Managing Entrepreneurship Innovation & Creativity Report 2020

This report discusses the importance of managing creativity and innovation in entrepreneurship. It explores the entrepreneurial journey and compares it to running a marathon or climbing a mountain. The report also includes a concept plan for a business venture in the food industry. Subject: UGB 234

UGB 234 Managing
Entrepreneurship Innovation
& Creativity Report 2020

TABLE OF CONTENTS
TASK 1............................................................................................................................................3
TASK 2............................................................................................................................................3
Entrepreneurial Journey...............................................................................................................3
Task 3...............................................................................................................................................6
Concept Plan................................................................................................................................6
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

TASK 1
Managing entrepreneur innovation and creativity refer to the process in which a manager and an
entrepreneur manage the process of innovation and creativity in the idea they want to work and
the idea which they want to sell and do business on. It is very important to manage the creativity
and innovation because its too important to have the best of the product and services with
different approach in market to reach the goals and objective in the market. Every entrepreneur
need to think differently and should be ready to put all the hard work in achievement to the
objectives they want. It is very important to utilise the idea and ways to make the innovation
creative for better product and services. It is very important to be different in market with the
idea and strategy in promoting the business. Pret works in the industry of service and food sector.
They offered the baguettes and sandwich in the beginning of their business when they started.
The company was founded in 1982 by Jeffrey Heyman in UK. After a decrease in market value
they started offering different things and product to their customer. They included a lot of dish in
the menu and expanded the menu with a lot of varieties. It includes the wraps, salad, soups,
juices, drinks, and desserts. The pre-entrepreneur skills which are required are: it is very
important to have a risk taking mindset when to become a successful entrepreneur. The mindset
needs to be risk taker, and it also need to be a smart person in the process of finance and its
important to understand the finance in the best way to help the process in best ways.
Utilization of the technology so that when it requires its easy to handle the technology and work
on the technology to improve the business in better ways and in profitability. Always need to
think like a boss and need to motivate to perform better with improved knowledge and skills in
it. optimizing of the tech knowledge in the business is important and think on every part of the
working.
TASK 2
Entrepreneurial Journey
Metaphors: The entrepreneurial journey is like running a marathon or climbing a
mountain
This statement is completely true that the entrepreneurial journey is fully like running a
marathon or climbing a mountain. A person can’t become a very successful entrepreneur in after
just few entrepreneurial practices, because there are huge efforts and high intelligence required in
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a person for being an effective entrepreneur in market place (Soetanto,2019). Currently many
people in across the world has desire to be a very successful entrepreneur, but only few has
enabled to achieve this desire, because before conducting entrepreneurial operations, each person
have to improve quality of entrepreneurship inside its character. This is really a necessary task to
achieve very positive outcomes from the career of entrepreneurship. For properly discussion and
describing this statement “entrepreneurial journey is fully like running a marathon or climbing a
mountain”, there are some relevant literatures has been mentioned below.
According to Stamand Van de Ven (2018) entrepreneurship is basically a quality or an
attribute that generally exists inside the entrepreneur of an enterprise. Basically, present business
opportunities of a market place motivate to an ordinary person to be a very successful and
effective entrepreneur in market place. Market places of all countries offers great opportunities to
different people of the market for taking steps towards being an entrepreneur. However, only few
people choses the career of entrepreneurship and rest people like to work in an organisation or
company as employees, because people know that becoming a successful entrepreneur is really
tough, challenging and difficult task to a person. Currently many popular businesses and
companies exists in market place, in which people enables to fulfil their needs of products and
services in market place with the support of businesses, bur many people still not know that
entrepreneurship is the main reason behind these many numbers of businesses in market place.
Currently only an entrepreneurial personality enables to formulate a business or enterprise or
company in market place, and this personality contributes in employment generation also in a
country. In some cases, entrepreneurial journey become more tough to climbing a mountain or
running marathon, because journey always depends on the entrepreneur’s decided goals and
targets.
As illustrated byQin, Wrightand Gao (2017) in this modern and dynamic world, currently
there are different technologies and strategies simply available in market place which can
support an entrepreneur for reducing its efforts and improving productivity of its entrepreneurial
journey. In this situation, many of entrepreneurs has uses these all technologies for making their
existing journey very effective For example; currently an entrepreneur can simply promote its
new enterprise or product or services by using digital marketing strategy, in which this modern
strategy can reduce the efforts of person in the journey, but still this journey is very tough to a
person who has chosen entrepreneurial career in its person life. Still many factors exist in market
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place which always makes journey of entrepreneurs very tough. Suppose, competition in each
industry or sector is continuously increasing, in which this factor always negatively affects to
entrepreneurial journey of a person in market place. Qin, Wright and Gao (2017) said that, due to
having tough competition in market place, an entrepreneur has always required to put its huge
efforts for finding such strategies and techniques which can provide huge competitive advantage
and profit margins in market place. These all efforts an entrepreneur completely shows that,
entrepreneurial journey is really challenging to a person. However, when an entrepreneur
achieves its final objectives of journey, then it becomes successful in market place.
On the basis of Murray and Scuotto (2016) many times, efforts of entrepreneurial journey
depend on the entrepreneur’s final objectives and targets. For example; some entrepreneurs set
objectives to formulate an international brand or business, some set objective to develop the best
business in the country, some set target to formulate most successful business of the city.
Basically, when an entrepreneur has big desire, then its entrepreneurial journey will
automatically become very tough and challenging like running a marathon or climbing a
mountain. On the other side, when a person has very small desire, then its journey will not
become challenging. In this dynamic and modern world, most entrepreneurs have desire to
achieve huge success, so that their journey is very tough. Due to having lots of struggle in the
career of entrepreneurship, most people in market place like to do normal jobs in market place,
because earning money by becoming employees is easier than earing money by becoming an
entrepreneur. However, when entrepreneur has successfully completely its journey of
entrepreneurship, then it will enable to provide employment opportunities and jobs to many
people in market place. Currently Tesla motors, Google Inc, Facebook, Vodafone etc. most
successful businesses was fully formed by entrepreneurs. Basically, entrepreneurs of these
businesses were putted their huge efforts and worked harder day or night to be very successful in
market place.
According tode Araujo Resendeand et.al. (2020)when any person has started its journey
of entrepreneurship, then it will face many challenges in market place. For example; challenges
or difficulties relating to fund, relating to resources, relating to people management, relating to
political instability etc. These all challenges basically become barriers to entrepreneurial journey
of an entrepreneur. In this situation, most entrepreneurs in market place tries to improve their
problem-solving and conflict management skills, because these skills or abilities enables to them
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for properly dealing with different challenges and issues of the journey. However, an
entrepreneur can simply gain huge success in its career of entrepreneurship, if that entrepreneur
has appropriate skills, competences and knowledge of entrepreneurship. In this situation, each
entrepreneur has required to improve its different skills, competences and areas of knowledge to
make its journey very easier. Currently many entrepreneurs join businesses schools and training
sessions as well for systematically overcome challenges and difficulties of entrepreneurial
journey. For becoming an effective and very successful entrepreneur in market place, there are
professional and personal development also very mandatory to a person. After considering these
all factors, a person will simply make its entrepreneurial journey easier as well as effective.
Task 3
Concept Plan
Business concept and opportunities
Pret a manger is one of well known sandwich chain in United Kingdom and increase its
market share by attracting large number of consumers. Organisation starting venture in that use
organic raw material for tradition cuisines which gives natural taste and enhance taste of food.
There are multiple opportunities in starting and running this business because of COVID people
are now influencing towards healthy lifestyle which support growth of this business and firm will
be able to increase market share in changing business.
Objectives
Objective of the business to provide variety of food product that are made from organic
raw material and attract large number of consumers in the country and increase profit share in
UK Hospitality industry.
Market Research
There are very few firms which started this business and hence firm have number of
chances to expand this business. London will be the best place to start restaurant as number of
customer’s lives there and hence firm will be able to increase revenue(Chernev, 2020). Youth are
very foodie in city which help organisation in providing variety of product which again support
one stop shopping habit of the customers. Taste and Trend of customer’s continuously changes
but organic goods has multiple benefits and this business can be run for long time.
Target Market/Customer
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Firm will target health conscious customers in the country which can highly motivate
towards it. Marketing Team analysis behaviours of customer for it by surveying and types of
product they are looking for. 20-50 years age group people will be selected for product sales and
as this people are attracting towards health conscious diets. London will be the best place for it as
large number of people in it are professional and get very less time for cooking food and hence
firm can offer either in restaurant or home delivery. After COVID large number of people shifted
t organic taste and this trend can be impactful in running and operating business. Target market
of the organisation will remain London and nearby places. Organisation running business from
long time so list of loyal customers will be prepared and mails as well as messages send for
firm’s product. Mouth to mouth publicity can be done by this method and hence organisation
able to promote business strategically and also decrease expenditure of the firm in investing
other channel for promotion. Organisation started “Not just veggie” which enables to influence
large number of people and hence similar strategy can be profitable. For example:
#goorganicwithpretamanger on twitter influence large number of people and same thing can be
done on social media platform.
Marketing
Organisation promotes business in number of ways such as set a separate team of
marketing. It helps Organisation gaining large number of customers and increase profit share in
market. Company will divide team task and each has to follow it (Wood and Jobber, 2016). Few
members in it take feedback and review from customers who help in analysing behaviour of
them for firm’s product and after taking it, they will frame a report which will be submitted to
research and development department of the organisation. This department will evaluate test and
trend of customer and according to make changes in product. It also support in innovation and
creativity of goods and hence increase customer satisfaction level. Marketing team also analyse
competitor’s product and strategy and according to that make their own strategy. There are a
number of promotion method which can be used by this team such as promoting product on
social media which help in gaining large number of consumer. Facebook and Instagram are the
best platform for and company can make their own page and upload pictures related to cuisines
and also highlight number of customer review, it will be highly profitable strategy for the firm.
Collaborating with celebrities’ stars and social media is another way of influencing people in the
country. Pret a manger can use media also for promotion of its product. Theme of the restaurant
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it will be green so that it distinguishes company from others and it will able to achieve higher
target on time.
Operation-Using Business Modal Canvas
It helps firms in running the business for long time and emphasizes on operation
formation, delivery and customer full-filaments (Fotiadis, Mombeuil and Valek, 2018).
Customer segment
Company targeting mid age group people for purchasing its product as this people are
started believing in healthy lifestyle. Most of them belong to London and city population is very
high which allow firm to increase its market share in changing business. Company also track
record of their address so that effective supply chain management can be implemented in the
firm.
Value proposition
Organisation is focusing on providing green product which impacts on lifestyle of people
and safe them from various types of diseases. Taste and trend of British customer changes
rapidly which and after COVID most of them shifted towards health life style which can big
advantage for the firm.
Revenue Streams
Firm will provide product and services in restaurant in London which influence
population of the city and increase revenue of the firm. It also gives home delivery of the food as
number of people because of pandemic avoid out. You tube channels also made by the firm
which again increase financial stability of the firm.
Channels
Pret a manger has record of loyal customer and invites them by sending messages and
mail for restaurant and it can be best tool for connecting with people. Media and Social media
marketing team also attract number of customers in the country and generate revenue of the firm.
Customer relationship
Company will take feedback, opinion, suggestion etc. from customer for changing in
product and launching new one. It increase customer relationship and create strong bond which
is necessary for changing business. Loyalty of consumers also increased with the help of it.
Key activities
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Market plan, organize team etc. will be done by the management run the operation of
organisation effectively and increase profit share of the firm.
Key resources
Trained and skilled workforce will be recruited by HRM of the firm and hence able to
gain competitive advantage. London will be the city for venture and hence less capital require
and can be taken from banks (Hollensen, 2019).
Key partners
Partners and investor of the firm and old one and they believes that firm is visionary and
focusing on sustainable growth of business
Cost structure
Company will follow competitive price strategy so that can attract people in the
beginning and set minimum price in the beginning and also gives various kind of discount.
Legal Issues
There are numbers of legal formalities requires for running business and after COVID
government policy, it becomes difficult to start business in crowded places. Pret a manger’s
many restaurant already shutdown because of pandemic (Kreutzer, 2019). Firm has to follow
multiple legal formalities so that can run business successfully and increase profit share. Plastic
must be ban in running business as it effect on vision of the organisation which emphasizes on
sustainable development.
Financial
Organisation will take loan from the bank and also contact old partners and investor
which can help in increase financial stability of the firm. This amount will use for various kind of
task such as building infrastructure of firm. Providing salary to employees and purchasing raw
material. Firm will try to take help of investor for additional finance so that business can run
smoothly and it able to meet target in changing business and increase market share. Organisation
also requires finance for promotion of product on different channels. With the help of it, Pret a
manger able to full-fill various requirement and effectively done business.
Risk, Contingency and Exit strategies
Organisation faces various kinds of challenges in running business which can be internal
or external and accordingly able to target market. Changing technology increase financial
expenditure of the firm which increase pressure on workers and hence large number of talented
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& skilled workforce can be migrate to another firm (Perreault, 2018). COVID already close
many of stores and decrease revenue of the firm and new venture in pandemic can be highly
risky so firm has to frame strategy accordingly. Raw material is another major problem as few
farmers produce organic product and sometimes crop fail because of atmospheric condition and
hence it can effect on competitive price strategy. Legal issue s another major problem that can
stop firm running the business successfully as government can again implement lockdown which
effect growth of the firm. People started avoiding outside food because of pandemic and hence
firm has to be very careful before framing any strategies.
Exit strategies
The best strategies for exiting from business in handover to partner as he will continue
follow legacy of the firm and increase market share of the firm. Business was setup by devotion
and determination of owner and not choosing right person can effect on growth of it. Founder
can remain in touch with business by becoming mentor and hence personal attachment cannot be
effected. It also support employees of the firm who are replace by new owners. Loyalty of
customer can maintain with the help of this strategy.
CONCLUSION
The report concluded that managing the entrepreneur creativity and innovation is important to
develop the entrepreneurial path and its very important to manage the idea and creativity to
develop to increase the business with creativity. The report also concludes the importance of the
entrepreneur beginning and how to become an entrepreneur and what are the pre-skills needed to
be an entrepreneur. The report further concluded the theory and the journey of the
entrepreneurial life. It is very important to focus on the theme and the product of the
organization.
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REFERENCES
Books and Journals
Soetanto, D., 2019. Examining change in entrepreneurial networks: Using visualisation as an
alternative approach. European Management Journal. 37(2). pp.139-150.
Stam, F.C. and Van de Ven, A., 2018. Entrepreneurial Ecosystems: A Systems Perspective. USE
Working Paper series. 18(06).
Qin, F., Wright, M. and Gao, J., 2017. Are ‘sea turtles’ slower? Returnee entrepreneurs, venture
resources and speed of entrepreneurial entry. Journal of Business Venturing. 32(6).
pp.694-706.
Murray, A. and Scuotto, V., 2016. The business model canvas. Symphonya. Emerging Issues in
Management. (3). pp.94-109.
de Araujo Resende, N.C., and et.al., 2020. Entrepreneurial Education: Source of Social
Transformation. Multidisciplinary Approach to Entrepreneurship Education for
Migrants. pp.192-210.
Chernev, A., 2020. The marketing plan handbook. Cerebellum Press.
Wood, M.B. and Jobber, L., 2016. The marketing plan handbook. Pearson.
Fotiadis, A., Mombeuil, C. and Valek, N.S., 2018. Designing and implementing a marketing
plan. The Emerald handbook of entrepreneurship in tourism, travel and hospitality:
Skills for successful ventures.pp.297-311.
Hollensen, S., 2019. Marketing management: A relationship approach. Pearson Education.
Kreutzer, R.T., 2019. Strategic and Operational Marketing Plan. In Toolbox for Marketing and
Management (pp. 225-229). Springer, Cham.
Perreault, W.D., 2018. Essentials of marketing. New York: Mc Graw Hill.
Online
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