Entrepreneurship, Enterprise and Innovation: Body Shop Business Report

This report provides a comprehensive analysis of entrepreneurship, enterprise, and innovation, focusing on the Body Shop. It begins by defining entrepreneurial qualities and characteristics, examining both internal and external factors influencing entrepreneurial culture. The report then delves into the setup of a sole proprietorship business, outlining its advantages and disadvantages. A significant portion of the report is dedicated to the Body Shop, including its mission, vision, aims, and objectives. It proceeds with a detailed situational analysis, including a SWOT analysis, and explores market segmentation, targeting, and product positioning. The report concludes by summarizing key findings and offering recommendations for the Body Shop's continued success, referencing relevant academic sources.

Entrepreneurship, Enterprise
and Innovation

Table of Contents
Introduction......................................................................................................................................3
Entrepreneur qualities and characteristics.......................................................................................3
Characteristics about entrepreneur...................................................................................................3
Internal and external factors affecting entrepreneurial culture........................................................4
Set up of business.............................................................................................................................4
6. Mission, Vision, Aims and Objectives of the Body Shop...........................................................4
7. Situational Analysis.....................................................................................................................5
a. SWOT analysis...................................................................................................................5
8. Segmentation: Targeting and positioning of product...................................................................5
9. CONCLUSIONS..........................................................................................................................7
References........................................................................................................................................8

Introduction
In the following report the new products provided by sold to the business is your hair. The
production of serum will be taking place in the small factory developed by the entrepreneur its
self. It is the sole proprietor ship business and there is a single owner for this business. The
serum consists of all the natural products and do not in (Jones and Sakong, 2020). The serum
consists of all the natural products and do not include any chemicals or preservatives. The report
will include the entrepreneur characteristic, qualities internal and external evaluation of culture,
various vision mission and goals of organisation. It will also include external and internal
analysis along with STP and marketing mix.
Entrepreneur qualities and characteristics
Entrepreneurs are those individuals who come up with new ideas and innovations and apply
those ideas and innovations in business in order to turn it into profits along with taking some
risk. There are a number of characteristics and qualities required by various entrepreneurs. Some
of such examples are:
 Sir Richard Branson who started Virginia group. The leadership quality of Richard made him
follow his dream and earn profits in his business. The passion for work and to earn profit
were defining forces for his success. He was self-confident and creative enough to manage
his business.
 Philip Green the CEO of Arcadia group is another entrepreneur who brought his business to
success. He was disciplined enough, open minded, self-started and determined to work on his
business. They never giving up attitude and Philip encouraged him to follow his dreams.
Characteristics about entrepreneur
In order to carry on this business of hair serum successfully there are a number of qualities
required by the entrepreneur. The entrepreneur is the sole proprietor who will be managing the
business call on his own. It is required by them to clearly have the knowledge of management.
This requires management of employs, resources, processes, time and so on. It is necessary to
have leadership qualities so that the entrepreneur can single-handedly manage all the employees
in the organisation.

Internal and external factors affecting entrepreneurial culture
There are a number of factors which affect entrepreneur culture in an organisation. These
characters can be divided into two parts that are internal and external.
The internal factors which affect the entrepreneurial culture include The employees and
managers who are working in the organisation. The available capital and resources are also
included into internal factors. The culture of the organisation, values, beliefs, attitudes will all be
considered as the internal factors which affect the entrepreneur culture.
The external factors which affect the entrepreneurial culture in walls competitors for the
business. The economy as a whole is also an external factor. Various government policies and
regulations are external factors which will have effect on culture of an entrepreneur.
Set up of business
The business will be a sole proprietor business. It is a single member business and will not
be formally incorporated. However, it will be necessary for the entrepreneur to separate the
personal and business finances (Blaug and Towse, 2020). The accounting and tax liabilities will
have to be fulfilled by the entrepreneur.
Various advantages of this structure include easy setup, low-cost, no restricted formal structure
and easy record keeping.
The disadvantages of this structure include unlimited liability, difficulties to raise finances,
unprofessional behaviour and so on.
6. Mission, Vision, Aims and Objectives of the Body Shop
The organization aims to make progress in the business by responding to the needs of our
customers through the resolution of undervalued articles, with unparalleled support and adequate
data that allow consumers to make educational decisions and can be organized. Our exchange
links of all kinds with customers, licensees and suppliers are generally reasonable, generally
advantageous and subject to trust and respect.
Mission statement
 To dedicate our business to the pursuit of social and environmental change.
 To creatively balance the financial and human needs of our stakeholders employees,
franchisees, customers, suppliers and shareholders.

 To courageously ensure that our business is ecologically sustainable, meeting the needs
of the present without compromising the future.
7. Situational Analysis
a. SWOT analysis
Strengths:
Items sold by the Body Shop are made entirely with a dermatological appropriate character
configuration for all skin types. In fact, even their organization is ready to use bio available
products creating a green and practical brand. The specialty of The Body Shop is the highest
quality.
Weakness:
The overly centralized, earth shattering, creature-proof and human-rights paradigms have
undermined the group from the leading makeup industry. Likewise, the customer was confused
as to whether the group was involved in the beauty care products sector or supported ecological
activities.
Opportunities:
With the web making use of synthetic compounds in phobic articles, consumers are becoming
normal in much of their daily lives by consuming items. This can be a huge open door for The
Body Shop which from now on sets cosmetics and cosmetics.
Threats:
The size market is vast but opponents are overwhelmed by the fact that it has become
increasingly difficult to attract just as attractive customers. The result is that over time the major
brands will not resist and all others are in danger of ownership.
8. Segmentation: Targeting and positioning of product
Market segmentation can provide the basis for the choice of target markets for the Body Shop
aimed at the customers of the sexes from general people of all ages looking for luxury elements.
- Ordinary goodbyes. In addition, people who experience specific social problems affecting
them, such as rodent testing and natural security, are further targeted as susceptible customers.

Body Shop offers a run of common excellence items including beauty products for both women
and men and the home range. In this sense, the entire population of all ages can be seen as a
potential customer. In addition, the most important variable in identifying categories that may be
relied upon is that the psychological attributes of the particular lifestyles will be discussed in
detail in the following area. In addition, the Body Shop brand is a popular national brand for
large items in the UK and its image is closely linked to the battles it seeks after considering their
social service goals. .
Customer segmentation for the Body Shop is in fact related to psychological factors, in
particular lifestyle, with one of the important characteristics of customers that improve mental
well-being and social issues. Another feature of plus size merchandising customers is that they
are very concerned about brands. This is for individuals to pursue objects that are both perceived
as strong and have a strong brand image linked to articles of excellence. It is also interesting that
alongside the traditional media that shapes the rise and development of new media trends in the
UK, for example, the Internet faces new problems and openings in targeting customers. As
identified by BT's research, it is clear that by 2010 90% of the country will have some form of
Internet connection of some kind with high-speed mobility associations, for example ADSL
proposals similar in reason to other coordinated letters and data sets.

9. CONCLUSIONS
The Body Shop is taking a good role model overall by having a “Managed Benefits” strategy in
its administration and ready to maintain its positive framework and reputation. The group has
consistently shown great confidence within the organization since its introduction and they have
benefited greatly from the land and the people around it.
Be that as it may, the Body Shop needs to continually review areas of progress and
carefully decide on its options during the crucial group. The Body Shop must go on to develop
and strengthen as an organization as there are always risks. In order not to lose the major
competitors in its segment, the Body Shop needs to remember its amazing capabilities and
enterprise ideas, and continue to be driven and strong with the desire to expand the output and
achievements of this organization.

References
Books and Journals
Jones, L.P. and Sakong, I., 2020. Government, business, and entrepreneurship in economic
development: The Korean case. Brill.
Blaug, M. and Towse, R., 2020. Cultural entrepreneurship. In Handbook of Cultural Economics,
Third Edition. Edward Elgar Publishing.