Entrepreneurship, Enterprise and Innovation Analysis Report

This report delves into the realm of entrepreneurship, focusing on the development and analysis of a new business idea: a temporary peel-off make-up mask called GoGirl. It begins with an introduction to entrepreneurship and innovation, followed by an exploration of relevant innovative theories like TRIZ and disruptive innovation. The report then examines legal considerations, business structures (sole proprietorship), and the importance of mission, vision, and values. A significant portion is dedicated to business analyses, including PESTEL and SWOT analyses for the proposed business. Market research, competitor analysis, and business plan development are also covered, along with discussions on business models, pricing, intellectual property, growth challenges, and strategies. The report provides a comprehensive overview of the entrepreneurial process, from ideation to strategic planning.

Entrepreneurship, Enterprise
and Innovation

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
1. Business Idea ..........................................................................................................................3
2. Innovative theories...................................................................................................................4
3. Legal consideration and business structure..............................................................................5
4. Mission vision and values........................................................................................................6
5. Business Analyses....................................................................................................................6
6. Market Research......................................................................................................................8
7. Business Plan And Exit Strategies...........................................................................................9
8. Business Models....................................................................................................................11
9. Pricing And Credit Strategies................................................................................................12
10. Importance Of Intellectual Property (IP).............................................................................13
11. Growth Challenges...............................................................................................................13
12. Growth Strategies.................................................................................................................13
13. Entrepreneurship Leadership Strategies..............................................................................14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Entrepreneurship is the process in which innovative ideas of business are practices by
the person who has developed those creative idea to take the opportunities in the market by
accepting risks factors of uncertainty.
The person who develops these innovative concepts for business purposes are called
entrepreneur. It uses its creative mind set to develop the enterprise for taking competitive
advantage in market (Venkataraman,2019).
Entrepreneurial process includes all the tasks which needs to perform during the
establishment of the new business. These steps are analysing the demands, developing business
plan, analyses the resource which is needed and then start a company. This cycle is continuous
process, it is important in terms to satisfy the customer's demand and new and improved products
are provided to them. In this report discusses on the entrepreneurship ideas, the creative mindset
and business related procedures (Parker, 2018).
Innovation is the process in which the existing products are used for the recreation and
present it in new form with more developed feature. It costs less than compare to invent a
product in which the resources are utilised and need huge amount to be invested for the research
and development.
New product launches in market which is temporary peel off make-up mask named Go-
Girl. So the company launches this product which is new and innovative idea to provide the
consumers a new cosmetic product which fulfils the needs of the girls in terms to save their
timing and give them bright make-up look for the different purposes. This report carries the
market research, competitor analysis, with business plan and business strategies with different
business models proposed. Also, business revenue models are discussed to analyse which model
generate the best revenue.
MAIN BODY
1. Business Idea
The entrepreneurship is about creative business idea which is practised by the person who
want to gain the profitability from it (Burns, 2016). So there are lots of innovation theories which
needs to be considered by the entrepreneur to do the business.

2. Innovative theories
Innovation is the process in which the existing products are used for the recreation and
present it in new form with more developed feature. Innovation is very necessary so companies
take his very seriously to promote their business in other markets as well. There are some,
theories which are discussed
TRIZ- it is theory of inventive problem solving. It is analysis and forecasting tools which is
derived from the study of the company to do their business. It consists the different strategies and
several tools to solve the problems.
Building a Culture of Innovation- Corporates are taking innovation very seriously, so they
promote this, as it needs the developed skills and needs the fundamentals to be cleared in the
person who are working in their companies. So that they can do the innovation in the products,
which fulfil the demands of the consumers (Kuratko, 2016). All the industries are building the
culture according to the trend, it gives benefits tot the organisations and help the companies to
take competitive advantage.
Disruptive innovation- this theory defines that the small companies launches the new products
to give the customers better and latest technology product which is easier tot sue. It gives the
disruptive innovation for the large companies that they don't consider this innovation and take
the innovation lightly. It allows the small business to take the low end market which is least
profitable.
Dual innovation- Theory defines that the core business is not affected while the new innovations
are taken tot consideration by the businesses. It consists the three steps the core business is not
affected, second the test and development or researches done out of the core business
(Drobyazko and et.al., 2019). Then the companies integrate the best innovation into their core
product.
Open innovation and Idea management- companies are working in direction of the innovative
ideas for the business, so they set the challenges for the working people or from outside of the
business. As they get many ideas form the internal and externally from different people. It leads
the company with gathering several innovative ideas of the products then they can further
structure it and use it in the innovations.

Idea of the Peel off temporary make up mask called Go Girl
So according to these innovative theories, company launches the new product in cosmetic
industry by using the Dual Innovation theory which consists that the company is keep practising
and researching the product demand in market and do the needed action to progress. As they find
their research is appropriate, so they can launch new product with the core business which gives
them benefits. As the idea of the temporary peel off make-up mask is very innovative, at
affordable price it gives the bright look like as heavy make up implication. So that, they consider
this product as it saves the time for the consumers.
3. Legal consideration and business structure
Company have to take the necessary action to launch the new product in market which is
suitable and should be innovative (Mitra, 2019). So they launch they new product for the
consumers to meet their requirement. So company have to consider the legal procedures like they
have to follow the environmental laws like they will not do the practices on the animals, they
will not harm the nature, as it would not affect the life of the consumers from the application of
the product.
Business structure
Business structure are following types:
Sole Proprietorship- in this, the owner is the individual person who take all the responsibilities
for the business activities and operation need to perform (Huggins and Thompson, 2015). Legal
liabilities and taxes implication are dependent on the person only.
Partnership- it involves two persons for the business as the both have to sign the agreement for
the business. They both have share in the profits and losses.
Corporate- It is more complex structure for the businesses as it includes different department for
the operation of the business. It depends on the multiples people who are working in the
organisation (Piperopoulos, 2016). As corporates have multiple investors, shareholders,
stakeholders, so it needs the mutual understanding of all of them.
Business of the peel off temporary make-up mask is done in the sole proprietorship so
that the owner have to bear the profits and loss. They have to perform all the legal liabilities and
tax implication (Chambers and Humble, 2017). They have to consider the laws related to the new
business which is necessary to be fulfilled the owner.

4. Mission vision and values
Entrepreneurship is the creativity of the person's mind who develops the unique idea. But
every business needs to fix goal which he wants to achieve. So the vision is for long terms an d
they plan to achieve the target. All the practices needs to do in direction, it works as a mission
like they plan to achieve the objective, all the people related to the organisation is related to it do
the necessary work according to the plan (McKeever, 2016).
Temporary peel off make up mask is unique idea in the market. As the entrepreneur who
develops this creative idea with a vision to sustain it for long term in the market. Its very
demanding in the US market. As it has some organic substance so consumers will like to use the
product. Business needs to set a goal, and then they prepare a mission for achieving it. It values a
lot as they have prior identification of the objective, so that it become easier to take the required
actions (Burns, and Dewhurst, 2016). As it also builds the reputation in the customers mind
because the busienss follows their ethics and moral value and fulfil their promises.
5. Business Analyses
Establishment of any business needs to check the conditions of the market and country. It
need to be analysed work condition are suitable or not so that it can give the best solutions for
the problems arise during the work. It includes the study of the factors which affect the business
in most prominent ways (McKenzie, 2015). Discussing the PEST and SWOT for the new
business is proved to be very effective:
PESTEL Analysis
Political factors-
Political condition of the country should be suitable for the new businesses. Like the UK
has the stable government now, so that it take the necessary steps in terms to promote the start up
and small scale businesses which gives the raise in economy. As they support the businesses for
their interest as they want enhance the globalisation in their country which make effective for
them to achieve the business deals from other countries. The new business of the peel off mask
take the advantage if the reliable policies of the government which indicate that business can be
done in positive environment (Brinckmann and et.al., 2019). As they have not so much terms and
conditions to be followed.

Economic factors-
It includes the economic condition of the country. As UK faces the Brexit so that it
fluctuates the economy of the country. Lots of people lost their jobs, it takes them for the
financial crises. But after the Brexit the start up and small scale business stake the lead and
supports the economy now it becomes stable. So the peel off mask have the opportunity to
establish the business as it is suitable for them. But they have to consider the financial factor for
the people, so they have to minimise the cost of the product.
Social factors-
Social factors are very important for the new business. People are more aware of the
quality of the products, so they would not compromise in it. As they company launches its new
product temporary peel off make up mask it should follow the ethics and legal policies like it
would not risk the life of the animal, so they don't animal testing, they should not use the
promotional strategies which consists the discrimination among the people. Further there
advertises should follow the norms and ethics (Gabler and et.al., 2017). Otherwise the public
would take the actions against it, if it found any illegal activity. So the business have to take care
about the society and spread awareness in the communities about the products.
Technological factors-
Country is developed and new businesses should use the technology advancement in
their products which can further benefits them. Like they can do the digital marketing of the
products, thy should provide it online platform. Also, the new products inventory should be
maintained by using the databases so it does not create any confusion at the workplace.
SWOT Analysis
Strengths
 Innovative idea considered
 New technology is used
 Small scale businesses is less risky
Weaknesses
 It might fail due to substitutes available in the market
 Higher price as it includes the organic substance
Opportunities
 It should take the opportunity to sale the products online

 Consumers like girls and women demand for this kind of product
 They can cover the global market as well using digital platform (Massa, Tucci and Afuah,
2017)
 It helps in taking competitive advantage as it new idea in market
Threats
 Competitors may launch the substitutes and same product (Bocken and et.al., 2016).
 New entry in the market can lower the profits of the business.
6. Market Research
 Industry and Competitor analysis
Every business needs the analysis of the demands of the consumers so that they can think
according to that. As it provides the necessary information to business. Before launching the new
business it requires assessing properly about the industry and competitors. It clarifies the scope
in the cosmetic industry as there are several kinds of products available in the market, so the
market is analysed properly. New business should have the idea of the growth is possible or not.
Next they should have all the information about the existing competitors and the products they
are providing to the people already (Linder and Williander, 2017). As they have different various
products exist in the market. The new business may fail due to not analyse the existing products.
Competitors would not allow the new entrant to establish. So they may decrease their prices and
gives offer discounts to the public to attract them. It cut off the margin for the new business.
 Customer and Target Audience
Company asses the market condition along with the analysis of the target customer segment.
They analyse the demands of the consumers, it gives them proper idea that which type of product
is now needed by the customers which meet up their desire. First they go through the existing
products which are already fulfilling the requirements of the consumers next they do the surveys
according to which they plan their new products (Srnicek, 2017). So it gives the benefits to the
new business to launch. According to the assessment they find out the target segment for their
products.
 How To Conduct Market Research
Market research is very necessary as it gives the idea of the present scenario. It includes the
market, audiences, competitors, possible threats, risks etc. So conducting market research is very

beneficial, new business of the temporary peel off make-up mask can use the different criteria of
doing the market research which are interviews, surveys, observation, focus groups, trials. So
they first analyse the consumers demands by doing the surveys or personal interviews. Next they
do the competitors analysis, then they are able to find out the potential customers (Matt, Hess
and Benlian, 2015). Next they overview the economic condition of the market so that they can
set the price of the product. It minimises the risk of the investment, helps in identification of the
opportunities, threats, it provides them to strategic planning.
 Product Staffing Operation
It includes the creating, designing, implementing the customs technologies customs, which again
leads to product development which makes the job easier for the company (Serra and Kunc,
2015). So the company needs the proper staff for managing the operations like production.
7. Business Plan And Exit Strategies
Every business needs a proper planning before starting the business. The business plan
gives the perfect direction to the business to do the task in appropriate and effective manner..
It includes :
Executive summary
It is a blueprint of the business plan which gives the idea about the business. So this
executive summary has all the necessary information about the product (Serra and Kunc, 2015).
Like new business of temporary peel off make up mask, it contains the product details, its
production details, analysis of the market, business strategies for the product with different
marketing strategies.
Company description
It has all the necessary details about the company, it describes the action taken to produce
or market the product.
Market analysis
It has all the required information about the market, which is based on the previously
made research. So the market research teams keeps the record about the market existing
competitors, industry, so that it made easier to take the necessary decision-making.
Organisation and management

It will bring the details about the organisation structure and management. How it works,
what are functionality of different department of the business. So that it gives the idea how help
in further working of the company (Zhou and Wen, 2019). Temporary peel off make up mask is
the innovative idea which is new business and it adopts the flat structure in their company due to
a start-up and small scaled business.
Service and product
Temporary peel off make up mask offers the consumers beautiful and bright glow on
their face. It saves their timing of the make up, it contains the organic substance which provides
the natural glow to the customers as they used it. So that, it would not damage their skin. It is
clinically tested product. So they offer it in low prices.
Marketing and sales
Business have to plan their marketing strategies which gives them further benefits like
how they launch the product, how it grabs the target segment. So they try to find out the best
sales strategy for the business (Kahre, Hoffmann and Ahlemann, 2017). As it is new so it takes
time to become stable in the market. It promotional strategies are planned before it launched in
the market. So it spreads awareness about the product.
Funding Sources
Crowd Cube is chose by the company for their finance, so it helps them to provides the
£50,000 fund amount for the new business. Temporary peel off make up mask has arranges the
funding source for them. It is sufficient amount which can help them to establish their business
in market.
Exit strategy
Business exit strategy is the strategic plan by the entrepreneur in terms to sell its
ownership or reduce the liquidation his stake in the company. There are different exit strategies
available, which are merger and acquisition, initial public offering, sell to individual, liquidation
and close (Prajogo, 2016). So the temporary peel off make up mask may pre plan if they have
losses in the business, so they can go for the merger or acquisition.
8. Business Models
Business Models are the companies plan for earning the profit. It includes different
strategies followed by the company to make the profit. It includes the details about the product

and service which is provided by the business, its sales, target market assessment and how much
it needs the investment and expenses are analysed. Businesses have their motives like they want
to make profit, want to build the brand name, and other purposes (Laval and et.al., 2015). So to
fulfil the purposes of the organisation they develop the business model.
Business Revenue Model- Revenue Generation
Revenue can be understand in terms of the sales of the products and services which are
provided by the businesses so that they have income, this involves the normal activities of the
business. It is also called the turnover of the company. So organisation receives the income form
selling the goods, provide services, interest, fees, or royalties they earned (Bui and De Villiers,
2017).
There are different revenue models which are as follows
Markup Model
this is most common model, in which the cost of the goods and overhead charges are
included to earn revenue.
Arbitrage
It makes the difference in the prices in different markets of the same product or services.
It involves the currency, security, or commodity in one market is same while in different market
is higher the prices of the goods. So that, they can generate the temporary profits.
Commission
It is transactional revenue model in which the broker are included to sell the goods in
other market. So it fixed the price on every product which is sold out, and the broker have fixed
percentage.
Subscription, advertising, fee to service are other revenue models which are used by the
companies to generate the profit (Zeidan, Boechat and Fleury, 2015). So the temporary peel off
make up mask used the markup model for generating the revenue for their business.
Financial Viability
It is the ability of the generation of the revenue by the company because it includes the
income for the business which is necessary to meet requirement for further operating payments.
It helps in the debt commitments and the payments utilised by the business for the growth and

also it helps to maintain levels of services (Benaim, 2018). It is very important for the company
to figure out about their financial performance and condition.
9. Pricing And Credit Strategies
There are different pricing strategies,
Price skimming- company charges the higher amount of the product in the market so it develops
the competitors are provoked to new entrants, and then the prices becomes low due enhanced
supply of the products.
Economy Pricing- in this strategy the prices of the promotion and marketing of the products are
kept very low so that it can help them in the recession period as they can sale more products at
affordable prices to the consumers (Popa and Soto-Acosta, 2015).
Penetration Pricing- in starting of the business the prices are kept low, so that they can cover
the big market share and then it increased, when they achieved this.
Temporary peel off make up mask should apply the economy pricing so that it provides
several benefits to them like they can sustain there future at the time of financial crises as well
(Serra and Kunc, 2015).
Credit strategy- two types of credit are explained
one in which the company maintain funds like they have the credit from the loan, so they repay it
with interest in particular time, it enhances the credit limit for the businesses. Second Trade
credit are of two types like cash in advance and cash on delivery (Jurkauskas and Roflstam,
2015). Temporary peel off make up mask follows the trade credit for the betterment of the
business which can help in sustain their funds for long time.
Franchising
It is the business form in which the owner of the business, it obtains by the distribution by
dealers which are affiliated to that business. It motivates the effective management and capital
increment, it needs fewer employees, limited risks. So this is most promising way to obtain a
franchise of the existing business (Kahre, Hoffmann and Ahlemann, 2017). As it require low
investments. Temporary peel off make up mask can go this as they can give the franchise of their
business to earn more profits and make brand value in the market.
10. Importance Of Intellectual Property (IP)
 IP provides safety to every business.

 It helps in maintaining and developing the value of the business in market.
 It identifies the particular business from others.
 It also helps them to prevent the innovation.
 It helps in taking competitive advantage for the company.
 It ensures the business to generate the revenue for long term (Zhou and Wen, 2019).
So the temporary peel off make up mas have to decide the IP previously so that they can take the
advantage in the market. Also, it helps in justifying the company's image different from others.
11. Growth Challenges
Temporary peel off make up mask is new business in market so they face lots of the
challenges in terms of the growth
 Proper management of cash flow
 Answering the competitors (Matt, Hess and Benlian, 2015).
 Try to keep up with the change in market
 Try to establish the good company culture
 Decision making about the change in strategy
12. Growth Strategies
Temporary peel off make up mask needs to consider the growth strategy so that they can
take the competitive advantage and secure their future in market.
There are following growth strategies available -
Market expansion- business can choose the different market for selling the products. As they
explore new markets they can identify the opportunities available in the market.
Market penetration- it is changing the market for selling the goods. It is perfect when the
business does not find the market is appropriate to sell the product (Srnicek, 2017).
Product development- it includes the development and innovation in the existing products so
that it may enhance the needs of the products and services in market.
Diversification- it is change in both like the market and product lines. So this growth strategy is
not appropriate for the large or medium organisation but it comes to be very useful when the
business is not successful, and they want to try something else (Linder and Williander, 2017).

Temporary peel off make up mask can use the product development and market
expansion growth strategies for the growth of their business.
13. Entrepreneurship Leadership Strategies
Entrepreneurship leadership defines as organising the people and motivates them to
achieve a common objective for the business with the use of the entrepreneurial nature like they
can identify the risks, innovative ideas, take the competitive advantage, responsible for the work
and manage the change in the environment (Bocken and et.al., 2016). Leadership is successful
when it comes in context to entrepreneurial organisation there are four key strategies for this
purpose, attention through vision, trust through positioning, meaning through communication,
confidence through respect.
Trust through positioning is better for the company so that they can build the trust in the
people who are working with them. So they should keep their promises which position them
good. So people will like to follow them (Gabler and et.al., 2017). Temporary peel off make up
mask is new in the market, so they appoint new people for them, they should try to maintain their
words and keep the promises.
CONCLUSION
According to the discussion on the entrepreneurship, entrepreneur and market
terminologies. Marketing research help the new business for their establishment as it has done all
the required analysis of the market. Temporary peel off make up mask is the innovative idea of
the business which needs to position in the minds of the consumers. So it has developed on the
basis of the demands of the consumers and all the details which are necessary to establish a new
business are considered for the growth of the business. It contains the different market related
terms which are used by the businesses. It covers the several areas of the business in terms of
consideration which help the business effectively like business models, revenue model, pricing
strategies, leadership strategies, it needs to be analysed previously before launching the new
product in the market.

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