Entrepreneurship Assignment: Innovation and Creativity Report

This report delves into the core concepts of entrepreneurship, innovation, and creativity, examining their significance in the business world. The assignment begins with a personal reflection on the student's entrepreneurial background and pre-entrepreneurial skills. It then explores the impact of technological advancements and innovative products launched after 1999, such as remote working, internet usage, enterprise management software, digital marketing, and AI, on how businesses operate and how people live. The report concludes with a detailed concept plan for a new entrepreneurial venture, VR World, which focuses on providing virtual reality accessories. The plan includes objectives, market research methodologies, target market identification, and the marketing mix (product, price, place, and promotion) for the business. The report also highlights the importance of human resources and operations within the VR World concept.

Managing
Entrepreneurshi
p Innovation
and Creativity

Contents
INTRODUCTION...........................................................................................................................................3
TASK 1..........................................................................................................................................................3
TASK 2..........................................................................................................................................................3
TASK 3..........................................................................................................................................................5
CONCLUSION.............................................................................................................................................11
REFERENCES..............................................................................................................................................12

INTRODUCTION
Entrepreneurship refers to an activity through which the entrepreneurs target higher-level
of profits by launching their own venture (Andriani and Cattani, 2016). This activity is quite
essential so that the entrepreneurs are able to innovate and create by making the use of
appropriate approach and methods in a highly effective manner. Innovation refers to the ability
of creating something new. Creativity refers to the ability of producing new things by using
appropriate skills and techniques. All of them are quite essential for the entrepreneurs if they
desire to achieve their goals and objectives and make their enterprise successful in the market as
compared to the competitors. Thus it is important for the entrepreneurs to focus on all of them. In
this assignment, detailed focus will be made on My Story, Research on Entrepreneurship.
Additionally, specific analysis on Concept Plan will also be made as a part of this project.
TASK 1
I am a student who is studying in the university. As a student in the university I have to
study a lot of subjects to enhance my expertise in them. In our university we are given a lot of
assignments to work on. In these assignments the use of a creative approach is required.
Therefore I use a creative approach which helps me in these projects in a highly effective
manner. I come from an entrepreneurial background as most of my family members are involved
in entrepreneurship. I have many members in my family who have set up their own venture and
are earning substantial amount of profits from it. Thus my family can be termed as
entrepreneurial.
Thus due to this family background I have been always been motivated to become an
entrepreneur (Castañer, 2017). In this way I will be able to make use of my skills and abilities in
the right manner to achieve the entrepreneurial goals and objectives effectively and efficiently.
Thus I have various pre-entrepreneurial skills and abilities. These are Creativity, Innovation,
Hard Work, Determination, Self-Confidence and Persistence. I have developed these skills due
to my family background which is related with entrepreneurship. Thus in this way I think that I
have the right skills and abilities to become an entrepreneur.
TASK 2
Organizations and Products launched post 1999 are changing the way we work and do
things in the following manner-
Since the year 1999, the market has witnessed a lot of changes (del-Corte-Lora, Vallet-
Bellmunt and Molina-Morales, 2017). Several new creative and innovative products have
entered into the market. Thus the organizations and products which were launched post 1999 are
changing the way we work and do things.

The explanation of the change witnessed is as follows-
 Remote working- Due to the enhancement witnessed in the technology it has been easier
for the companies to offer remote working facility to its various workers (El Talla and
et.al., 2018). Thus in this way the firms are ensuring that they are able to get more
efficiency, effectiveness and productivity from the workers. This has led towards creation
of a new culture in which the costs can be saved and thus the employees are also able to
contribute more towards the success of the organization.
 Use of Internet- Internet has changed lives forever. Prior to the year 1999, there was a
very low use of Internet in the businesses. However Post 1999, it has completely changed
the way business is done. Transactions are now happening online. Also this has ensured
that the businesses are able to conduct their different activities online. Thus in this way it
has given a significant boost to efficiency, effectiveness as well as productivity and has
helped in the enhancement of overall profits for many enterprises.
 Enterprise Management Software- Nowadays Enterprise management Software has
made the work of the managers even easier. It has ensured that the managers are able to
manage the enterprises in a proper manner thereby ensuring that the goals and objectives
of the enterprise can be achieved effectively. Thus in this way it has changed the way the
management manages the operations of the enterprise. It has ensured that the problems
and variations in the performance of the enterprise can be identified quickly and therefore
rectifying steps are taken to remove these deviations and variances.
 Digital marketing- Digital marketing refers to the use of digital mediums, tools and
techniques so that the awareness of the products and services can reach the customers
(Hall, 2017). Therefore in this way the organizations are able to ensure that they can
target more customers and can earn higher-level of profits from them.
 Adaptability towards lifestyle- The products which have been launched post the year
1999 has a good adaptability towards the lifestyle of the customers. Therefore in this way
the customers are able to ensure that they can make use of these products which can
change their lifestyle. The products in the market nowadays are according to the changing
needs and requirements of the customers and thus in this way they are ensuring that they
are able to satisfy them by providing them the required value for their money.
 Focus on ease and convenience of the customers- The products which have been
launched post the year 1999 have focused on ease and convenience for the customers
(Hammershøj, 2017). Thus in this way this has ensured that the products and services are
able to provide the required ease and convenience to the different types of customers in a
highly effective manner. The companies are now focusing on ensuring that the products
which they are launching can provide ease and convenience to the customers. Thus in this
way this can ensure that the customers are highly satisfied.
 Reduction in distance- The modern products which have been launched post the year
1999 have made sure that the distance between people all over the world can be reduced.
The use of modern communication methods and techniques has ensured that the

customers are able to connect in a better manner with each other and are able to
communicate beyond the presence of physical boundaries.
 Focus on Innovation- Post the year 1999 the focus of the companies has been on
Innovation (Hassi, 2019). Therefore they have focused on developing such products
which can meet the new needs and requirements of the different types of customers in a
highly effective manner. Therefore, in this way the products launched are innovation-
centric in nature and have ensured that the companies are able to earn higher-level of
profits through them. The companies who have focused on innovative products are able
to make sure that they get a strategic and competitive advantage in the market as
compared to their various types of competitors.
 Artificial Intelligence- Some of the products which have been launched post the year
1999 have focused on Artificial Intelligence (Hosseini, 2019). Thus in this way the
machines have been designed to think like human beings and mimic their actions. This
has brought higher-level of convenience for the customers and thus they are able to
ensure that their needs and requirements are fulfilled. Therefore this is a major change
which has been witnessed in the market which has impacted the customers.
 Advanced products- There has been a launch of several advanced products post the year
1999 which has helped the organizations in earning higher-level of profits (Jones, 2017).
The products like Smartphones, Smart Watches etc. have added to the convenience of the
customers. This is so because they have several types of features which can be used by
the customers in their day-to-day lives. Therefore, in this way the customers have been
provided much more features in their products then what they used to get earlier.
 Better networking- The products being launched nowadays allow the customers to be
able to create networks in a better manner as compared to the past (Kusmintarti, Asdani
and Riwajanti, 2017). Thus in this way better networking can be done. This is the change
which the products which have been launched post the year 1999 have brought to the
market. This ensures that these products reduce the distance between people and allow
them to connect in a better manner with each other effectively and efficiently.
 Focus on comfort- The products which are being launched nowadays are focusing more
on comfort for the customers (Martins, Martins and Pereira, 2019). The companies want
to put focus on the comfort of the customers because they have to feel that the product
has created value for them for the price they have paid for it. In this way the products
launched post the year 1999 has changed various things.
TASK 3
The Concept Plan refers to the concept of an enterprise which focuses on bringing an
innovative product or service in the market (Papadakis, 2016). Therefore in this manner the
enterprise can be started by the entrepreneur to earn higher-level of profits in the future.

The following Concept Plan is for a new entrepreneurial venture named VR World. This
is an enterprise which will deal in providing virtual reality accessories to its customers. As
Virtual Reality is still an innovative concept starting a venture for providing its accessories to the
customers is an idea which will help in helping the entrepreneur to earn more profits.
Concept Plan
Particulars Details
Introduction The business concept is based on a Virtual
Reality Enterprise which will provide Virtual
Reality Accessories to the customers. It is an
innovative idea as currently there are very few
enterprises which deal in providing such
accessories to the customers.
The concept offers various types of
opportunities to the entrepreneurs which are
explained as follows-
 Tapping into a market with high
potential
 Low competition in the market
 Higher demand from the customers
 Chance of making higher-level of profits
Objectives  To effectively penetrate the virtual
reality market by offering products and
services.
 To meet the needs and requirements of
the customers related to virtual reality
products and services.
 To identify the potential for expansion in
the future in the virtual reality market.
 To enhance the level of profits in the
virtual reality business in the future,
Market research Both Primary and Secondary Research Methods
will be used to conduct the market research for
the enterprise (Syam and et.al., 2018).
Questionnaire Technique will be used in
Primary Research. Data available through trade
association will be used for the purpose of
Secondary Research. Thus by making the use of
these methods raw data will be gathered and
thus can be complied in a highly effective
manner.
Target market The Target Market of VR World will be the
young customers in the market. Customers in
the age group 15-35 will be the main target
market for the enterprise because they are the

ones who enjoy making the use of virtual reality
products as well as accessories and therefore the
enterprise will concentrate on their different
types of needs and requirements so that higher
level of profits can be attained.
Marketing  Product- The products of VR World are
the Virtual Accessories which are
required by the customers for playing
Virtual Reality Games.
 Price- VR World will make the use of
penetrative pricing strategy so that it is
able to ensure that it can effectively enter
into the market effectively and
efficiently.
 Place- VR World will be based in
London, United Kingdom. The city
offers plenty of scope and opportunities
for targeting different customers and
earning profits.
 Promotion- VR World will make the
use of traditional as well as modern
promotional methods and techniques so
that the enterprise can effectively target
new customers.
Human Resources Hiring of new people will be done in the
enterprise so that the use of their talent
and capabilities is made in the right
manner to help in the management of the
enterprise effectively and efficiently
(Tung and Yu, 2016). The use of
different recruitment methods will be
made to hire people for working in the
organization.
Operations Processes- A detailed manufacturing
process will be used to ensure that
quality virtual reality accessories are
produced and made available to the
customers. For this purpose the
production processes will be arranged in
a systematic manner ensuring the
achievement of goals and objectives.
Staffing- There will be a requirement of
different people who can do the work of
the enterprise related to the different
departments like Production, HR,
Finance, Sales and Marketing. Thus the

positions will be filled by making the use
of appropriate techniques and methods
of recruitment.
Location- The location of the enterprise
will be in London, United Kingdom. The
City offers plenty of opportunities for
the purpose of attainment of goals and
objectives related to the enterprise.
Therefore the city has a lot of scope for
this business.
Technology- Advanced Machinery will
be required for the purpose of production
of the Virtual Reality Accessories in the
market.
Legal issues  Government permission- There is a
requirement to obtain permission from
the government before the approval is
obtained for starting the enterprise. Thus
VR World needs to ensure that the
government permission is obtained by it
before it proceeds with setting up of its
operations.
 Legal procedures- There are plenty of
legal procedures which are involved
before the enterprise can be started (Van
de Vliert and Murray, 2018). VR World
has to make sure that the various legal
procedures are fulfilled in the right
manner which will help in setting up the
operations effectively and efficiently.
Financial plan Particulars Details
Admin Exp. 150000
Marketing Exp. 50000
Promotional Exp. 60000
Other Exp. 40000
Total 300000
The use of the following sources of
funds will be made to arrange the funds
for starting the enterprise-
 Venture capital- It is the initial
capital which is required for the
purpose of starting up the
business. Thus in this way VR
World will be able to get the

right amount of funds for the
purpose of starting its operations
effectively and efficiently.
 Angel financing- In it the angel
investors provide money for a
return in the form of share in the
equity. In this way VR World
will be able to ensure that it gets
appropriate amount of funds for
starting its operations by making
the use of this source.
 Bank Loan- It is the amount of
money which is provided by the
Bank to its customers for
different purposes at a certain
rate of interest. VR World can
get the desired funds from the
Bank through Bank Loan which
will help it a lot in ensuring that
it is able to start its operations
effectively and efficiently.
 Personal financing- It refers to
making the use of personal
sources which are helpful for the
enterprises in getting the desired
funds. Therefore VR World can
make its use so that it is able to
get the desired amount of funds
for starting its operations
effectively.
Risk involved Risks involved-
 Economic risk- It refers to the monetary
risk which is associated with the
organizations and therefore can affect
their level of operations. Thus VR World
faces this risk in which losses can incur
if wrong decisions are taken.
 Compliance risk- It means the risk
which is present due to non-compliance
with the laws. VR World faces this risk
in which it can face actions and penalties

from the different authorities if
compliance with law is not done.
 Financial risk- It means the risk which
is involved in the business which is
related with the financial position.
Therefore VR World also faces this risk
and thus this can lead towards problems
and issues if the financial position of the
enterprise is not good as in this condition
it will not be able to manage its
operations in the right manner. Thus this
is a risk which it faces.
 Operational risk- It refers to the risk
which is related with the operations of
the enterprise. If the operations of VR
World are not managed well then this
can lead towards creation of problems
and issues for the enterprise and in turn
can create an impact on the overall level
of profits in the firm.
Contingency In VR World a certain amount of money will be
set aside for the purpose of Contingency. Thus
in this way VR World will be able to make sure
that if there is a situation in which immediate
need of funds is required then it will be able to
use the Contingency fund for the same purpose.
Exit Strategies The following Exit Strategies can be used by
VR World if it has to exit its business-
 Liquidation- In this strategy, liquidation
can be done to ensure that the right value
of the different assets can be realized.
Thus if VR World wants to exit its
business then it can be used.
 Selling the Business- In this strategy,
the business can be sold by the enterprise
to another enterprise which can ensure
its takeover. Thus this strategy can be
used by VR World if it wants to exit the
business.
Other issues There can be other issues which can be faced in
the business. These are explained as follows-
 Management issues- These are the
issues which are related with the
management of the enterprise. In VR
World these issues can be faced and thus
the requirement is to ensure that the

proper functioning of the enterprise can
be ensured in a highly effective manner.
 Functional issues- These are the issues
which are related with the functions of
the organization such as Production, HR,
Finance, Marketing etc. In VR World
these issues can be faced and thus the
management is required to make sure
that the proper management of the
functions can be done in an appropriate
manner.
CONCLUSION
From the above report, it can be concluded that entrepreneurship, innovation and
creativity are quite essential from the point of view of providing the appropriate products and
services to the customers. All of them are required in an enterprise so that it can attain
sustainable level of success in the market. A person who has entrepreneurial ambitions can tell
story in a reflection form. The organizations and products launched post the year 1999 have
changed the lives of the customers. A Concept Plan can be framed if a new entrepreneurial
venture has to be established and it contains different elements which are required to be
considered so that the launch of the venture can be done in a highly effective manner. This will
allow the enterprises to earn higher-level of profits.

REFERENCES
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