Entrepreneurial Journey and Social Entrepreneurship
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This report discusses the entrepreneurial journey of Marshall Jones and critically analyzes social entrepreneurship and how motivation can help set up social enterprises. It also presents a concept plan for a new business idea related to cars with touch sensor technology.
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Table of Contents INTRODUCTION...........................................................................................................................3 TASK 1............................................................................................................................................3 Entrepreneurial journey...............................................................................................................3 TASK 2............................................................................................................................................4 Critically analyse the social entrepreneurship and how motivation can help to set up the social enterprises....................................................................................................................................4 TASK 3............................................................................................................................................6 Present the concept plan...............................................................................................................6 CONCLUSION..............................................................................................................................10
INTRODUCTION Entrepreneurshiprefertothecapacityoflaunchingorcreatingthenewbusiness enterprises with the objective to scale up the operations of business and earn significant profitability. This typically include the business plan based on which the resources are used and labours are hired that help to carry out the functioning of business effectively. Along with that the individual who have ability to take the risk and earn favourable profit out of it are termed as an entrepreneur. They recognises the opportunity as well as problem that exist in the external environment and transform it into the business idea to meet the need of the external society (Ahlin, Drnovšek and Hisrich, 2014). This report is based upon the business idea of touch sensor security in the cars which is the innovative safety features designed for the exclusive cars. For better understanding different topics are covered like the story of innovative entrepreneur. Critical discussion on the Social entrepreneurs and what motivate to set up the social enterprise. Further, deep analysis of the entrepreneur journey are covered in the report. TASK 1 Entrepreneurial journey The journey of an entrepreneur comprises of the academic as well as personal information such as their place of birth, occupation of parents and so on. This helps to shape the career of an individual and help them to pursue their aim which is unique as well as innovative. In most of the cases if the external conditions are favourable like the background or environment of which an entrepreneur is part of then this may lead the individual to take the necessary actions within short span. Background:Marshall Jones was born in the year 1990 at London, England. She did her schooling from the Convent school of UK and currently pursuing the Business and management studies from the Oxford University. The reason of selecting the management subjects is to understand more about the business and build up the own business, this depict that she has clarity about the objective which she wants to pursue during the upcoming time. She belongs to the middle class family where her father is the computer engineer in IBM company and mother is the doctor. They encourages the Marshall to opt for the significant field that matches her interest areas which is being an entrepreneur. For which she attends the various entrepreneur session and thinks of the innovation plan that is to use the sensor in car in order to maintain the safety and
security of people. Thus, the certain skill that can help the Marshall to take the entrepreneurial plunge are the innovative thinking ability that has always encouraged her to take the significant actions. TASK 2 Critically analyse the social entrepreneurship and how motivation can help to set up the social enterprises Entrepreneursare one that deeply analyse the external environment and resolve the problem suffered by the large audience with the help of innovative product that act as a life changing solution for the people. They are more prone to take risk and their whole plan is based on the customer centric strategy due to which the audience highly prefer the innovation which act as a life changing solutions(Anderson, PotoÄŤnik and Zhou, 2014). Being visionary they remain successful in transforming the idea into the practicable concept with the help of business plan. There are different type of entrepreneur such as small size entrepreneur, large size entrepreneur, scalable entrepreneur as well as social entrepreneur. Although each of them have the creative thinking ability but they fall under different categories because of their objective and purpose. For instance, the objective of large size entrepreneur is to expand or diversify the services within different geographical area in order to gain the global dominance. On contrary, the small scale enterprises are less likely to expand the business across the national boundaries due to the chances of high risk so they prefer earning the suitable amount by which they can lead their livelihood significantly. Social entrepreneurshipare different from the other types of entrepreneurs because they start the new venture with social cause while other think for the profit maximization. Such entrepreneur take the significant part in our social because they helps to eradicate certain social concern which is not healthy to lead the successful lifestyle. This represent the entrepreneur to significantly attain the objective for the social, cultural as well as environment cause. Like Oxfam is the part of social enterprise that was started by the 19 independent voluntary with the objective to eradicate the global poverty. For which these entrepreneur spread the awareness among people, and raise the donation so that they can help the needy people and make them independent so that they can cover up the basic needs without depending upon the other individual. Similar there are various social entrepreneur that work with the different objective but
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all theses aims are associated with the socials welfare rather than personal welfare. With the help of digitalisation and increasing use of the internet amongst people, these entrepreneur uses the social network to connect the people and broadcast work with the objective to generate the awarenesses. Motivation that help to set up social enterprise Motivative can be either intrinsic as well as extrinsic but to choose the path of becoming social entrepreneur where the entrepreneurs instead of giving priority to their demand or requirement give preferences to the public more of the push factor is required(Ateljevic and Page,2017). There are various factors that can motivate the visionary social entrepreneurs to focus on the social enterprises. Some of the attributes that are associated to encourage the social entrepreneurs are defined below: Attain the significant changes at the large scale:As Social entrepreneur objective is to fight against the specific problem due to which they does not keep them confined to the specific geographical area. Although they start the operation from the small group of people and understand their situation with the objective to bring the potential changes. Later on their work and satisfaction derived by helping other motivate them to keep on expanding their coverage areas and add volunteers with them so that together they can overcome the specific problem. For instance, CASA started its operation in 2004 with the aim to provide vital support to the older people as well as disable ones. For this the entrepreneur develop the franchise network which was owned by the health care that successfully look after the problem of people. Carry forward the social enterprise with good intentions:These good intentions encompasses the pure feeling of an individual to carry out the specific cause. This pushes them to move forward and convert the dream of helping the society into the reality. Although they face various hurdles or lack of charity but they continuously work and uses digital media to spread the vital awareness about the business. This keep them motivated in terms of carry forward the business and help out the people due to which even the enterprise gain the reputed image amongst the society. Focuses on the solution to overcome specific problem:In the dynamic environment the gap between the rich and poor or people belonging different social classes has widen that lead instability and discrimination. Although the government takes the necessary actions but along with that special focus is given to expand the social enterprise as it does not remain restricted to
the specific people and global. Most of these enterprises consider the whole globe as a platform which they need to serve effectively(Bilton and Cummings, 2014). So contribution of various enterprise like Cawthorne Children's centre and Educate girls undergo with the potential practice to come up with the solution or most suitable solution to control the negative impact of the specific social problem. Hence, there are different causes that help the social entrepreneur to remain motivate and adopt the best possible way to carry out the functioning of business effectively. The above defined factor motivate the social entrepreneur to participate in the social enterprise and accomplish the objective of social welfare effectively. TASK 3 Present the concept plan Introduction A new business idea related to the Cars with touch sensor technology is formulated. These cars will be operated by the finger print of individuals who are owning cars. It will reduce their issues for keeping the cars keys with them(Cajaiba-Santana, 2014). They are only required to add the finger prints of individuals who can operate the car. There are various opportunities for this idea which are available in the market. All of them are as follows: ď‚·Now a days technology is changing continuously which is resulting in changes in the demand of customers. As the business idea is based upon latest technology so it will help to achieve growth in the market. ď‚·Another opportunity for the business is that the concept of finger sensor technology in cars is new so it will attract large number of customers due to its uniqueness. Objectives Following are the objectives of new business idea: ď‚·To establish the business in the market successfully so that growth could be acquired in upcoming 5 to 10 years. ď‚·To generate profits by attracting large number or customers with the help of unique business idea. Market research
In order to establish the business in the market it is very important for owners to conduct market research so that detailed information regarding the current situation and competition could be gathered(Chen, Chang and Lo, 2015). For this purpose the idea generators of cars with fingerprint sensor will conduct primary as well as secondary research. Both of them are as follows: Primary research:This research will be conducted for the purpose of analysing that the new concept of business will be adopted by the customers or not. For this purpose, survey could be conducted and the individuals could be asked to fill questionnaires. It will help to analyse their responses on the new concept and formulation of future strategies. Secondary research:The data which is already collected by someone is analysed with the help of it. In order to collect details of competitors and information of market situation this research will be used by the new business of cars with finger print sensor. The major competitors for this business in the market are Aston Martin, Tesla, Rolls Royce etc. because all of them are operating under the automotive sector since a long period. It is very difficult for a new business to compete with them. Target market Target market is the group of customers who are aimed by the companies to sale their group. As new cars will be launched in the market with innovative concept of finger print sensor technology therefore the owners are required to find the best market to target(Chen and et. al., 2015). The cost of all the cars will be very high due to use of latest technology so the group which will be targeted by new business is business and upper class customers. Additionally, millennials who are focused with technological cars will also be targeted. Firstly new cars will be launched in London and then expansion will relay on the success. Marketing When a new business is launched in the market then it is very important for the owners to make sure that they are paying attention towards marketing activities because it can help to reach maximum number of customers(Dereli, 2015). The idea generators of cars with fingerprint sensor technologyhave planned to market the newcarsthrough onlinepromotions, TV commercials and hoardings. It will help to grab attention of maximum number of individuals from target market. Social media marketing is the best way to reach the targeted clients because it provides an opportunity to the business to attain growth.
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Human resource While establishing a business it is very important for the owners to make sure that they are having sufficient number of individuals to perform business activities. As a new business of cars with fingerprint sensor will be introduced in the market so the owners are required to hire skilled,knowledgeableandexperiencedindividualswhocancontributeinorganisational success. They will be hired for different activities of organisation which are sales, marketing, manufacturing, promotions etc. Operation using business canvas model Business canvas model:It is a tool which is used to get brief information about different elements of the organisation(Dawson and Andriopoulos, 2014). A Canvas model for new business of cars with fingerprint sensor technology is as follows: Key partners ď‚·Suppliers ď‚·Investors ď‚·Employee s ď‚·Marketers ď‚·Managers ď‚·Sharehold ers ď‚·Distributo rsď‚·Sellers Key activities ď‚·Sales ď‚·Marketing ď‚·Promotion s ď‚·Manufactu ring cars Value proposition ď‚·Salesuch cars to the customers whichare operated through touch sensor. ď‚·Resolve the problem of customers keeping car keys. Customer relationships ď‚·Setting appropriat e price for allthe cars. Customer segments ď‚·Business class customers ď‚·Individual s to upper class. ď‚·Youngster swilling tobuy innovative cars Key resources ď‚·Funds ď‚·Human resources ď‚·Material to manufactu re cars Channels ď‚·Retailers and physical stores ď‚·Website of company Cost structure ď‚·Salaries to staff ď‚·Cost of research and development Revenue stream ď‚·Selling of cars
ď‚·Cost of materialď‚·Promotional activities ď‚·Online promotions Legal issues There are certain legal issue which is vital for the entrepreneur that they need to remain aware about it otherwise there may exist certain negative consequences of the avoidable mistakes (Dogan, 2015). Intellectual property right:To secure the idea of sensor technology the new business can take the patent over its idea so that no other part or the auto-mobile manufacturing industry can copy the innovative idea. This help to preserve the interest of entrepreneur. Legal compliance:As per legal compliance all the essential information need to be stated in form of documentation so that it can be reviewed during the time of emergency. Absence of adequate information can lead the legal implication by the government. Financial For all the businesses it is very important to acquire sufficient financial resources so that all the operational activities could be performed in systematic manner. The owners of new business are also required to find the sources from which they can arrange funds for their business of new cars. Some of them are as follows: Bank loan:In order to establish a new business bank loan could be taken by the owners on which they will have to pay interest on a fixed rate. The loan will be provided by the bank on the basis of potential of business. Using personal capital:The business owner can use their personal saving to establish their business in the market(Rae and Wang, 2015). It is the best suitable option for funding because no interest will be required to be paid on the funds which will be used for business execution purpose. Risks, contingency and exit strategies As the entrepreneur carry out their business with the objective to attain the long term profitability as well as productivity. But there are various risk associate with the entrepreneur as they function in the external and does not have the practical knowledge that how the business can
be carried out(Yashkova and et. al., 2016). So it is vital that the new enterprise need to carry to take the calculation,. In case if the new innovative business that is based on the sensor lock technology does not turn out effective then suitable exit strategy can be opted like they can sell out the business to the experience enterprise. Also they can simply shut down the business as per liquidation strategy. Other issues While carrying the new business it is the responsibility of manger that they need to take the necessary actions for the welfare of employee(Zhou, 2015). Like there are different legislations such as health and safety law as well as fair remuneration act that need to be abide by the new enterprise for the effective business functioning. CONCLUSION From the above report it has been determined that entrepreneur are the innovators that have out of box thinking ability due to which they present the innovative idea and articulation it effectively. Their approach of doing the business is different from other because their concept totally depends upon the new idea that help in the successive growth and development of business. There are various factors that affect the entrepreneur journey such as the background that determine what instigate them to take the new path. Moreover, social entrepreneur run the unique type of business under which they give preference to the social cause and motivate them to take the significant action. Further, the business idea is structured in different categories that help to transform it in the significant concept and help to attain the objective successfully.
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