Entrepreneurship, Innovation & Creativity: Concept Plan for Independent Retail Shop

This document discusses the concept plan for an independent retail shop that utilizes robots and artificial intelligence. It covers the objectives, target market, marketing strategies, and the importance of market research. The document also highlights the role of human resources in the success of the business.

Managing
Entrepreneurship,
Innovation &
Creativity

Contents
TASK 1...........................................................................................................................................1
My Story......................................................................................................................................1
TASK 2............................................................................................................................................1
What is social entrepreneurship? What are the motivations in setting up a social enterprise?...1
TASK 3............................................................................................................................................4
Concept Plan................................................................................................................................4
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

TASK 1
My Story
I am more inclined to be an entrepreneur as I believe that I will be able to exploit my level
of knowledge relevant to this industry and gain profit to venture/ organisation that I am being
part of. But it is very important for me to gain appropriate experience and knowledge so that I
will be able to succeed in the future. Presently, I am being a student of Business and
Administration studying in the university in the United Kingdom. I come from a middle class
family with appropriate financial and other resources to fulfil requirements of my further
education. My parents have been really supportive of the education I am pursuing and carry a
higher degree of expectation from me. I contribute all the time that I have in fulfilling
requirements of the criteria under university curriculum. I have been really focused about my
studies and wish to pursue a career in Marketing domain. This section have always fascinated me
and carries a highest scope of growth and development in the present economy.
There are numerous skills and characteristics which I will be bringing to the
module. The primary skill that I possess is management. I have been able to deal well with
resources that I possess and are able to exploit the same whenever required. This skill will be
helpful in dealing with numerous resources that an organisation tangible or intangible. Optimism
and extraversion nature will be helpful in getting to know other's experience and employ the
same in my venture. The courageous and risk taking nature will be helpful in undertaking
opportunities that other perceive to be dangerous.
TASK 2
What is social entrepreneurship? What are the motivations in setting up a social enterprise?
Social entrepreneurship is regarded as an approach through start up firms as well as
entrepreneurs where it can create, fund and execute solutions to cultural, environmental or social
problems. Moreover, this particular concepts is utilised to a board range of company that vary
into aims, feeling and size. In current times, social entrepreneurship is considered as the
revolution all over the world. Individuals from several life walks are developing as well as
executing efficacious, creative as well as sustainable solution for battle challenges of
environmental as well as social (Tidd and Bessant, 2018). All these solutions involves products
and services for profitability or non profitability initiatory. In addition to this, social
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entrepreneurship is whole regarding creating research to completely states a specific social issues
thereafter arranging, developing as well as managing a societal ventures for accomplishing the
expected modification. The changes can or can not involve a thorough removal of social issues.
Also, it may be a lifetime procedures concentrating upon the development of existent situations.
The one who support this particular entrepreneurship may concentrate upon its resources upon
developing as well as strengthening a identifiable as well as concrete areas. Moreover, the
proponents of this operates the risk of providing skeptics an ever exploring targeted to
concentrate at as well as the cynics are also the major reasons for discounting social innovation
as well as to those who leads this.
As per the Greg Dees, the social entrepreneurs are person with creative solution to
community's most pressing social issues. They are ambitious as well as persistent, face huge
social problems as well as provides new ideas for a changes of boarder scale. Social
entrepreneurship is growing rapidly that assist in increasing attention of several sectors. It shows
the motive of entrepreneur that why they want to introduce their idea in target market (Kuratko
and Morris, 2018). The phenomenon towards social entrepreneurship is based on popularity of a
venture that assist an organization to attain their target goals and objectives effectively by
promoting their services in front of target customers. Potential benefits that are offered by social
entrepreneur are clear and it promoting several funding practices in order to magnitude return is
less clear. Thus, in market several immense activities are conducted that are based on social enter
venture.
Some examples of social entrepreneurship are discussed below:
 TOMS: When an organisation are established, they utilised its “ one for one” idea to
shoes. For each pair of TOMS shoes purchased, the firm donated a pair to a required
child. They have since explore the one for one concept to eye wear, tote bags and coffee.
 Badala.org. The Joelle McNamara is the founder of Badala while she were in higher
school. Its commercial sites which develops jobs for African women through selling the
goods they produce. Products ranges from jewellery to wooden utensils of kitchen.
Apart from this, the example of social entrepreneurship involves micro finance
institutions, facilitating banking services and others. It efforts are integrated to a notion for
addressing unaccomplished requirements into societies which has been unnoticed or not granted
access to services, goods or base that is crucially available into more developed nations.
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To do special work for the society every social entrepreneur wants to motivation that help
to take step regarding to good work. There is required to different types of social enterprises that
provide the motivations to entrepreneurship regarding to work and take risk effective. These are
defined underneath such as:
Employment: An social entrepreneur always wants to do work for the social people who
have not job and have sufficient knowledge about the work so for this required to identify their
skills and provide the job to unemployment people (Sadeghi and Rad, 2018). When social
entrepreneur focus on the society so they feel down because they want to do something regarding
to nation and produce many things that fulfil the requirement of the society. So entrepreneur
provide the job those people who have skill and work efficiently. In this business that provide
employment, training and help for disadvantaged group.
Community need: Social entrepreneur firstly analysis that there is required to many
things to community so they are producing these things. It is mainly motivated to do different for
the people. It is motivating in effective manner and fulfil expectation of the community. Such as
in present time every one wants to afford so they are opening restaurant where provide food in
cheap rate and easily afford by the people. These things are providing satisfaction and motivate
to do work for another people. Businesses that develop or arrange items or services in respond to
social or economic requirement in the community that not met by the market.
Look outward, not inward for motivation: The social entrepreneur try to sort out their all
the problems so they are setting the own life for the better course. They are trying to find out
specific solution for the problem and through motivation richer by intervening in the live of
others (Al Shobaki and et. al., 2018). There are real solution require much more than self
centred altruism. These people mainly motivate by other people who are working for the other
people and invest their amount in the good work. So for this required to look forward and always
find out better solutions.
Listening to voices other than your own: It is best motivation for the social entrepreneur
when they are listening voice of yourself. The more effective approach mainly depended on the
listening to experiences of those people who is working for the problem solution and help to
peoples. It motivates them regarding to good work and do specific work.
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Bottom up solutions not top down: Solutions are best designed and applied from the
bottom up not the top down, it means on the basis of the community prepare plan for the
business as well as operation management (Lichtarski and Trenkner, 2018). They are finding
good solution regarding to problem so for this required to apply effective strategies in order to
follow the heart not mind.
Incidents: Many time in social entrepreneur life happen many things that impact on the
mind that time they decided to do different and provide facilities to people to work regarding
their problems.
TASK 3
Concept Plan
The aspect of concept plan is regarded as one of the important component for the
introduction of new business venture into industry. The term concept plan is defined as a
systematic or organised process which encompasses the idea, goal, objective, aim, vision,
mission and many more in order to accomplish the determined intent within prescribed time
duration (Sugandini and et. al., 2018). Along with this, it empower an organisation to provide
proper guidance or direction to company in terms of implement best strategic decision for the
enhancement of market share or size among competitors. In addition to this, it lead a business
venture to utilise the available resources at optimal level and also drive them to attain sustainable
growth and development in an improved way.
Business Idea
The business idea on the basis of concept plan has been formulated is “ Independent retail
shop”. In this shop, all the aspects of managerial and operational function of company will be
process and function with the help of robots as well as the utilisation of artificial intelligence.
This innovative and advanced action of retail shop enable them to gain competitive advantage
among competitors in a stipulated time duration without any hindrances.
Objectives
There are some objective and aim has been identified for Independent Retail Shop which is
explained below:
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 To create an innovative and modern solution as well as advanced technologies in the
filed of retailing which enable retail shop to improve the overall productivity or
profitability ratio.
 To render the effective and improved level of shopping experience to customers that help
establishment to attract more population towards then brand in an amended manner.
 To place the brand in an aggressive and competitive position among competitors with
the adoption of innovative technologies.
 To decrease the stress over human resources and enhance the continuous improvement in
overall operational function of company.
 To reduce the time in regard of billing and also enrich the overall performance of firm in
an trenchant and amended way.
Market research
Market research is determined as collective efforts which are done for the purpose of
gathering necessary information regarding target customers and target markets. On this basis,
a business entity formulates an effective business strategy. In order to set up any type of
business idea towards an organisation, it is very important for an organisation to indulge
itself in market research (Papa and et. al., 2018). This is done for gathering information in
order to collection relevant data which will help in knowing the tastes and preferences of
customers. This market research will also help in knowing the range of competition for an
enterprise. This will help the enterprise to know what competitors are bringing in market and
what technologies are used by them. For the purpose of conducting a research which is upon
car with touch sensor technologies, an individual can use both secondary as well as primary
resources.
Primary- In order to collect information regarding various topics, primary data is
considered to be more relevant as it helps in giving more information that is relevant. There
are many competitors who are using innovative techniques in manufacturing a car that can
meet customer's expectations. For example, Tesla which is considered as one of the most
innovative car manufacturer is having this car with touch sensor technologies but the product
which is formulated by this organisation will have more additional features such as it will
have face recognition and voice recognition which do not possessed by Tesla's cars.
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Secondary- From secondary research like websites, blogs, internet and other such online
resources, it can be analysed that people are ready for latest innovative products and found
those things attracted which are technology friendly and innovative. According to surveys
and other resources, an estimation can be made that there are various customers who are
prepared for those cars who provide them face and voice recognition as this will enhance the
security of their cars (Franco, Haase and Correia, 2018).
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Target Market/Customers
It is very important for company to analyse as well as evaluate its target market and
audience. This will be very helpful in developing product and services as per need and wants of
customers (Ahmed and et. al., 2018). By this respective company will be able to meet with the
expectation of customer as well as attract more and more customers towards organisations. When
company is launching new product in market area it is essential for this company to identify it
customer who have potential to purchase product and services offered by company. In this
organisation will be targeting only those customers who are interested in new and innovative
product. This will help in meeting with the requirement of customers as well as lead to
achievement of desired goals and objectives.
Marketing
Marketing is the process that assist an organization to grab information related to their
competitors, surroundings and service practices. With the help of such, organization can
implement desired strategy in their business practices that assist them in attaining target goals
and objectives in effective manner (Syam, and et. al., 2018). Marketing also include several
activities based on product development, promotion, sales and distribution as well. With the help
of such, an organization can reach to their target customers easily buy satisfying their required
needs and demand after appropriate analysis. Major source of marketing can be considered as
social media, print media, promotional activities and so on. There are different marketing
strategies that is used by respective company to create awareness about the product. Useful
marketing strategies are mention below
Marketing strategy- for this case respective company is adopting market development
strategies (Sousa, 2018). This will be helpful in offering product as per requirement of
customers. This company is conducting a proper marketing research in order to develop products
as per the need and wants of targeted customers.
Human Resource
Haman resource is considered as an most effective resource of organisation as they are
responsible to conducting business operation in better manner. It is essential for company to hire
highly talented employees who are able to meet with the expectation of customers (Carayannis
and et. al., 2018). A skilled workforce hired by company will be able to develop better strategies
as well as take right decision to perform business activities in effective and efficient manner.
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Talented employees of respective company will be able to use tools and techniques in better and
correct manner. This will directly lead to enhance performance as well as productivity of
organisations (Crammond and et. al., 2018). Human resource is very help in successful
achievement of desired goal and implementation of strategies in accurate manner. It is important
that respective company is providing timely training to its employees. This will lead to increase
in skills and capabilities of employees so that they can perform organisation activities in better
and effective manner. Training seminar conducting by company will help in making employees
more informed about the new technological as well as techniques in market environment. This
will be useful in creating awareness about artificial intelligence as well as various changes in
current retailing sector.
Operations
There are many business operations that can take place in such regards like marketing,
promotional, information technology, human resources and many other such business activities
and operations that helps in attaining overall objectives and goals (Munizu and Hamid, 2018).
For this purpose, canvas model can be prepared which is defined as follows-
Canvas Model- It is determined as a lean start-up and strategic management template prepared
to develop documenting and new current models of a business. For this plan, canvas model is
prepared as follows-
Key partners
Toyota
Car
manufacturing
organisations
government
car leasing
enterprises
Key activities
Marketing department
IT department
Technical departments
Scheduled management
Finance department
Research and development
departments
management facilitation
Car manufacturing
Car designing and
development
Value
Develop a
method that
will help in
improving
the overall
experience
of
customers
Advance
technology
that will
Customer
relationship
Self start
Voice
recognition
Face
recognition
Best customer
experience
Customer
segment
High end
luxury
green
community
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give
electrical
vehicles a
whole new
transformati
on
Enhanced
reputation
Key resources
Skilled workforce
face and voice recognition
Channels
Online
Mobile
Applications
Website
Blogs and
Facebook
Cost structure
Procurement
IT Operations
Innovative solutions
Technologies
Revenue
Revenue as per automotive segmentation
Legal Issues
This concept is one of the integral factor which assist an establishment to acquire
positive response from targeted population and also to enhance the brand image in competing
marketplace. In relation to this business venture, the legal aspect which it contains is that data
ownership (Carayannis and et. al., 2018). This is because, it is fully founded on artificial
intelligence and innovative technology which help them to control over the issue of occurring
insecurity of ownership in terms of maintaining personal data of customers.
Risks, Contingency and Exit Strategies
Under this term, it comprises any sort of natural disaster like situation of health and
safety, legal, financial and staff issue. IN regard of this business plan, I come across with various
kinds of problems such as natural disaster, accident, fire, power cut, gas leakage and so on.
Other issues
The other issue which has been evaluated while processing this business plan is technical
issue. The main reason behind this, because it is wholly formulated and functioned by
technology and machines which may arise a problem like virus, equipment failure and many
more. Another problems also analysed like poor publicity, product recalls and so on that
influence organisation decision making process.
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CONCLUSION
It can be concluded from the above report that entrepreneurial stands to be a crucial concept
which is helpful in progression of economy. The concept of social entrepreneurial is
contemporary approach in which people try to make their contribution to the economy and along
with gaining personal satisfaction. Furthermore, concept plan is developed in which innovative
idea of car with touch sensor is developed as it is a new concept and will be able to attain higher
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REFERENCES
Books and Journals
Ahmed, U., and et. al., 2018. Nurturing innovation performance through corporate
entrepreneurship: The moderation of employee engagement. Studies in Business and
Economics. 13(2). pp.20-30.
Al Shobaki, M.J., and et. al., 2018. The Entrepreneurial Creativity Reality among Palestinian
Universities Students.
Carayannis, E.G., and et. al., 2018. 'Mode 3'universities and academic firms: thinking beyond the
box trans-disciplinarity and nonlinear innovation dynamics within coopetitive
entrepreneurial ecosystems. International Journal of Technology Management. 77(1-3).
pp.145-185.
Carayannis, E.G., and et. al., 2018. Entrepreneurial ecosystems and the diffusion of startups.
Edward Elgar Publishing.
Crammond, R., and et. al., 2018. Managing knowledge through social media: Modelling an
entrepreneurial approach for Scottish SMEs and beyond. Baltic Journal of
Management. 13(3). pp.303-328.
Franco, M., Haase, H. and Correia, S., 2018. Exploring factors in the success of creative
incubators: A cultural entrepreneurship perspective. Journal of the Knowledge Economy.
9(1). pp.239-262.
Kuratko, D. F. and Morris, M. H., 2018. Examining the future trajectory of
entrepreneurship. Journal of Small Business Management. 56(1). pp.11-23.
Lichtarski, J. and Trenkner, M., 2018. On the co-existence of innovation and creativity in the
lean management environment. In Forum Scientiae Oeconomia (Vol. 6, No. 3, pp. 67-
81).
Munizu, M. and Hamid, N., 2018. Mediation Effect of Innovation on the Relationship between
Creativity with Business Performance at Furniture Industry in Indonesia. Quality-Access
to Success.19(165).
Papa, A., and et. al., 2018. Improving innovation performance through knowledge acquisition:
the moderating role of employee retention and human resource management
practices. Journal of Knowledge Management.
Sadeghi, A. and Rad, F., 2018. The role of knowledge-oriented leadership in knowledge
management and innovation. Management Science Letters. 8(3). pp.151-160.
Sousa, M., 2018. Entrepreneurship skills development in higher education courses for teams
leaders. Administrative Sciences. 8(2). p.18.
Sugandini, D., and et. al., 2018. Employee engagement in entrepreneurship management: SMEs
cases. Academy of Entrepreneurship Journal. 24(2). pp.1-8.
Syam, H., and et. al., 2018. Principal entrepreneurship competence based on creativity and
innovation in the context of learning organizations in Indonesia. Journal of
Entrepreneurship Education. 21(3). pp.1-13.
Tidd, J. and Bessant, J. R., 2018. Managing innovation: integrating technological, market and
organizational change. John Wiley & Sons.
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(Tidd and Bessant, 2018) (Kuratko and Morris, 2018) (Sadeghi and Rad, 2018) (Al Shobaki and
et. al., 2018) (Lichtarski and Trenkner, 2018) (Sugandini and et. al., 2018) (Papa and et. al.,
2018) (Franco, Haase and Correia, 2018) (Ahmed and et. al., 2018) (Syam, and et. al., 2018)
(Sousa, 2018) (Carayannis and et. al., 2018) (Crammond and et. al., 2018) (Munizu and Hamid,
2018) (Carayannis and et. al., 2018)
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