Managing Entrepreneurship, Innovation and Creativity

This document discusses the concepts of entrepreneurship, innovation, and creativity in managing a business. It explores the importance of social entrepreneurship and the benefits of organic beauty products. The document also provides information on market research, target market, marketing strategies, human resources, operations, and legal issues. Find related resources and assignments on Desklib.

Managing entrepreneurship, innovation
and creativity
1

Table of Contents
INTRODUCTION...........................................................................................................................3
REFERENCES................................................................................................................................4
2

TASK 1- MY STORY
I am an aspiring entrepreneur and I am keen to achieve my goals and objectives by making
use of innovative and creative thinking. I am coming from a lower middle class family and my
parents run their own business. They found it really hard to make a living but are really
supportive and are involved in motivating me to achieve my goals. They also want me to do
something for the society and also they want me to ensure that I make use of resources
adequately so that there are no wastage of resources and society is also been served sustainably. I
also have pre-entrepreneurial skills and attributes. I was really passionate and enthusiast about
the business which will be brought up by me. I also had good communication skills that can
assist me in enhancing my business networks. It will also help me in growing and achieving my
set target. I am a social entrepreneur who has been involved in serving society for their
betterment. I have analysed that I need to develop various entrepreneurial skills such as decision
making, problem solving
TASK 2- RESEARCH QUESTIONS
Option A- Theme- Society
According to the Anther (Barton, Schaefer and Canavati., 2018) A social
entrepreneurship is the work which is done by the social Entrepreneurs. They work for the
society and their welfare to make their life more comfortable and they also recognize the social
problems and uses entrepreneurial principles to organize, create, and manage a venture to make
social change. Whereas a business entrepreneur typically measures performance in profit and
return, a social entrepreneur assesses success in terms of the impact s/he has on society. There
are many people in the society who are facing problems because their parents does not effort
food, education etc fro them which makes their uncomfortable so the social entrepreneur
find the people nearby their area who are suffering from the problem and provide the helps to
them.
As per the view of (Besley and Ghatak., 2017) social work m provide us motivation
and a person can work toward the welfare of the society so they can live better and good life.
Their are many ways to provide benefits to the society and it is necessary for the Entrepreneur
to create good image among the people, so they can become the successful entrepreneur in
their life A social entrepreneur might also seek to address imbalances in such availability, the
root causes behind such social problems, or social stigma associated with being a resident of
3

such communities. The main goal of a social entrepreneur is not to earn a profit, but rather to
implement widespread improvements in society. However, a social entrepreneur must still be
financially savvy to succeed in his or her cause.
According to the view of (Cohen, Kaspi-Baruch and Katz., 2019) `In the modern
world , social entrepreneurship can be attached with some of the new technology or the assets
like a bringing the internet with the high speed so connectivity to remote communities with
the intent to provide school students with the more access to the information and the sources
of the accurate knowledge. The social entrepreneur is the proper way to the other to their life
purpose and also help others to find the ways to achieve the success in their life and make
the differences in the world. Social entrepreneurship is not only about helping the people
directly but there are some other ways to provide them and better things which can make their
life and help them to live better. The thing is that they just have to add some value in the
others life or it can also be possible through providing the product or starting the new social
enterprise which only work for the welfare of the people and the common problems which are
faced by the people who are living in the society, so they can use the services from the social
enterprise and satisfy their needs and their demand. Fulfillment of the society needs also a part
of the Social entrepreneurship.
Motivation to setting up enterprise
The motivation behind the setting up social entrepreneurship is watching others and
some of the successful social entrepreneur who helps the other directly or indirectly. This work
from the other motivate to open up or setting up the social enterprise. Which can able to
provide better living to the other.
The new Grapevine organic beauty Product Company is the social enterprise who have
aim to serve the society better organic beauty products which are safe to use and it will
provide the better and good result. Their is no harm to the skin and the products are totally
made up of natural things which we get easily in the nature and the best thing about the
product of the Grapevine organic beauty Product Company is that fragrance of the product will
be natural and there will be no use of comical (Kadir, Bahari and Sarif., 2016). Most of the
companies sell their beauty product will content the harmful chemical which can have the
side effect on the skin. The Organic beauty product is easy to use and good for the skin so
people in society can replace their chemical beauty product with the organic beauty product.
4

The best thing about the manufacturing and testing of that product is that it does not involve
the animal testing because it does not have any side effect and there is no need to test on the
animals so its is easy to use and safe for the skins. People can also save the money by
purchasing the products from the Grapevine organic beauty Product Company because the
prices of the product is very cheap and people can effort the products easily otherwise they
have to pay for the other chemical product higher prices which is not affordable for the
people normally and it has safe effect which can affect the skin of the woman in future so
the products from the Grapevine organic beauty Product Company will provide the natural
beauty in the low price range and add some value for their customers, and they can save their
money as well by buying the organic product from the Grapevine organic beauty Product
Company. Selling of each product will contribute to the society and customers will only get
the benefits and other needy people because some of the amount from the products will be
used for the charity and fund which will be risen from the charity will be used for the welfare
of the sociality and helpfully for the people who need helps and people who are poor and
families which are facing the problems in the sociality (Valdez And et.al., 2018). This
contribution toward the society will create good image of the Grapevine organic beauty Product
Company, and they will able to show their presence in the market where they re operating their
business, and they will able to achieve the comparative advantages. This will also covert the
other competitors in the market who are selling the chemical beauty product to switch into the
organic product, so they can provide so helps to the society, and they can contribute some of
their amount toward the society and their welfare. This Will be useful for the people to live the
healthy and safe life and comfortable life.
TASK 3- THE CONCEPT PLAN
Introduction-business concept and opportunities
Grapevine organic beauty product is been going to start their business by making use of effective
human resource and marketing strategies. The company is been involved in selling organic
beauty products (Chell and et.al., 2016). They are going to serve people with natural products so
that their skin can glow. As there were very few available healthy personal care products that
worked well. In this the company is been involved in making sure that they have been involved
in selling those beauty products which does not involve any type of animal cruelty and are made
up of natural and organic resources which cause no harm to the individuals or groups who have
5

been involved in using Grapevine organic beauty products. This business is been started in order
to increase liking of organic product and also to reduce down the killing of animals that has been
done to make the beauty products. There are also various business opportunities which are been
linked to entering the industry of organic beauty products. It has been analysed that more and
more people are becoming health conscious now and they have keen interest in making use of
the natural products. This will assist business in growing and also they will be able to serve the
society better.
Objectives
 To enhance the liking of organic beauty products by 10% till the end of year 2020.
To reduce the animal cruelty by increasing use of organic beauty products by 20% in upcoming 6
months
 To increase the consumer satisfaction by 15% till the end of year 2021.
 To enhance the profitability of business by 10% in upcoming 3 months
Market Research – Primary and Secondary / competitors
In order to establish the business it is really necessary for Grapevine organic beauty Product
Company to be engaged in analysing the market through market research. This will assist them
in analysing the competitors and also it will help them in knowing about the trends which are
being going in the market, so there firm can grow (Calic and Mosakowski, 2016). There are
various big companies such as Bobby brown, Colour bar who are involved in creating organic
beauty products, so Grapevine company needs to be engaged in analysing their business strategy
and must act according to it. It has also been analysed that making use of organic beauty
products will also reduce the animal cruelty in state.
Target Market/Customer
Grapevine organic beauty Product Company is a social enterprise. The company is
targeting the market on demographic, geographic and psychographic basis. In this they will be
engaged in expanding their market share first in London. They will also be engaged in
segmenting the market on gender basis (Carraher, Welsh and Svilokos, 2016). The firm mainly
will be involved in targeting females between the age of 20 to 55. The organic beauty products
will be affordable in price and can be purchased by lower middle class people. They will also be
involved in targeting women who are becoming health conscious and want to use organic
products. These products also aim to reduce animal cruelty.
6

Marketing: Grapevine organic beauty Product Company is a start-up and they want to
serve the society by providing natural beauty items. The firm is also been involved in making
sure that they use natural items and reduce down the animal cruelty which is been done while
manufacturing the beauty goods. It has also been analysed that Grapevine will be involved in
making use of various marketing channels in order to increase the sales of their products and
services. They will be involved in making use of social media channels such as Facebook,
Instagram so that they can reach out large number of consumers. This method will also decrease
their operational cost. They will also be engaged in marketing with the help of print media, in
order to reach out the target audience. This will assist the firm in increasing their profit as well as
revenue.
Human Resource: Grapevine organic beauty product company is also been engaged in
providing training to their human resources so that better services can be provided to target
audience (Saebi, Foss and Linder, 2019). Company will also be engaged in making sure that
employees are working in safe and secure environment so that workers loyalty can be created.
Grapevine organic beauty Product Company will also be engaged in hiring and recruiting skilled
and talented staff so that they can enhance the consumer satisfaction and also this will assist
them in achieving their goals and objectives. They will also ensure in motivating the employees
by providing them with rewards and incentives so that growth can be achieved and also society
can be served better. Training will be provided to make effective use of resources.
Operations
In every business there are many type of operations which are performed. It depends on nature
and type of business. Similarly, in grapevine as well there are different types of operations done.
This is explained with help of business canvas model
Key partners
Supplier
Distributor
Vendors
Key activities
Selling of organic
beauty products
Cosmetics
Value proposition
Delivery of
products quickly
Convenient one
Customer
relationship
Motivating
women to
Customer
segment
Youth
women
7

Farmers Marketing
Production of
beauty products
Customer service
shop for all types
of beauty products
Variety of 100+
products
100% organic raw
material used
No side effects on
body
100% natural and
effective
emphasis on
self esteem and
save
environment as
well
Effective
marketing and
taking customer
feedback
Promoting
beauty in eye’s
of women
Free sample for
first time
customer
Working
women
Key resources
Low prices
Natural based
products
Trained staff
Channels
Grapevine shop
Distributor
Cost structure
Labor cost
Production cost
Other expenses
Revenue streams
Product sales
Sales at distributor
Service sales
8

Legal issues
There can be certain legal issue which can be faced by business in starting of company. So, it is
necessary to identify and solve those issues so that start up operate successfully in London.
Therefore, for use of organic ingredients in making of products, legal permission will be taken
from federal government and business association. Along with it, the entire legal procedure of
business registration will be followed in order to register start up. Apart from it, policies and
standard will be followed in order to ensure that there is no harm done to environment. In
addition, grapevine will be registered under company act 2006 and will follow all terms and
conditions of that act. However, it will be ensured that there is no animal cruelty done and
enterprise work for social benefit by providing organic beauty products to women. Thus, in this
way start up will be legally registered and issues are solved.
Financial
To start a business there is requirement of financial resources which will be used in it. Funds are
required for labor, machine, marketing, and many other things. So, for that a budget is estimated
in which all capital resources are mentioned. This gives insight on how much finance is required
for grapevine. Besides that, in what budget resources are to be allocated and how much fund is
available for which type of resource. It is as described below
Resources Amount
Initial capital $700
Labor $300
Marketing $200
Tools and equipment $300
Rent $250
Ingredients $350
Total $2100
Risk contingency and exit strategy
9

There are various types of risks which can occur in this start up. So, it will highly affect on
business operations. The risk has to be identified so that strategies are developed according. This
enables in taking appropriate measures so that impact of risk is reduced. They are defined as
Type of risk Degree Measure
Failure of business High In this case alternative
business concept or idea will
be executed. Or business
asset will be sold to get some
capital back
Rise in competition High The marketing technique will
be changed and focus will be
on personal selling that is
giving discount and offers.
Moreover, new market will
be identified to expand in
that.
Low quality of product Medium Here, there will be certain
quality standards set to
measure and ensure quality of
product is high and
maintained.
Low customer satisfaction Low They will be given extra
customer service so that their
satisfaction is gained. Also,
feedback will be taken to find
out what issues they are
facing so that it is solved.
Ineffective marketing Moderate For it digital marketing will
be used and data and info will
be analysed with Google
10

analytics. Then, loophole are
identified and marketing will
be done.
The contingency plan will be implemented to ensure that impact of risk is minimized. Hence,
above meaures will be taken in contingency plan to reduce risk in business. Furthermore, it will
be ensured that risk plan is evaluated and changes are done in it as per market condition. In case
of any measure taken is failed then contingency plan will be implied. This will help in reducing
risk impact. There will be few changes in plan that are done.
Exit strategy- in case the start up fail then exit strategy will be followed. For that merger and
acquisition will be strategy. In this business will be merged with similar concept or other options
is searched of large company so that grapevine can be sold to it. Thus, it will be easier to follow
this exit strategy in it.
Other issues
In grapevine there can occur many other issues as well which can led to change in business
operations and affect on its growth. So, other issues is lack of funds which can occur in it. There
may be insufficient funds to fulfill business needs. It can impact on growth of grapevine.
Another issue which can occur in it is impact of environment due ot use of natural resources.
This can occur as society can raise it. The company will use various ingredients of using those
resources. Moreover, beauty products developed from it might not be successful and can led to
infection. It may create a negative impact on it. Hence, these issues need to be solved so that start
up can run successfully. However, a business owner will look after all the other issues.
11

12

REFERENCES
Books and journals
McKenzie, D. and Sansone, D., 2019. Predicting entrepreneurial success is hard: Evidence from
a business plan competition in Nigeria. Journal of Development Economics, 141, p.102369.
Fichter, K. and Tiemann, I., 2020. Impacts of promoting sustainable entrepreneurship in generic
business plan competitions. Journal of Cleaner Production, p.122076.
Watson, K. and McGowan, P., 2019. Emergent perspectives toward the business plan among
nascent entrepreneur start-up competition participants. Journal of Small Business and Enterprise
Development.
Brinckmann, J., Dew, N., and Grichnik, D., 2019. Of those who plan: A meta-analysis of the
relationship between human capital and business planning. Long Range Planning, 52(2), pp.173-
188.
Saebi, T., Foss, N.J. and Linder, S., 2019. Social entrepreneurship research: Past achievements
and future promises. Journal of Management, 45(1), pp.70-95.
Carraher, S.M., Welsh, D.H. and Svilokos, A., 2016. Validation of a measure of social
entrepreneurship. European Journal of International Management, 10(4), pp.386-402.
Chell, E. and et.al., 2016. Social entrepreneurship and business ethics: Does social equal
ethical?. Journal of business ethics, 133(4), pp.619-625.
Calic, G. and Mosakowski, E., 2016. Kicking off social entrepreneurship: How a sustainability
orientation influences crowdfunding success. Journal of Management Studies, 53(5),
pp.738-767.
Barton, M., Schaefer, R. and Canavati, S., 2018. To be or not to be a social entrepreneur:
Motivational drivers amongst American business students. Entrepreneurial Business and
Economics Review.6(1). pp.9-35.
Besley, T. and Ghatak, M., 2017. Profit with purpose? A theory of social enterprise. American
Economic Journal: Economic Policy.9(3). pp.19-58.
Cohen, H., Kaspi-Baruch, O. and Katz, H., 2019. The social entrepreneur puzzle: the
background, personality and motivation of Israeli social entrepreneurs. Journal of Social
Entrepreneurship.10(2). pp.211-231.
Kadir, A., Bahari, M. A. and Sarif, S. M., 2016. Social Entrepreneurship, Social Entrepreneur
and Social Enterprise: A Review of Concepts, Definitions and Development in
Malaysia. Journal of Emerging Economies & Islamic Research.4(2).
Valdez, A. C. And et.al., 2018. The diversity of why: a meta-analytical study of usage motivation
in enterprise social networks. Universal Access in the Information Society.17(3). pp.549-
566.
13

14