Creating and Managing New & Entrepreneurial Organisation Analysis

This report explores the creation and management of a new entrepreneurial organization focused on the resale of second-hand products. It discusses the importance of action plans, entrepreneurial leadership, and innovation in achieving business goals. The business idea centers on providing affordable, quality used goods through 'Old and new Ltd.,' addressing a market need while promoting economic growth and environmental sustainability. The report also examines opportunities for innovation based on Drucker's seven sources, resource identification, market viability, and the development of a sound business model.

Creating and
Managing the New and
Entrepreneurial
Organisation

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Starting and managing the new venture.......................................................................................1
The business idea and unique value.............................................................................................3
Opportunities that led you to the consider idea for the new venture...........................................4
Developing the idea, resourcing it, identifying its market and its business viability and
developing an outline business model.........................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Entrepreneurial organization is a structure which expand an idea from other members who are
Having different point of view with regard to assignments and projects. The companies who are
appropriately able to place innovation are the ones who promote various opportunities in order
To produce economic as well as social value among the society. (Prince, and et.al. 2021). This
report will be based upon an innovative idea which is related to selling of second hand products
and services along with activities related to resale market which includes products like cloth,
Furniture, cars etc. It will assist the community to solve social problems (it help lower middle
Class family as well) and help in economy expansion. Furthermore, the study will also include
self-assessments, great business idea with unique value, and from where we can source our idea,
Opportunities to lead the idea for a new venture, the market share with limitation and barriers.
MAIN BODY
Starting and managing the new venture.
An action plan is defined as the steps taken by an individual he need to do for achieving the
goals.it is very important for starting up any venture.it is a kind of planning in a strategic form
and improves team work of the team in the organization.an action plan is used in professional as
well as in personal life too. There are some components of action plan which are as follows:
 A proper detailed explanation of the objective to be accomplished.
 Steps that have to be taken for achieving the goal.
 Individual involved in performing the task for attaining the goal.
 Deadlines and milestones should be set so as to complete the task.
 Actions to estimate the development of the task by the resources.
An action plan should be dynamic in nature so that one can change according to the
circumstances and needs of the situation to make things more effective. For starting any venture
an entrepreneur have to take some action plans for executing the process. Entrepreneur is
defined as the individual involved in starting some venture or start-up. Setting up new business
is termed as entrepreneurship .Entrepreneurs are a source of ideas and they bear multiple risk
commonly known as innovators. Entrepreneurs are the backbone of any successful organization.
Entrepreneurs are the one who motivates and encourages their team members for achieving a
common goal .Entrepreneurs convert problems into solutions or opportunities. They have the
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ability of listening, understanding and implementing things. They believes in getting better
outcomes and want to solve their problem collaboratively.( Kaandorp, M., Van Burg, E. and
Karlsson, T., 2020 Entrepreneurs motivates people through innovative ideas. Risk optimization
is one of the key feature of a entrepreneurs in the development of people or organization. They
are risk oriented and have the ability of taking advantage from the opportunity given to them.
Planning helps in removing threats and provide a proper way of obtaining the goal in a
sophisticated way. Some of the characteristics of entrepreneurial leadership for the development
of team members and organization are as follows:
1. Communication skills- the entrepreneurial leader have a very strong communication
skills. Proper communication skills helps in better understanding of the work. This also
involves listening and a leader is always a good listener. Having good communication
between team members avoid misinterpretations and clashes.
2. Vision-a good entrepreneur knows his vision properly and has a clarity towards it. He
knows what he wants to accomplish and how to achieve. They instruct their team
members about the vision and make an effort for achieving them.
3. Supportive-An entrepreneur always support him team as it is very necessary to have a
supportive environment in the organization. The leader never blames the employee for
any mistakes rather than this they understand what went wrong and sit with them to
correct their mistakes. A supportive leader is always a mentor or a guide to their
employees. These skills of a leader helps in the development of their organization.
4. Self-belief-An entrepreneur is very self-confident. He knows his strength and weakness
very well .They have great belief in themselves which they gain from years of experience
and learning. Self-belief motivates them as well their team members.
5. Create an atmosphere conductive to growth-The entrepreneur provide a positive and
healthy environment for achieving growth. They create an atmosphere that motivates the
employee t work even harder. Innovative ideas, skills are always by their side .they
actively encourage other opinions and provide a solution to every problem. The
entrepreneurial leaders provide feedback to the employees.( Mamabolo, A. and Myres, K.,
2020)
6. Learning-learning is very important for growth of an organization. Therefore, a leader
not only learn and understand their employee but also provide a learning environment for
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make them team fully updated. They motivate employee to think out of the box and give
good solutions and ideas for any problem.
The business idea and unique value
The main aim of this innovative business (Old and new Ltd.) idea is to help individuals in
buying and selling of used products such as clothes, vehicle, furniture, other household goods
and much more similar kind of products. The business was started in united Kingdom and As
per current scenario, it has been evaluated that the resale market and selling of second-hand
products are growing continuously, because consumer look for earn and rescue money by
buying and selling of products through online platform. It is considered as a unique idea because
it is very cost effective in nature. For promoting old and new Ltd, we use strong advertisement
through TVCs, print and online media, online campaigns and also have opportunities to
diversification of portfolio in various sub categories and opening offline stores as well. Right
now we have web-based app so customer can see images, description of items, and price of a
product.the money needed for starting this venture is almost ten thousand dollar .
Uniqueness of old and new Ltd. company is related to providing efficient and good
quality products (not a single damage product) at very reasonable price. It helps to generate good
customer relationship within the market place. Old and new Ltd. will provide products at very
reasonable price so, it indicates that business will deal in fair pricing. Along with this, business
will also create a good delivering facility so, customers will get products on time (Barefoot, and
et.al., 2018). Old and new Ltd. will help customers in saving money, and help economy by
protecting environment and natural resources and also don’t have any kind of mess and waste.
Business will be focused on distribution chains and manage stock.
Our idea is solving a problem of those people who don’t have enough money for
purchase new products but they need a particular product and it may become the basic need for
them so they can easily purchase from the company. By these economy also grow, that is if
people improve their standard of living it directly help economy to expand. This business idea
will also generate employment opportunities, for those who are skilled employees and worker.
The second hand market have wider market share; in general team a second hand products are
useless but it’s not true in current situation many peoples are ready to use that products.
Similarly there are many boot strapping techniques that can be used in starting a new venture
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and for this business the technique which has been used is looking for less start-up capital and
generating fast cash.
Opportunities that led you to the consider idea for the new venture
The idea of starting a new venture is achievable process. The most important way to sustain in
this competitive environment is to have an innovative team and ideas. Innovation is about
creating new ideas for achieving goal and growth in the market. Taking new ideas into work for
more significant result. Innovation is basically a process of analysing opportunities in a strategic
and organized manner. We can consider some ideas of innovation for staring a new venture by
Drucker seven sources of innovation. Peter Drucker aim was to change in an enterprise’s
financial and public prospective. The main motive of him was the innovation of new ideas and
giving respect to consumers and internal processes. In this four process are internal to the
initiative and three are external. The steps involved in this strategic process are as follows:
Unexpected success or failure:
It is very important to know the unexpected result of any enterprise. Knowing success or failure
will be good for the entrepreneur to make things working in a productive manner. Unexpected
failures give company an idea to introducing something productive in the market with market
likes. For example, IBM which wanted to sell accounting machineries to banks but later revealed
that it was collection that wanted to buy these machines.
The incongruity between what actually happens and what was supposed to happen:
If we are not getting success the way we want or things are not happening according to the plan
the innovation is required. There should be a incompatibility between what is happening and
what was meant to be happened. Similarly when companies want to improve the growth rate by
reducing the cost but if still this is not happening then innovators take some initiative for
reducing company cost in multiple ways for getting more profitability.( Matsuzaki, T., Shigeno,
H., Ueki, Y. and et.al., 2021)
The deficiencies in a process, that are taken for granted:
If a process is suffering from a deficiency then there is a scope of innovation in that. Innovators
take things very seriously which were taken in for granted manner.an innovator can remove the
deficiency by thinking out of the box and create new ideas for the organization.
The changes in market industry structure that catch everyone by surprise:
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The process of new or fast developing sections provide a way for innovation. Innovators can use
this segments for new innovations or creations. According to Drucker “new chances hardly
acceptable the way the trade has always advanced the marketplace organized it or structured it.”
Demographic changes:
This demographic changes results in innovative ideas .change in new wants and ideas are
beneficial for producing new products. This provides innovation opportunities that are less risk
and rewarding.
Changes in perception:
By changing the thinking of people, new ideas can be generated. Changes in perception create
an innovative environment in the organization. Creating new needs is very innovative for the
team .for example increasing concern for aptness has introduced many equipment for workout
and jogging.( Nguyen Minh, H.O.A. and Do Thi, D.O.N.G., 2021)
The changes brought about by new knowledge:
Having new knowledge is very innovative for staring a new venture .changes taken by the
innovator for creating new knowledge is beneficial. For example computer was developed for
arithmetic progression, binary coding, symbolic logic and programming.
Developing the idea, resourcing it, identifying its market and its business viability and
developing an outline business model
Identifying resources for starting a new venture is very important. The resources need to start a
new business can be classified as follows. Funding is the first and most important resource for
starting a new venture. Every small business needs funding for making the business work at
higher level. Financial services can be obtained from many things like personal accounts, loans,
and overdrafts from the bank. Second resource required for starting a business is employees and
human resources.( Pérez-Peñalver, M.J., et.al, B., 2018) The growth of the business is directly
depends on the employees. Education resources are also very important for an enterprise.by
understand the market and competitors he will be able to establish the venture in a more efficient
manner. Physical resources like premises for staring the business and the equipment required in
the business are also very important to keep in mind while staring a business. The last resource
required is emotional resource. Every entrepreneur need some support system for motivation and
inspiration. Similarly there are many ways to market for a new business venture like social
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media advertisements, direct mails, email marketing, SEO (search engine optimization), media
and many more.( Zach, F.J., Nicolau, J.L. and Sharma, A., 2020)
For establishing a new business venture a business model is required. A business model is a
strategic process of planning the plan of starting a new business in a profitable manner. There
are two levels of business model which are pricing and costs. The primary aim of a business
model is value intention. This describes the products produced by the company and needs or
requirements of the consumers.( Rachinger, M., Rauter, R., et.al .,2018) A new start-up should
have cost and financial sources, customer base for targeting and ways of generating revenues.
Successful business models helps client at a bearable price and value.
CONCLUSION
Action plans elaborate the process done by the entrepreneur for staring a new venture.it
describes what a company does for getting growth in the market. The business plans highlights
how the company runs and how the company hits the revenue .this tells that how your present
will influence your future and action plan is all about future goals. The concise summary and
synopsis is described in the business plan while staring a new venture.
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REFERENCES
Books and Journals
Barefoot, and et.al., 2018. Defining and measuring the digital economy. US Department of
Commerce Bureau of Economic Analysis, Washington, DC.15.
Prince, and et.al., 2021. The definition of entrepreneurship: is it less complex than we
think?. International Journal of Entrepreneurial Behavior & Research.
Kaandorp, M., Van Burg, E. and Karlsson, T., 2020. Initial networking processes of student
entrepreneurs: The role of action and evaluation. Entrepreneurship Theory and Practice, 44(3),
pp.527-556.
Mamabolo, A. and Myres, K., 2020. A systematic literature review of skills required in the
different phases of the entrepreneurial process. Small Enterprise Research, 27(1), pp.39-
63.
Matsuzaki, T., Shigeno, H., Ueki, Y. and et.al., 2021. Innovation upgrading of local small and
medium-sized enterprises and regional innovation policy: An empirical study. Industrial
Marketing Management, 94, pp.128-136.
Nguyen Minh, H.O.A. and Do Thi, D.O.N.G., 2021. SOURCES OF INDIVIDUAL
INNOVATION AT WORK. BUSINESS TRANSFORMATION AND CIRCULAR
ECONOMY, p.305.
Pérez-Peñalver, M.J., et.al, B., 2018. Identification and classification of behavioural indicators
to assess innovation competence. Journal of Industrial Engineering and
Management, 11(1), pp.87-115.
Zach, F.J., Nicolau, J.L. and Sharma, A., 2020. Disruptive innovation, innovation adoption and
incumbent market value: The case of Airbnb. Annals of Tourism Research, 80, p.102818.
Rachinger, M., Rauter, R., et.al .,2018. Digitalization and its influence on business model
innovation. Journal of Manufacturing Technology Management.
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