Managing Entrepreneurship, Innovation & Creativity Report 2020

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