreneur because
when they are highly motivated for their workplace then they can show full dedication while
running business in each situation either favourable or not. if person is already self-motivated
then they never require external motivation to do some creativity. A person should be optimised
because when they start their business then it can not expect it will run well or can seem like
getting business off the ground like will never happen. It is important to have patience then they
can maintain their stress level if any situation takes place while starting business. As know all
successful entrepreneur have faced ups and down and often feeling as well but that’s not a mean
that they have lost their patience or hope. To become good entrepreneur, it is important for the
person to think differently as none cannot expect. Another is that a person must have personality
as risk taker then they can become good entrepreneur. Wry and York, (2019) said in books that
entrepreneurship is all about risk-taking process so if a person have a plan to become
entrepreneur then they must be risk-taker. These above-mentioned qualities are known as traits
of good entrepreneur which makes them successful in their businesses.
However, other Supriya and Kuttalam, (2019) have criticized over above sated fact in
their published research articles that a successful entrepreneur must remove some qualities and
trait which can make them failure entrepreneur for example poor management. It is one of the
major mistakes of entrepreneur such as most of new entrepreneurs do not organize own
workflow and agenda with some KPI and directly launch product to the market that often makes
their business idea reductant. Several entrepreneurs take more time to take adequate decision this
quality must avoid by them because it slows everything down and waste money. A good
entrepreneur should not be lazy because if a person sleep late time, does not read, does not like to
work hard. It denotes that person is will become failure entrepreneur so, it is important for the
successful entrepreneur to avoid this trait. Self-confidence is important trait for the people
because it helps them to setting out to start a new business, but their ego requires to be limited.
According to Konon and Kritikos, (2019), a failing entrepreneurs are often too proud to admit
their mistakes like they do not know something to run their company effectively. So, it is needed
to avoid this quality because if a person always being in proud then they cannot make good
relation with their labour as resulted labour also will not put that level of efforts for which they
will receive salary. Authors said in published research articles there are several business owners

who become easily demotivated whenever they find hardship in their business operation and
losses their interest in the workplace. Such trait can make person unsuccessful or failure in their
life so it is important for the good entrepreneur to avoid such trait make themselves optimist.
There are various business owners who always afraid to take risk in their busines to think that
they may can get loss in their business that makes them failure entrepreneur. So, it also one of
the most avoiding traits for the entrepreneur that must be avoided. These are the bad qualities
and traits which makes individuals unsuccessful entrepreneur so they must be avoid if they have
plan to start new business or running a business.
PART 3
Structure of Concept Plan
Introduction: ‘Dementia-friendly products’ is a main business concept. The reason behind is
that dementia has become one of the major issues for the world for example people keep
getting older then they often comes with all sort of issues like dementia. So, this business idea
is one of the best solution to keep control over the mental disorder as well as keeps people
safe. By developing dementia friendly products these will support dementia suffers and their
families. This business concept has more opportunity in future perspective because dementia
has become concerning issue for all healthcare companies because they handle most of the
patient with dementia and often get unsuccessful to keep take care of them. This dementia
friendly products will be the solutions for all issues related to dementia and for the healthcare
companies and patient’s family (Murray and Scuotto, 2016). It has high growth in future as
well because there are various family caregivers who spends maximum time with their family
member who is suffering from dementia due to this these family caregivers often experience
depression and anxiety. So, it is also become discussion point for the UK’s healthcare
department. But this new concept of business will be proved one solution and definitely in
future most of the companies will invest their huge capital to upgrade this business sector. This
business venture is going it establish in UK because there are most of the healthcare
companies and family caregivers who are dealing with the patient with dementia.
Objectives:
 To establish a successful business in UK market.

 To increase awareness in customer about new product segments.
 To increase sales up over the proposed product segment up to 25% at the ned year of
2022.
Market Research: market research is one of the best elements to collect information about
market growth, customer’s issue and needs, growth of proposed product in the market for
current and future perspective, competitors, suppliers buying power etc. primary and
secondary research method has been used to collect information regrading market and scope of
business idea in the future. secondary research method is used to gather information through
which already have conducted market research. It become easy to find opportunity for the
business while primary research also conducts in the market that helps to understand needs and
preferences of customers for the new product segment. Thus, market research supports to
understand overall market before establishing business.
Target Market/Customer: Britain is considered multicultural market because there are
different culture people lives. Market segmentation strategy is used to target specific market
for the proposed product segment. Demographic and psychographic market segments are
selected as target market because demographic market classify customers on the basis their
age, culture, attitude, culture and education background and psychographic market segment
categorize customers based on their spending behaviour, society status etc (Baran and
Zhumabaeva, 2018). The targeted customers are upper- and middle-class professionals, health
providers and family caregivers. There is a reason to target only these customers such as they
always want good quality and wants such technique which can become permanent solution for
their issues for which they ready to pay extra. So, this targeted audience will support new
business venture to earn 25% sales growth over the proposed product segment.
Marketing
4P’s marketing Mix Product: Dementia friendly products i.e. GP’s tracking watch, simple music player,
location tracking insoles, talking reminder clock, motion activated voice player,
memory box etc. that are designed for the patient and family’s member who are
suffering from dementia disorder that will help them to recall things again and again.
With the support of this product segment, health providers and family caregivers get
time for themselves which they can put on other stuff to cure dementia patients or can

get time to for themselves which reduces their anxiety and depression. Price: Competitive and premium pricing strategies will be followed to sell this product
segment. For example, competitive pricing strategy helps company to sustain in the
market and build large customer base. On the other hand, premium pricing strategy
will be implemented for some advanced dementia friendly products and technology
which can afford by upper class audience I.e. healthcare organizations, health providers
etc. to treat their patient. With this segment new business venture will easily generate
good profit margin over the proposed product segment. Place: Distribution strategy will be used to sell proposed product segment across the
UK. With this strategy, products will be supplied to the customer around UK through
which company will provide it’s product availability in multiple locations (Sonninen,
2016). Promotion: Traditional and digital marketing strategy will be followed to create
awareness in customer about new product segment. For example, traditional marketing
channels i.e. TV, radio, hoarding etc. will use to aware those customer’s who believes
on traditional shopping and advertisement instead of online. While digital marketing
platform includes video tutorial, internet, social media etc. will use to create awareness
in those people who are highly active on online platform and prefer to do shopping
through online platform due to lack of time. Service: Online and Offline home delivery services will be offered to the customers as
per their convenience.
Human Resource
Human resource is one of the key resources for the new business concept because it will help
to establish business successful and handles overall operations of business which makes
business productive. HR professionals will create different marketing strategies to create
awareness in targeted audience about the new product with the support of marketing manager.
Such awareness helps company to attract customer towards buying product. In addition, they
will take responsibility of hiring intellectual suppliers and technicians who can support
company to have better functioning in the business market (Tiemann, Fichter and Hain,
2020). For example, HR professionals hires only those suppliers who are willing to work at

low wages and provides product at lower cost with good quality so that good profit margin can
be received by employer over the proposed product. Even they also hire intellectual employees
for the R&D and Marketing department because R&D department helps company to keep
innovative in the proposed product line which ultimately attract customer towards product and
builds good brand image as innovative business among others. While technicians will support
marketing team to use all new software applications through which marketing team will being
able to access large number of customers to buy it’s innovative products.
Operations
Business canvas model is a strategic management technique or tool that is used to describe and
communicate a business concept (Mamabolo, Kerrin and Kele, 2017). It is essential for the
new start-up business because it highlights key resources, revenue stream, capabilities,
channel, cost structure and customer segment which supports to establish and run new start-up
business effectively. Business Model has been summarized in Appendix.
Legal Issues
New establish business can face several legal issues such as patent and copyright issue,
discrimination, taxation and accounting law etc. through which it unable to establish it’s
business promptly so it is prime duty for the entrepreneur to comply with all legal
requirements such as take licence. Before initiating any type of business, it is important for the
entrepreneur to take licence. In this context, IT will play vital role to take suitable licence from
the authorized authority in government structure for the company (Martín, Ramos and Herrero,
2018). Equality act will take in policy by the support of HR management to ensure employees
that all employees gets equal opportunity in the workplace. Regulation of anti-discrimination
will also be undertaken in the employment policy by the HR professionals before hiring
employees for the new business venture. This legislation will ensure employees that no
discrimination will be taken in the new workplace. Thus, entrepreneur will company all legal
requirements that will lead success in business while establishing.
Financial
Cash Budget
It is mainly including various expenses which management have to do while introducing new
business venture. Existing management of the new busines venture must prepare a suitable
budget plan which can provide financial support to the business venture. A effective pre-

launch cash budget for the business venture has been mentioned below:
Area of expenses Amount
(£)
Legal formalities £500
Promotion £1500
Raw material £2500
Salary and wages £1000
Transportation £700
Total £6200
This cash budget has included other expenses which entrepreneur of new business venture
require to expend in pre-launch period (Arora, Fosfuri and Rønde, 2020). The new start-up
business has to expend funds over these mentioned activities in the post launch time as well.
There is alternative one cash budget for 20 months’ post-launch time period has been
described below:
Area of expenses Amount
(£)
Legal formalities £250
Promotion £750
Raw material £1250
Salary and wages £500
Transportation £400
Total £3150
Risks, Contingency and Exit strategies
Pricing strategy can be act as risk for the new business venture while selling new product
segment but it will figure out with the support of marketing team. the new busines venture has
taken insurance over the new business venture so that if in a case business become fail then
government will pay 50% against of this cost (Armitage and et.al., 2016). Apart from this,
entrepreneur has chosen angle investors as funding source who will support this new business
venture to expand in other countries. Sell business in open market and sell business to

manager/employee are the two exit strategies that have selected by the new business venture
for instance if business concept fails or does not get any profit then it can easily exit without
facing loss.
Other issues
Poor market research can be reason for the start-up business but to establish new business
venture successfully, primary and secondary research have been done already so this issue
cannot face by the entrepreneur.

REFERENCES
Books and Journals
Omar, C.M.Z.C., 2019. What Makes a Successful Entrepreneur.
Mukherjee, K., 2016. The psychology of the successful entrepreneur.
Supriya, A. and Kuttalam, G.M., 2019. Challenges and Prospects of Entrepreneurs: A Case
Study. Asia Pacific Journal of Multidisciplinary Research. 7(4).
Konon, A. and Kritikos, A.S., 2019. Prediction based on entrepreneurship-prone personality
profiles: sometimes worse than the toss of a coin. Small Business Economics. 53(1).
pp.1-20.
Wry, T. and York, J.G., 2019. Blended colors or black and white? Avoiding dichotomous
thinking in identity and entrepreneurship. Academy of Management Review, 44(1),
pp.215-219.
Murray, A. and Scuotto, V., 2016. The business model canvas. Symphonya. Emerging Issues in
Management, (3), pp.94-109.
Sonninen, A., 2016. Strategic Management: Business Model Canvas for Start-Up Company.
Tiemann, I., Fichter, K. and Hain, A., 2020. Developing business models with the Sustainable
Business Canvas.
Mamabolo, M.A., Kerrin, M. and Kele, T., 2017. Human capital investments as sources of skills:
An analysis at different entrepreneurship phases. The Southern African Journal of
Entrepreneurship and Small Business Management, 9(1), pp.1-12.
Martín, I., Ramos, M. and Herrero, L.A.R., 2018. Intrapreneurship in business innovation: the
importance of intellectual capital protection–capitalize on the commitment of its human
capital. In Nascent Entrepreneurship and Successful New Venture Creation (pp. 153-
174). IGI Global.
Arora, A., Fosfuri, A. and Rønde, T., 2020. Waiting for the payday? The market for startups and
the timing of entrepreneurial exit. Management Science.
Venugopal, B. and Yerramilli, V., 2019. Outside directors at early-stage startups. Available at
SSRN 3320010.
Armitage, A and et.al., 2016. Startups and Unmet Legal Needs. Utah L. Rev., p.575.
Baran, A. and Zhumabaeva, A., 2018. Intellectual property management in startups—
problematic issues. Engineering Management in Production and Services, 10(2), pp.66-
74.

Appendix
Business Canvas Model
Key Partners
 New start-up
business
owners
 Creditor
 Investors
 Suppliers
 Technicians
Key Activities
 Social media,
video tutorial
and internet
etc. will use
to aware
customers
about new
product
segment and
puts pressure
on existing
firms in
technology
sector.
 Marketing
campaign will
also organize
to create
awareness in
number of
people about
speciality of
product so
that they
become
attract to buy
propose
product
segment
(Venugopal
and
Yerramilli,
2019).
Value Proposition
 UK’s first new
dementia friendly
product segment
which will help
family caregivers
and health providers
to handle people and
patient with
dementia.
 This product
segment is quite
different from other
product segment
because in this
product segment
such like dementia
products which
recalls dementia
patient to take their
medicine on time
while there some
GPs tracking
technology that will
support health
providers and family
caregivers to track
Customer
Relationships
 Provide for
special need
 Seasonal
discount
over the
proposed
product
segment
 Smartphone
app
 Keep
customer
engaged
while they
wait
 Multilingual
support
Customer
Segments
 Proposed for
all age groups
with dementia
 Health
providers and
family
caregivers are
the targeted
audience for
the proposed
product
segment who
have deal
with such
people who
suffers from
dementia
disorder.
Key Resources
 Assets Land,
inventory,
building,
Channels
 Phone App
 Online platform
for ordering

equipment
 Licence,
investors,
contractors
and HR
location of people
with dementia if
they loss
somewhere.
 These are some
good technology and
produced related to
dementia which
helps such people
who have issue of
dementia and act as
helping hand for the
family caregivers
and health providers
who offer
personalized care
services to them.
purpose
 Sales Promotion
 Digital
Marketing
 Traditional
Marketing
Cost Structure
 Suppliers costs
 Technicians costs
 Customer acquisition costs
Revenue Streams
 There are various reputable healthcare
companies like NHS which sponsors this new
product segment. Sponsors are source of
generating revenue.
 This proposed dementia friendly product
segment will support to generate high profit
margin over them from targeted customers.