Managing Entrepreneurship, Innovation & Creativity Report 2019

This report discusses the entrepreneurial journey and the concept plan for a new venture in the field of media. It covers topics such as market research, target market, and marketing strategies. The report also explores the similarities between the entrepreneurial journey and climbing a mountain. Read more to gain insights into managing entrepreneurship, innovation, and creativity.

UGB 234: Managing
Entrepreneurship, Innovation
& Creativity Report 2019

Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1 – My Story: In the beginning...............................................................................................1
Task 2 – Research Questions...........................................................................................................2
Option D – Theme - Entrepreneurial Journey..................................................................................2
Metaphors: The entrepreneurial journey is like running a marathon or climbing a mountain?
Discuss....................................................................................................................................2
Task 3 – The Concept Plan..............................................................................................................4
1 Introduction – Business Concept and Opportunities...........................................................4
2 Objectives............................................................................................................................4
3 Market Research – Primary and Secondary / competitors..................................................5
4 Target Market/Customer.....................................................................................................5
5 Marketing............................................................................................................................5
6 Human Resource.................................................................................................................6
7 Operations – Using the Business Model Canvas.................................................................6
8 Legal issues.........................................................................................................................7
9 Financial..............................................................................................................................7
10. Risk, contingency and exit strategies...............................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneurship can be deciphered as the comprehensive procedure of design, launch
and management of a newly setup venture, that is usually a small business. In this relation, the
individuals who are engaged in development of such ventures are referred to as entrepreneurs.
Thus, it can be said that entrepreneurship is the overall process which involves the capabilities as
well as intention of an entrepreneur to create a venture and take all the responsibilities associated
with it. This implies that the risks as well as gains linked to the venture are all undertaken by
entrepreneurs. Innovations as well as creativity are the innate characteristics of an entrepreneur
which provides aid to the individual in undergoing the activities of entrepreneurship in an
effective manner. The present assignment is divided into 3 tasks. The first task is about the story
of entrepreneur. The second task covers a discussion over a theme based on entrepreneurship.
The last task covers the business plan for a new entrepreneurial idea.
Task 1 – My Story: In the beginning
I am entrepreneurial, creative and innovative. This can be said on the basis of my journey
in life so far whereby I have been a part of 2 entities. In both of the companies, I made use of my
innovative and creative thinking abilities to achieve business excellence as well as undergo
professional development simultaneously. I come from a entrepreneurial background as both my
parents have been ardently involved in the running as well as management of ventures setup by
them collaboratively. My family is entrepreneurial and till now they have come up with 2
ventures. The first one was our family restaurant while the second venture was acknowledged to
be the flower shop business. I have been working since the age of 15 within the business of my
parents. However, since last some time, I have been working as a manager in a well renowned
construction company of United Kingdom.
I am a person who possesses the courage and zeal to undergo entrepreneurship. This can
be said on the basis of concentration and dedication that I gave to both my family businesses. As
a critic, my parents have praised me more than criticising my work in restaurant and flow shop. I
am bringing a number of skills and attributes of my personality to this module. Two of the
primary skills that I would bring forward are innovation and creativity which are regarded to be
core of an entrepreneur. This assisted me to develop skills within me and also created a zeal for
being an entrepreneur as I acknowledged various aspects related with it. The important aspect
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was to have an innovative thinking or approach which will enable to deal with different
situations prevailing within the market. Apart from this, it will aid within bringing something
new through which strong position can be made and I have addressed this while seeing my
parents work as well as the ways in which they react to particular condition. Other attributes
would be risk taking, open mindedness, confidence and determination as the absence of any of
these would mean complications for entrepreneurship. By exercising the skills mentioned before,
I would effectively be able to undergo entrepreneurship and become a successful entrepreneur
who would gain appreciation from people owing to my dynamic approach towards work. Just
like other successful entrepreneurs, I am driven by a positive approach towards resolving the
issues faced by society as a whole. I have always been keenly interested in starting my own
business so that I do not have to work in accordance with the conditions placed by others at the
work place. It seems easy to have own venture but it comes along with certain problems but it
only leads to development as an individual. The creativity can be taken as the reason behind
success of any firm as it makes different from others.
Task 2 – Research Questions
Option D – Theme - Entrepreneurial Journey
Metaphors: The entrepreneurial journey is like running a marathon or climbing a mountain?
Discuss.
Entrepreneur is regarded to be a person who undertakes risks and cherishes gains of
undergoing entrepreneurship. These individuals put in a lot of efforts and initiatives with a view
to ensure that their venture is effectively setup. They are individuals who are liable for setting up
business and taking financial risks with a hope to attain high profits. The journey is evolving nd
there are lots of perspectives which have to be learnt and taken into consideration while
furnishing the services. The journey from the initial stage of procuring the funds as well as
resources for developing the venture to gaining maturity as a result of efflux of 5-10 years of
operations in market is an extensive journey. This passage of time involves a number of hurdles
which need to be encountered and fought off by the entrepreneur so that the sustainability of
venture is not put on stake. This can be ensured by formulation of appropriate methodologies,
strategies as well as understanding needs of the market so that services can be furnished
accordingly.
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Looking upon this nature of entrepreneurship as well as entrepreneurial journey, the
scholars and academicians often associated the latter with the metaphor of running a marathon or
climbing up a mountain. Considering the contrast of entrepreneurial journey with climbing a
mountain, the following similarities have been traced:-
Being Stronger than one thinks:
Starting up a new business is as much challenging as climbing up the mountain. This is
so because mountaineering is a risky task which is not just challenging but may even take the life
of a person if not properly done with effective planning. In this regard, it can be said that there
are very few individuals who possess the courage as well as zeal to undertake entrepreneurship
(Why climbing a mountain is the ultimate metaphor for business success, 2019). When one
collects the bravery and enthusiasm to invest it into starting up a venture, they must know that
they are already ahead of many other individuals as such a decision needs strength which the
individual possesses. An instance can be taken to understand this aspect like when starting a
venture it is crucial to know the market in which services are being delivered in context of
competitors and what methods are used by them for grabbing in more customers to their services.
They might have been working from longer duration but innovative ideas may lead them to beat
the best within the market.
Illustration 1 The Entrepreneur's Journey
(Source: The Entrepreneur's Journey, 2019)
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Having an Experienced Partner Helps:
Climbing a mountain is a tedious as well as risky task owing to which an individual doing
so may undertake assistance from an experienced person. In the same way, when an entrepreneur
proposes to setup a business, they may seek help from persons who have a great hand at
entrepreneurship and possess an in-depth knowledge of the market place. This helps them in
procuring key information about the trends and patterns of industry, behavioural pattern of
consumers and the strategies that are commonly taken up by top notch and market leading
companies. In this regard, it is not necessary to always take help from a peer or acquaintance,
often having a business coach or mentor also serves the purpose for entrepreneur.
Need the Right Equipments to Succeed:
A mountaineer requires certain important equipments while climbing the mountain.
These are regarded as critical for them and their absence may even cost the life of the individual.
In the similar manner, an entrepreneur also needs the right tools as well as techniques to ensure
that the venture is setup and managed as per their expectations. The most important equipments
for a business are acknowledged to be financial, physical, technological and human resources.
Without the availability of these equipments, an entrepreneur cannot establish a venture or carry
out the day to day activities of business (6 Entrepreneurship Lessons We Can Learn From
Climbing Mountains, 2019). Scaling the entrepreneurial journey is not a task of a single day but
requires the constant efforts put forward by entrepreneur to ensure that business delivers
desirable outcomes catering to the needs, demands and preferences of customers at market place.
Reaching the Summit is not always Rewarding:
A number of times, it is seen that when the mountaineers reach to the top of a mountain,
they are not happy with the scenic beauty or any other basic amenity thereby. The results are far
from their hopes or expectations even after all the hard work that is done by them. This happens
in the case of entrepreneurial journey also. For instance: The venture may have a major lead
who wants the entrepreneur to be available on the call 24*7. Hereby, the entrepreneur would feel
that the setup and management of the venture was done to get this as a result. In this regard, what
is required to be understood by the entrepreneur is that these are just stepping stones to the
journey to success. A venture cannot attain growth and development if it gets tired of meeting
the needs and preferences of its client in the due course of time.
There's always another mountain to climb:
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Mountains are tricky as it may seem that the mountaineer is climbing just one hill and the
person is keeping their sight set upon the crest. However, as soon as the individual reaches out to
that place and catches breath, they may be dismayed to find out that it was just the first crest in a
series of mountains. This happens in the case of entrepreneurial venture also whereby even when
the entrepreneur conquers one issues, they would encounter another hurdle in the entrepreneurial
journey soon (6 Entrepreneurship Lessons We Can Learn From Climbing Mountains, 2019). To
deal with these, entrepreneur needs to exercise their innovation and creativity skills. This enables
them to get over the adversities of entrepreneurial journey and ensure the long term sustainability
of venture in market place.
It’s hardest at the last stage:
The last stage is when the mountaineer gets fatigued as the journey seems to become the
most difficult. Hereby, the individual breathes hard and is most influenced to give up. The same
happens in the case of entrepreneurship whereby the starting phase is not as tough as the ending
stage. Entrepreneurs know that this is the phase whereby they need to even push harder to attain
the desired outcomes and resolve the issues faced by society in an effective manner.
Task 3 – The Concept Plan
1 Introduction – Business Concept and Opportunities
The business idea that is proposed to be launched into market is acknowledged to be a
media company which would be offering marketing support, videos, short films, photography to
the clients. This venture would be started under the name of DAMASC. This idea has been
proposed looking upon the growing trend of marketing services being availed by clients
involving media as the primary component. This entrepreneurial idea holds a number of
opportunities along with it. The most important one is the stipulation of option to personalise the
services in order to make them as per the needs and demands placed by customers.
2 Objectives
There are certain objectives that the new venture named DAMASC would like to attain
by the end of 2 years. These objectives are given as follows:-
 “To establish the venture as a competitive brand within a period of 1 year”.
 “To launch a mobile application within a time span of 6 months from the launch of
venture to inflate the accessibility of company”.
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3 Market Research – Primary and Secondary / competitors
It is important for an entrepreneur to constantly conduct market research with a view to
gain knowledge of the needs and preferences of customers within a particular business sector.
Also, it provides knowledge about the strategies adopted by rival firms within the same industry.
In this relation, the primary and secondary research executed upon media industry of UK
illustrates that the top notch companies prevailing and excelling within this sector are Above the
Title Productions, ITP Media Group, ITV Digital Channels, Red Bee Media, Empire Design,
BBC and Argus Media. These companies have established their mark in market and have a
strong base of customers. Thus, it is important for DAMASC to launch effective strategies to
sustain within such hyper competitive industry.
4 Target Market/Customer
DAMASC would be segmenting the market on the basis of demographical aspect named
income status. The venture would target people belonging to UK who pertain to middle or upper
class sections of society. Furthermore, mainly customers belonging to age group of 22-36 years
would be targeted by this media company. The reason behind this is that, this age group is
mostly fond of videos and easily gets addicted to them. This will provide them with higher
potential for growth and be a successful player within the market.
5 Marketing.
To promote its offerings within the market place among people, DAMASC would make
use of social media marketing. It basically represent the use of social media platforms to
effectively connect with audience and customers so that effective relationship can be developed
dan maintain with them for a longer period of time. It also facilitates creation of awareness about
a brand and its services. DAMASC is a new organisations thus, it needs to have an effective
marketing strategy to reach and access large number of customers to enhance its productivity and
sales. Therefore, use of social media marketing would be best for this venture.
Social media marketing would enhance brand awareness and increase traffic on website
of DAMASC through providing reach to a wider section of customers. Use of social media
marketing by the respective entity would include publishing attractive and relevant content and
videos on social media profiles and running random advertisements on different social media
platforms for engaging its audience and customers. This will also assist them to have quick
feedbacks from individuals which will enable them to render better services and acknowledge
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the demands of probable customers. The social media marketing will act as a major channel
through which firm can grab ample number of individuals towards their services. The platforms
that would be included in its marketing strategy would be Facebook, Twitter, Instagram,
LinkedIn and Snapchat. DAMASC would make use of the combination of platforms of social
media to have a better reach among its customers. Use of social media would also ensure better
future for the upcoming venture through creating awareness about this brand at global level.
6 Human Resource
DAMASC would start with a staff of 10 individuals who would be experienced and have
thorough knowledge of the media sector and the key market players. However, with the rise in
globalisation, the firm in future may increase its count of employees to effectively meet the
needs and demands of customers.
7 Operations – Using the Business Model Canvas
DAMASC would be operating in the manner described in BMC presented below:-
Key partner
 Mr John will be the
main owner of this
business. Ms Liza and Ms Sheina
would be the co-
partners.
Key activities
 Provision of marketing
services and other
media products to
clients.
Value proposition
 Providing best quality
services to customers at
optimum rates.
Customer relationship
 The company will offer
best marketing and
media services to
clients at discounted
prices to build healthy
relations with them. The loyal customers
would get exclusive
offers on their
Key resources
 Human resource
 Technological
resources
 Advertisement firms
 Paper based ads.
Revenue stream
 By providing
marketing services
24*7, the firm would
earn huge profits.
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purchases.
Distribution channel
 Organisational website Third parties or
Agencies
Cost structure
 Initial investment will
be around £100000.
Customer segment
 The venture would
target people belonging
to UK who pertain to
middle or upper class
sections of society.
 Mainly customers
belonging to age group
of 22-36 years would
be targeted.
8 Legal issues
There are various legal issues which can bring hurdle towards management of New
business while launching in new market. It includes disagreement between shareholders,
intellectual property and breaching trade secrets, legal issues with staff members etc. Apart from
this, during registration of business, the manager need to comply with the requirements of
Companies Act 2006 which contains rules and regulations mentioned under article of
association, corporate tax return etc. To deal with these all legal issues, the manager of
DAMASC need to implement actions with the help of taking support from specialist or lawyer
who has knowledge and experience of preventing legal consequences which can harm the
sustainability of an organization.
9 Financial
For starting a new venture, funds plays an important role which help in executing
different business operations in an effective and efficient manner. In the context of DAMASC,
there are various options which can be available towards them to raise funds such as banks,
crowd funding, venture capital etc. Among these options, raising funds from banks is most
suitable option due to charging low rate of interest.
Cash Flow Budget :
Cash Flow budget Year
Particulars 2020 2021 2022
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Cash inflows
Investment 75000
Credit sales 45000 100000 130000
Total inflows 110000 100000 130000
Cash outflows
Fixed: Rent and electricity 60000 55000 45000
Variable : Direct material 20000 20000 25000
Total outflows 80000 75000 70000
Net cash flow 30000 25000 60000
Opening balance 0 30000 55000
closing balance 30000 55000 115000
10. Risk, contingency and exit strategies
There are various risk arises which can bring difficulties towards the managers of
DAMASC in form of competitors’ strategies, changing market trends, political fluctuations etc.
This will make business environment more contingent which brings existence of an organization
come into danger. It is important to understand the working environment and situations which
are prevailing within the market in context of politics, economics, society, technology and
various other factors. But as market is evolving, there has to be appropriate method through
which such conditions can be handled. Thus, the manager need to prepare with exit strategies as
well if their business fail to sustain in competitive market. For this purpose, the respective
venture would have various exit options such as liquidation, selling business in open market etc.
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CONCLUSION
As per the above report, it can be said that entrepreneurship is a challenging process
which involves undertaking and encountering a number of issues as well as risks. It is important
for an entrepreneur to get over these risks so as to ensure long term sustainability of the venture
in the long run. Further, it is acknowledged that the entrepreneurial journey is often seen to be
resembling the process of running a marathon or climbing a mountain. In addition to this, it has
been analysed that business plan provides assistance to an entrepreneur in setting up a new
venture based on a unique idea in an effective manner. it consists of elements such as business
concept and opportunities, objectives, market research, target market, marketing, human
resource, business model canvas, legal issues, finance, risks and contingency & exit strategies.
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