MNG00314 Venture Proposal: Entrepreneurship and Innovation

This project is a venture proposal focused on the Sydney Harbour Marriott hotel, analyzing entrepreneurial qualities and potential innovations to attract investment. The assignment explores four types of innovation (invention, synthesis, extension, and duplication) and suggests specific improvements such as customized gifts, consolidated toiletries, catering enhancements, and a retail store. It emphasizes entrepreneurial qualities like confidence and creativity, and discusses the importance of return on investment (ROI) to attract investors. The proposal aims to demonstrate how these strategies can enhance the hotel's appeal and financial performance, ultimately leading to increased customer satisfaction and investor confidence. The report concludes by highlighting the crucial role of entrepreneurial skills for effective management and the potential for innovation to generate goodwill and financial returns.

NAME OF THE STUDENT:
NAME OF THE UNIVERSITY:
AUTHOR’S NOTE

ENTREPRENEURSHIP AND INNOVATION

INTRODUCTION
The following representation is based on the entrepreneurship
development skill and quality is very important to be inculcated so
that there is proper functioning in the management. The chosen
organisation for this particular report is Sydney Harbor Marriott in
Australia. The aim of the report is to illustrate on the
entrepreneurship qualities and the four area of innovation that can
be incorporated within the area of Sydney Harbour Marriott. In the
concept of return on investment will help to understand the
concept why the investors are needed for the chosen organisation
and the reasoning that might be behind.

BACKGROUND OF THE COMPANY
Name of the Company- Sydney Harbor Marriott, Australia
The Harbor View Hotel is the heritage that is situated in the heart of the
continent in Sydney which was constructed in the year 1922 and took one year for
its completion (Carpenter, Wiencek and Lilley 2016). The hotel was funded by Tooth and
Company under the clause of 50 year lease. The founder of the great chain of
hotel and resort is J. Willard Marriott.
The hospitality service is rewarded four times in Forbes list as one of the best
companies to work for and is voted the fourth best company to work for in the UK
by The Times in 2009.

INNOVATION QUALITIES
The following points are termed as the innovation qualities and
they are:
Invention innovation: invention is referred to as the creation of
brand new product. Sydney Harbor Marriott can adopt the creation
of new customized gifts that can be provided by the hotel while the
guest departs from the hotel (Arrow and Kruz 2013).
Synthesis innovation: the existing concept of providing soap and
shampoo bottles in each room for the new gust must now be
reformed to provide a single package that will comprise of body
wash, shampoo, toothpaste, toothbrush and hand sanitizer.

Extension innovation: Sydney Harbor Marriott should make
improvement in the area of catering service.
Duplication innovation: the hotel can adopt the strategy of
opening a retail store that will make the customer access to various
products. The products should be based on the concept that can
facilitate the travelers to make purchase according to their choice
and preference (Honour 2013).

ENTREPRENEURSHIP QUALITY
According to Hjorth, Holtand and Steyaert 2015, some of the entrepreneurial
qualities are:
Confidence.
Open Minded
Self Starter
Competitive
Creativity
Determination
Strong people skills

RETURN ON INVESTMENT
The return on investment can be explained as the performance
measured to evaluate the efficiency of a particular investment and
compare the efficiency in number of different investment.

INVESTMENT
The investment should be made in the organisation so that
there is a revenue earned extra apart from making profit.
The profit will encourage the investors to join in more and
bring up more innovative ideas to be incorporated in the
hotel and in their service facilities.

CONCLUSION
The presentation can be concluded on a note that that the entrepreneurial
skill is a very crucial part for the leader or the manager to adopt so
that proper functioning of the management can be operated. . The
different types of innovation skill can be owned and performed so
that there is goodwill for the company and can gain trust of the
customers. The investors can rely on the reformation process and
can expect return on investment.

REFERENCE
Arrow, K.J. and Kruz, M., 2013. Public investment, the rate of return, and optimal
fiscal policy. RFF Press.
Honour, E.C., 2013. Systems engineering return on investment.
Australia: University of South Australia.
Hjorth, D., Holt, R. and Steyaert, C., 2015. Entrepreneurship and process studies.
International Small Business Journal, 33(6), pp.599-611.
Carpenter, W.M., Wiencek, D.G. and Lilley, J.R., 2016. Introduction Terrorism and the
New Security Environment. In Asian Security Handbook (pp. 13-42). Routledge.

THANK YOU