Love Holidays: Innovation and Entrepreneurship Business Report

This report examines Love Holidays' business plan, focusing on the introduction of business trip planning services. It explores the company's business model, entrepreneurial theories, and points of differentiation within the UK market. The report details the challenges Love Holidays faces, including competition and cash flow management, while identifying prospective customers and outlining a brief marketing plan. Additionally, it includes a competitor analysis, discusses sources of funding, and addresses intellectual property rights. The report emphasizes the company's innovative approach to online travel agency services, particularly targeting business clients, and aims to provide a comprehensive overview of the company's strategies for success in the travel industry. The report also discusses the business model in detail including speed up the cost of cycle and increasing of the price as per demand. The report also discusses the entrepreneurial theories like Innovation theory and theory of social behavior.

Innovation and
entrepreneurship

Executive summary
In the below repot it consist of basic item and services that are helpful in UK business title
to make success of their economy. In this report there is an organisation which is taken is Love
holidays which is introducing travel booking of business meeting of the clients who are planning
to go out of their country. So, for that company has face certain challenges and they have to
target their customers effectively. Hen there are more focusing on the competitors and brief
marketing plan is also made in this given report. Then sources of funds will be identifying in this
below report.

Contents
Executive summary..........................................................................................................................2
Start-up business ideas.....................................................................................................................4
Industry profile.................................................................................................................................4
The business models........................................................................................................................5
Point of differentiation.....................................................................................................................6
Challenges to the business ideas......................................................................................................6
Prospective customers......................................................................................................................7
Brief marketing plan........................................................................................................................7
Competitor’s analysis.......................................................................................................................8
Sources of funding...........................................................................................................................8
Intellectual property rights...............................................................................................................9
References......................................................................................................................................10
Books and journals...............................................................................................................10

Start-up business ideas
UK is growing in all over the world. As it includes those companies who are growing in the
market and making various opportunities in the company. It is related with the market of
London. In this given report the organisation which is taken is Love holidays, as this is an
agency which is providing online travel agency that allows users to book their holidays packages
through the world. Customers now a day’s love to go on their holiday tours and travel. However,
there are any other people who are going on their business tours and travels for their business
meetings (Angginta Ramdani Ibrahim, 2020). So, in this report the business idea of Love
holidays agency is that they have to plan a trip or tour for those people who are going for busines
meeting outside the country. They are providing various types of facilities to them. Also,
company allows them to do business meetings and make their trip memorable. The company is
an agency which is providing 24/7 hours of facilities to them. This new innovation in their
agency will help business people and increase their profits and revenuer by 25%. If there is any
of the cancellation then company will help them in providing refund their money. There can be
many of the challenge which might be faced by company in making their business trip. As
company should have to focus on those challenge and make government contacts in order to
expand their business in all over the world and increase their profits.
Industry profile
With a growing impact of tour and travel, companies now a days making a contract with the
hotels in order to find their customers for a holiday trip. In this report the organisation which is
taken is Love holidays- as a this is agency which is providing online travel booking to the
customers whoa re planning for the trip and tours. Their passions are to inspire people to travel
across the world. This agency aims to creates better and ultimate online travel experience to the
customers. In this report the company is introducing new plans to the people who are going for
business meetings as this will called business trip plans (Azzahidi, Bengrich, and Omrane, 2020).
As companies is trying to provide ultimate experience to those groups who are going for busines
strips in all over the world. They are building trust relationships with their customers and
working hard to make their good connections with them. Company will be providing its trip to
the Turkey, Greece, Spain and US.

Company will be more focusing on the employees on being them giving training and
development sessions which could help them in increasing company productivity and serving
best to the customers. in this covid pandemic if any of the business strip get cancel the company
will provide them quick refund and their money would not be charged. Company will not charge
any of the fees of select flights and hotel afterwards as they are booking their seats before only.
They are providing customer services very effectively. Company will trip a plan of business
meeting will be from telephonic or with the live chat. Also, they will provide millions of
holidays trip to many of their clients. As if client will get benefits then they will provide positive
feedbacks and review about their agency and company.
The business models
The busines model which is related with the growth and sustainability of the organisations
and with the profits of the company as well. This model focus on analyses the products and
services which company wants to sell and what they want to distribute in the market. Business
model are related with the motive of earning profits and revenue strategies and make generate
profits for their company (Castellano-Álvarez, and et.al., 2020). There is also a cycle of business
organisations in order to achieve organisational objectives.
 Speed up the cost of cycle: This is related with the different types of cost and making
sure about the demand which is growing in the market of the given travel and tour
company. It is referring to the growth and sustainability which is requires for earning
profits and revenue for their business and making sure for accomplishing their gaols and
objectives. This cost of business cycle is related with the posts people sees for the website
and hoe many of them respond to those photos and reviews. This sees their interest in
their online agency and booking with their company. in addition, it is related with the
growth of company and which is related to the working ideas of the business.
 Increasing of the price as per demand: When it is coming to know about the company
that providing supply chain and making growth of the company success in their services
(Chan, Lim, and Uy, 2020). This it becomes easy for the company in providing their
services to manage their growth and make suggested changes which would help them in
making their profits and revenues in the market. Company could make their profits by
making aware about the products and services to the clients so that they cold more search
about the company more and this helps the company in making their profits and

providing better services to the customers. as if customers and client will book a business
meet more than company could make more profits which helps them in growth of their
business and innovation was successful in the business.
Entrepreneurial theories
Innovation theory : This theory was propounded by J.A. Schumpeter. As indicated by
Schumpeter, business person is fundamentally a leader and trend-setter is one who presents new
blends. In Schumpeterian theory, the fundamental subject is the advancement. He makes a
differentiation between a leader and an innovator. As indicated by him, a designer finds new
strategies and new materials. Yet, a innovator is one who applies developments and disclosures
to make now blends. With the assistance of these new blends, he delivers fresher and better
merchandise which return fulfilment just as benefits.
Theory of social behaviour : As this is a behavioural model of entrepreneurial. Supply of
business people is an element of social, political and financial construction. Conduct model
worried about the plainly communicated exercises of people and their relations to the past and
present environmental factors, social constructions and states of being. People perform different
exercises of which some are acknowledged by the general public while others are not. The prizes
go about as building up boost expanding the likelihood of rehashing that standard of conduct.
The inventory of business venture relies on four designs found in a general public.
Point of differentiation
There are various online travel booking agency in UK, London. So, for competing them,
Love holidays should have to make plans according to their services provided to the business
clients. There can be various hotels from which company ahs to make contacts and through this
company can build tehri reputation in market and thus it will be considered by clients in the
market more for travel booking (Dabić, and et.al., 2020). Company can be different from other
companies working in UK as they are providing better services to the clients. Company is
providing better facilities of online payments and providing guide who helps them in deciding
their venues and encourage them to travel for their business meets. Company will provide 24/7
customers service to the clients so if they have any of the query, they can ask to them in effective
way. Then company is providing refunds to the clients if anyhow they have to cancel the trip so
that their money could not be waste. Company will promote their brand through certain

advertisements and make their advertisements available to every website running on google
advertisements. So, this becomes unique and they could gather more clients towards their brand.
Challenges to the business ideas
As starting of any of the innovations, there can be various challenges that has to be faced by
company. As for achievement of growth and success, company should have to face certain issues
and challenges to meet tehri requirements. In this business ideas of online travel booking,
company will face certain issues like:
 During this pandemic: During this covid 19 pandemic, company can face losses because
none of the employees and clients are going outside for travelling and their business
meeting are done via online platforms (Hevner, and Gregor, 2020). So, this occurs loss of
the company. as due to lockdown many of the company are facing loss of not getting
clients towards their brand.
 Competition: as company is several competitors, so it becomes a challenge for them to
meet the requirements of the customers and clients. In this new business ideas of business
trip, company will face this challenge because there are various competitors of travel
agency who are more contacting with the hotel and resorts. So, for staying in the market
company should have to make regular innovation in their busines sin order to be
competitive in the market among its competitors. If not then they could even lose their
clients.
 Cash flow management: It is essential for a company to make a control on their cash
flows system to make success of the organisations. There is a needs of sufficient cash
flow for the internal and external activities performs in the business (Jones, and
Roughani, 2020). So, it becomes a challenge for a company to keep sufficient amount of
funds in order to operate the busines activities and to manage all the employees working
in a company. it is more related with the tights control on their debts and making
essential profits.
Prospective customers
In this Love holiday agency, company is trying to focus on their business meets. So,
becomes more important to target customers in order to make growth and success of the
organisations. Company is more focusing on their prospective customer of busines clients who

are planning a trip of their business meetings. This becomes unique for the agency in order to
promote their brand. As company is planning to provide better facilities to the client who are
planning to travel for business meetings (Maalaoui, Le Loarne-Lemaire, and Razgallah, 2020).
This helps them in making their profits through clients of business by providing them better and
ultimate facilities at the time of travel trip. At first company is also offering discounts to their
clients and if there is any of the cancellation then they are providing refunds for that.
Brief marketing plan
The company have the basic term of the concept in the battle for the manner of the business
success. It involves the various sort of manner that are related to plan of actions to execute and
implement as effectively. To identify the manner in the tourism company of the Love Company
of the sections of the target market (Riley, 2021). It require to measure three basic problems:
market segmentation, consumers that are targeting and business positioning. The positioning in
the London market, for the attainment in the manner of the work and perform an efficient term of
different profile in the positioning procedure.
Price – The price of the products are important and make efficient development in the business.
It will be accommodating for the business to make low cost in initial sections and make efficient
development in the attainment that are accommodating for development in managing practice
and development in the business.
Place – The tourism company Love Holiday place, are related to make a central London for the
development of the chances to offer an applicable for the development of the places.
Promotion – In context to the, marketing actions there are new venture that are able to develop
an effective term for the development and growth to perform the role and responsibilities of
work to manage funds.
Products – The tourism company Love Holiday place and its attainment that are able to make
high encouraging actions and make sure to achieve various terms to make an efficient
development in the goods and services.
Competitor’s analysis
 Define the industry - The environment of the business and the participants (Sataøen,
2021). The scopes that are available to create the products and facilities.
 Find out your competitors – The business is generally have various challengers.

 Determine the customers – By identifying the strong customer base it will be easy for
the company to deal with.
 Key success factors – The manner of key success factor will termed as the main sections
that are to be as effectively.
 Rank – By measuring and evaluating the factors by weighing them in the business.
Sources of funding
The management have accurate manner of the funds for the betterment of the business
(Felleman, 2021). In simple words these funding can be said as financing, presenting an act of
causative funds to finance a plan, this may be need or the decided project. As these sources of
funding are divided in various parts that are as follows –
 Personal investment - Personal investment is measured as the key manner and the main
section of funding by trying to start a business and an investor that might have their own
funds or by utilising the secure by which they are having.
 Banks loans – It is an important and modest technique that are utilised by various
individuals to start a new venture by taking the loans from the banks or from their family
or friends. It is not sufficient that just by having a plan will be enough but the individual
might have an amount of business fund.
Intellectual property rights
It might be on the previous bases of the company that are doing individuals that they might
have the skills and set of knowledge that are related to protect the intellectual property. So many
sections of the business that have the personalities and the protection of an intellectual property.
As there are various points that have the manner of the steps for protection of the some of the
points that are as follows –
 Determine the value – By identify the preceding phase in keeping it by understanding
the manner to protect it in the manner of the reasons as behind it. In basic terms of an
intellectual property, it have the manner of the value to the company of them in the best
sense of set out in economic relations (Garden, and et.al., 2021). As it will have an
economic term of the growth that will also help an individuals to identify the manner of
invest for protecting it.

 Know the law – So various manner of an intellectual property issues and the manner that
occurs by having the misunderstandings concerning the regulation. If someone wants that
they might get defend them from this sort of issues than they might have a manner of the
work in the basic set of the smarter manner and first learn about the law. It might be
helpful for the business to perform the roles and responsibilities to manage the manner in
their personal sections that are able to handle the personal information and profile of the
consumers as effectively.

References
Books and journals
Angginta Ramdani Ibrahim, G., 2020. Factors influencing commercialization phase of social
innovation and entrepreneurship: The case of rural renewable energy in Indonesia.
Azzahidi, A., Bengrich, M. and Omrane, A., 2020. Innovation for Sustainable Development: The
Role of Knowledge Management. In Sustainable Entrepreneurship, Renewable Energy-
Based Projects, and Digitalization (pp. 21-39). CRC Press.
Castellano-Álvarez, F.J and et.al., 2020. Innovation and Entrepreneurship as Tools for Rural
Development: Case Study Region of Vera, Extremadura, Spain. In Entrepreneurship and
the Community (pp. 125-140). Springer, Cham.
Chan, K.Y., Lim, K.H. and Uy, M.A., 2020. Entrepreneurship-professionalism-leadership: A
framework for nurturing and managing the R&D workforce for a national innovation
ecosystem. In Entrepreneurship–Professionalism–Leadership (pp. 177-207). Springer,
Singapore.
Dabić, M and et.al., 2020. Immigrant entrepreneurship: A review and research agenda. Journal
of Business Research, 113, pp.25-38.
Felleman, S., 2021. “Show the Clichés:” the Appearance of Happiness in Agnès Varda’s Le
Bonheur. Acta Universitatis Sapientiae, Film and Media Studies. (19). pp.17-34.
Garden, S., and et.al., 2021. Frontier firms: four industry case studies.
Hevner, A. and Gregor, S., 2020. Envisioning entrepreneurship and digital innovation through a
design science research lens: A matrix approach. Information & Management, p.103350.
Jones, R. and Roughani, B., 2020. Physics Innovation and Entrepreneurship (PIE) in the First-
year Physics Course. Bulletin of the American Physical Society.
Maalaoui, A., Le Loarne-Lemaire, S. and Razgallah, M., 2020. Does knowledge management
explain the poor growth of social enterprises? Key insights from a systematic literature
review on knowledge management and social entrepreneurship. Journal of Knowledge
Management.
Riley, T.L., 2021. Small Business Hair Salon Owners Effective Marketing Strategies.
Sataøen, H.L., 2021. “Exotic, welcoming and fresh”: stereotypes in new Nordic
branding. Journal of Place Management and Development.