Report on Managing Entrepreneurship, Innovation & Creativity Concepts

This report delves into the multifaceted world of entrepreneurship, innovation, and creativity. It begins by defining the core concepts of entrepreneurship and the importance of generating innovative business ideas. The report explores the challenges faced in taking an idea to market, including market uncertainty and resource acquisition. A concept plan is then presented, outlining a theme-based restaurant idea, detailing its mission, objectives, and operational aspects. The plan covers human resources, legal and financial considerations, and risk management, with a specific focus on the UK market. The report emphasizes the significance of market research, consumer needs, and effective marketing strategies for business success. Furthermore, the report highlights the continuous learning process for both the entrepreneur and the business organization. This report offers a comprehensive overview of the crucial elements needed for entrepreneurial success.

Managing Entrepreneurship,
Innovation & Creativity

Contents
TASK 1............................................................................................................................................3
TASK 2............................................................................................................................................3
Research Question.......................................................................................................................3
Theme 1 what is Meaning of Idea in the Entrepreneurship.........................................................3
Theme 2 Challenges that are Faced by Person in Taking an idea to Market...............................4
TASK 3............................................................................................................................................5
Concept Plan................................................................................................................................5
Human Resource..........................................................................................................................7
Operations....................................................................................................................................7
Legal Issues.................................................................................................................................8
Financial......................................................................................................................................8
Risks, Contingency and Exit Strategies.......................................................................................9
Other Issues.................................................................................................................................9
REFERENCES..............................................................................................................................10

TASK 1
An entrepreneur is a person who start a new business by making investment and taking
all the risk that is associated with the business and related operations. A new business starts with
an innovative and creative idea. A person ca become a good entrepreneur by considering the
potential of the market. To be an entrepreneur it is not essential to belong to an entrepreneurial
family. To become a good entrepreneur a person need to have some skills that can help them in
conducting business efficiently without any major failure. To start a new business person or
entrepreneur need to have an idea which can help them to established an organization. This
report will be discussing the pre entrepreneurial skills that can provide better opportunities to
individual person the convert small business in a large size organization, on the basis of
particular theme proper illustration will be made in report that is related to the entrepreneurship.
In the next part a concept plan will be discussed in brief for the particular idea. The concept plan
will be consists of the brief idea of the mission and opportunity. Different objectives will be
included in the concept plan. Consumer marketing, human resources, operations, legal issues,
financial risks, exit strategies and other issues also will be considered in the concept plan.
TASK 2
Research Question
What are the concept that we learn in getting our idea and concept to the market place.
Theme 1 what is Meaning of Idea in the Entrepreneurship
This is really a difficult thing for the individual person to come up with an innovative and
creative business idea that is unique and suitable for the business. A better idea and better
thinking can provide better opportunity to the person in the business and corporate world. The
business idea are not only required to start a business these are also important to keep the
business running efficiently. In different case business ideas can help the person to start a new
business that can enable them to earn money and gain experience. New and creative business
ideas are important fir the person to start new business in the corporate world. These ideas are
the foundation of the business. A creative idea can help the entrepreneur to make better
reputation in the market place by meeting the demands and needs of people in different way.
According to Kirzner, (2015)a business ideas is everything for the entrepreneur because it is the

thing that provides individual person a opportunity that ca help them to earn extra profit. All the
resources that are required by the person are depended on the business idea. The success of a
business idea can be evaluated with the marginal profit that is earned because of a business idea.
There are no limitation for a business idea in the world. This is not possible for the entrepreneur
to build a business empire without a business idea. There are many example of creative and
innovative business ideas that made the person great entrepreneur and great business man. The
person like Mark Zuckerberg, Bill Gates and Elon Musk are the some example of this concept,
they have created a great business empire just by a single innovative and creative idea which was
related to and connected to the current market trend. The ideas that are based on the current
market scenario are most valuable and effective fir the person to rise a business empire, this is
how a business idea is important for the person to established business,
Theme 2 Challenges that are Faced by Person in Taking an idea to Market
There are different challenges face by person while they come up with a business idea to
open a new business. These challenges are faced by the person in the transition and ensuring the
availability of enough resources that are important for person to start a new business. According
to Parker, (2018) uncertainty of business relate to the future. This is the biggest issue that is
associated with the starting a business organization in new market. There are two different side
of the business idea. One is the creativity of the business idea and other one is the uncertainty of
the market place. Some times that business ideas that are created by the person which are not
suitable for the market place and sometimes the selection of market. This is all about the
suitability of the market and it is how the suitability of the market place encourage the
entrepreneur to create and established a new business in the market. This thing help the
entrepreneur to learn the skill that enable them to develop that capability of understanding of the
market place and making better idea that are suitable for the success of the business. This is how
it is challenging for the person to develop better ideas that can help them to take their business to
the nest level.
As per Burns, (2016) this is not only limited to the creation of better idea that can help
the person to established a new business it is also important for them to make the resources
available which are essential for the business creation. The main resources that are important for
the business creation are huge capital, machinery, computer resources, market research and other

external resources that can enable them for run the business successfully. This challenge of the
market place help the entrepreneur to learn about the management of the resources and effective
use of the resources which are available in the limited amount. For example entrepreneur have to
learn about the effective use of resources that can further help the organization to grow and
develop on the local and international level. There are also some other things that are important
for the business organization. These challenges of taking a business idea to the market place
allow the person to learn different things. It helps the person to develop learning skills,
technological skills. Communication skills and other business professional skills that are crucial
for the growth of organization and individual person.
Challenges of the creating are mainly faced by the person in the initial phase of time and
most of these challenges are connected to the market place. In opinion of Kuratko, (2016) the
path way of success pass through failure and problems. Without facing problems and issues a
person can not learn new thing. To start a new business is an objective for the person and to
complete this objective they need to full fill different things that are important for them to
develop beer analytical skills to reduce the complexity of business in order to provide better start
up to the company. By considering various factors that are consist of learning opportunity should
be considered by the person to get better solution to understand the business scenario and
consumer demand to provide effective solution to attract them towards their product and
services. That is how the process of taking an innovative business idea provide opportunity to the
person to learn different things which only can be learned by facing troubles that are come in the
way of establishing a new business organization.
TASK 3
Concept Plan
Introduction
To start a business in the market place it is important to have a creative and innovative
idea. There are different restaurant in UK which are conducting their business successfully and
making enough profit by conducting different activities. The basic idea of new business is related
to the creation of a theme restaurant that is based on the consumer need. This is about creating
theme based restaurant that allow the consumer to select a particular theme which is suitable for
the particular occasion (Storey, 2016). This is a new idea. The basic plan of this business is

originated from the destination and theme wedding that is based on a particular culture and
tradition, the concept behind this idea is related to the consumer satisfaction and provide them a
best suitable conditions that are selected by them. The operation and theme of the restaurant will
be focused on the condition and event type. The level of the customization will be according to
the on which level client want to throw the party or celebration. The mission related to this idea
is to establish a new restaurant that provides customizable theme to the consumer which is
suitable to their needs. This mission is some how related to the theme and destination
celebration. There are too many opportunities associate with this business where the people can
use their own creativity to make their celebration best. This is also creative for the business,
because it will provide better opportunities to the business organization to learn about different
new innovative and creative ideas to provide better solution to the people who come to the
restaurant with unclear mind set. This is a continuous learning process which will help the
organization and entrepreneur to develop and grow in the national and international market.
Objective
 To check the suitability of business idea for the UK market.
 To develop better policies to improve the establishment of the business.
 To make effective marketing strategy for the organization to get better profit from the
market place.
Research
Suitability of the Business Idea in UK
Ideas of business are important to get success in the target market. It is important for the
business organization to come up with an innovative idea to attract more consumer towards the
business and respective product and services. There are many restaurant in UK which are based
on the particular theme. The theme which are used by these restaurant are constant and in some
cases these themes are rotated on the time period basis. There are also some event planer which
are providing same services but it is too much costly for the people to use these kind of service
provider or event planners to make their celebration more successful (Huynh, 2016). In this case
this business idea will be more suitable for those people. There is huge scope of this business in
the UK market. there are different things need to be considered in order to establish new business

or a restaurant on the diverse range in this process different resources and various kind of
research. Work is needed to check the possibility of the business in the particular market place
and area of United Kingdom. The resources which are required before starting business will be
more focused on the research work that is conducted by marketing department of company. This
market reaseach will includes information of consumer needs, opinion of costumers and their
prospective about this business idea. For this research organization has to consider large range of
people to get better reviews and data which is suitable for success of business in United
Kingdom market.
The business of organization can be started with an idea but there are many resources are
required in order to set up the business in the real world.to prepare a business conceptually is
completely different from set up a new business in real world. There are various changes faced
by individual person in creating a new business and some of these challenges are associated with
marketing of the company. Marketing department of the company is more crucial and important
for the functions of the organization in the market place. the main role of marketing department
is to crate marketing and promotional strategies based on companies current situation, needs of
costumers, market survey, current business trends of restaurant, possible trend changes and
mindset and taste of customers. This is how by considering different factors business
organization in marketing department of restaurants can develop a better plan to set up a business
plan effectively for the particular market and target customers.
Human Resource
Human resource department are those physical working person who runs the
administrative structure of a running business without human resources a stable business can’t
occur and they play a key role to setup a business. Human resource has the power to control and
maintain peace in the business fluctuation. This department is the one of the most powerful
department in a business in all kinds of modes of business (Berkane and Djebbar, 2017). The
main concept of the human resource department is to handle the people who are associated with
the company on the basis of their personal needs and interest. The concept behind this human
resources department is to create better work conditions for employees to encourage them to give
their best to improve the profit of organization. In the case of creating a new business role of
HRM is completely different their work is to create a work force that can enable them to

successfully reach to the people who might be interested in the business idea and with the people
who are connected to this business concept. This is how the human resource of newly established
organization will work to generate maximum profit from the organization action
Operations
There are different departments in the business organization which are interconnected
with each other in order to improve the business performance of company in the particular
market place. Along with human resources, operational department of company is most
important for the success of organization. The work of the operation or production department to
manufacture and develop particular product of services for the organization which is further
provided to the consumers. In the case of the new restaurant the work of the operational depart
will be more crucial for this business plan. The execution of the whole action will be considered
by them. There are various actions will be performed by this department in the restaurant. The
preparation of food and decoration of the theme will be performed by this department. The action
of the operation department will specifies the success of the organization in the UK market. This
just not about the performance of organization in the market place it is also connected to the
satisfaction of consumer which is more for the future success of the organization (Renuka, 2016).
As per the initial plan the work of the operation department is to work in the way to attract more
customer as much as possible. This is will be based on the creating a strong market preens with
large consumer base. By this process restaurant will be successful in the United Kingdom.
Legal Issues
There are different consideration need to take by the restaurant to run their business
organization successful in market place without any legal trouble form the government
authorities of nation. There are different possible legal issues related to the restaurant
organization are health and safety law, Liquor control act and employment act of United
Kingdom. The health and safety act of the UK is based on the safety and security of the people
who are associated with the restaurant. For example employees who work in restaurant,
customers and other people live nearby the restaurant should be safe from the action that are
performed by them (Edwards, 2018). This is all about creating better architecture of the
organization to avoid any king of technical and structural failure in the organization. This is how
the health and safety act of UK protect the people who are associated with organization and work

in there. If construction of the restaurant building is not effective and suitable for the safety then
the organization might face legal troubles. Liquor control act controls the actions of restaurant
who contains alcoholic drinks in their menu. On the violation of these act restaurant might face
legal issues and registration of restaurant might b call off by the legal authority of country. All
above these act the most important act is food and safety law. This law should be completely
followed by the health care organization to avoid any legal trouble. This act is about the safety
consideration that are considered by the organization to keep their consumer safe from health
issues and diseases (Ma, 2017). This is how different kind of legal troubles can be faced by the
business organization in United Kingdom.
Financial
For a business organization financial stability means they are operating perfectly in the
market place. The financial stability of the business organization is depended on the consumer
base restaurant is having and other important factor is the economic condition of the country. As
the current issue in the UK market and Economy is Brexit, which is important for all
organization which are thinking of establishing business in the UK market (Gellweiler, 2017).
This is also important for them to satisfy their clients in efficient manner to provide better
satisfaction to the people who are associated to the restaurant. This is how by considering
different financial consideration entrepreneur can establish financially stable business in the UK
market.
Risks, Contingency and Exit Strategies
There are different risk are connected to this particular idea which are need to be
discussed before starting business and established the business in the UK market. These risk for
the business organization are related to the finance, performance of business in the market place,
consumer satisfaction, competitors and business failure are major risk in this business idea of the
theme based restaurant (Kitsios and Kamariotou, 2016). To avoid all these risk factors
organization need to consider various factors that are origin point of these risk. By removing the
source of problem company can reduce the level of risk to the restaurant. The financial risk can
be avoided by better planning and better execution of plan that is performed by the company.
The other risk like failure in market can be avoided by following respective strategy that can
provide high benefits to the organization.

Other Issues
In this business there are some other risks are also their which are minor in size but
effective for the business of the restaurant. These factor are related to the supplier of the raw
material, sustainability of the business, business methods used by restaurant, food provided by
the restaurant and seven P’s of marketing that are consider by the entrepreneur before setting up
a new business in UK market.

REFERENCES
Books and Journals
Berkane, K. and Djebbar, S., 2017. Analyse du business plan d’une entreprise par une banque:
cas de financement d’un investissement par Société Générale Algérie (Doctoral
dissertation, Université Mouloud Mammeri).
Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
Edwards, P., 2018. Business and Health Planning in General Practice. CRC Press.
Gellweiler, C., 2017. Bridging IT requirements to competitive advantage: The concept of IT
value planning. Procedia Computer Science. 121. pp.145-151.
Huynh, T., 2016. Business plan of Workshop for officers and events in Vietnam.
Kirzner, I.M., 2015. Competition and entrepreneurship. University of Chicago press.
Kitsios, F. and Kamariotou, M., 2016, September. Decision support systems and business
strategy: a conceptual framework for strategic information systems planning. In 2016
6th International Conference on IT Convergence and Security (ICITCS) (pp. 1-5).
IEEE.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Ma, H., 2017, July. Exploration on Urban Planning Based on the Wisdom City. In 2017 3rd
International Conference on Economics, Social Science, Arts, Education and
Management Engineering (ESSAEME 2017). Atlantis Press.
Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.
Renuka, R., 2016. Problems and prospects of budding entrepreneurs in Tamilnadu. Journal
Homepage: http://www. ijmra. Us. 6(12).
Storey, D.J. ed., 2016. Entrepreneurship and new firm. Routledge.