Hair Masters: Innovation, Opportunity, and Entrepreneurship Report

This report examines the entrepreneurial success of Hair Masters, a barber shop in Milton Keynes, focusing on innovation, opportunity, and business strategy. The report begins by defining key terms like entrepreneurship and innovation, then delves into the entrepreneurial traits displayed by the shop's owner, such as passion, hard work, and motivational skills. The analysis highlights the implementation of an appointment system as a key innovation. The report also applies Porter and Lawler’s Expectancy Theory to explain the motivation behind the entrepreneur's efforts. Furthermore, it explores the business opportunities that arise from continuous innovation and adapting to market trends, including the use of a third-party HR company to improve employee management. Finally, the report concludes by emphasizing the importance of innovation and adaptability for achieving sustained success in a competitive market. This report is a valuable resource for students studying entrepreneurship and business management, offering practical insights into the strategies employed by a successful small business.

Opportunity innovation
and entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Entrepreneurship.........................................................................................................................2
Innovation ..................................................................................................................................3
Business opportunity...................................................................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Innovation can be defined as translating the idea or thought in real terms in order to
create value for the product or services as well as customers are willing to pay for it. Whereas,
business opportunity refers to as turning the loop of others as their benefits to gain competitive
advantages against rivalry. And entrepreneurs can be stated as an individual who is accountable
to formulate a business by bearing all the risk factors at their own level (Allen and Potts, 2016).
They are liable for profit and loss of the business in the cut throat competitive world. As per the
interview Hair Masters from Milton Keynes are taken. In this brief discussion on innovation,
opportunity and entrepreneurs are done. As well as certain theories are explained in order to
better understand how Hair Masters business are continuously growing.
MAIN BODY
Entrepreneurship is refer to as the process of formulating idea and then working toward
its implementation for establishing a business by organising, managing and controlling the
activities effectively for success (Bikse and Riemere, 2015). The Hair master barbers is one of
the most popular and best know barbershop business which is established in Milton Keynes. As
per the interview conducted with the entrepreneur of the Hair Master shop it has been found that
he holds several entrepreneurial traits which supported him to become a successful businessman.
These traits are,
Passionate:- As per the interview it has been found that he is passionate about his
business as he bring up several new ideas to improve its service quality in order to keep
customers satisfied. For this they also bring an innovation of appointment system which help in
reducing the waiting time of customers and also simplify the work of employees.
Hard working:- Throughout the interview it has been found that the entrepreneur of The
Hair Master is a hard working person as he put more efforts toward transforming his traditional
business into more advanced, innovative and as per the current expectation of customers by
brining new technology and other improvement like dealing with third party for Human
Resources management.
Motivator:- The entrepreneur whose interview has been conducted work more toward
keeping its employees motivated toward their work by keeping them satisfied with their job role
by offering the random incentives or bonus as per their performance. In addition to this, The hair
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master also offers perk to customers in term of discount of addition service to keep ensure
regular visit.
Entrepreneurship
The Hair Master Barber shop has become one of the most demanding and high quality
service offering company which operates in Milton Keynes and Stony Stratford area by
continuously dealing with the changing need and demand of customers (Block and Van Praag,
2017). This become possible with the entrepreneur who is currently holding and managing the
operations of the company as in his interview he said that a person don't make mistake rather it is
a learning curve which support a person in learning and implementing new things into business
so that further growth can be expected. This business of barber shop was a kind of old traditional
one which leads to a downturn of the business as there are number of new alternatives get
established within the market. Hence to deal with this the entrepreneur of hair master worked
toward transforming it into a next generation offering of services by providing the customers an
appointing their service to avail and time to simplify their process (Cadar and Badulescu, 2015).
He is a great entrepreneur who work harder toward improving the market position of such a
simple and traditional barbershop into one that won a prize as a one of the most successful barber
business throughout the country. He is an entrepreneur with lots of traits that make him
successful such as hard working, passionate, innovator, good leader, motivator etc. The efforts of
entrepreneur can be better understood with the help of motivation theory as he always remain
motivated toward the work which make him successful. The most suitable theory for the case of
The Hair Master Barber shop is Porter and Lawler’s Expectancy Theory which is an
improvement over Vroom's expectancy theory. This theory said that performance laeds to
satisfaction but the motivation doesn't lead to directly to improvement of performance rather it
mediate the ability and traits of a person. This theory involves three elements such as :
Efforts:- It refers to the amount of energy that a person exert on a particular task, hence
for improving the performance of employees, entrepreneur of The Hair Master started offering
random bonus to its employees which not make them expectation rather focusing on performing
well which work toward improving the brand image in market (Green, 2015).
Performance:- The performance of a company is totally depend over the amount of
labour as well as ability of employees to work well. In order to enhance the ability as well as
employees retention in business The Hair Master work toward improving its employee
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management by dealing with third party HR company to ensure job satisfaction of staff
members.
Satisfaction:- The performance leads to satisfaction which depends over the amount of
reward a person get (Kadir and Sarif, 2016). After the implementation of appointment system
The Hair Master rewarded with most successful barber business throughout the country which
motivate them to work forth toward continuously improving the performance and quality of
services within the marketplace which is that reason behind the success of business.
Innovation
In order to make a business successful it is very crucial for a business men to keep on
bringing changes in the operations as well as practices performed by a business in order to serve
its customers by offering satisfactory services to them. This only become possible when an
entrepreneur put more efforts toward bringing innovation in business either in term of improving
their services or operational process which keep in getting competitive within the marketplace
and remains align with the new trends and demand in market. A great example of this is a
company named as The Hair Master Barber shop which was a general traditional sort of barber
shop but to provide it a sustainable market position the entrepreneur of the company work
toward bringing innovation in term of management of its employees effectively (Lavoie, 2015).
For this The Hair Master Barber shop has consulted with the third party for human resource
management named as Sheila which is one of the biggest business in country as it holds around
17 staff members in barbershop along with 18 in office to operates appointment and other
operations. This is because there are lots of stress as well as legislation which are required to be
consider while recruiting and employees a person at job so by taking guidance from third party
for Human resource management it become easier to maintain the employees in a manner that
support in keeping them happy and satisfied with the job.
On the other side, The Hair Master Barber shop has also work toward brining innovation
in term of simplifying the service process used by customers and for this it work toward brining
a new software as an appointment system (Mukherjee, 2016). For this he approached a software
company in order to create a customized software regarding the Barbara and stroke hairdressing.
It is a piece of software in the form of appointment system where people can download a strike
app and make appointment by choosing the services as per time available. This application
support in reducing the waiting time of customers and on other side also reduces the working
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pressure of employees by briefing their work before that reducing their stress and help them in
providing high quality services without getting frustrated.
Business opportunity
According to the interview which was conducted between the owner of the Hair Masters
and interview focused more on innovation, opportunity and entrepreneurs. This three aspects
helps the company to grow the business successfully in the intance competitive world. The main
reason why the Hair Masters from Keynes is growing at a tremendous scale as an entrepreneur is
because of adopting of modern tools and techniques in their barber stores (Volery and von
Siemens, 2015). In order to bit the competitors prevailing in the global market business scan the
market effectively. However, by educating and training the people about entrepreneur can be
great business opportunity in the coming years. Along with this by motivating the people about
how to become a effective entrepreneurs can raise their level on interest to become a successful
entrepreneurs. In the competitive market place this leading hairdressers is continuously fulfilling
the the needs and preferences of the customers due to which goodwill is raised in the eyes of the
customers. However, enterprise is adopting a software app for early appointment this directly
assist the organization to build loyal customers for the hair cut service. Adaption of this app aid
the business associates to expand their business of hairdressing to the next level.
By this tough competition is created for the competitors and huge market ratio is
captured. This are the emerging business opportunities which need to focused by Hair Masters
from Keynes this lead aid the company to grow and develop across the boundaries on continuous
basis. To become a successful entrepreneurs in the cut throat competitive world it is very
important to frame unique strategies and keeping on modifying as per the requirements of the
circumstances of the marketplace (Westhead and Wright, 2016). This act helps the organization
to grab the loop holes of other and turning it as their own benefits. This prevailing business
opportunity leads the hair dresser business to set tough standards for other rivalry which is a
positive sign for the company. By turning out the own interest as an entrepreneurs and
encouraging them to carry forward their passion and timely motivating them to perform best is
the other business opportunity which is flourishing in the global market. Timely educating the
people about entrepreneurs and their success stories boost the people to start their own business
as an entrepreneurs. As well as timely guiding them on every stage to bear up the risk factors
helps them to become leading business entrepreneurs. The grow consistently in the international
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market scanning of global market is important as well as studying the customers mind regarding
the taste and preference is essential. However, by conducting research and development task on
continuous basis help the Hair dresser organization to come up with unique tricks and hair cut
which aid them to generate huge revenue (Wright and Westhead, 2016). Every type of small or
big organization conduct external environment evaluation so as to survive in the instance
competitive world. All this business opportunities aid the company to grow and expand their
business to the next level which is a positive sign or the administration.
Therefore, from the above it can be concluded that by educating the people and
encouraging them to carry forward their passion of business will help to become a leading and
successfully entrepreneurs in the international market (Zhu and Xiao, 2015). This prevailing
business opportunities in the cut throat competitive market place helps Hair Masters to grow
successfully as entrepreneurs. As well as push them to meet the desiring needs and preferences
of the customers. It directly leads to create competitive advantages against rivalry.
CONCLUSION
From the above mentioned information it has been summarised that a business become
successful and achieve sustainability at marketplace only when it continue innovating its
business practices, services and process to improve its performance. This support a business in
keeping its customers satisfied by offering services beyond their expectation which is very
crucial in current competitive world. Despite of keeping customers satisfied with innovation it is
very crucial for a business to bring such changes in process that support employees in getting
free from their work stress by simplifying their operations which help in retaining employees for
longer period of time as they are responsible for the better performance of company.
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REFERENCES
Books & Journals
Allen, D. W. and Potts, J., 2016. How innovation commons contribute to discovering and
developing new technologies. International Journal of the Commons. 10(2). pp.1035-
1054.
Bikse, V., Rivza, B. and Riemere, I., 2015. The social entrepreneur as a promoter of social
advancement. Procedia-Social and Behavioral Sciences. 185. pp.469-478.
Block, J. H., Fisch, C. O. and Van Praag, M., 2017. The Schumpeterian entrepreneur: A review
of the empirical evidence on the antecedents, behaviour and consequences of innovative
entrepreneurship. Industry and Innovation. 24(1). pp.61-95.
Cadar, O. and Badulescu, D., 2015. Entrepreneur, entrepreneurship and intrapreneurship. A
literature review.
Green, J. V., 2015. The opportunity analysis canvas. Venture Artisans.
Kadir, A., Bahari, M. A. and Sarif, S. M., 2016. Social Entrepreneurship, Social Entrepreneur
and Social Enterprise: A Review of Concepts, Definitions and Development in
Malaysia. Journal of Emerging Economies & Islamic Research. 4(2).
Lavoie, D., 2015. The discovery and interpretation of profit opportunities: Culture and the
Kirznerian entrepreneur. Culture and economic action. 48.
Mukherjee, K., 2016. The psychology of the successful entrepreneur.
Volery, T., Mueller, S. and von Siemens, B., 2015. Entrepreneur ambidexterity: A study of
entrepreneur behaviours and competencies in growth-oriented small and medium-sized
enterprises. International Small Business Journal. 33(2). pp.109-129.
Westhead, P. and Wright, M., 2016. The habitual entrepreneur. Routledge.
Wright, M. and Westhead, P., 2016. The Habitual Entrepreneur.
Zhu, Y. and Xiao, D., 2015. Policy entrepreneur and social policy innovation in China. The
journal of Chinese sociology. 2(1). p.10.
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