Business Report: Entrepreneurial Journey and Social Ventures

This report provides a comprehensive analysis of entrepreneurship, focusing on the journey of an entrepreneur, the dynamics of social entrepreneurship, and the development of a business concept plan. It begins with an introduction to entrepreneurship, defining its core principles and significance in the business world. The report then delves into the entrepreneurial journey, examining the background and motivations of an aspiring entrepreneur named Marshall Jones. A critical analysis of social entrepreneurship follows, exploring its unique characteristics, the motivations behind establishing social enterprises, and examples like Oxfam. The report then presents a concept plan for a new business idea involving touch sensor security in cars, including market research, target market identification, and marketing strategies. This plan outlines objectives, market research methods, competitive analysis, and marketing approaches, concluding with a discussion on human resources and financial projections. The report underscores the importance of innovation, market research, and strategic planning in launching and sustaining a successful business venture, particularly within the context of social entrepreneurship and technological advancements.

REPORT

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Entrepreneurial journey...............................................................................................................3
TASK 2............................................................................................................................................4
Critically analyse the social entrepreneurship and how motivation can help to set up the social
enterprises....................................................................................................................................4
TASK 3............................................................................................................................................6
Present the concept plan...............................................................................................................6
CONCLUSION..............................................................................................................................10

INTRODUCTION
Entrepreneurship refer to the capacity of launching or creating the new business
enterprises with the objective to scale up the operations of business and earn significant
profitability. This typically include the business plan based on which the resources are used and
labours are hired that help to carry out the functioning of business effectively. Along with that
the individual who have ability to take the risk and earn favourable profit out of it are termed as
an entrepreneur. They recognises the opportunity as well as problem that exist in the external
environment and transform it into the business idea to meet the need of the external society
(Ahlin, Drnovšek and Hisrich, 2014). This report is based upon the business idea of touch sensor
security in the cars which is the innovative safety features designed for the exclusive cars. For
better understanding different topics are covered like the story of innovative entrepreneur.
Critical discussion on the Social entrepreneurs and what motivate to set up the social enterprise.
Further, deep analysis of the entrepreneur journey are covered in the report.
TASK 1
Entrepreneurial journey
The journey of an entrepreneur comprises of the academic as well as personal information
such as their place of birth, occupation of parents and so on. This helps to shape the career of an
individual and help them to pursue their aim which is unique as well as innovative. In most of
the cases if the external conditions are favourable like the background or environment of which
an entrepreneur is part of then this may lead the individual to take the necessary actions within
short span.
Background: Marshall Jones was born in the year 1990 at London, England. She did her
schooling from the Convent school of UK and currently pursuing the Business and management
studies from the Oxford University. The reason of selecting the management subjects is to
understand more about the business and build up the own business, this depict that she has clarity
about the objective which she wants to pursue during the upcoming time. She belongs to the
middle class family where her father is the computer engineer in IBM company and mother is the
doctor. They encourages the Marshall to opt for the significant field that matches her interest
areas which is being an entrepreneur. For which she attends the various entrepreneur session and
thinks of the innovation plan that is to use the sensor in car in order to maintain the safety and

security of people. Thus, the certain skill that can help the Marshall to take the entrepreneurial
plunge are the innovative thinking ability that has always encouraged her to take the significant
actions.
TASK 2
Critically analyse the social entrepreneurship and how motivation can help to set up the social
enterprises
Entrepreneurs are one that deeply analyse the external environment and resolve the
problem suffered by the large audience with the help of innovative product that act as a life
changing solution for the people. They are more prone to take risk and their whole plan is based
on the customer centric strategy due to which the audience highly prefer the innovation which
act as a life changing solutions (Anderson, Potočnik and Zhou, 2014). Being visionary they
remain successful in transforming the idea into the practicable concept with the help of business
plan. There are different type of entrepreneur such as small size entrepreneur, large size
entrepreneur, scalable entrepreneur as well as social entrepreneur. Although each of them have
the creative thinking ability but they fall under different categories because of their objective and
purpose. For instance, the objective of large size entrepreneur is to expand or diversify the
services within different geographical area in order to gain the global dominance. On contrary,
the small scale enterprises are less likely to expand the business across the national boundaries
due to the chances of high risk so they prefer earning the suitable amount by which they can lead
their livelihood significantly.
Social entrepreneurship are different from the other types of entrepreneurs because they
start the new venture with social cause while other think for the profit maximization. Such
entrepreneur take the significant part in our social because they helps to eradicate certain social
concern which is not healthy to lead the successful lifestyle. This represent the entrepreneur to
significantly attain the objective for the social, cultural as well as environment cause. Like
Oxfam is the part of social enterprise that was started by the 19 independent voluntary with the
objective to eradicate the global poverty. For which these entrepreneur spread the awareness
among people, and raise the donation so that they can help the needy people and make them
independent so that they can cover up the basic needs without depending upon the other
individual. Similar there are various social entrepreneur that work with the different objective but

all theses aims are associated with the socials welfare rather than personal welfare. With the help
of digitalisation and increasing use of the internet amongst people, these entrepreneur uses the
social network to connect the people and broadcast work with the objective to generate the
awarenesses.
Motivation that help to set up social enterprise
Motivative can be either intrinsic as well as extrinsic but to choose the path of becoming
social entrepreneur where the entrepreneurs instead of giving priority to their demand or
requirement give preferences to the public more of the push factor is required (Ateljevic and
Page, 2017). There are various factors that can motivate the visionary social entrepreneurs to
focus on the social enterprises. Some of the attributes that are associated to encourage the social
entrepreneurs are defined below:
Attain the significant changes at the large scale: As Social entrepreneur objective is to
fight against the specific problem due to which they does not keep them confined to the specific
geographical area. Although they start the operation from the small group of people and
understand their situation with the objective to bring the potential changes. Later on their work
and satisfaction derived by helping other motivate them to keep on expanding their coverage
areas and add volunteers with them so that together they can overcome the specific problem. For
instance, CASA started its operation in 2004 with the aim to provide vital support to the older
people as well as disable ones. For this the entrepreneur develop the franchise network which
was owned by the health care that successfully look after the problem of people.
Carry forward the social enterprise with good intentions: These good intentions
encompasses the pure feeling of an individual to carry out the specific cause. This pushes them
to move forward and convert the dream of helping the society into the reality. Although they face
various hurdles or lack of charity but they continuously work and uses digital media to spread the
vital awareness about the business. This keep them motivated in terms of carry forward the
business and help out the people due to which even the enterprise gain the reputed image
amongst the society.
Focuses on the solution to overcome specific problem: In the dynamic environment the
gap between the rich and poor or people belonging different social classes has widen that lead
instability and discrimination. Although the government takes the necessary actions but along
with that special focus is given to expand the social enterprise as it does not remain restricted to

the specific people and global. Most of these enterprises consider the whole globe as a platform
which they need to serve effectively (Bilton and Cummings, 2014). So contribution of various
enterprise like Cawthorne Children's centre and Educate girls undergo with the potential practice
to come up with the solution or most suitable solution to control the negative impact of the
specific social problem.
Hence, there are different causes that help the social entrepreneur to remain motivate and
adopt the best possible way to carry out the functioning of business effectively. The above
defined factor motivate the social entrepreneur to participate in the social enterprise and
accomplish the objective of social welfare effectively.
TASK 3
Present the concept plan
Introduction
A new business idea related to the Cars with touch sensor technology is formulated.
These cars will be operated by the finger print of individuals who are owning cars. It will reduce
their issues for keeping the cars keys with them (Cajaiba-Santana, 2014). They are only required
to add the finger prints of individuals who can operate the car. There are various opportunities
for this idea which are available in the market. All of them are as follows:
 Now a days technology is changing continuously which is resulting in changes in the
demand of customers. As the business idea is based upon latest technology so it will help
to achieve growth in the market.
 Another opportunity for the business is that the concept of finger sensor technology in
cars is new so it will attract large number of customers due to its uniqueness.
Objectives
Following are the objectives of new business idea:
 To establish the business in the market successfully so that growth could be acquired in
upcoming 5 to 10 years.
 To generate profits by attracting large number or customers with the help of unique
business idea.
Market research

In order to establish the business in the market it is very important for owners to conduct
market research so that detailed information regarding the current situation and competition
could be gathered (Chen, Chang and Lo, 2015). For this purpose the idea generators of cars with
fingerprint sensor will conduct primary as well as secondary research. Both of them are as
follows:
Primary research: This research will be conducted for the purpose of analysing that the
new concept of business will be adopted by the customers or not. For this purpose, survey could
be conducted and the individuals could be asked to fill questionnaires. It will help to analyse
their responses on the new concept and formulation of future strategies.
Secondary research: The data which is already collected by someone is analysed with
the help of it. In order to collect details of competitors and information of market situation this
research will be used by the new business of cars with finger print sensor. The major competitors
for this business in the market are Aston Martin, Tesla, Rolls Royce etc. because all of them are
operating under the automotive sector since a long period. It is very difficult for a new business
to compete with them.
Target market
Target market is the group of customers who are aimed by the companies to sale their
group. As new cars will be launched in the market with innovative concept of finger print sensor
technology therefore the owners are required to find the best market to target (Chen and et. al.,
2015). The cost of all the cars will be very high due to use of latest technology so the group
which will be targeted by new business is business and upper class customers. Additionally,
millennials who are focused with technological cars will also be targeted. Firstly new cars will be
launched in London and then expansion will relay on the success.
Marketing
When a new business is launched in the market then it is very important for the owners to
make sure that they are paying attention towards marketing activities because it can help to reach
maximum number of customers (Dereli, 2015). The idea generators of cars with fingerprint
sensor technology have planned to market the new cars through online promotions, TV
commercials and hoardings. It will help to grab attention of maximum number of individuals
from target market. Social media marketing is the best way to reach the targeted clients because
it provides an opportunity to the business to attain growth.

Human resource
While establishing a business it is very important for the owners to make sure that they
are having sufficient number of individuals to perform business activities. As a new business of
cars with fingerprint sensor will be introduced in the market so the owners are required to hire
skilled, knowledgeable and experienced individuals who can contribute in organisational
success. They will be hired for different activities of organisation which are sales, marketing,
manufacturing, promotions etc.
Operation using business canvas model
Business canvas model: It is a tool which is used to get brief information about different
elements of the organisation (Dawson and Andriopoulos, 2014). A Canvas model for new
business of cars with fingerprint sensor technology is as follows:
Key partners
 Suppliers
 Investors
 Employee
s
 Marketers
 Managers
 Sharehold
ers
 Distributo
rs Sellers
Key activities
 Sales
 Marketing
 Promotion
s
 Manufactu
ring cars
Value
proposition
 Sale such
cars to the
customers
which are
operated
through
touch
sensor.
 Resolve
the
problem
of
customers
keeping
car keys.
Customer
relationships
 Setting
appropriat
e price for
all the
cars.
Customer
segments
 Business
class
customers
 Individual
s to upper
class.
 Youngster
s willing
to buy
innovative
cars
Key resources
 Funds
 Human
resources
 Material
to
manufactu
re cars
Channels
 Retailers
and
physical
stores
 Website
of
company
Cost structure
 Salaries to staff
 Cost of research and development
Revenue stream
 Selling of cars

 Cost of material Promotional activities
 Online promotions
Legal issues
There are certain legal issue which is vital for the entrepreneur that they need to remain
aware about it otherwise there may exist certain negative consequences of the avoidable mistakes
(Dogan, 2015).
Intellectual property right: To secure the idea of sensor technology the new business
can take the patent over its idea so that no other part or the auto-mobile manufacturing industry
can copy the innovative idea. This help to preserve the interest of entrepreneur.
Legal compliance: As per legal compliance all the essential information need to be
stated in form of documentation so that it can be reviewed during the time of emergency.
Absence of adequate information can lead the legal implication by the government.
Financial
For all the businesses it is very important to acquire sufficient financial resources so that
all the operational activities could be performed in systematic manner. The owners of new
business are also required to find the sources from which they can arrange funds for their
business of new cars. Some of them are as follows:
Bank loan: In order to establish a new business bank loan could be taken by the owners
on which they will have to pay interest on a fixed rate. The loan will be provided by the bank on
the basis of potential of business.
Using personal capital: The business owner can use their personal saving to establish
their business in the market (Rae and Wang, 2015). It is the best suitable option for funding
because no interest will be required to be paid on the funds which will be used for business
execution purpose.
Risks, contingency and exit strategies
As the entrepreneur carry out their business with the objective to attain the long term
profitability as well as productivity. But there are various risk associate with the entrepreneur as
they function in the external and does not have the practical knowledge that how the business can

be carried out (Yashkova and et. al., 2016). So it is vital that the new enterprise need to carry to
take the calculation,. In case if the new innovative business that is based on the sensor lock
technology does not turn out effective then suitable exit strategy can be opted like they can sell
out the business to the experience enterprise. Also they can simply shut down the business as per
liquidation strategy.
Other issues
While carrying the new business it is the responsibility of manger that they need to take
the necessary actions for the welfare of employee (Zhou, 2015). Like there are different
legislations such as health and safety law as well as fair remuneration act that need to be abide by
the new enterprise for the effective business functioning.
CONCLUSION
From the above report it has been determined that entrepreneur are the innovators that
have out of box thinking ability due to which they present the innovative idea and articulation it
effectively. Their approach of doing the business is different from other because their concept
totally depends upon the new idea that help in the successive growth and development of
business. There are various factors that affect the entrepreneur journey such as the background
that determine what instigate them to take the new path. Moreover, social entrepreneur run the
unique type of business under which they give preference to the social cause and motivate them
to take the significant action. Further, the business idea is structured in different categories that
help to transform it in the significant concept and help to attain the objective successfully.

REFERENCES
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