UGB234: Managing Entrepreneurship, Innovation, and Creativity Report

This report delves into the core concepts of managing entrepreneurship, innovation, and creativity, providing a comprehensive overview of key aspects. The report begins with a personal reflection on the author's entrepreneurial skills, background, and motivations, and then investigates the definitions of entrepreneurial, innovation, and creativity. It proceeds to examine social entrepreneurship, including its motivations, advantages, and disadvantages, and offers a critical analysis of its role in society. Furthermore, the report outlines a detailed business development plan for The Humble Company, encompassing business concept, objectives, market research, target market, and marketing strategies. The plan also considers human resources, financial projections, and potential risks. This report aims to provide a well-rounded understanding of the entrepreneurial journey and the factors that contribute to successful business ventures. The report also references various academic papers and journals to substantiate its claims.

Managing Entrepreneurship,
Innovation & Creativity
Report
Contents

INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
My story : In the beginning....................................................................................................1
Research Questions................................................................................................................2
Business development Plan....................................................................................................5
Supporting Document.............................................................................................................9
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................13

INTRODUCTION
There are different types of skills that are necessary for a person to improve their
performance. It is very important to successful manage entrepreneurship as it will help in overall
growth and development of business (Bieraugel, 2015). Innovation and creativity is one of the
major aspect as it will help in improving performance as well as capabilities. Innovation refers to
creating or developing something completely new and anything which is new in market area.
Creativity refers to a way of performing task or any idea that leads to something inventiveness.
This report includes meaning of entrepreneurial, innovation and creative. In this report a proper
study is conducted in order to evaluate skills and capabilities of an individual. It consist of social
entrepreneur as well as different motivations in setting up a social enterprise. Various advantages
as well as disadvantages of social enterprise. It identify social entrepreneurship and motivations
in setting up social enterprise. Apart from this a proper plan has been developed which consist of
objective, market research, target market or customer and many factor factors which have impact
over business and its operations.
MAIN BODY
TASK 1
My story : In the beginning
Define entrepreneurial, innovation and creative.
Entrepreneurial refers to a person who is taking all risk to start a new business as well as
responsible for taking better business decision. This person will develop and create a economic
venture. An entrepreneur is liable to gain profits and other benefits from their business.
Innovation can be define as a process of developing or creating something completely
new. It can be an idea, methods or product which will convert it into more useful thing which is
new been used before.
Creative can be consider as a skill of an individual which help them in developing
something completely new and innovative (Bridgstock. and Cunningham, 2016). This is ore
related to involving the use of imagination in order to solve critical situation or creating
something very useful.
Are you entrepreneurial, innovation and creative?
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I consider myself as an innovator as I have proven my skills and abilities in creating or
generating innovative ideas. I have provided innovative solution to many critically problems in
order to resolve it. This is the main reason I consider my self as an innovator as I have innovation
skills and able to provide better and creative ideas.
What environment are you coming from?
My qualification background is majorly related to the human resource and business
management. This have completed my diploma in Business and Administration from Waltham
forest college of London, UK. I have knowledge about customer service as well as work as as a
customer service assistant in Tesco company. Currently I an working as a Consultant freelancer
in a private sector.
What pre entrepreneurial skills and attributes are you bringing to the module?
I will bring range of pre entrepreneurial skills as well as attributes in this module. I have
risk taking skills which is helpful in increasing my overall performance (Burns, 2016). I am able
to effectively use new and innovative technology in order to conduct business operations. From
the Belbin's team role model I consider myself as a planter as I have highly innovative and
creative skills that is helpful in solving different problems and issues.
TASK 2
Research Questions
What is social entrepreneurship?
A social enterprise, also known as a social business is a type of business having specified
social goals and objectives that serve as its primary purpose. These businesses seek for
maximizing profits while maximising benefits for the society side by side by applying
commercial strategies. The concept was first formulated in the UK in late 1970s.
They primarily obtain their funding by selling goods and services to the customers in
addition to some funding also obtained through grants. Earning profits is not the main motivation
behind a social enterprise but revenue still plays an important role for the business to sustain
(Samara and Bakouros, 2015). These are usually confused with charity, but unlike charity a
social enterprise aspires to generate revenues that in turn fund their social causes.
Employees working at a social enterprise come from various backgrounds with priority
given to ones who come from sections of the community that are at risk and have previously
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worked at organizations where they were not paid enough. Social enterprises attempt to provide
living wages which in most cities is above minimum wage. Climate Smart can be cited as an
example for a social enterprise where it trains businesses and gives them software tools that let
them track their greenhouse emissions.
What are the motivations in setting up a social enterprise?
There are different motivations of setting up or implementing social enterprise. This is
very helpful for customers as well as owner as through social enterprise needs and wants of
society can be resolved effectively. Social enterprise will provide employment to many people
and this will be beneficial for organisation as it will leads to increase employment rates. This
type of business will support society by full filling their needs and requirement (Chen and et. al.,
2015). There are many social enterprise that is specially develop for meeting for customer wants
and demands. The main motive of developing social enterprise is to meet with society needs by
offering new and creative products for customers. Product and services of social enterprise are
special developed by considering market requirement and offer services that will enhance their
living standards. This type of companies will increase the standards of society and conduct
different activities that will lead to full fill corporate social responsibilities. They are offering
valuable product to customers and meeting with social needs and requirement.
What are the advantages and disadvantages?
Social enterprise are vary helpful for society as well as customers as it will help in
providing new and innovative products to customers. It includes various advantage as well as
disadvantages. It is very important for this type of companies to over theses issues of
disadvantages and improve business activities. The major advantages and disadvantages of social
enterprise is mention below in detail.
Advantages:
 Diversity – Social enterprise are selling new and innovative products and services to
customers with unique selling point. This will help company to get diversity and help
business to get edge over other companies.
 First mover advantages – It is a advantage for these companies as they are the first
mover in the market. It will help in attracting more and more customers towards business
and enhance its profitability.
Disadvantages :
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 Lack of success – There are less chances for the success of social entrepreneur business
as it require different resources and tool. There are high chances of failure of social
enterprise venture. This will have negative impact on social enterprise business and affect
their performance.
 Lack of support – The disadvantages for this type of companies is that it is lacking in
support (Hnátek, 2015). Social enterprise will required support in different ways such and
there will be requirement of funds. Lack of support can affect the overall performance of
business.
Argue/criticise social entrepreneurship and motivations in setting up a social enterprise
Social entrepreneurship are considered as those organisations which are specially set up
for offering more useful and creative products to customers. there are many factors which
criticise the social entrepreneurships as well as motivation in development of social enterprise.
Criticism related to these business includes that they are not developed with the motive of full
filling needs of society but they are working to earn more and more profits from customers.
These business does not support any changes in business environment and it does not have any
impact over growth and development of society.
Social enterprise play a crucial role in overall development of society as it provide
products and services which will help in solving issues. Product and services offered by these
company are developed with the motive of full fill needs and requirement of customers as well as
meeting with their demands. Social enterprises are those businesses which are primarily
considered as a social or environmental objectives. It includes different functions which are
developed for providing benefits to different communities (Karimi and et. al., 2016). There is
huge difference between social enterprise and traditional business as these are majorly
considered beneficial for communities in various ways. Social enterprise are likely to develop
and create more innovative or experimental products that are specially designed to fill the gap
which is not filled by private and public sector companies. This type of company is also reaching
to socially excluded people as well as volunteering or providing training and employment
opportunities in order to develop their future and life. Social enterprise are helpful source of
inspiration which will help positive impact over organisation as well as its customers. this type of
companies are focusing on creating and developing relationships which is beyond economic
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purposes. Social enterprise are more responsible towards crating social and economical values in
the market environment.
TASK 3
Business development Plan
Business plan include development of strategies as well as take better decision in favour of
organisation. This includes series of steps that are developed with the special motive of business
which lead to growth and development of organisation. A proper business plan is develop in
context of The Humble company and this plan is mentioned below in detail.
Define business concept and opportunities
Business refers to a platform through which different products and services are offered to
customers. The Humble company was established in 2019 and it is growing all over the globe as
well as offering its products and services to different parts of the world (Knight and Harvey,
2015). This company has thousands of stores all over the world and its headquarter is located in
Sweden. This business is one of the leading small revolution which is providing different
personal care products. this company is manufacturing as well as delivering its products to
customers in order to earn more profits. There are various market opportunities which are
available to business which will help in growing its business. This company can develop new
and creative bamboo comb and develop range of products.
Objectives
This refers to goal and aim of organisation which provide guidelines to business in order
to conduct business activities. For developing a successful business plan this organisation needs
to set a SMART objectives.
 To launch new bamboo comb product within 4 months in order to increase 30 % sales.
 To develop strong customer base n 6 months with the motive of enhancing market share
by 20 %.
Market research
Market research can be done by two major ways such and primary and secondary sources.
Both of these sources which help in analysing demand of customers and market.
 Primary – It includes first hand market research and this will help in collecting more
appropriate data. In this researcher will directly communicate with targeted audience and
analyse their needs and requirements.
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 Secondary – This includes all those sources which will help in collecting and gathering
data which is already collected in primary research. This includes different sources such
as online data, books and journals, business documents and many more.
Target market/ Customers
This company is targeting customers who prefer wood hair care products and it is
offering its products in different part of the world.
Marketing
There are different ways through which this company can market its products such as
news paper advertisement, digital media and T.V advertisement and many more ways(Kuratko
and Morris, 2018). This company can promote its Bamboo comb product as a good for hair
growth.
Human resource
This is considered as a most crucial part of organisation as employees are responsible for
conducting business operations in more effective and efficient manner (Kuratko, 2016). It is
important that this company is have highly skilled and talented employees to perform task.
Operations
In this, company needs to use new and innovative technology in its business process. By
using better tools and techniques in its business operations to improve its productivity.
Legal issues
It is important of The Humble company to follow all rules and regulation set by government.
This will help in smooth functioning of organisation.
Financial
MARKETING BUDGET
PARTICULARS I Year II Year III Year IV Year V Year
Initial amount 3000 7500 11500 15660 15540
Investing 8500 9000 20000 28000 13500
TOTAL 11500 16500 31500 18460 29040
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MARKETING OUTLAY
Promotion 5000 2850 3050 3560 3000
Sales advertisements 2000 1800 3000 1500 1100
Direct selling 3500 1600 4500 2500 4600
TOTAL 10500 6250 10550 7560 8700
Risk, contingency and exit strategies
There are various risk associated with respective business plan and it is essential for this
company to develop strong business strategies in order to deal with these issues.
PESTEL analysis
This is an effective tool to analyse as well as evaluate external market environment in
order to develop better business strategies (Lukesnd and Stephan, 2017). There are various factor
in external business environment which can have negative as well as positive impact over The
Humble company. PESTEL analysis will be very helpful in identifying all factor as well as
taking better business decisions.
Political factor – This factor is majorly related to rules and regulation that is developed
by government. Political factor comprise of taxation policies, trade restriction, Brexit impact,
political stability and instability. Stability of political party will positive impact over business
and help in performing business functions.
Economical factor – Economical factor includes all those factors which are related to
economics or financial growth rate. This consist of GDP, growth rate, exchange policies and
many more. Continuously increasing growth rate of nation will be advantage for respective
company as it will help in performing operations in better manner.
Social factor – This factor includes culture, behaviour, attitude and other social factor.
This will have direct impact over business (Mitra, 2019). This will affect sales and profits of
business and it is very important for respective company to develop products as per need and
wants of customer. this will help in enhancing sales as well as developing strong relationship
with customers.
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Technological factor – Technological factor is related to new and creative technology i
market area which will help on conducting business activities in more innovative manner. It is
essential for respective use more updated and modified technology in business operation in order
to enhance its manufacturing as well as other business activities.
Environmental factor – This refers to impact on environment on business operation.
This includes climate, weather, pollution and ecological system which will affect activities of
organisation. this company is manufacturing products that is develop with wood and in this
environment play a crucial role in overall development of business.
Legal factor – This company needs to follow all rules and regulations which will have
impact over business (Protogerou, Kontolaimou and Caloghirou, 2017). Legal factor consist of
various laws and legislations which will have impact over business. It includes all laws and rules
related to health and safety of individual and it is important for smooth functioning of business.
SWOT analysis
SWOT analysis can be refer as a tool which will help company to analyse its internal
weakness as well as strengths and different external opportunities or threat are properly
identified. This will lead to take better business decisions and perform business activities in more
effective and efficient manner. SWOT stands for strength, weakness, opportunity and threats and
all of these factors are mention below in respect of The Humble organisations.
Strength – this company is developing new and creative products which is helpfull in
meeting with the requirements of customers. it is using highly innovative technology in its
business process and it will have positive impact on business (Provasnek and et. al., 2017). This
leads to increase in productivity as well as profitability of business . The Humble company has
developed its strong and positive image in market. This is helpful in increasing customers bases.
Weakness – The major weakness of this company is it is small scale company and its does
not have enough resources in order to increase its business performance. This company is
dealing in highly competitive environment and its does not have required resources as well as
funds to improve its business operations. This company is not able to market its highly
innovative products in correct manner.
Opportunity – There are various opportunities which are available in market area and
these opportunities will help in gaining competitive advantage over other rival companies. It is
very important for respective company to take all these opportunities as well as improve its
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business performance. This company needs to use modern and traditional marketing tools and
techniques in order to improve its business operations as well as attract more and more
customers towards business.
Threat – This company is dealing in highly comparative environment which will have
huge impact over business performance (Tidd and Bessant,2018). It has major threat from its
rival companies which will have negative influence on respective business. This company needs
to develop better business strategies which will help in gaining competitive advantage over other
rival companies.
Supporting Document
CV
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A reliable, committed and enthusiastic individual with exceptional customer service
skills. Approachable, well presented and able to establish good working relationships
with a range of different people. Ability to meet deadlines and complete tasks to a high
standard with a positive and ‘can do’ approach. Possessing a proven ability to
generate innovative ideas and solutions to problems. I am a flexible and experienced
individual, with excellent time management skills, good communicator with proven
interpersonal skills and used to working in a team whilst also being capable of using
own initiative.
Key Skills:
 Strong organizational, administrative and analytical skills
 Excellent telephone manners with ability to take accurate message
 Ability to maintain confidentiality and manage conflicting demands
 Computer literate with knowledge of Microsoft Office packages
 Ability to maintain filing system and any document controlling skills
 Ability to produce consistently accurate work even whilst under pressure
 Natural team player with ability to work unsupervised
 Critical and creative thinking, strong decision-making skills
 Attention to detail and highly motivated
Work History:
April 2017-to date
Consultant - Freelancer in Private Sector, UK
 Dealing with HMRC on behalf of clients, over phone, email and in writing
 Processing Data from various sources for Tax Return computation and
submission
 Solving clients' requests for taxes, benefits and translation services and
providing professional advice
September 2016- April 2017 - Jobs search and study.
Jan 2016 - September 2016
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