Entrepreneurship in Business: Role, Planning, and Innovation

This report provides an overview of entrepreneurship, focusing on the role of the entrepreneur, business planning, and innovation. It discusses the essential elements of the entrepreneurial process, including discovery, business plan development, resourcing, company management, and harvesting. A business plan is presented for a catering business, detailing aspects such as the executive summary, industry overview, market analysis, competition, sales and marketing plan, ownership and management plan, operating plan, and financial plan, including a budget of $115,000. The report concludes that entrepreneurship involves creating, developing, and scaling a business to generate profit, requiring the ability and readiness to organize and run the business effectively.

Entrepreneurship in
business

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Knowledge and understanding about the following- .................................................................1
Essential elements of entrepreneurial process.............................................................................2
Business plan ..............................................................................................................................2
CONCLUSION................................................................................................................................4
References:.......................................................................................................................................4

INTRODUCTION
The entrepreneur in the organisation likes to take risk and wants to succeed in ever-
changing and competitive global marketplace. The entrepreneur is an individual which aims to
create business by taking risk and enjoys most of rewards as it is innovator having sources of
new ideas, goods, services and processes (Ben Arfi, and Hikkerova, 2021) . The whole process
of setting business is termed as entrepreneurship. The report will discuss knowledge and
understanding of business planning, innovation and role of entrepreneur. Further, essential
elements of entrepreneurial process is discussed and business plan is prepared.
MAIN BODY
Knowledge and understanding about the following-
 The role of Entrepreneur- The entrepreneur is the person who tales risk for starting a
new venture. It is the one who has initiative, skill for innovation ans looks for high
achievements. In setting of business the Entrepreneur has several role to perform. The
initiating and growing business to its maturity is traditional role. It allocates employee
responsibilities by hiring qualified and competent staff (Frolova, and et.al., 2019). It also
responsible in organising business structure and environment which can help employees
to maximize their potential. The Entrepreneur role is to anticipate any challenges and to
address them quickly by having forecasting so that effective decision can be made.
 Business planning- This mainly involves the collection of ideas in formal business plan
which describe the summary of business current state along with detail steps for
improving the performance. This process helps entrepreneur in determining exactly what
needs to be accomplished for building venture along with human & financial resources
needed for implementing plan. The effective business planning helps in attaining short
and long term goals.
 Innovation- This term is related to practical implementation of ideas in aim of
introducing new product or services. It is an invention of something new which covers
multiple activities. For entrepreneur innovation is creation of new concepts like
workplace process, upgrading of existing product. The innovation in organisation helps in
promoting growth and ensures to compete with market trends and making profits.
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Through learning the steps of creativeness can benefit new business in attaining height of
success.
Essential elements of entrepreneurial process
The process of entrepreneurship is continuous which is required to followed by
entrepreneur for planning & launching new venture efficiently. This covers the following
elements-
 Discovery- It starts with the idea generation in which entrepreneur identify and evaluates
the business opportunities by seeking inputs from person involving consumers,
employees, technical people etc.
 Developing business plan- This is next step which is critical for the success of new
venture. The effective business plan act as benchmark and evaluates criteria to see
organisation is moving towards the goals (Kollmann, 2019). It involves component of
mission & vision, capital requirement, description of good and services etc.
 Resourcing- In this stage there is determination of finding sources from where the
finance and human resources can be arranged. For the new venture entrepreneur finds
investors and personnel for carry out business activities in effective way.
 Managing company- The next step is initiating business operations for attainment of set
goals after the funds are raised and employees are hired. The management structure is
decided by entrepreneur which is needed for solving operational problems when arising.
 Harvesting- In entrepreneurial process this is last step where future prospect for the
business is decided that growth and development by entrepreneur. There is comparison of
actual growth with planned growth after that decision regrading the stability or expansion
of business operation is undertaken by entrepreneur (Mohammadi, S., 2019).
Business plan
In written document it describes in detail how business usually start up defines objectives
and how it is achieved its goals. This lays the roadmap for the firm from marketing, financial and
operational standpoints (Rabrenović, and et.al., 2020). The elements are as follows -
 Executive summary- The business plan is made for the start-up of new venture which
consists of several actions and planning. The business ideas is developed for the starting
of catering business which will offers the catering services to hotel, restaurant.
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 Industry overview- The catering business will offer the quality food menu items and
determine the market need on basis of customer choices & demand. The profile of
customer service will made understand and it will offer services of menu designing, table
setup, banquet arrangements etc.
 Market analysis- This involves the environmental analysis of both micro and macro
which can affect the business. The micro are internal which involves factors of customer,
supplier, government, investor etc. and macro are external factor that takes into
consideration of PESTEL analysis. The catering business will also consider the SWOT
analysis in market for having success.
 Competition- For catering business there are lot of competitors to compete. It will make
customer satisfaction as priority and focusing on differentiating its products from other
companies in order to have competitive edge.
 Sales & marketing plan- The company will take use of several promotional techniques
for selling of its products and it will target to individuals, organisations and business who
will take the catering services for occasions and events. The effective marketing plan will
help in reaching to target customers.
 Ownership & management plan- To run the business it will involve the personnel and
board of directors. It will also consider the organisation structure, profiles for
management team.
 Operating plan- It will contain the information regarding the facilitates and products to
be provided to customers and in what way they will be distributed. The catering business
will set the short and long term goals.
 Financial plan- To run the business venture the catering business will find the sources of
funds. The budget will also be prepared for which it will need of $115,000 to run its
business operations.
Cost of the furniture = £ 7500
Advertisement cost = £ 5000
Cost of space = £ 20,000
Kiosk counter = £ 1500
Cost of setting – up = £ 10,000
Salary to the workers = £ 15,000
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Raw Material = £ 27500
Salary of manager = £ 25000
Saved for future purposes = £ 3500
CONCLUSION
From the above report it is being concluded that the term entrepreneurship defines to an
ability of creating business while developing and scaling in order to generate profit. The
entrepreneurship has ability and readiness for developing, organising and running business.
References:
Books and Journals
Ben Arfi, and Hikkerova, 2021. Corporate entrepreneurship, product innovation, and knowledge
conversion: the role of digital platforms. Small Business Economics, 56(3), pp.1191-
1204.
Frolova, and et.al., 2019. Discussion on key concepts in modern entrepreneurship
education. Journal of Entrepreneurship Education, 22(4), pp.1-9.
Kollmann, 2019. E-Entrepreneurship: Grundlagen der Unternehmensgründung in der digitalen
Wirtschaft. Springer-Verlag.
Mohammadi, S., 2019 Book Review: Planning Language Courses: Principles and Procedures:
RELC New Portfolio Series 3.
Rabrenović, and et.al., 2020. The relationship between strategic management and public relations
and their implications for financial operations. International Review. (1-2). pp.89-93.
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