Managing Entrepreneurship, Innovation & Creativity

Managing Entrepreneurship,
Innovation & Creativity

Contents
TASK 1............................................................................................................................................3
TASK 2............................................................................................................................................3
Research Question.......................................................................................................................3
Theme 1 what is Meaning of Idea in the Entrepreneurship.........................................................3
Theme 2 Challenges that are Faced by Person in Taking an idea to Market...............................4
TASK 3............................................................................................................................................5
Concept Plan................................................................................................................................5
Human Resource..........................................................................................................................7
Operations....................................................................................................................................8
Legal Issues..................................................................................................................................8
Financial.......................................................................................................................................9
Risks, Contingency and Exit Strategies.......................................................................................9
Other Issues................................................................................................................................10
REFERENCES..............................................................................................................................13

TASK 1
An entrepreneur is a person who start a new business by making investment and taking
all the risk that is associated with the business and related operations. A new business starts with
an innovative and creative idea. A person can become a good entrepreneur by considering the
potential of the market. To be an entrepreneur it is not essential to belong to an entrepreneurial
family. To become a good entrepreneur a person need to have some skills that can help them in
conducting business efficiently without any major failure. To start a new business person or
entrepreneur need to have an idea which can help them to established an organization. This
report will be discussing the pre entrepreneurial skills that can provide better opportunities to
individual person the convert small business in a large size organization, on the basis of
particular theme proper illustration will be made in report that is related to the entrepreneurship.
In the next part a concept plan will be discussed in brief for the particular idea. The concept plan
will be consists of the brief idea of the mission and opportunity. Different objectives will be
included in the concept plan. Consumer marketing, human resources, operations, legal issues,
financial risks, exit strategies and other issues also will be considered in the concept plan.
TASK 2
Research Question
What are the concept that we learn in getting our idea and concept to the market place.
Theme 1 what is Meaning of Idea in the Entrepreneurship
This is really a difficult thing for the individual person to come up with an innovative and
creative business idea that is unique and suitable for the business. A better idea and better
thinking can provide better opportunity to the person in the business and corporate world. The
business idea are not only required to start a business these are also important to keep the
business running efficiently. In different case business ideas can help the person to start a new
business that can enable them to earn money and gain experience. New and creative business
ideas are important fir the person to start new business in the corporate world. These ideas are
the foundation of the business. A creative idea can help the entrepreneur to make better
reputation in the market place by meeting the demands and needs of people in different way.
According to Kirzner, (2015)a business ideas is everything for the entrepreneur because it is the

thing that provides individual person a opportunity that ca help them to earn extra profit. All the
resources that are required by the person are depended on the business idea. The success of a
business idea can be evaluated with the marginal profit that is earned because of a business idea.
There are no limitation for a business idea in the world. This is not possible for the entrepreneur
to build a business empire without a business idea. There are many example of creative and
innovative business ideas that made the person great entrepreneur and great business man. The
person like Mark Zuckerberg, Bill Gates and Elon Musk are the some example of this concept,
they have created a great business empire just by a single innovative and creative idea which was
related to and connected to the current market trend. The ideas that are based on the current
market scenario are most valuable and effective fir the person to rise a business empire, this is
how a business idea is important for the person to established business,
Challenges that are Faced by Person in Taking an idea to Market
There are different challenges face by person while they come up with a business idea to
open a new business. These challenges are faced by the person in the transition and ensuring the
availability of enough resources that are important for person to start a new business. According
to Parker, (2018) uncertainty of business relate to the future. This is the biggest issue that is
associated with the starting a business organization in new market. There are two different side
of the business idea. One is the creativity of the business idea and other one is the uncertainty of
the market place. Some times that business ideas that are created by the person which are not
suitable for the market place and sometimes the selection of market. This is all about the
suitability of the market and it is how the suitability of the market place encourage the
entrepreneur to create and established a new business in the market. For example each type of
market demand forces the entrepreneur to develop new processes or procedure in order to gain
higher profit in the market place. This is how needs of market place are challenging for
entrepreneur to creating new business idea as per the demand of market place. This thing helps
the entrepreneur to learn the skill that enable them to develop that capability of understanding of
the market place and making better idea that are suitable for the success of the business. This is
how it is challenging for the person to develop better ideas that can help them to take their
business to the nest level.