UGB234 - Managing Entrepreneurship: Innovation, Creativity & Plan

This report provides an analysis of managing entrepreneurship, innovation, and creativity, focusing on the importance of innovation, nascent entrepreneurs, and the development of new ideas. It addresses key research questions related to bringing ideas to the marketplace, including focusing on problems, identifying market niches, reducing barriers to business, understanding competition, maintaining consistent messaging, and fostering effective communication. The report also explores barriers faced by nascent entrepreneurs, such as regulatory changes, time management, finding skilled employees, and cultural differences. A concept plan based on Blue Sky Thinking is presented, introducing a "One Plug Charger" as a new product, with objectives including satisfying customer demands, increasing profitability, attaining competitive advantages, and developing business growth opportunities. The report details market research methodologies, target market identification using STP (Segmentation, Targeting, Positioning), and marketing strategies including social media, email marketing, and public relations.

Managing
Entrepreneurship,
Innovation &
Creativity Report
2020

EXECUTUVE SUMMARY
Innovation is the action and process of innovating something new that is not available in
market and influence people to perform well. In simple mean, innovation used by individuals to
introduce new and attractive that can help to manage each function and activities effectively.
Without changes and invention, it might be difficult for companies to operate or regulate their
business continuously. The people who have different skills and ability to perform distinct is
known as nascent entrepreneurs, it focuses over creativity and mange each function properly.
The report will help to develop understanding about creation and new ideas that develop by
people to become a successful business entrepreneur.

Table of Contents
EXECUTUVE SUMMARY............................................................................................................2
Table of Contents.............................................................................................................................3
TASK 2 Research Questions...........................................................................................................4
TASK 3 The concept Plan...............................................................................................................6
REFERENCES................................................................................................................................1

TASK 2 Research Questions
Theme – Idea / Concept
To start and running a business there is need to have idea/concept firstly which supports
to manage all functions and activities. A business idea considered as a concept that uses for
financial gain as it is centred on a product and service, which offers for money. Business idea is
the structure for an individual that states what needs to do step by step and managing all
functions accurately (Agarwal and et.al., 2020). Once ideas have been designed and started to
work on then, next stage is to introduce at the marketplace and analysis it properly which can
help to know that idea is working or not.
The lessons can we learn in getting our ideas and concepts to the marketplace?
When an individual thinks new ideas and concept in relation to business and other task
then it is important to learn things to the marketplace. This can help to identify problems which
arises while working and managing all functions accurately. The lesson which could get by
individuals from their own ideas/concept defined below:
Focus on the problem – When idea has been developed specially then people always thinks
to how it will be great as customers don’t really cares. So this is important for people to keep
their ego aside there is need to know the problem which might be happen while go to
marketplace and getting customer attention. This can help to analysis over problems and make
efforts to resolve (The lessons can we learn in getting our ideas and concepts to the marketplace,
2021).
Focus on a market niche – Before introducing and entering in to new market it is important
to focus over niche market that can help to analysis the needs of people and provide the kind of
products and services. The main reason of selecting a market is introducing specific product or
service which can help to attracts the customers and encourage them to make buying decisions.
Reduce barriers to doing business – The major barrier to do business are internal changes to
process or culture that can prove as roadblock as it is not adopted by employees to work well. To
reduce such barrier there is need to introduce lightweight version of product that can help
customers to understand easily and reach the targeted customers. This can help to develop the
organizational performance and productivity by improving learnings (Bagheri, Newman and
Eva, 2020).

Understand that competition can be good thing – To run a business there is need to have
competitors and should be understand properly that can help to improve the learning ability of
individual what people are demanding now. An individual is requiring to understand the
competition level and provide the products or services accordingly.
Keep messaging consistent – Once idea and innovative product has been taken in to
marketplace and then improve the learning by messaging people and encourage them to make
buying decisions. Herein, marketing role requires to have in individual as it use own websites
and social media to keep connect with people and informing them about particular product.
Without marketing it might be difficult for individual to regulate their business.
Maintaining good communication and getting feedback - To go marketplace with new
idea communication skills is most required that should be learn by each individual as it helps to
satisfy the needs and maintain higher productivity. With the help of proper communication and
collaboration with others it might be easy to reach their targets and maintain higher productivity
effectively (Chang and Chen, 2020).
What are the barriers faced by nascent entrepreneurs when developing their ideas and concepts?
The people who are engaged in creating and building a new venture by using own skills
and ability known as nascent entrepreneurs. Ideas and concepts in relation to starting a new
venture requires to complete the project that can help to establish a business effectively. The
barriers which faced by nascent entrepreneurs at the time of developing their ideas are defined
below:
Change in regulation and policies – To introduce idea at different marketplace can
create the challenge of regulation and policies that directly impacts on business performance.
Individual faced changes in policies and regulations while introducing their ideas. This affects
the business negatively by reducing profits (Fuchs and et.al., 2021).
Time management – This is another issue facing by people as they are developing their
ideas. Time management requires to understand task and manage task according to time that can
help to develop the business productivity effectively. This issue happens when people don’t
focus on time and not to allocate their role that affects the concepts negatively.
Finding good employees – To implement ideas/concept there is need to have employees
who could regulate their business properly. But if skilled employees are not selected by owner

then it creates the challenge to run business. Such issue can face by nascent entrepreneurs while
developing their ideas (Hayduk, 2020).
Changes in culture – The conflicts might be arising while doing any kind of business in
changing environment that can help to regulate the business properly. The individual faced such
issue as people belong to different country, having different culture that affects idea and concept
negatively.
From the above discussion it can be concluded that ideas or concept innovation is
important for individual as it fill the market demand and influencing people to make buying
decisions. While developing ideas there is need to focus over various thing which improves
learning and managing all functions accurately. Other than this, different barriers could be faced
by individual at the time of introducing ideas and concepts that directly affects their business
negatively. Leaning and developing is the important aspects for each individual as it brings new
understanding and supports to complete a project.
TASK 3 The concept Plan
The Blue Sky Thinking is the selected concept plan
Introduction
Business is the subset of different activities which is important to perform and manage
each function. The opportunities to business involve sale or purchase of products which can help
to develop the productivity and profitability. The current concept plan is based on Blue sky
thinking which is used to introduce a new product such as One Plug Charger. This will be
beneficial for customers as they face the issue to charge their electronics by using one plug. The
person is who is starting its Blue Sky venture is nascent entrepreneurs as it used brainstorming
in perfect manner and maintain higher performance (Hevner and Gregor, 2020). This idea has
been developed after looking the market environment and needs of people in changing period.
Objectives -
 To understand people’s demand and satisfy by introducing products accordingly.
 To increase the organizational profitability ratio by 40% within 2022.
 To attain competitive advantages by introducing changes at the workplace.
 To develop a business growth opportunity by using the concept of Blue Sky Thinking. B
Market research

To develop any kind of business idea there is need to conduct the market research
properly which can help to know what people wants and how they would be satisfied. Market
research is an organized effort that used to gather information about target market and customers,
can help to maintain higher performance. This is important for each individual to have proper
understanding and ability to analyses market and comes to know what idea should be developing
for the purpose of increasing business opportunities. In relation to current concept plan such as
introducing one plug charger, market research has been conducted by individual where it has
seen that people are facing issue in charging their Mobile phones, computer, laptops, and other
items. This charger will help to resolve all issues and managing higher productivity at the
workplace (Huo and et.al., 2020).
To conduct market research there are two sources Primary and Secondary that are used to
collect data for a specific topic. When information collected from primary sources such as
interview, survey, feedback, and others that can help to manage good activities and reach to
outcomes. The secondary source used by people when information collected from already
existing sources such as magazine, books and journal and others that can help to maintain good
performance. In relation to current project primary market research has been used by researcher
in which survey has been conducted to analysis needs of people and make efforts to provide kind
of products.
Target market/ Customer
Once objective and market research done then next phase is to identify the target
customers to whom products and services can sell and manage business venture. By using Blue
Sky Thinking One plug charger is introduced by researcher that can help to develop the business
performance. To know the target customers STP is used:
Segmentation – This used to create various customer segment based on specific criteria
that can help to manage the all function accurately. This involves geographic, demographic, and
behavioural segmentation that supports to target the customers and improve learning. In relation
to Blue Sky thinking, demographic segmentation has been used by individual which helped to
know what people wants and how they could be satisfied (Latif and et.al., 2020).
Targeting – This is also known as multi segment marketing that used by individual for
the purpose of managing all business activities and accomplishing task. The newly business

concept plan one plug charger will target 15 to 60 years old people as it will help to develop their
understanding and attaining competitive edge.
Positioning – By using Blue sky thinking this business will maintain a lead position in
changing environment as all people using electronic items who needs charging point. This
product will help to influence number of people and encourage them to make buying decisions.
This is unique idea which develop by starving towards new invention and satisfying people.
Marketing
This is important function for each venture and business concern as it used to introduce
new products and services at marketplace. The aim behind using marketing is to aware people
and influence to make buying decisions. This is important for each individual to understand what
is happening in environment and what new products could help to reach target market. One Plug
charger is new product which is introducing by management of Blue Sky by using their skills
requires to focus over marketing function as it increase sales. The different channel of marketing
is discussed below:
Social Media – This is effective marketing channel used by business organization to
reach people and informing about particular products and services. In other words, social media
is an interactive technology, allow the creation or sharing of information for the purpose of
managing all functions and activities. To reach the target customers Blue Sky can use social
media such as Face Book, twitter, and snap chats that develop the understanding of people
(Mazzarol and Reboud, 2020).
E-mail marketing – This is another marketing channel uses by people to messaging and
showing their new products and services which they have planned to offer. This can help to
managing all function and activities to attaining higher productivity. This is an act of sending
commercial messages to others and encourage to make decisions.
Public relations – This is another marketing channel can be used by business concern to
sale their products by maintaining good relations with customers and attaining higher
productivity. Blue Sky requires to maintain good relation with public and provide kind of
products that can help to accomplish business goals (Mehmood, Jian and Akram, 2020).
Human Resource
In relation to new concept plan in which One plug charger introducing by organization is
requires to follow human resource management function that can help to identifying vacancy,

recruiting and selecting the best candidates. These people understand their roles and contribute in
each task so that goals could be achieved efficiently. The HR management of selected business
will understand requirement of employees and provide proper assistance that can help to manage
all activities.
Operations
Key partners
 Suppliers
 Investors
 Customers
 Employees
 Creditors
Key activities
 Selling
 Promotions
 Marketing
 Advertisement
Value
proposition
 Setting
appropriate and
affordable price
for One plug
charger
 Providing
good experience
to the customers
with the help of
great quality and
brand of Charger
Customer
relationships
 Good
environment of
office
 Innovative
concept of charge
Customer
segment
 Upper class
customers
because of higher
price
 Individuals
who use
electronic items
needs this
product
Key resources
 Funds
 Human capital
 Physical
material (goods to
manufacture
charger)
Channels
 Selling One
plug charger by
using many
suppliers
 Social media
Cost structure
 Rent
 Salaries
 Market research
 Advertisement, marketing and promotions
 Cost of material for developing charger
Revenue stream
 Sales through suppliers and promotion
channel
 Revenues from satisfying customers
 Income from online promotions
Key partners – In relation to Blue Sky Thinking concept key partners are
suppliers, investors, customers, creditors and employees who contributes to build One Plug
charger that is unique products and would like by customers.
Key activities – The main activities of Newly business concept is advertisement, buying,
selling, and marketing that used by business concern to reach the targeted customers and
maintain higher performance.

Value proposition –To maintaining day by day operations individual focuses over
Setting appropriate and affordable price for One plug charger and providing good experience to
the customers with the help of great quality and brand of Charger. This will help to create the
value of product as well as organization effectively.
Customer relationships – To increase organizational sales and maintaining operation
customer relationship is important that focused by management by creating good environment of
office and using Innovative concept of charge by all people (Nikolova-Alexieva and Angelova,
2020).
Customer segment - Upper class customers because of higher price and individuals who
use electronic items needs this product would create a customer segment for the purpose of
reaching targeted customers and maintain higher performance.
Key resources – The human resources for implementing concept plan are Funds, human
capital and Physical material (goods to manufacture charger) that used by individual for the
purpose of managing operations and accomplishing business goals effectively.
Channels - Social media, and selling One plug charger by using many suppliers are good
channel to reach targeted customers and managing all functions accurately. This can help to
manage business activities which are important to regulate a business (Sadq and et.al., 2020).
Cost structure – To manage operation and running a business identification of cost
structure is important that can help to make right decisions. In relation to Blue Sky Thinking
Concept Rent, Salaries, Market research, Advertisement, marketing and promotions Cost of
material for developing charger needs to consider that can help to reach decided goals.
Revenue stream – In relation to current business concept revenues generated from sales
through suppliers and promotion channel, satisfying customers and online promotions that can
help to implement all strategies and increase the competitive edge.
Legal issues
To start a business and managing all functions legal issues can be arising that should be
resolve by using legal terms. In relation to Blue Sky Thinking concept legal issues are licensing
and permit issue, changing in government regulations, data protection and privacy issues can be
arising that solve by management to provide security and managing all data secured (Ogbeibu
and et.al., 2020).
Financials

To start and regulate a business properly there is need to focus on finance or fund which
can help to manage a business effectively. To use the Blue Sky Thinking concept budget has
been prepared by business concern that is given below:
Particulars Amount (£)
Research and development £ 2000
Introducing product £ 3000
Cost to material £ 4000
Marketing and advertisement £10000
Online marketing £ 5000
Manpower £20000
Distribution of product and services £ 15000
Total £ 60000
Risk/ Contingency
To use innovation and introducing new products the risk such as financial risk, time
management risk and competitors risk can rise that directly affects the business organization and
its productivity (Shehata, Montash and Areda, 2020).
Exit Strategy
If concept plan and business is not operating properly then it needs to wind up. The
strategy of exit is merger, acquisition, selling to others and liquidation that can help to stop the
losses which could occurred more (Radwan, 2020).
Thus, all discussion has been done in above section about decided concept plan, used by
business concern to operate its business in changing environment and attain the competitive
advantages effectively.