The Big Idea: Exploring Entrepreneurship in the Event Industry

This report delves into the event industry, exploring a new business idea centered around an eticketing system. It begins with an introduction to entrepreneurship, discussing relevant theories and practices, including innovation and Schumpeter's theory. The report then examines the behaviors, characteristics, and competencies of entrepreneurs, particularly in event management, highlighting the industry's growth and the benefits of an eticketing system. It analyzes both internal and external factors affecting entrepreneurial culture, such as the economy, politics, employees, and resources. The report outlines the process of a business start-up, from opportunity discovery and feasibility analysis to business plan creation and launch. The conclusion emphasizes the importance of entrepreneurial skills and a well-defined business plan for success in the event industry. References to relevant academic sources are also included.

The Big Idea
For event industry

Table of contents
Introduction
Theories and practice of entrepreneurship, enterprise and innovation
Behaviours, characteristics, competencies and personalities of a range of entrepreneurs
Internal and external factors affecting the development and creation of an
entrepreneurial culture
Process of a business start-up from conception to execution
Conclusion
References

INTRODUCTION
 Entrepreneurs are those individuals who undertake analysis of environment and
take risks to be successful. They have effective talent and skills in order to
disrupt market with new technology, ideas, products and services. Present
report has been conducted on development of new idea in order to enter in a
new business.

Theories and practice of entrepreneurship,
enterprise and innovation
 There are number of theories, practices and approaches being developed from the
past years to demonstrate entrepreneur and to provide explanation related to
development of entrepreneurship.
 Entrepreneurs are considered as those individuals who are innovator and offer unique
products and innovative services for economic change. These individuals are highly
creative and have different personality, background experience and decision making
ability. There are a number of internal theories like psychological, sociological,
economic and cultural that allows entrepreneur to accelerate their growth.

Cont..
While in terms with economic theories, Schumpeter’s Theory of innovation plays central
role in economic development. According to this entrepreneurs are the major drivers of
change who undertake opportunity to innovate in the form of creative destruction.
Innovation play most important role in entrepreneurship that facilitate entrepreneurs’ to
introduce new products with improved quality, new source of raw material in order to
disrupt market.
In terms with psychological theory of entrepreneurship it has been identified that Peter
Drucker states that entrepreneur are the one who always engage in the search for change and
undertake advantage of opportunity around them. According to drucker there are mainly two
elements that lead towards entrepreneurship which is innovation and resource. According to
Peter innovation effectively create resources that lead towards generating economic value.

Behaviours, characteristics, competencies and
personalities of a range of entrepreneurs
 Event management is mainly defined as a process to manage projects related to event or to
apply different techniques to manage events in effective manner. It has been identified that event
management mainly involved various form of project management aspects that includes
evaluation of event audience analysis, planning and coordination and creation of event concept.
It has been underlined that nowadays event profitability is growing in a significance manner.
Furthermore, it has been evaluated that individual seek for variations of event according to
different size.
 This industry is generating potential revenue. According to the analysis it has been identified
that nowadays events like corporate meetings, corporate events such as press conference, annual
general meeting, product launches, and corporate anniversaries are some of the corporate
management programs that is highly demanding. Furthermore it has been underlined that there
is different type of events such as music launches, movie previews, fashion shows, are being
organised in even industries.

Cont...
 In order to enter successfully in this industry with the help of innovative system,
eticketing system is very effective. It allows even promoter to effectively sell tickets
and further collect consumer information online. With the help of this one can
effectively eliminate the need for third party retailers those who charge very high
commission. Furthermore, according to the analysis with the help of this technology
expansion of markets can be done through which more number of customers can be
easily access in market segment.

Cont...
 For being a student it has been identified by me that I am innovative and
creative. I always question things and the manner in which they done and
thought of the process to conduct them in more effective manner. I undertake
use of proactive approach in order to have creative thinking and perform my
roles and responsibility with flexibility open-minded and always embrace
change. I seek external factors to break the opportunity and enjoy new
experience. I am confidently fit as an entrepreneur according to Ward’s
personality profile.

Internal and external factors affecting the development and creation of an
entrepreneurial culture
 External factors:
 The economy:
 It is one of the most important external factors that are having direct impact
upon entrepreneurial culture. However, it has been determined that this factor
could not be controlled. It is essential for individuals to identify threats as well
as opportunities in economy.
 Politics and government policies:
 This factor is having huge impact upon entrepreneurial culture. It is essential
for individual in order to be a successful entrepreneur to emphasise upon this
factor.

Cont…
 Internal factors:
 Employees and manager:
 These individuals plays important role for entrepreneurial culture. However,
conflicts, internal politics among employees and manager are some of the
certain aspects that affect entrepreneurial culture.
 Money and resources:
 Resources and money have significant impact upon entrepreneurial culture.
This internal factor has negative and positive impact. Thus, it is essential to
evaluate these factors in order to be successful entrepreneur and enter into a
new market.

Process of a business start-up from conception to
execution
Event industry is booming and has many growth opportunities. In order to enter in this
industry a new technology, eticketing system will be utilized. It has been determined that
creation of a new business in which it is essential to evaluate internal as external factors
 Discovery of opportunities and shaping them into business concept:
 Event industry is having successful scope for growth and opportunity. In order to enter
into this industry with the help of new technology eticketing system customers will be
served.
 Feasibility analysis:
 This analysis will be undertaken in order to enter in event industry as to effectively
analyse strengths and weakness.

Cont…
 Creation of business plan:
 In this stage proper business plan is required to be made. In context with
present report, effective business plan is made in order to ensure more
competitive advantage.
 Launching of business
 After accomplishing all the stages business will be launched in a successful
manner, in this each and every aspect of business plan will be reviewed.