Managing Innovation and Entrepreneurship: Event Planning Venture Idea

This assignment presents an innovative venture idea for an event planning business, focusing on the current competitive market. The presentation outlines the rationale behind the business opportunity, highlighting career enhancement, management skills, and design thinking. It incorporates design tools like Creatlr, MakeMyPersona, IdeaFlip, Mockingbird, and User Testing to assess and refine the business concept. The venture development includes identifying the target audience, developing objectives, creating communication plans, and advertising strategies. Analysis of findings involves statistical data, group discussions, surveys, and interviews. The minimum viable product (MVP) is defined, along with a lean marketing canvas detailing the business idea, target audience, competitors, goals, and strategies, supported by relevant references.

MANAGING INNOVATION AND
ENTREPRENEURSHIP

INTRODUCTION TO BUSINESS IDEA AND
VENTURE
 Event planning- an innovative aspect in the current competitive market
 Application of relevant expertise
 Planning
 Registration
 Documentation of the papers

REASON BEHIND IDEA BEING A BUSINESS
OPPORTUNITY
Event planning-
 can broaden the avenues for career enhancement
 Inculcate effective management skills, abilities and competencies
 Enhance design thinking skills
 Upgrade the vision towards reality
 Low cost business initiative
 Upgradation of the risk management skills and abilities

USE OF THE DESIGN TOOLS FOR CREATING
THE BUSINESS IDEAS
 Empathize- I have planned to use Creatlr for assessing the event planning from different
perspectives- thoughts and feeling, visualization, speech and auditory
 Define- I think considering MakeMyPersona would be effective for establishing my personality
as a businessperson. In this context, I would make use of personality tests, which would help
me to detect my strengths and weaknesses

Contd…
 Ideate- I feel that IdeaFlip can be an effective tool for assessing the feasibility of
the plans for organizing the events. This tool is also effective for enhancing the
creativity
 Prototype- I think that design prototype can be applied through the consideration
of the tool Mockingbird, which would be effective for expanding the scope and
arena of my thought horizons
 Test- I have planned to use User Testing for testing the extent to which the plans
align with the identified and the specified objectives

DEVELOPING OF THE VENTURE IDEA
 Discussing the plans with the local people
 Identifying the target audience
 Developing the objectives
 Communication plans
 Creating drafts and sending it to Managers and Board of Directors
 Preparing minute meetings and agenda
 Advertising the plans and schemes

Contd…
 Preparing leaflets
 Uploading the plans with pictures on social networking sites-Facebook, Instagram,
Twitter
 Evaluation through checklists and templates
 Feedbacks from the clients and the customers

ANALYSIS AND ARTICULATION OF THE
FINDINGS
 Statistical data for calculating the responses of the clients and the customers
 Group discussions with the team members and the local groups and managers

Contd…
 Surveying the clients and the customers through survey questionnaire forms
 Interviewing the managers for checking the effectiveness and feasibility of
the plans

MINIMUM VIABLE PRODUCT
Do
Involve the stakeholders and
shareholders for devising plans
on how to organize the
wedding events
Plan
Creating action plans for
executing the division of labor
Delegation
Involving the third parties in the
marketing activities (distributing
the leaflets, brochures and
advertising on social networking
sites)
Elimination
Consideration of the decision
making tree for eliminating the
data related to sales revenue
through corporate events

LEAN MARKETING CANVAS
 Business idea- event management
 Detecting target audience- Wedding planners
 Identification of potential competitors- corporate event planners, birthday party
organizers and others
 Goals- To stage 30 events in a year
 Strategies- To expand the customer base through social media and mobile marketing
 Developing the budget

References
 Frederick, H, Kuratko, DF & O’Connor, A 2018, Entrepreneurship:
theory, process, practice, 5th Asia Pacific., Cengage Learning, South
Melbourne, p. 594,