UGB 234: Managing Entrepreneurship, Innovation & Creativity

Module Code: UGB 234
Module Name: Managing Entrepreneurship, Innovation & Creativity
Word Count: 2996

Table of Contents
Executive Summary.........................................................................................................................3
Task 1: My Story: In the beginning.................................................................................................4
Task 2: Research Question..............................................................................................................5
Task 3: The Concept Plan................................................................................................................7
Introduction – Business Concept and Opportunities....................................................................7
Market Research..........................................................................................................................8
Target Market & Customer..........................................................................................................8
Marketing.....................................................................................................................................9
Human Resources........................................................................................................................9
Operation Plan............................................................................................................................10
Legal Issues................................................................................................................................10
Financials...................................................................................................................................10
Risks & Mitigation Strategies....................................................................................................11
References......................................................................................................................................12
Appendices....................................................................................................................................13
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Executive Summary
This article makes a deliberate effort to put various aspect of entrepreneurship & innovation
under the analytical microscope. To properly dissect entrepreneurship, one needs to have a
concrete understanding of what innovation truly entails.
In the author’s view, the scope of innovative or entrepreneurial mindset is not limited within the
boundaries of inventing something that has to have a commercial application. Innovation may
involve any process optimization that leads to reservation of resources.
After that, the author has tried to accumulate existing research works to gather a complete
overview of what social entrepreneurship is & what drives people to become a social
entrepreneur. The research led to a conclusion that, a social entrepreneur becomes who s/he is for
multiple reasons, including but not limited to philanthropy, lived experiences, empathy, passion
etc.
Lastly, the author has tried to implement own learnings to build an original business concept in
which the learnings from the module has helped to a great length.
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Task 1: My Story: In the beginning
Innovation is usually defined as doing something new or finding a new a way of doing things
efficiently (Kogabayev and Maziliauskas, 2017). Although when we talk about entrepreneurship
or innovation, we subconsciously start to picture a commercial product or service, but in reality,
the scope of entrepreneurship is not so limited. Even if we when we apply ourselves to find a
shortcut way of completing our mundane tasks we are innovating or our entrepreneurial mindset
is playing its role.
Although my family members do not necessarily fall under working sectors that are deemed to
require innovation, within their role they have to be innovative to surpass previous year’s results
which is the most common goal of every organization. Even in my limited experience working as
a part time tutor, I often had to resort to innovative solutions to capture the attentions of my
students. I have found that there is no panacea that suits every student’s needs, even though they
might be from similar backgrounds & upbringing. So, I had to adapt my delivery styles, tones &
phrasing that suited best in that particular context. I have also tried to apply similar strategy in
other context as well & I found it to be very helpful to achieve my goals.
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