Managing Entrepreneurship, Innovation & Creativity Report 2020

This report covers the importance of creativity and innovative thinking in entrepreneurship, along with a basic entrepreneurial story, a theme/idea, and a business plan.

UGB 234
MANAGING
ENTREPRENEURSHIP,
INNOVATION &
CREATIVITY REPORT
2020

EXECUTIVE SUMMARY
Creative Thinking leads to encourage ideas and these ideas motivate change. Creativity and
innovative thinking both are very important factor for any business specifically for
entrepreneurship. It includes various aspects like analogical imaginary intuitive that are
undertaken as the creative process. Furthermore creative techniques are divided into two basic
groups that are analytical and intuitive. Entrepreneurs develop with the management skills and
have significant visionary and self confidence in order to passionately pursue their business. The
entrepreneurial knowledge is restricted towards the concepts, mind-set skills of the business
owner in order to operate their venture. The report is going to cover a basic entrepreneurial story,
a theme/idea and a business plan.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
Table of Contents.............................................................................................................................3
TASK 1 – My Story.........................................................................................................................4
TASK 2 – Theme- Idea/Concept.....................................................................................................4
What lessons can we learn in getting our ideas and concepts to the market place?....................4
TASK 3 – The Concept Plan...........................................................................................................7
Introduction......................................................................................................................................7
Objectives....................................................................................................................................7
Market research...........................................................................................................................7
Target customer/ market..............................................................................................................8
Marketing.....................................................................................................................................8
Human Resources........................................................................................................................9
Operation (Business Canvas Model)...........................................................................................9
Legal Issues...............................................................................................................................11
Financials...................................................................................................................................11
Exit theory.................................................................................................................................12
REFERENCES............................................................................................................................14

TASK 1 – My Story
Management of entrepreneurship is important in order to develop a successful venture and
operate it within the dynamic business environment. It is the procedure which is useful in
developing successful business including many skills and it also undertakes the risk factor in the
high quantity that helps in achieving suitable profitability and revenues and accomplishing
organisational objectives. This section is based on the story of an entrepreneur which is ne who
prominently starts a new business and wants to take entry within the dynamic business
environment and for this I need proper capital investment and market research in order to
identify the threats and opportunities that are present within the market. Before developing a new
business it includes various risk factors and for this market research is important in order to
eliminate this risk factor and helps in achieving suitable objectives. Along with this in order to
run a successful venture I need to be more creative confident passionate and risk taker for my
business as these skills helps me in achieving success within the dynamic business environment.
By undertaking my skills and qualities it is identified that to become an entrepreneur I have
suitable skills and qualities that help me in developing my business and pursuing various
business operations in order to develop efficient venture.
TASK 2 – Theme- Idea/Concept
What lessons can we learn in getting our ideas and concepts to the market place?
New products and services are considered as the lifeblood of business and also a simple
concept as it is the conversion of requirements of customers that leads to create a tangible
product (Acar, Tarakci and van Knippenberg, 2019). It describes the success regarding the
execution of new products and efforts that need prominent resources and opportunities within the
market. In relation with this, there are various lessons that are learn about the development of
new idea within the market which include focus on the problems of customers in order to
develop a suitable product as it is helpful for them in solving various problems. In terms of this,
it is impossible to develop a successful business by an individual as a sole trader also need a
partner and mentor that helps in achieving long term vision and provide guidance in order to
achieve them. In terms of this the power of communication cannot be underestimated as it leads
to prevent the development of various problems by clearly describing things and expectations as

it leads to eliminate misunderstanding. Moreover, within the dynamic business environment
perfection is not the basic and primary factor for a business because in order to develop perfect
product it need long time as it is being tested and optimized for the success. Therefore, it is
important for the new business venture to become flexible and adaptive that helps in achieving
success (Tidd and Bessant, 2018). Furthermore in order to develop a new business idea it is
important to identify and examine the whole market area and understand the perspective of
competitors and there is strategies which is useful in giving tough competition to them. For this it
is important for the entrepreneur to conduct proper market research and environmental analysis
for their target market as it is useful in eliminating various threats and helps in identifying
opportunities for the better experience. Despite from this, it should be understand by the
entrepreneur that they are going to fail and it is fine and prepare them to face failure but in order
to develop successful business they need to make suitable strategies and policies that helps in
getting better exposure to their Idea and helps in making their prominent position within the
dynamic business environment.
As an entrepreneur and a business there are several learnings and experiences a
individual receive throughout the journey at different stages of business and which have negative
and positive impacts. The first and foremost to lesson an entrepreneur on receive while operating
in the marketplace and putting efforts to establish their own venture is of failure and success. As
a business owner and professional it is must for individual to understand that the learning and
knowledge they will be receiving is from the failures of their proposals and ideas the constant
success they are going to receive. An entrepreneur can lead to good success with only one single
path hard work, creativity and infinite efforts for receiving success in the correct moment.
Throughout the whole career of entrepreneurs they are constantly learn and create new products
services and concepts for the market (Sutanto, 2017). The process involved in performing and
rendering what best for the market and for the business is it challenging and dynamic which will
bring mixed experiences towards entrepreneurs of several failures and successes. Few specific
learnings and lessons a business owner can learn and will be learning while getting their ideas
and concepts in the marketplace are elaborated below:
 Focus on the problem: The first lesson which creative professional will be receiving
when did develop something special and outstanding for the market is to focus over their
problems. It will be very tempting to always be concentrated towards positive aspects and

great outcomes but these positive outcomes will only be developed once all the problems
are resolved and reduced to a minimal level. The major problem while introducing a new
concept in the market is the negligence of customers towards the idea and their
concentration over fulfilling their personal needs rather than caring about the efforts and
amount is money, time and other resources an entrepreneur have invested in the new
venture. That is why it is important for business owners and creators 2 to adopt a strategy
of “Problem First” and focusing over it putting all their attention towards finding the
most appropriate solution.
 Reduce barriers of doing business: The next major learning and experience a new or a
professional entrepreneur and a business owner receives while introducing and
establishing their new products and services in the marketplace is of dealing with all the
barriers that can be hindering for the company to do business with others and also for the
third party to reach to the new product and Idea and engage in business processes or
activities. There are several internal and external barriers that are incorporated with a
business special event it is being introduced in the market for the first time without any
market knowledge and past statistics (Yashkova and et. al., 2016). Every entrepreneur
learns that there are major barriers out of which some factors can be easily measured and
appropriate initiatives can be taken for reducing the impact of those barriers towards the
business and success of the new concept. Mostly these factors are internal and are present
in the internal surrounding of the business because it is very difficult to influence over
develop external factors and barriers according to the company the entrepreneurs in only
take steps to reduce the impact of those barriers over business or make changes
accordingly and developing flexible work practices.
 Customers satisfaction is must: The third and the most important experience and lesson
which an entrepreneur receive while developing a new idea and accordingly a new
product or a service for the market is the importance of customers and focusing over a
market niche. Customer satisfaction is the foremost motive of every entrepreneur to enter
the marketplace with their offerings belonging to any industry and typology of
entrepreneurship. Focusing over customers, their needs and satisfaction will provide
growth and success to the business in the near future or in long term but it is going to be

beneficial and essential for an entrepreneur to operate in the respective marketplace. An
entrepreneurs success the growth of an entrepreneurial venture is dependent upon their
customer base and the amount of trustworthy and loyal consumers are associated with the
brand and the new offerings (Al Shobaki and et. al., 2018).
TASK 3 – The Concept Plan
Introduction
Business concept is generally relate to the basic information regarding the goods and
services that is designed to satisfies the needs and wants of the customers and gaining the
competitive advantage in the market place. This report is based on the new business concept that
is Tattler Watch that designs the digital watch that is operated from the mobile phones so that
people can enjoy varieties of services in their busy schedule. This digital watch can perform
varieties of functions such as tracking the hydration level of the human body, their heartbeat,
shows time, calendar, and many more functions that are occur under the mobile phones. The best
part of this digital watch that is operated from phone is that it can track the hydration level of a
person that helps in providing the healthy life to them. In today’s business world technology is
very trending due to this launching a digital watch create more opportunities like saving the time
of people by providing varieties of function in their watch, it is the demand of the customers due
to this company can enhance their profit. to become a successful business idea this report prepare
a proper business case that helps in getting more profits and helps in longer sustainability in
marketplace (Ruskovaara, Hämäläinen and Pihkala, 2016).
Objectives
The major objective of the Tattler watch is to become a largest digital watch seller in the
UK and enhance their profit margin by 20% and sale by 25% within a specified period of time.
For this they can hire an experienced holder applicant who can create awareness in the society
about the digital watch so that large base of customers get attracted and the target of earning
more and more revenues can be achieved within asset period of 24 months.

Market research
To become a successful in the market place Tattler watch can research the market for this
they can hire a specialist who have strong communication skills so that they can analyse their
competitors that was present in the marketplace and their offering and also examine the needs
and wants of the customers so that launching the digital watch would be successful (Muñoz-
Pascual and Galende, 2017).
Target customer/ market
For Tattler watch, manager can target the market on the basis of three criteria i.e. Segmentation: It is very essential to segment the market by the Tattler watch on the basis
of behavior and demographic aspect. In which they can segment the market according to
the buying power of people and their age so that earning profits would be easy (Coulson-
Thomas, 2017).
 Targeting: After Segmenting manager of Tattler watch can target those people who can
spend more for their interest and who are interested for using the new technique products
and also appreciating style in this they can target the adults people because it is like a
smart watch that helps in their busy working life and reminds them all important work
that is beneficial for their health and professional life.
 Positioning: After segmenting and targeting the market Tattler watch manager can
promote their digital watches that is operated from phone by using social media so that
they can attracts the large base of customers and this helps in placing the company on the
higher position in the future.
Marketing
The activities that are involved in business are numerous as launching an new venture is
not an easy task, it involves several efforts that have influence over business operations and
success. For growth and successfully attaining all objectives marketing play a vital role and the
new venture Tattler Watch have to develop effective strategy to spread awareness in public about
their presence and inform them about their offerings. Entrepreneur can make use of Omni-

Channel marketing tool a very commonly used and most suggested by marketers in today's
business world.
This marketing channel is a most appropriate and useful approach of marketing which
covers both physical and virtual segments to market and promote the new offering that is a
digital watch developed with updated technology and specifically for keeping a track of
individuals heartbeat and other health related aspects. Tattler watch can adopt social media,
digital marketing and official websites for online promotions. In order to conduct promotions
through physical means Print ads and Catalogue and public relation for performing physical
marketing and promotional activities. Both the channels will enable the new venture Tattler
watch to reach to the maximum customer base and targeted audiences for developing a potential
and loyal consumer force (Mitra, 2019).
Human Resources
An entrepreneur is an individual who engages in business with a new business idea and
offers an entirely new product to the marketplace for fulfilling the developing needs of
consumers or to enhance the satisfaction level by offering something better than other exiting
goods and services. Tattler Watch is a new venture which is established by the entrepreneur
offering only digital watches made with new technologies. The entrepreneur in the beginning
manages all the operations and therefore, they are the only human resource associated along with
external parties such as delivery executives. Tattler watch in the initial stage only have a
workforce of fewer individuals and increase with increasing size and scope of business (Sanders
and Lin, 2016).
Illustration 1: Omni-channel Marketing Strategy, 2019

Operation (Business Canvas Model)
Key Partners:
 Partnered
with
suppliers
on local
and
national
level.
 Engages
in joint
ventures
and
partnershi
ps.
 Raw
material
supplier.
Key Activities:
 Buying
and
selling of
goods.
 Developin
g effective
distributio
n
channels.
 Analysing
consumers
behaviour
s and
demand
and
supply
structure
in market
(Khajehei
an and
Tadayoni,
2016).
Value
Proposition:
 Safe
online and
offline
shopping
experience
s.
 Home
deliveries
and
flexible
deliveries.
 24*7
ordering
and
delivery
service for
the first 6
months
and if
achieve
the
targeted
number of
sales units
than the
time
period
will be
Customer
Relationships:
 Long term
relationshi
ps.
 Developin
g Loyal
consumer
base.
 Attracting
new
customers
and
keeping
them
satisfied
by
focusing
over their
desires
and
accordanc
e to their
expectatio
ns.
Customer
Segments:
 Low and
medium
segment
of society.
Key Resources:
 IT
infrastruct
ure.
Channels:
 Physical
store.
 Official

 Online
presence
on
separate
social
media
platforms.
induced to
6 more
months.
online
applicatio
ns, social
media and
websites.
Cost Structure:
 Staff/ Employee salaries and wages.
 Information technology.
 Marketing and other operations.
Revenue Streams:
 Sales through physical stores and
online shopping.
Legal Issues
Every business before launching and putting steps into the marketplace conduct market
research for gaining knowledge about several aspects of business, its external environment in
which operations will take place and various other factors. The external analysis includes the
legal factors for identifying the specific rules and regulations of industry and what positive and
negative impacts these legal laws and regulations have over the business. Tattler watch will be
identifying the legislative structure of the industry in order to develop their legal structure and
regulations for operations (Bujor and Avasilcai, 2016). The issues that can be faced in relation to
all the legalities are First is the complexities of understanding the complicated and laws and
regulations which were are flourishing in the industry. Tattler watch have to look over the laws
and take third party suggestion who is an expert for developing their regulatory framework for
working and develop ways to adjust operations according the legal requirements of the place in
which the new venture is being launched.
Financials
Launch cash budget
Particulars January February March April May June
Cash Inflows
Investment 8000

Credit sales 1200 2000 7500 3000 5000 6500
Total inflows 9200 2000 7500 3000 5000 6500
Cash Outflows
Fixed : Equipment’s 2500 1200 1500 2500 1100 1500
Variable : Direct
material 350 300 250 150 100 500
Total Outflows 2850 1500 1750 2650 1200 2000
Net cash flow 6350 500 5750 350 3800 4500
Opening balance 0 6350 5850 11600 11950 15750
Closing balance 6350 5850 11600 11950 15750 20250
Particulars July August September October November December
Cash Inflows
Investment
Credit sales 1200 3200 1500 8200 1250 3210
Total inflows 1200 3200 1500 8200 1250 3210
Cash Outflows
Fixed : Equipment’s 1200 600 500 500 1200 700
Variable : Direct
material 500 250 450 250 1300 500
Total Outflows 1700 850 950 750 2500 1200
Net cash flow -500 2350 550 7450 -1250 2010
Opening balance 20250 19750 22100 22650 30100 28850
Closing balance 19750 22100 22650 30100 28850 30860

Exit theory
Entrepreneurship is a form of doing business and running operations in a particular
marketplace. There are different types of entrepreneurs who set up several entrepreneurial
Ventures of different sizes and scope such as small or large, social or scalable and many other.
The first and foremost lessen which an entrepreneur receive while dealing in the marketplace is
of failure in the business which can lead to exiting the marketplace. There are several other
reasons also through which venture exits the market but failure and inability to attain set
objectives is the foremost reason (Hennekam and Bennett, 2016). Therefore, exiting strategy for
Tattler watch which is recommended and be the most easy to perform is of winding up the
business. The entrepreneur can make sale of all the physical assets which enables them to pay off
their liability and reduce the burden. Also so once the liabilities and dept are over the
entrepreneur can start from fresh and restart a new innovative business venture.

REFERENCES
Books and Journals
Acar, O. A., Tarakci, M. and van Knippenberg, D., 2019. Creativity and innovation under
constraints: A cross-disciplinary integrative review. Journal of Management, 45(1),
pp.96-121.
Al Shobaki, M. J. and et. al., 2018. The Entrepreneurial Creativity Reality among Palestinian
Universities Students.
Bujor, A. and Avasilcai, S., 2016. The creative entrepreneur: A framework of analysis. Procedia-
Social and Behavioral Sciences. 221. pp.21-28.
Coulson-Thomas, C., 2017. Stimulating creativity, enabling innovation and supporting
entrepreneurship. Management Services, 2017(Summer), pp.26-29.
Hennekam, S. and Bennett, D., 2016. Self-management of work in the creative industries in the
Netherlands. International Journal of Arts Management, pp.31-41.
Khajeheian, D. and Tadayoni, R., 2016. User innovation in public service broadcasts: creating
public value by media entrepreneurship. International Journal of Technology Transfer
and Commercialisation. 14(2). pp.117-131.
Mitra, J., 2019. Entrepreneurship, innovation and regional development: an introduction.
Routledge.
Muñoz-Pascual, L. and Galende, J., 2017. The impact of knowledge and motivation management
on creativity. Employee relations.
Ruskovaara, E., Hämäläinen, M. and Pihkala, T., 2016. HEAD teachers managing
entrepreneurship education–Empirical evidence from general education. Teaching and
Teacher Education. 55. pp.155-164.
Sanders, K. and Lin, C.H., 2016. Human resource management and innovative behaviour:
considering interactive, informal learning activities. In Human resource management,
innovation and performance (pp. 32-47). Palgrave Macmillan, London.
Sutanto, E. M., 2017. The influence of organizational learning capability and organizational
creativity on organizational innovation of Universities in East Java, Indonesia. Asia
Pacific Management Review. 22(3). pp.128-135.
Tidd, J. and Bessant, J. R., 2018. Managing innovation: integrating technological, market and
organizational change. John Wiley & Sons.
Yashkova, E. V. and et. al., 2016. Development of Innovative Business Model of Modern
Manager's Qualities. International Journal of Environmental and Science
Education. 11(11). pp.4650-4659.