Essence Drink: An Analysis of Entrepreneurship and Product Innovation

This report provides an in-depth analysis of Essence Drink, a flavored drink producer in the UK, and its entrepreneurial strategies. It explores the concept of innovation in the context of developing a new health drink to expand the company's business. The report details the background of the company, the scope of ideas for innovative products, including stages like idea generation, brainstorming, and market research. It also includes a SWOT analysis to assess the company's strengths, weaknesses, opportunities, and threats. Furthermore, the report discusses solutions for matching goals with resources, assessing risk, and applying frugal innovation. It covers techniques for testing the effectiveness of the new product, including decision analysis, safety benchmarks, and hygiene factors. Finally, it highlights the importance of intellectual property rights, such as patents and trademarks, to protect the company's innovations. The report concludes that innovation is a crucial concept for entrepreneurs and provides a valuable framework for Essence Drink's future endeavors.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK...............................................................................................................................................1
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
An entrepreneur is an individual who is known for his is taking abilities to run a business
association and this whole procedure is called as entrepreneurship and firm that single person is
running is called as enterprise. Speciality of these firms are different idea that entrepreneur
possess while planning business operations. These associations are developed in order to gain
competitive advantage at marketplace. These companies have less than 550 employees to
conduct business operations. This report is comprised as innovations is a process that develops
thought of establishing a business organisation. Innovation is a process that is launched for
adding some attribute and elements in order to maintain uniqueness of product along with putting
some extra benefits to increase value of item. Innovation is defined as development in procedure
of manufacturing an item to enhance its price and goodwill in market as well as in industry.
Essence Drink is a company that produces flavoured drinks in United Kingdom.
TASK
Background of Company: This report is based on Essence drink company which is a
flavoured drink producer in UK. This association is not having many employees because
management does not deal with more number of customers and because of this reason revenues
are low. Reason of low consumers are customised drinks which is not address all kind of
customers. Flavoured drink that company is making have some different attributes so every
person can not take this. As per given case, Essence Drink company is going to introduce a new
and improved drink in marketplace for expanding business operations not in home country but
also in other nations. For competing with competition, association will use new and latest
technologies in promotion and in manufacturing process as well. For surviving in market,
Essence drink has to install some novel techniques in their operations.
Scope of Ideas for Innovative Products
This is entrepreneurs who are having different sort of ideas which they apply in business
operations. Distinct thought can be defined as thinking that enables business owner to introduce
some latest tools and techniques. For implementing technologies in business operations then
entrepreneur suppose to consider all aspects related to technological environment. Concern of
this section is checking feasibility and profitability of innovative product in marketplace.
Meaning of scope is future opportunities that are related with concerned topic which is launch of
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new tools in business operations. If result of feasibility is favourable then company can start
making this drink but on the other hand if demand is negative then it will be a failure for
association. Here innovation means drink should be made by taking help of new inventions so
that unnecessary elements could be removed and health could be promoted. This section
comprises some stages that are elaborated below:
Generation of Idea: It means building of new idea that will make new and improved
product and this item will be able in competing with rivals. Source of new idea is a research that
make aware business owner about all aspects and demands which has been raised in market
already and company can go through this idea. Research is done on the basis of future needs and
wants of customer.
Brainstorm Product Issue: It is a duty of entrepreneur that he ensure coordination
among all division's workers in order to complete all task with maximum efficiency so that all
customers could get innovative product. For eliminating some negative thought then
management can invite feedbacks and suggestions from from all employees.
Use Research and Development Process: feasibility analysis relies upon market research
because this investigation provides answers of all sort of questions. For instance, questions could
be anything like what will be most profitable option, how could be a product innovative and how
innovation could be launched in business operations etc.
Review Quality Assurance: Only a fine quality product could be survive in market and
for ensuring success quality of item should be good so that customer can rely on this.
Entrepreneur must ensure that after innovation quality of product must not be hampered
otherwise it will not provide profit because virtue of item can not be sacrificed on the sake of
innovation. It is a most important factor in case of Essence drink because company is dealing in
food and beverages sector of industry that is concerned about health of customers.
Review Research: All results and data are analysed which is collected from research
process. Efficient decision is based on proper analysis of result and collected information.
Launch of drink will rely upon positive study of all aspects.
Contacting suppliers and other Business Partners: entrepreneur must ensure a stronger
connection with suppliers in order to get proper raw materials and to make sure delivery of item
in promised time.
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Research and Understand Competition: To produce good quality product, entrepreneur
should analyse all offerings of rivals and business owner should try to make better product than
competitor for ensuring profits and greater outcome.
Study Catalogue and product information: To make sure relevant use of item,
entrepreneur provides catalogue that comprises all guidance that will make use of product easy
and understanding.
Idea Screening: This step concerns about all stages that must be followed in order make
idea into reality. As per given case, thought of manufacturing health drink will go through
production process after screening of idea.
SWOT Analysis
Strengths Weaknesses
 Essence Drink is having reliable
customer base who have desire of
purchasing new drink.
 Entrepreneur does not to fascinate huge
number of employees.
 Company is offering limited variety of
items.
 Enterprise is having shortage of
talented people.
 Lack of proper technologies.
Opportunities Threats
 People are shifting from cold drinks to
healthy beverages.
 Essence is already having those
customers who are ready to buy new
health drink.
 Rivalry from competitors.
 Threat of new entries that could be
launched before introduction of
company's drink.

Executive suppose to conduct internal analysis for getting knowledge about skills and
drawbacks of company along with checking future opportunities as well as market threats. Apart
from intrinsic stud, all external factors should be analysed by entrepreneur in order to attain all
targets by serving efficient products. SWOT analysis is helpful in gaining knowledge about all
aspects whether negative or positive related to new health drink. Other then this fact, availability
of resources should be checked for ensuring good quality and surety of launching product. If
there is some complications are available then owner of enterprise should think wide and come
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up with new ideas that is eligible in removing all flaws from new drink and improvement idea
should be launched in business operations as soon as possible.
Innovation Support: This is last stage of product development because this step tells
manufacturer that time of installing latest tools and technologies has been come. So, it is a
responsibility of company owner that they ensure a new drink should be launched or add on
some flavour in current drinks will work good. To get information about this discussed idea,
entrepreneur should conducted market research because this is the ultimate solution of each
problem.
Identification of Solution
Essence company have to expand their business because they have been acquired
prominent number of customers for them management of company can launch new kind of
product and services. This action is helpful in increasing goodwill as well as profit in market.
Whether idea of developing new drink is good but this is not a simple and easy activity. It is
essential for company that all latest promotional too should be use in order to promote health
drink in market. Other then this, firm is going to do market research for gaining knowledge about
ability of company and what people think about association. Management suppose to find the
ways which will provide resources to accomplish all targets in limited period of time. Risk factor
should be analysed by entrepreneurs and then check owner can bear this risk factor or not. Below
are some solutions of problems:
Matching Goals to Resource and Capability: In firm, people know that what are their
efficiencies and which task employee can do better because workers are aware about their and
system's strengths and weaknesses. Major objective of firm is to launch new drink and provide
some other varieties to customers. So, for accomplishment of this purpose, management can
attain all info about hurdles and obstacles that could be create in execution of idea into reality.
Association have to acknowledge all resources which are available and abilities of system
for hitting targets in set span of time. Knowledge about efficiencies and talent of employees is
fundamental for entrepreneur for ensuring success of each business activity.
There are various solutions from that company can prevent new product from future
threats. These resolutions are necessary for making effective decisions.
Assessment of Risk: Before launching product in industry, it is required from business
owner that he should monitor all kind of risk that are available in market and can largely hamper
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success of item. For example, rate of risk that is associated with new health drink. If risk rate is
high then introduction of drink could be a failure and on the other hand if risk is moderate and
low then product could be launched in market for business expansion.
Value Analysis Applying Frugal Innovation: As Essence drink is going to launch new
health drink which is a food product then frugal innovation could not be launched in core item
but can be introduced in production process so unnecessary element and component could be
remove from beverage. Frugal innovation is done for diminishing complexities of product and
service.
Knowledge about all accurate future demands is fundamental because all activities relies
upon it. Method of info collection could be anything like telephone, internet, social media,
questionnaire etc.
Techniques of Testing Effectiveness of New Product
This is a further step of checking quality or effectiveness of novel item. It is a vary much
important step of product development. This step comes right after phase of identifying
requirements of customers. There are some tools which are helpful in evaluating effectiveness of
product and elaboration of these techniques are described below:
Decision Analysis – All positive and negative factors that are related with launch of drink
should be analysed by company in order to serve effective product to consumers. Main motto of
this analysis is to check whether all factors are considered in planning procedure or not.
Safety Benchmarks – As new product is a food item so that it must be good from safety
wise otherwise it can hamper health of consumers negatively. To assure customers about
product's qualities, then it is must for company that it should follow all benchmarks while
producing goods.
Hygiene Factors – New health drink should be prepared by maintaining hygiene in
working place. This is an essential factors.
Intellectual Property Rights
These are some rights which secures uniqueness of item so that competitor could not
imitate that thought. There are some specific rights which are associated of introduction of new
health drink in market.
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Patents – This is related to unique idea of innovation and invention in concept of making
new product. Essence drink can get patent right for its unique and innovated production process.
By taking assistance of this law, Essence drink can sue those firms who tries to imitate concept
of new health drink.
Trademark – This right is related to name, logo, symbol, slogan, tag-line etc. These are
characteristics of item. In Essence drink, it is quite clear that these points are certified by Govt.
so company is rightful that nobody can not copy them.
CONCLUSION
This report is summarised that innovation is a good concept and en entrepreneur can
make it more useful by applying this in business operations and these innovation could be
secured by company by taking help of intellectual property rights. Along with this, this
assignment comprises solutions of various questions which are associated with launch of new
product at marketplace in industry.
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REFERENCES
Books & Journals
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Dees, J. G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability. (pp. 34-42). Routledge.
Schaper, M. T. and et. al., 2014. Entrepreneurship and small business.
Parker, S. C., 2018. The economics of entrepreneurship. Cambridge University Press.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Santos, F. M., 2012. A positive theory of social entrepreneurship. Journal of business ethics.
111(3). pp.335-351.
Shane, S., 2012. Reflections on the 2010 AMR decade award: Delivering on the promise of
entrepreneurship as a field of research. Academy of Management Review. 37(1). pp.10-
20.
Martin, B. C., McNally, J. J. and Kay, M. J., 2013. Examining the formation of human capital in
entrepreneurship: A meta-analysis of entrepreneurship education outcomes. Journal of
Business Venturing. 28(2). pp.211-224.
Bae, T. J. and et. al., 2014. The relationship between entrepreneurship education and
entrepreneurial intentions: A meta‐analytic review. Entrepreneurship theory and
practice. 38(2). pp.217-254.
Fisher, G., 2012. Effectuation, causation, and bricolage: A behavioral comparison of emerging
theories in entrepreneurship research. Entrepreneurship theory and practice. 36(5).
pp.1019-1051.
(Kirzner, 2015) (Dees, 2017) (Schaper and et. al., 2014) (Parker, 2018) (Kuratko, 2016) (Santos,
2012) (Shane, 2012) (Martin, McNally and Kay, 2013) (Bae and et. al., 2014) (Fisher,
2012)
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