Managing Entrepreneurship, Innovation, and Creativity: Report Analysis

This report analyzes the key aspects of managing entrepreneurship, innovation, and creativity, focusing on developing a business plan for a digital watch called "Tattler." The executive summary highlights the importance of creative thinking and innovation in entrepreneurship. The report includes the author's personal entrepreneurial story, exploring lessons learned in bringing ideas to market, emphasizing the significance of customer satisfaction, and reducing business barriers. The core of the report is a detailed concept plan for the Tattler watch, outlining objectives, market research, target customers, marketing strategies, human resources, operational aspects using the Business Canvas Model, legal considerations, financial projections, and an exit strategy. The report emphasizes the integration of technology, particularly mobile phone integration, for features like hydration tracking, and aims to achieve specific profit and sales targets within a 24-month timeframe. The market research section stresses competitor analysis and understanding customer needs, while the plan aims to leverage market segmentation and demographic factors. This comprehensive approach provides insights into the challenges and opportunities in launching a new business venture.

Managing
Entrepreneurship,
Innovation and
Creativity

Executive Summary
Creative thinking depicts the effective motivation of ideas and encourage towards the
suitable changes. For this, creative and innovation both are important factor of company for any
business prominently for entrepreneurship. It also tends to undertake several factors including
prominent imagination which is considered for the creative process. In relation with this,
prominent techniques are classified into the two prominent groups which are intuitive and
analytical. In regard of this, entrepreneur tends to develop effective management skills and also
have suitable vision and self confidence in terms of passionately carry forward their business
functioning. Considering the entrepreneurial knowledge and functioning tends to restrict the
effective concept, mind set skills of the owner of company and also tends to operate company
effectively. The report tends to undertake prominent entrepreneurial story, a business idea and
plan.

Table of Contents
Executive Summary.........................................................................................................................2
TASK 1- My Story...........................................................................................................................4
TASK 2 – Theme- Idea/Concept.....................................................................................................4
What lessons can we learn in getting our ideas and concepts to the market place?...............4
TASK 3 – The Concept Plan...........................................................................................................7
Introduction............................................................................................................................7
Objectives...............................................................................................................................7
Market research......................................................................................................................7
Target customer/ market.........................................................................................................8
Marketing...............................................................................................................................8
Human Resources...................................................................................................................9
Operation (Business Canvas Model)......................................................................................9
Legal Issues..........................................................................................................................11
Financials..............................................................................................................................11
Exit theory............................................................................................................................12
REFERENCES..............................................................................................................................14

TASK 1- My Story
Effective management of entrepreneurship is essential in terms of developing prominent
venture and also leads to operate it frequent changing business environment. Besides this, it
depict the effective process which is helpful in terms of developing prominent business plan
undertaking prominent skills by considering the risk factor that offer effective quantity which is
useful in terms of achieving prominent profitability, enhance sales and revenues to accomplish
objectives of company (Acar, Tarakci and van Knippenberg, 2019). For this, the section depends
on the effective story for an entrepreneur who significantly tends to start their new business
venturer and company and wants to take entry in the dynamic business environment. In regard of
this, I also need effective investment of capital and prominent market research in terms of
analysing essential threats and opportunities which are presented in market. Besides this, before
developing an effective and successful organisation I need to be more creative and confident in
terms of having effective passion to take risk factor for business organisation which is helpful in
terms of accomplishing prominent success within the rapid changing business environment. In
regard of this, considering the prominent skills and qualities which are useful for me in order to
develop my business and also pursue several business operations in terms of developing their
venture.
TASK 2 – Theme- Idea/Concept
What lessons can we learn in getting our ideas and concepts to the market place?
Innovation in product categories is termed to be great achievement for a business concern.
As it requires amendments and diversification of customer preference. Human wants are not
consistent, they always wants change in terms of product or services and every time they want
something unique from the previous one. This behavior of human leads an individual to put their
creative ideas and concepts to fulfill their needs to its full extent. In relation with this, effective
efforts result in success of new ideas and technology by utilizing appropriate resources to its best
use (Lee, Hallak and Sardeshmukh, 2019). In context with this aspect, there are several lessons
that has showcase new ideas into the market and its development which include issues regarding
customer preference in choose appropriate products by overseeing its quality. These crises could
be solve by analyzing consumer demand and the sources of reach. In relation with this, a
business enjoys its sole trader ship as they are only liable for their profits and losses but get

retention from other business benefits that a partnership firms enjoys, that includes personal
ideas and creativity of each partnership which would be helpful in launching new products and
risk borne by all together. Also involvement of a partner helps in decision making and clarify
one's mistake and eliminate unnecessary activities. In accordance with this, a business need not
to be perfect in terms of its cultural and acceptance towards dynamic changes. Therefore, it only
requires prominent and durable solutions of its more success. Therefore, whether a business is
new or existing it should adapt dynamic environment. This environment leads an organization to
make their production with the view to the perspective of society and communities (Alsafadi,
and et. al., 2020). A business work within the era of dynamic environment stands to face
competitive edge into the market so that no other firm could grab customer attention by
producing relevant product as per their need. Also a firm should always be prepare to
compensate with future uncertainties which affected by external environments. In order to
overcome these crises, a business should conduct effective communication and management
strategies and policies through it would be beneficial for the whole business practices.
A business concern and an entrepreneur has go through various crises and issues during
the commencement or running its organisation. They attain success and failures while
performing business functions and strategies into a practical manner. It is not necessary that
every task would resulted in success growth. Sometimes it leads to failure and disappointment.
This failure taught a lesson and learning experience within inner self. This motivates the
entrepreneur put extra efforts towards efficient productivity And growth (Mitra, 2019). For this
instance, failure has to be treat like a motivation techniques that push an individuals towards the
greed of success. This is the most signification aspect that t has to be identify by the entrepreneur
, not to loose hopes and expectations with its planning and procedure. One failed plan would
arrive new and better plan and so on. It will enhance creativity and thinking power of the
individual. An entrepreneur can only reach height by following one single objective also took its
manpower in such a way that they also put their efforts towards common goal. It should much
focus on the market requirement and accept dynamic environment before making any product
decision and render with its best potential cost and prices that no competitor firm could match
their level. There are some relative business ideas and concept that an entrepreneur must go
through with these aspects at market place. These are mentioned below:

 Focus on the problem: it is the most vital factor that needs to be learn by innovative
individuals, solving problems within an organization leads a better effective management
and operations towards goals and objectives. The foremost aim of professional is to solve
business running issues in order to be prominent in market. One problem can leads to
arrival of new problems (Tidd and Bessant, 2018). By solving these problems earlier an
individual could rather focus on positive aspects to work on. The problems that may
arise in business practices could relate with marketing strategies, customers irrelevancy
and negative response that would be responded by maintaining innovative products with
reasonable pricing policies which leads to more of customer retention. These problems
has to be solved within less period of time before consumer could chance its preference
and demand as the market in which bushiness are performing is the market of change.
And that is quite often. That is why problems comes first irrelevant to the other factors. Reduce barriers of doing business: this is the most significant aspect of business
practices. No business are of risk free or barrier free in performing business practices. So
that it is the main aspect of learning for the entrepreneur. Before doing or while doing
business operations, it should be free from irrelevant activities which are hindering and
being a breaker towards business operations (Ferreira, Coelho and Moutinho, 2020).
There are various internal and external factors which affects its growth and innovative
thinking that hinder new product categories and stops an business firm from expanding
its venture. For this instance, various innovative technologies must be formulate to
overcome these crises.
 Customers satisfaction is must: This is the third and major aspect of a business
objective. Customer is the big key of a business growth, which affects internally and
externally business practices in other words directly or indirectly. A business could
expand or success with the positive response of customers towards their business
concerns (Bollinger, 2019). Customers could be satisfied by fulfilling their expectation
and demands by the business. In order that, it promotes to develop product categorizes
and variety in accordance with that. Customers demand are enormous and dynamic as
well. So that this lesson play a major role in business growth. This enables them to satisfy
consumer needs by providing exciting benefits and rewards to retention and loyalty of
customer for long period and consistency.

TASK 3 – The Concept Plan
Introduction
Business concept is linked with the effective information considering the products and
services which are developed in terms of satisfying the preferences and wants of customers and
also helps in gaining the competitive edge in market area. The report depends on the new
business concept which is the Tattler watch and also designed with effective digital watch and
also operate through mobile phones by which individuals can enjoy variety of services from their
busy schedule. This watch also tends to perform several business functions considering the
tracking of hydration level for the human body, calender, show time and so on that prominently
occur under the mobile phones (Stojcic, Hashi and Orlic, 2018). For this, the effective part of
the digital watch is operated from mobile phones in terms of tracking for the hydration level of
an individual and also helpful in offering healthy life to other individuals. Considering the
present times, the technological world is quite trending because of launching digital watch in
terms of creating more opportunities and also leads to save time of individuals by offering
various types of functions in their watches. It also leads to depict the demand of customers as by
this company tends to offer suitable chance to improve their profitability. Along with this, in
terms of becoming more successful in business world, it is important to have effective business
idea in terms of developing suitable business cases which are useful to get more profit and also
helps in long term sustainability in market area.
Objectives
The primary objective of Tattler watch is to develop and become effective digital watch
seller in UK by offering the suitable improvement for prominent profit margin by 20% and in
sales term by 25% within the particular period of time. In relation with this, they also tends to
recruit effective and experienced candidates who leads to create and spread awareness within the
society regarding the digital watch for the prominent customer base and also leads to get
attracted to target the prominent earnings for effective revenues which are accomplished within
the significant period of time for 24 Months.
Market research
In terms of becoming quite successful within the market area, Tattler watch leads to give
research in market are in terms of hiring prominent specialist who tends to give tough

competition and also have strong communication skills by which they can prominently identify
their competitors which was present in market area and also tends to offer their products by
identifying the requirements and wants to their customers at the time of launching their watch
watch to have effective success (Runco and Pritzker, 2020). In relation with this, company
prominently, conduct research in terms of effectively collecting, organising and considering the
data regarding the market to purchase the effective products. Besides this, the manager of
respective company also undertake various components in terms of getting prominent ideas and
opinions including customers, suppliers, competitors, economy, industry and so on.
Target customer/ market
Considering the Tattler watch, their managers tends to target their market on the grounds
of three prominent factors considering effective criteria which include: Segmentation: It is important to segment the market by the Tattler watch on the grounds
of effective behaviour and demographic factors. Considering this, area of market they
prominently offer effective purchasing power to individuals and their age factor
considering the profit earnings which leads to become quite easy for them. Targeting: In this, manager of Tattler watch leads to target individuals in terms of
spending more for the prominent interest to use effective techniques and concerning
products by appreciating things by which they can target individuals on the grounds of
their likings and disliking which is useful in terms of considering the busy life that
prominently remind the essential working as it is beneficial for the life of individuals
(Heidemann Lassen, McKelvey and Ljungberg, 2018).
 Positioning: After the effective segmentation and targeting of market, the manager of
Tattler watch tends to promote their digital watches in terms of having effective operation
from phone by considering social media in terms of attracting effective customer base
which is useful in putting company towards effective position.
Marketing
It undertake effective activities which prominently undertake effective launch of new
venture which is not an easy task and also include suitable efforts that impact the business
functioning and running over the operations of company. In regard of effective success and
accomplish effective objectives for which market plays an important role for the new business
entity for Tattler Watch to develop prominent strategy that helps in spreading awareness among

public regarding the presence and also tends to inform them about suitable offerings. In regard of
this, entrepreneurs also tends to make effective use of Omni-Channel marketing tools which is
very common in terms of using and also suggested by the marketers in present business world.
Besides this, the marketing channel is quite appropriate and effective approach in terms
of marketing that undertake virtual and physical area to market and leads to promote new
offerings for the digital world which is developed with advanced technology and also tends to
keep track of health factors of individuals (Al Shobaki and et. al., 2018). Tattler watch also
consider social media, official websites and digital marketing for the online promotion. In terms
of having effective promotion by the physical forms considering printing advertisement and
catalogue for public relations to perform promotional activities. Hence, both the channels leads
to enable new venture in terms of reaching to the large customer base and target audience to
develop effective customer base.
Human Resources
Entrepreneurs are considered as the individual who prominently involve business for new
business idea and tends to offer new product in market area in terms of developing their needs to
consume and also improve the satisfaction of customers by providing something innovative and
better instead of better products and services (Innerhofer, Pechlaner and Borin, 2018). In regard
of this, Tattler watch also develop new business venture which is developed by the company in
terms of providing digital watches which are made with new technologies. For this, the
entrepreneurs at the beginning tends to manage their operations and also consider human
resources which are relate with external parties considering the delivery executives. Besides this,
Tattler watch at the initial stage consider the prominent manpower for the individuals in terms of
enhancing the size and scope of business.
Operation (Business Canvas Model)
Key Partners:
 Involve
the joint
organisati
ons with
effective
Key activities:
 Effective
purchasin
g and
selling of
commoditi
Value
proposition:
 Effective
experience
for safe
online and
Customer
relationships:
 Developin
g long
terms
relationshi
Customer
segment:
 Medium
and lower
segment

partnershi
ps.
 Supplier
of raw
materials. Develop
partnershi
p with
local
suppliers
and
national
level.
es.
 Developin
g
prominent
distributio
n of
products
with
significant
channels.
 Identify
the
behaviour
of
customers
and
structure
of demand
and
supply in
market.
offline
shopping
experience
.
 Flexible
deliveries.
 24*7
ordering
and
delivering
services
for the
first 6
months in
terms of
accomplis
hing
prominent
target to
the sales
unit
considerin
g the
effective
period of
time
including
6 months.
ps with
their loyal
customer
base.
 Attracting
new and
advanced
customers
base in
terms of
keeping
them
satisfied
by putting
emphasis
on the
needs and
expectatio
ns
respectivel
y.
of society.
Key resources:
 Effective
online
presence
for the
social
media
platforms.
 Undertake
Informatio
Channels:
 Online
applicatio
n for
social
media and
other
websites.
 Physical

n and
technolog
y
infrastruct
ure.
stores.
Cost structure:
 Wages and salaries of workforce.
 Marketing and concerning operations and
functioning. Information technology.
Revenue stream:
 Increasing sales by physical
stores and online shopping.
Legal Issues
Each and every organisation tends to introduce and consider prominent steps in the
market area in terms of conducting effective market research to gain significant knowledge
regarding the various aspects of business (Newman and et. al., 2018). Undertaking the external
environment tends to consider prominent operations that occur and undertake effective factors as
well. For this, external identification undertake legal factors to analyse the particular norms and
regulations in industry and positive and negative impact for the legal norms over the business
conditions. Tattler watch also prominently identify the legislative structure of the sector in terms
of developing their legal structure and norms for operations. It depict the issue which is faced in
terms of various legalities and prominent complexities to understand the complications for norms
and laws to flourish the industry (Ahmed, and et. al., 2018). Tattler watch tends have prominent
look over the legal laws and consider third party suggestions for the experts in terms of
developing their regulatory framework to develop effective methods in terms of adjusting
operations as per the legal needs for the new venture which is being launched.
Financials
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