UGB234: Managing Entrepreneurship, Innovation & Creativity Report

This report delves into the core concepts of entrepreneurship, innovation, and creativity, essential for success in today's competitive market. It begins with a personal life story, highlighting the motivations and experiences that shaped the student's entrepreneurial aspirations. The report then explores the challenges and opportunities in bringing business ideas to the marketplace, emphasizing the importance of market research, understanding consumer behavior, and adapting to changing market trends. The core of the report is a detailed concept plan for a themed restaurant, including a business concept, objectives, market research findings, and a marketing strategy. The plan addresses key aspects such as target market, segmentation, and positioning. The report also discusses the importance of digital marketing, research questions, and the need for a well-defined plan to achieve business goals. Overall, the report provides a comprehensive overview of the entrepreneurial process, offering valuable insights and practical examples for aspiring entrepreneurs.

Managing
Entrepreneurship
Innovation Creativity
Report

EXECUTIVE SUMMARY
In this competitive market, creativity and innovation or two most important factors
which needs to be considered. They both are main reason for achieving growth as well as
development in a business field. An entrepreneur needs to be enthusiastic and use his or her
creative skills so that everything in venture is executed in most efficient way.This assignment
it comprises of Idea and concept of business venture and a detailed business plan.
Table of Contents

INTRODUCTION.................................................................................................................................4
TASK 1- My Life Story.........................................................................................................................4
TASK 2- OPTION A- IDEA/ CONCEPT.............................................................................................5
What lessons can we learn in getting our ideas & concepts to market place?....................................5
TASK 3-THE CONCEPT PLAN..........................................................................................................7
CONCLUSION...................................................................................................................................12
REFERENCES....................................................................................................................................14
Books & Journal..............................................................................................................................14

INTRODUCTION
Business sector changing with rapid scale and it has become important to focus on
innovation and development. Managing entrepreneurship is not an easy process
whichrequires high level of skills and knowledge. Innovation, idea and creativity are
important elements during the process of entrepreneurship which are to be undertaken with
the proper considerations. This report gives brief information about concept of
entrepreneurship in an individual life.This assignment comprises of my story, research
questions on a particular theme, and a concept plan.
TASK 1- My Life Story
Entrepreneurship is a challenging task and a basis for a new venture is only successful
when innovation creativeness and planning for new ideas are being produced.It is important
for entrepreneur to be aware about self-owned activities skills and knowledge so that they are
applied in a related field in appropriate manner. Entrepreneur is one who carries out business
activities with the new and changing ideas. Through this analysis of my knowledge I have
decided to open themed restaurant.it will be a type of a restaurant in which theme will be
changed automatically depending upon the behaviour. Main reason for opening new
restaurant is that to serve people with new services as well as food dishes with wide variety
of alternative options.To open this restaurant I have set my short term objectives as well as
long-term and still making a plan that how everything will be executed in a proper
manner.Becoming entrepreneur is my dream and to fulfil this dream at any cost (Abrudan,
2020).
The idea of becoming an entrepreneur comes from my father who is also entrepreneur
and has business of real state. I often used to often observe my father that how he deals with
people and influence them over their decisions. This motivated me to become an astronaut
with something new and innovative ideas which has been never produced before.Moreover,
to access my knowledge and development in skills I did MBA business and administration.
Gaining knowledge from my post-graduationimproved my communication skills presentation
skills and decision making as well as critical thinking skills which help me to influence other
decisions (Cook, 2016).

During post-graduation, I also used to analyse my father technique to convince people
and I analysed that he used to think not in his own way but according to the minds of
customers and clients. Also examining my father skills I also learnt that to be a successful
entrepreneur one need to be motivated and have self-confident as a less ability to manage
people so that teamwork is established. These observations help me and increase my
knowledge in a field.When I was in college I was able to manage team work and co-ordinate
with each other which gives me e strength to understand my capabilities in effective manner.
TASK 2- OPTION A- IDEA/ CONCEPT
What lessons can we learn in getting our ideas & concepts to market place?
A business venture is being carried out by entrepreneur and through understanding the
procedure of entrepreneurship. An entrepreneurship is defined as ability to run business
operation functions through maintaining as well as managing all risk and profits. Due to
increase of competition in market is it has become important to deliver something new to the
public so that business idea runs in a specific manner. Both these concepts are to be
coordinated with each other which lead to better results and higher efficiency as well as
productivity.As an entrepreneur ideas to open a restaurant with the change theme, executed
properly several things will be required such as use of technical knowledge, high skilled
employees and staff, furniture as well as physical resources and other procedures for
completion of business venture(Drady, 2020).
At market place there are many competitors of a particular field which increases the
demand for innovation in the minds of customers. Market is a place which is filled up with
ample number of opportunities and benefits which are to be explored by entrepreneur proper
research and analysis. It is necessary for entrepreneurs to focus on market trends consumer
behaviour, emerging changes within a field, so that it is easy to develop business ideas with
new alternative options through which competitive advantage is gained at wider scale.
In hospitality sector competition intensity is increasing at rapid scale which makes it
difficult for new coming business ventures to run their operations in effective manner. Due to
this on-going pandemic situation of covid-19, market has been changed and demand for
customers is also changed with the period of time.Therefore it is important for entrepreneurs
to follow all the market trends and changing scenario with another sector which will help in

successful implementation of innovative idea. As pandemic situation has impacted upon
hospitality as well as other sectors of business, prices of all resources products and goods has
increased at higher level.I will also take suggestions from my family as well as friend
regarding food dishes and other beverages products so that it is easier for me to open a
restaurant in a specific way(Dwivedi, 2018).
In this fast moving world, use of digital business is rising and it has become important
to business activities through social media and other digital platforms. To promote an
advertisement theme restaurant I will use social media tools such as Facebook,Instagram
YouTube and other E-Commerce sites through which it will be easier for me to access to
customers and there is little face to face contact due to situations. Also, all precautions and
protection tools will be given to customers who will wake ok coming to restaurant
physically.Opening a new venture is a longer procedure and which many legal formalities
message also process that need to be focused.
While planning for restaurant in a commercial sector, there are several types of
research questions which arises in mind of customers as a less in my mind as entrepreneur
which are-
Should I promote my restaurant in this situation or not?
Will customers well approach to my restaurant innovative idea?
What other additional features are to be provided to customers for a better user
experience?
What are negative points which can impact on business?
It is important for me as an entrepreneur to understand customer needs and
requirements and keep them as priority level so that retaining of customers is for longer
period of time.Moreover a survey (friends or family) and decision making process will be
carried out so that it will help me to understand what are the current situation of market and
what actually does customer things about opening a new business in this situation.It is
essential for me to overcome with these research questions so that actual planning is executed
without facing any problems or issues. It is essential to have a proper plan because you're the
planning it is not possible to achieve goals or objectives with in a timely period.Problems and
issues often arises when or prior to the opening of a business ventures and such issues are

needed to be resolved in most efficient manner so that process does not breakdown (Maula,
2020).
TASK 3-THE CONCEPT PLAN
Introduction-Business Concept and Opportunities
A business idea is known as a unique and innovative approach that opts by an
entrepreneur in order to provide a different product and service to society. With this, they
explore the available opportunities in market for their growth and success. It helps people to
meet with their own expectations by exploring something new and unique that was not
present in market earlier. It is essential to analyse ample of factors such as availability of
funds, human resources, current market trend before selecting undertaking a business unit.
There are ample of opportunities that can be explored by an entrepreneur. The idea to initiate
a bakery shop is quite impressive as well as simple. It is a store through which different types
of pastries, cakes, junk foods, cookies are made available to customers. Bakery contains it in
different flavours and also prepare customized products as per the order receive by
customers. Here the unique point is to make all products in house and use traditional
approaches of baking. It is analysed that there are ample of rival firms which are working in
similar field thus it is important for entrepreneur to adopt new as well as unique techniques to
serve target segment in an efficient manner.
Objectives-
The main aim behind opening a bakery is to make familiar the young audience with
traditional values. It will provide them valuable experience about conservative rituals, culture
that is essential to keep them in touch with tradition. Alike any other business the purpose of
bakery is to book 10% profit margin out of total income after paying expenses.
Market research-
It is an important aspect and need to undertake before starting a business venture. It
helps to know the current trend prevailing in market and meet with needs and preference of
customers in an appropriate way. Main purpose to undertake market research is to analyse the
feasibility of business unit. It can be done by primary as well as secondary sources. To
analyse the opportunities of sustainability of bakery secondary tools are used. In this, data has
been collected through websites, books, journals, and other sources. This data is already

present and researcher needs to draw valuable inferences out of it to take effective decisions.
This not only saves time of entrepreneur but also helps to get detailed knowledge about the
things, experience that people are looking to receive from a bakery. In addition, it also
provides insights about innovative techniques that need to be undertake in order to create
difference from rivalries.
Target Market
STP considers as the most suitable approach to select target audience and position the
product among buyers. It is a process that helps to know appropriate segment that will be
highly profitable for company. The steps included in model are discussed as follows:
 Segmentation- It refers to divide the whole population in small groups as per their
characteristics. It can be done on the basis of age, gender, location, occupations,
status, personality and many more. There are different ways to bifurcate audience into
smaller groups are available but in case of bakery entrepreneur use Psychographic
Segmentation to provide products to buyers as per their interest.
 Targeting-After divide audience into segments, the next step is to select the group
that will target by business owner. It need to be determine after due consideration.
Under this, company concentrates only on one selected group of people. Here,
targeting audience for Bakery are those people who wish to get traditional experience
that has been lost somewhere due to current lifestyle.
 Positioning- It is the last step of whole process under which company emphasis to
increase in number of loyal customers by making effective positioning of product
among target audience. It refers to the way in which customers perceived a particular
brand. It is essential for both an existing as well as new venture to position their
products in effective manner. Bakery shop is looking forward to position itself as a
shop that provides traditional touch to customers along with unique products.
Entrepreneur is using this point as an USP to attract more number of buyers.
Marketing-
Marketing is a significant element of every business unit that is undertake in order to
aware target audience about the offerings of company. The main aim of marketing is to
promote products and services at wide level and. It is a crucial variable of business plan
which is used to enhance customer’s base of company. With this, an organization maintains

good relationship with customers by meeting with their needs in appropriate manner.
Marketing approach which is suitable for Bakery shop is Omni channel marketing. It is
strategy which covers both physical as well as virtual way to promote product. With this,
entrepreneur will be able to meet with the needs of both type of customers who are looking
for personal touch and those who wish to make online purchase. Omni channel comprises a
lot of techniques such as Digital Marketing, social media marketing, Print media.
Entrepreneur can prepare a page for bakery shop over Face book, Instra gram and other social
platforms.
Human Resource-
Human resources are crucial element of an organization that performs various
business functions in order to achieve predefined objectives. It is essential to have skilled,
competent workers to prepare effective strategies. In addition, companies also provide proper
orientation to employees to make them familiar with working process of organization. In
addition, they also organize training programs to improve in productivity of human resources.
Entrepreneur need to appoint potential candidates for the assistance. They need to be
competent enough to deal with customers visiting in bakery shop in order to provide them
overwhelming experiences.
Operations
Business model is known as a strategic tool which is used to describe a business idea
in appropriate manner. It is a document that comprises ample of charts, visuals that are
essential to identify values preposition of product, customers, marketing and other aspects.
For Bakery shop, model is given as under:
Key Partners:
Technology
partner.
Legal partner
Key Activities:
User assistance to
provide the
proper support.
Undertake
effective
advertisement
activities.
Value
Proposition:
Competent
representatives to
interact with
customers.
Provide products
and services in
affordable price
Customer
Relationships:
Provide
complete
assistance to
customers
through social
media platforms
Customer
Segments:
Segment its
customer on the
basis of age,
income, education
and many more.

range.Key Resources:
Sales team and
market
representatives
Channels:
Mobile app as
well as effective
website.
Offline and
Online channels
to promote
products.
Cost Structure:
Cost of technology
Cost of advertisement and operations
Revenue
Streams:
By affiliate
advertisement.
Registration fee.
Legal Issues-
There are ample of legal formalities need to follow while initiating a new business
venture. Entities are required to pay direct as well as indirect taxes to higher authorities. In
addition, there are ample of rules related to employment, customer protection and other laws
are applicable on new business ventures. Entrepreneur of Bakery shop needs to pay the taxes
on timely basis and apply appropriate compliances within company in order to avoid any
legal issues in future.
Financials-
Finance is also an important aspect that needs to be considered while initiating a new
business unit. The budget in case of Bakery shop is discussed below:
Launch cash budget
Particulars January February March April May June

Cash Inflows
Investment 8000
Credit sales 1200 2000 7500 3000 5000 6500
Total inflows 9200 2000 7500 3000 5000 6500
Cash Outflows
Fixed : Equipment’s 2500 1200 1500 2500 1100 1500
Variable : Direct
material 350 300 250 150 100 500
Total Outflows 2850 1500 1750 2650 1200 2000
Net cash flow 6350 500 5750 350 3800 4500
Opening balance 0 6350 5850 11600 11950 15750
Closing balance 6350 5850 11600 11950 15750 20250
Particulars July August September October November December
Cash Inflows
Investment
Credit sales 1200 3200 1500 8200 1250 3210
Total inflows 1200 3200 1500 8200 1250 3210
Cash Outflows
Fixed : Equipment’s 1200 600 500 500 1200 700

Variable : Direct
material 500 250 450 250 1300 500
Total Outflows 1700 850 950 750 2500 1200
Net cash flow -500 2350 550 7450 -1250 2010
Opening balance 20250 19750 22100 22650 30100 28850
Closing balance 19750 22100 22650 30100 28850 30860
Exit Strategy
There is a particular life of a business venture after that its performance starts to
decline thus there is a need to determine appropriate strategy to exit from business. While
companies incurred huge losses and there are no opportunities for future growth, it is suitable
to wind up the operation. One of the most suitable methods to exit from market is merger and
acquisition as it provides ample of benefits such as increase in overall efficiency, resources.
Thus, it is important to undertake appropriate strategy to dissolve entity in an efficient
manner.
CONCLUSION
After a brief analysis of this above report it has been concluded that to manage
entrepreneurship innovation and creativity it is important to have an appropriate knowledge
about concept. Without using innovation or creativity in a field, it is difficult to survive in this
competitive market. Furthermore, it has been stated that to open a new business venture it is
necessary to understand reason for change as well as how it will impact the both customers
and market.Also, so a detailed concept plan is needed to be carried out because without