Managing Entrepreneurship: Personal Enterprises Report and Business Idea

This assignment focuses on personal enterprises report and explores managing strategies, innovation, and individual creativity. It includes a business idea related to a health app.

Managing
Entrepreneurship

Executive Summary
In this assignment the main focus is on the personal enterprises report that can explore
the themes of many organisational managing strategies, innovation and the individual creativity
level. A full fledge business idea is provided in this report which signifies the area of market
research and marketing operation includes human resource, legal financial status and risk and
exit strategies. The ability to provide the problem solving issues, logical and critical thinking.
How an entrepreneur can develop there communication skills and improve the pitching ideas
using the best innovative and creative thinking.

Table of Contents
Executive Summary.........................................................................................................................2
TASK 1............................................................................................................................................4
My story..................................................................................................................................4
TASK 2............................................................................................................................................4
Research questions.................................................................................................................4
What is social entrepreneurship? What are the motivations in setting up a social enterprise?4
TASK 3............................................................................................................................................5
The concept plan.....................................................................................................................5
CONCLUSION..............................................................................................................................13
REFRENCES.................................................................................................................................13

TASK 1
My story
I am an entrepreneur and my family is also have a background of an entrepreneur. And I am
belong to a well reputed family who have family business in food industry. My father opened a
café which is running through many years back. The qualities and skills which I think I have is
skills like good communication and amazing planning quality. From the childhood I have a habit
of first planning my work and then execute. I am a focused person who also always peruse my
career is in the most important priority (Renz, 2016). The person who are actually hard-working
and dedicated to their profession is the one who can succeed in their future. If an entrepreneur is
a hardworking in that case he can motivate the other employees of the company and according to
me is a person can able to handle the business in the tough time than h/she can run the business
in any situation, either in peak time or in tough time. In this assignment I am including my
business plan which is related to established a new business of an app which provides you a
basic health plan and help you to make a healthy diet chart with full of nutrient. Further a
discussion is completed on social entrepreneur.
TASK 2
Research questions
What is social entrepreneurship? What are the motivations in setting up a social enterprise?
Introduction
Social entrepreneurship is the business where the idea is used for the social and environmental
impact. Actually it is business where the entrepreneur is think about more of social factor rather
than to earn business (Pădurean, Nica and Nistoreanu, 2015). It is a combined forces of
discipline, innovation and determination. Many new entrepreneur open the new business in
respect of social factors and help in achieving the sustainability development and make a change
in the business world through the new innovation and techniques. They are non-profit
organisation which earned income through their own activities to make the environment eco-
friendly. And those companies who earned profit they have some special mission involved in
their own business plan. These type of companies have more lines of network who performed in
different type of works to perform environment issues and earning profit basis.
These type of business have lots of popularity in the market as the entrepreneur of these
business have collected lots of popularity in the market. The most important reason for doing that
business is the inherit aspect and that inner voice that motivate a person to open a new business
with the nature of social welfare. The motive and some kind of intensity to work and take a
change in the environment is second most important reason of doing a social work related
business. Although the next benefit is the financial support provided by the government or many
other financial institution if the idea of the business is really amazing and innovative.
They hold a promise to the society to work for them and their interest only if they lose
their profit then the entrepreneur must be loose their position in the market and the trust of the
customers that they earned throughout the business running time (Arslanian and Arslanian,
2016). One of the best example of social enterprises is George foundation. It is a women
enterprises which help the women to engage with the activities and get to help them in
completing education and vocational training is provided to them and they give employment to

most of the people who are not able to get employment because of any reason. Now most of the
companies adopting social factors for making a good image in front of the companies. Now
every company has a social service department and everyone is doing this for the sustainability
of the company as well as environment.
Future Effect
As it is increasing on a very large scale, social sector entrepreneurship are highly make a
change in the political and legal environment (Jamali and Lanteri, 2016). And ultimately the
sustainability make a change in the social outcome and give a positive impact on the economic
performance.
4 Pillars of Social Entrepreneurship
Economic viability: In respect with the sustainability, the social entrepreneurship have to
make sure about the market demand and market need. Their product must be relatable to the
completing market demand.
Social objective: social objective means create a social values and purpose of the
business for the team as well as community. The product must be healthy in the services and
energy saving to reducing unemployment and encouraging healthy food services.
Profit distribution: Profit must be distributed and reinvested in fulfilling the desired
objective of the company. Individual profit must be limited or rigidity distributed in the
employees.
Governance: Participation is the word which described the Governance in the social
enterprises. Here no single person can take a decision regarding the companies profile, all the
stakeholders, shareholder, investors are equally participated in the company’s decision.
Motivation in setting up a social enterprises
Motivation is the best influencer for setting up the business like social enterprises and the
best four motivation things are described below:
Make a change in the market: To make a change in the market and possibility to
exploiting the changes in the opportunities of the business are the biggest motivation for the new
aged entrepreneur for setting up a social enterprises.
Ethical and moral responsibility: The ethical and moral responsibility which is follow
by the entrepreneur to run the business in the environment.
Personal Fulfilment: self-desire to open a social enterprises is very important motivator
in the community. If the person is not satisfied with his or her own work than the personal
fulfilment is can’t be established (Zhang and Cueto, 2017).
Selfishness: The nature of self-oriented must be reduced and the nature of thinking for
others is chosen in the social enterprises and the person who are ready for others work is always
able to completing the need and desired of the business.
TASK 3
The concept plan
Introduction
The business idea for these assignment is an online app which supplies the health care
services and provide suggestions based on the current health condition and dietary intake of the
individuals. Which actually help in maintain the daily nutrient diet plan to a customer. For this
company name is - Next Nutrient (Brown, 2016).
As we all know that due to Covid-19, people needs healthier lifestyle as compare to
before. But they have not as such appropriate knowledge regarding the dietary intakes, their

nutrients intake levels and most importantly they have no knowledge regarding their current
health condition. So basically the main concept of business plan is to achieve the target of the
customers who are conscious for their health and diet plan (Goffee and Scase, 2015). The
innovative feature which is running in the app are:
Meal Planning: Here users can choose their weight goals, diet and food preferences, and
according to that our app provide the meal planning for day to day activities.
Calorie counter: In this app calculate calorie on the basis of customer information and
the main objective is to burn the calories of the users in a day.
Special Preferences: In this feature, app provides a special feature nutrient and diet plan
for their special user like pregnant ladies, diabetic customer and any other customer who are
suffering from any health issues.
Special Remainder: This is the special word in the app, as it provides the services of
remainder regarding the any health appointment of the doctor, or remainder for taking medicine.
Objective:
Objectives are the creativity of the steps taken by the team and steps for achieving their
marketing plan. It provides a clear vision to the team for follow-up and make company at the
success. The main objective of the company is to provide the solutions regarding the basic health
issues and provide them a proper chart plan according to their health. With the help of live exerts
consultation, the app gives the high satisfaction to the customers and provide them a trust
regarding the Next Nutrient. The SMART objective of the business plan is:
“To introducing a new app which provides the healthy diet plan for the customers who
are health conscious in 6 months that will increase the productivity to 40% in order to develop a
new market in the health industry.”
Market Research
Diet and nutrient app in the UK market is expected to grow in the major area in the
period of 2020-2027. As the increasing trend of healthy diet lifestyle and their increasing
spending capacity on healthy food. This increase the opportunity of the new business which
provide the services online that are actually consumer needed and they go to the physical outlet
for getting personal consultant. By doing market research it comes to know that there are lots of
competitors is the market for the Next Nutrient which can affect the business (Cherrier,
Goswami and Ray, 2018). So for this the perfect market research is needed and all the data like
primary and secondary sources are measures correctly in order to get the success in industry for a
new business.
According to the primary data research:
The Next Nutrient Company is conduct a questionnaire for the existing customers who
are already using these types of apps for their fitness.
Questionnaire for fitness and diet apps
Que1. What is the best experience of the services offered by the existing app in the market?
Ans-
Que2. What are the extra services you are needed in the new launching app in your market
area?
Ans-
Ques3 If the new companies provide the services like barcode scanner and a feedback page than
are you happy with that or not?
Ans-
Ques4 Is merger of fitness and nutrients diet plan and exercise revealer will be helpful to you in

order to manage your life style or not?
Ans-
Ques5 The best company you think in the industry of health and fitness and why?
Ans-
With the help of this questionnaire it become easy to understand the nature of the
customers and what actually they needed from the company. Is they are happy with the services
or they need more, so all type of issues are cleared for the company. The questionnaire is
conduct in between 100 existing customers.
According to the secondary data research:
The market segment is divided on the various basis like gender, platform, age and
diseases (Khaire, 2015). Also when it comes to Diet and Nutrient app market is divided into
Nutrient tracking app, Diet plan app, Social platform app, Wager app and many more. And the
increased use of the online apps providing diet and nutrient plan is actually boosting the demand
of the customers in the future period. As it is shown in the below image it is clear that in the
future time the growth of these market in UK has a great success and growth.
Competitors:
There are lots of companies which are already running in the market and major
competitor of the Next Nutrient Company. For example- My Fitness Pal, Calories counter,
Nutrients facts and Protein fact. These companies gives the major impact on the sale of the
company.
Target Market/ Customers
The target market for the company is mainly focus on England and Scotland. And the
customers whom the company most focused on young and old age people who are health
conscious and take care about their nutrient diet and all (Brush, Greene and Welter, 2020).As
these customers are mainly interested in this type of services which is offered by the health care
business.
Marketing Strategies
There are various marketing strategies which help the company to evaluate more market
areas and planned their business according to that strategies.
Website launching: The first step is to launch a website which is helpful to the customers
to see the general idea and new innovation which the company is offered to them and they can
contact the company whenever the customers are free of need.
Online Promotion: Promoting online is the best way to the new companies as because it
is easy and less expensive. And now the people are using online so much that it is easy to reach
customers there.
Social media: Promotion on YouTube, Facebook and twitter is very affordable and
convenient to use and get large number of audience in no much time.
Evaluate the customer’s experience: The single customer is the important for the
company so evaluate the company experience with the customers are necessary for the company.
Test Site Speeds: The speed of the test of the clients testing is very important as it is take
more than 5secs to change the customers mind in respective of the company (Lam and Harker,
2015).
Human Resource
In the company Next Nutrients, the human resource is important as it is a health
conscious company, all perfectionist doctors, employees who can handle the customer’s queries,

who can manage the team work and online related tasks and most importantly recruit the
employees which are able to complete the work with full efficiency. The target to recruit the
employees are in starting is 10-15, so that they can achieve the target and earn profit in the
starting days.
Operations
The daily based activities for the business are known as operations and using business
model canvas means introducing a new business by Alexander osterwalder. It is 9 steps process
in helping the new business for completing their daily based operations (Borowieck and Makieła,
2019). It is a one page process done by any person in the organisation. Customer strength is the
first part in it, the customers whom the company is going to be served and satisfied. The next one
is Value Proposition is the companies strength which is offered to the customers like in next
nutrient the value is there specialised doctors and extra services offered in the limited price.
Another step is channels means through which medium the services is provided like in the
respected company the channel is mobile application and online portal. Next is customer
relationship which shows how the customers get the product, keep the services and grow their
needs. Revenue stream is next step where the funds are collected in Next Nutrient funds are
collected through loans and outsourcing amount. Another one is key resources and activities
which differentiate your services from others. Last two are key partners and cost distribution are
any partner who are in the business and cost distribution over the company, like in respected
company the distribution is divided in online and offline expenses.
Legal Issues
There are lots of legal laws which affect the online business portal, any business who are
running online have to follow these legal issues and rules. Next Nutrient follow some of the legal
issues floating in UK,
The Electronic Commerce Regulation (2002): they need all the clarity about the
business and business related issues like company name, customer’s services, prices, tax policy
etc.
Data Protection Act 1988: It is made for protection of the personal information of the
customers which are used by the different companies (Sauka and Chepurenko 2017).
The Consumer protection (Distance Selling) Regulation 2000: The main aim is to
provide to safe the interest of the consumer which purchasing there products at from distance.
Privacy and Electronic Communication (EC Directive) Regulation 2003: Cookies and
laws which are pop up at the online portal are annoying for everyone. These types of cookies and
advertisement related issues solved by this department.

Financial services

Risk, Contingency and Exit Strategies
There are lots of risk which is suffer by the new industries which are actually running
business on a mobile application or by any online portal (Coulibaly, Erbao and Mekongcho,
2018).
. Risk are the major aspect of the starting a new business and for an entrepreneur it is the most
crucial task to overcome for the growth of the business. Risk involve in the Next Nutrient
company is:
High Competition: There are lots of companies which are already make their name in the
term of health and Nutrient Industry. So to overcome them and make a new place in the market
will be more complex for the business.
Consumer Trust: To retain the consumer trust and make them satisfying by
accomplishing their need and demand. So it is become very important to satisfying the demand
of the customers.
Online Fraud: Online fraud is the major risk are running in the market which can be help
in ruining the company.
To evaluate these risks contingency planning is needed which include proper
management, planning, implementation, testing& exercising and programme improvement. By
following these strategies the risk factor can be reduced by the new established companies.
There are exist strategies or succession plan which is helpful for the new business as if in
any circumstances the business is not running properly and facing loss than it will be always
there some strategies which are help from reducing the losses.
Management Buyout: This is the process where the employees of the company acquire a
portion of the business and run that according to them. This will be helpful for the owner as they
don't want to go outside for sale there business.
Outside Sale: In this the owner sale their business to the outsider investor who are
interested in their business and wanted to run that business (Sharma, Lindsay and Everton,
2015).
Merger and Acquisition: This help the owner to not sale wholly but retain some part and
sale some to other person in merging and acquisition.
CONCLUSION
From the above report it is concluded that to establish a business plan, an entrepreneur must
be qualified with skills and all the other attribute which are important are having in them. An
entrepreneur is not born but the abilities and their hard work can make them a good business
man. In the recent time the social enterprises is followed by the every single businesses and
every business are ready to invest in sustainability development. Furthermore in every business
plan each and every step is necessary for the growth of the business. Starting to the features and
ending up to the risk factors and exit strategies in the business plan.

REFRENCES
Books and Journals
Arslanian, H. and Arslanian, H., 2016. Entrepreneurship in Finance. Springer International Pu.
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and innovation in local areas of economic activity: a case study analysis. In Forum Scientiae
Oeconomia (Vol. 7, No. 2, pp. 7-24).
Brown, R. A., 2016. Capital and entrepreneurship in South-east Asia. Springer.
Brush, C.G., Greene, P. G. and Welter, F., 2020. The Diana project: a legacy for research on
gender in entrepreneurship. International Journal of Gender and Entrepreneurship.
Cherrier, H., Goswami, P. and Ray, S., 2018. Social entrepreneurship: Creating value in the
context of institutional complexity. Journal of Business Research. 86. pp.245-258.
Coulibaly, S. K., Erbao, C. and Mekongcho, T. M., 2018. Economic globalization,
entrepreneurship, and development. Technological Forecasting and Social Change. 127. pp.271-
280.
Goffee, R. and Scase, R., 2015. Entrepreneurship in Europe (Routledge Revivals): The Social
Processes. Routledge.
Jamali, D. and Lanteri, A. eds., 2016. Social entrepreneurship in the Middle East (Vol. 1).
Springer.
Khaire, M., 2015. Entrepreneurship in Creative Industries and Cultural Change. In The Oxford
Handbook of Creative Industries.
Lam, W. and Harker, M. J., 2015. Marketing and entrepreneurship: An integrated view from the
entrepreneur’s perspective. International Small Business Journal. 33(3) pp.321-348.
Pădurean, M. A., Nica, A. M. and Nistoreanu, P., 2015. Entrepreneurship in tourism and
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Renz, D. O., 2016. The Jossey-Bass handbook of nonprofit leadership and management. John
Wiley & Sons.
Sauka, A. and Chepurenko, A. eds., 2017. Entrepreneurship in transition economies: Diversity,
trends, and perspectives. Springer.
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Zhang, S. X. and Cueto, J., 2017. The study of bias in entrepreneurship. Entrepreneurship theory
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