UGB 234 Managing Entrepreneurship, Innovation & Creativity Report

This personal enterprise report delves into the core themes of managing entrepreneurship, innovation, and creativity. It begins with a reflection on the entrepreneur's skills, knowledge, and support system, highlighting the importance of creativity, problem-solving, and risk-taking. The report then analyzes Facebook as a case study, examining its engineering perspective, economic impact, user benefits, and societal drawbacks. Finally, it introduces a new business concept for "Bake My Day," a bakery offering healthy food items, outlining objectives, market research strategies, target market identification, marketing approaches, human resource considerations, operational plans using the Business Canvas Model, legal issues, financial aspects, risk management, and exit strategies. This comprehensive analysis provides insights into the multifaceted nature of entrepreneurship and business management.

A PERSONAL
ENTERPRISE REPORT
THAT EXPLORES THE
KEY THEMES OF
MANAGING
ENTREPRENEUR

TABLE OF CONTENTS
TASK 1............................................................................................................................................3
TASK 2............................................................................................................................................3
Option D Theme- Organisations/Products...................................................................................3
TASK 3............................................................................................................................................6
Introduction-................................................................................................................................6
Objectives-...................................................................................................................................6
Market Research-.........................................................................................................................6
Target Market or Customers-.......................................................................................................6
Marketing-...................................................................................................................................7
Human Resource-........................................................................................................................7
Operations- using Business Canvas Model-................................................................................8
Legal Issues-................................................................................................................................9
Financial-.....................................................................................................................................9
Risks and contingency-................................................................................................................9
Exit strategies-...........................................................................................................................10
Other issue.................................................................................................................................10
REFERENCES................................................................................................................................1

TASK 1
I am entrepreneur who have the relevant skills and knowledge to shape the business, I
always dreamt of to become a successful entrepreneur, for that I have come through many
situations which sometimes pressurised me to quit this dream but my dedication and family
support lead me to follow this path. For my initial journey it was not difficult for me to follow
this career because my family environment was good where I have the support of my parents,
siblings, friend who always push me to achieve my goals. Although my family is not
entrepreneurial but they always encourage me to follow my dream. Their support always helps
me to come out from the complex situation by finding better potential solution. As for me the
pre entrepreneurial skills were creativity, problem solving skill, critical thinking and decision
making skill, risk raking ability and attributes were persistence, devotion, inspiration, passionate
that helped me a lot throughout my entrepreneurship journey. I knew that these skills and
attributes have the major impact over the entrepreneurship as I was aware that entrepreneur is
itself responsible for every action therefore I always used to practice the decision making skills
for the better business decision.
TASK 2
Option D Theme- Organisations/Products
Social network has completely change the business dynamics, it leads businesses to easily
respond to their consumers and to provide them potential solution for their query in real time. It
is most convenient options for the business as don’t have to invest such amount of money
because some social platform offers the free of cost services (Knoke and Yang, 2019). Facebook
is one of the strong social network which is impacting the global world. Facebook is the
American online social networking service which is owned by the Meta platform, this enterprise
was discovered in the year 2004 and founder is mark Zuckerberg. As for the engineering
perspective of enterprise- Enterprise engineers the unique designing and implementing the tools
and services to help power Facebook workers. As the employee team mainly aims at technology
through the creative perspective and leads to develop the innovative and human centric solutions

which helps in providing they seamless experiences to the company’s employees. For the
economic impact of the company it is found that marketing of Facebook is resulted in $ 148
billion of its complete worldwide result and it also given the 2.3 million jobs globally, it is also
found that marketing on Company has contributed the $77.6 billion in economic effect and often
produces the 816,000 employment in the United States (Tabassum and et.al., 2018). Facebook
enables the global economic functions by providing support to open the better opportunities by
connecting the people and range of business and also reduce the barriers to effective marketing
and innovation. Facebook offers the better services to the consumer as to connect the people with
each other irrespective of their physical location they can easily remain in touch with their
people.
With more than 350 million user of the Facebook making the company as strong and largest
social network enterprise it offers the benefit to connect the people who are at any geographic
location but still have some negative points (Yang, Keller and Zheng, 2016). As along with the
advantages which the Facebook social network offer, it also has the negative aspect which is
affecting the individual’s life as it is easily seen that people across the globe are facing lack of
sleep problem, eating disorders, low self-esteem as well as depression which is affecting their
lifestyle, as this application is highly addictive thus consists of some drawbacks as well.
Sometimes because of its addiction it also leads to the fatal incidence which affects the society
and wellbeing of people. In the survey that is conduct where the 33 percent respondents were
from the Australia, Canada and UK who have said that Facebook company is negatively
impacting the society, while it is also found in the survey that country like Japan which is fastest
tech country, where people does not prefer to use this application because of its negative impact
over the community (Aghakhani, Karimi and Salehan, 2018). It is often found that this platform
also has impact over the communication which cause the cyberbullying, loss of personal data and
security.
Marketing effect generally examines the impact of various businesses by utilising the
Facebook services to proceed with the online and offline sales of product and services, Facebook
offers the better tools and services to the marketers of any size to reach their audience and to
create brand awareness of their businesses (Robertson and Kee, 2017). It is clearly found that
global enterprises are using its convenient services and unique marketing tools to achieve their
desired goals and objectives, as by using the ads and pages they can easily gain the insight of

their potential consumer which also helps in retaining the consumer and to promote the effective
brand awareness. Conversely audiences generally use the Facebook application for finding the
new businesses to connect with that they already familiar with. In addition to this government
and non-profit firms also uses this platform to get in touch with their constituents that results in
increment in social and economic value. These organisations mainly get the advantages from the
identification and free flow of better and effective ideas that is derived from the Facebook’s open
source communication approach (Chen and et.al., 2018). Thus this platform offers the cost
effectiveness promotion of the business by targeting the potential consumer base which helps
them in growing their business rapidly. Use of the Facebook also have the adverse psychological
impact which involves the crimes, stress. There are many cases regarding the crime which
involves the cyber bullying, stalking, robbery which is increasing the crime cases among the
society. As cyberbullying is the common among the teenagers on this application, it is often
analysed that this platform has contributed to many deaths of the teens who either committed
suicide or get involved in the criminal activities and get killed by the other people (Frederick,
O'Connor and Kuratko, 2018). It also raises the issues like attack on privacy as many businesses
have faced the situation when their accounts were hacked by the attacker because of this they
faced challenges like property loss sometimes it often created the life threatening situation.
Thus along with the many advantages and disadvantages company has marked their strong
position in the global business, they are the toughest competition for all other firm who have the
same approach like Facebook, despite of many issues company is able to fix all the errors and to
provide the better solutions to their potential active user. Company is itself a big brand and have
acquired the largest market share, company has acquired the platform like Instagram, WhatsApp,
Facebook decide to take over the Instagram because this platform is seen as biggest threat for
their platform (Olanrewaju and et.al., 2020). Therefore, Facebook have proved themselves as a
unbeatable in the market and have the greater impact over the global world. Towards the global
society it has done something which other businesses can never imagine to do as this platform
has made possible to give the instantaneous communication among the 2 billion people, it does
not remain this only this platform also allows to build communities, social groups on this
platform and also for the enterprises it is the great source of business.

TASK 3
Introduction-
Business concept is the process which involves giving the direction as well as the form of the
operations of the company. The business concept is considered as the fundamental aspect for the
existence of the company. The new business concept for the Bake My Day organization is the is
offering the healthy bakery food items to the customers which will includes desserts, cakes,
chocolates, pastries, cookies and many more (Nosratabadi and et.al., 2019). This Bake My Day
bakery has many opportunities from this new business idea as this will help the company in
growing and increasing the market share at the initial level as well. Due to the shift of the
consumers trends towards the healthy and fresh food, the company will be growing very fast as
the customers will be attracted towards this bakery. This opportunity will help the organization
in making the good brand image and loyalty among the customers as they will feel that there
needs and wants are valued by the company.
Objectives-
The main objectives of this business idea is to provide the best, healthy as well as the fresh food
to its customers as this will help them in keeping the public stay safe and healthy. The main
objective of every company is to grow and earn the large number of the profits by increasing the
sales of the products as well as building good brand image among the customers.
Market Research-
The market research has been done by using the secondary research as this has helped the
company by analysing the competition in the market place as well as the overall research study
for the plan. Secondary research can be defined as the type of the research which has already
been published as well as gathered by the other people. This research involves taking the
information through already been gathered data. The secondary research has helped in giving the
critical knowledge and information about the competitors, market and consumer trends as well as
the market size. This information is much useful for taking the effective decisions for the growth
of the company and for product positioning.
Target Market or Customers-
Target market is the referred to as the particular group of the people to whom the business is
marketing its products and services and these are produced by keeping them in the mind. The
Bake My Day must ensure about targeting the specific group of the customers as the target

market are customers of all the ages that is from the children's to the adults. The target market is
for all the ages of the people because the Bake My Day bakery is producing the healthy and fresh
bakery products which will help the customers to stay healthy and enjoy the delicious treats and
due to this reason, they will be included in the target market. This bakery considers all the
households as well as the residents so the target market is the demographic profile. Bake My Day
Bakery has come up with the new idea of producing the healthy food for the customers so that
eating this kind of food does not affect their health.
Marketing-
This term can be defined as the activities which is undertaken by the company for promotion of
the products and service so the buying and selling of the product can be increased. There are
many methods which are available to the companies for the marketing of its products and
services. The marketing process involves the activities such as advertising the products, selling
as well as delivering of the products to the customer's ans the other businesses (Kamps and
Schetter, 2018). Bake My Day bakery can go for the making the hoardings which will show the
discounts on the food products for the specific time period as this will help the organization in
attracting the large number of the consumers to the bakery. This will help the company in
increasing the brand image as well as the boosting the number of the customers. The company
using this advertising strategy will help them in making reach the products and services to its
customers.
Human Resource-
Human Resource plays the vital role in the growth and development of the business. This is the
process which involves managing the human resource of the organization to maintain the
discipline as well as motivating the employees of the company (Adla, Gallego-Roquelaure and
Calamel, 2019). It is very important for the company to have the human resource department in
the organization as this will help them in selecting and recruiting the right candidate for the
organization as well as maintaining the clarity of the job role in the organization (Cross and
Swart, 2022). Bake My Day organization having the human resource department will help the
company to get success by using the effective strategies for motivating the employees as this will
lead to increase the productivity level of the overall organization.

Operations- using Business Canvas Model-
Business Canvas Model can be defined as the visual representation of the business model and it
highlights all the key strategic factors. It is basically the complete overview of the workings,
operations, customers revenue and many more of the organization.
The elements of the Business Canvas Model are such as-
Key Partner:
The key partners
of the Bake My
Day are Web
designer for the
application of the
bakery as well as
the graphic
designer.
Key Activities:
The key activities
of the bakery is to
produce the
healthy and the
fresh food for the
customers.
Taking the orders
through call or
through the
website and the
social media
platform.
Value
Prepositions:
The Value
Preposition of the
Bake My Day
bakery is “
Always healthy
and fresh.
Guaranteed
forever.” This VP
shows that the
bakery will
provide the fresh
and the healthy
every time to its
customers.
Customer
Relationships:
There are bulk
buyers and the
loyalty among the
customers. Online
discussion with
the customers for
any small and
bulk order.
Providing the
discounts to the
bulk buyers
(Braun,
Schöllhammer
and Rosenkranz,
2021).
Customer
Segments:
The consumers
are the-
 Local
communiti
es
 Families
 Adults
 Children's
 Healthy
and fitness
people as
well
Businesses-
 Other
small local
bakeries
 Local
supermark
ets
Key Resources:
 Overall Team
 Raw materials
 Website and
Distribution
Channels:
Trough the delivery
boys, On call delivery,
Trough the website
Cost Structure:
The product Inputs
that is ingredients,
staff salaries as well as
the equipments for
Revenue Streams:
The main revenue
stream of the Bake My
Day is through the

social media
platform Other retail
networks
and social media
platform (Sort and
Nielsen, 2018).
producing the food
products as well as the
delivery and other
facilities.
sales of the products
by selling the products
to the customers as
well the businesses.
Legal Issues-
There are many legal issues or the restrictions for opening the bakery business. The company has
to issue the licences and the permissions for opening the bakery as this company is involved in
food and beverage industry so there are many laws which has to be followed by the companies
while opening the company (Keay and Loughrey, 2019). The Bake My Day Bakery will face
many legal issues while opening the businesses as there are many restrictions made by the
government.
Financial-
It is very important for the businesses to plan the funding and the financial requirements as this
will help the organizations to manage the financial resources effectively. The Bake My Day will
be funding the initial long term assets for the €65,000 which includes equipment’s, furniture’s
and many more. And with this, €13,000 of the current assets and additional the inventory will be
financed. The main sources of the funds are of two owners and in which each owner will be
investing the €80,000 so the total start-up investment of the bakery is the €1,60,000. This will
help the company in managing the resources effectively and will be able to keep and track all the
resources of the company.
Risks and contingency-
Risk can be defined in the financial context as the chance in which the outcome or the
investment actually gains will be different from the expected return or outcome. A contingency
can be defined as the event or the condition which may occur in the business suddenly anytime
without the preparations previously. The Bake My Day bakery can face many risks and the
contingencies while running the business such as any disaster or the virus may impacts the
businesses for example the coronavirus was the contingent risk which was occurred and highly
impacted the businesses as the bakery businesses also has faced big losses and many others has
to shut the businesses as there was no income through which the business activities could be run.

Exit strategies-
The business exit strategy can be defined as the strategic plan of the entrepreneur for selling the
ownerships of the business to its investors as well as to the other company. This enables the
businesses the way to reduce and liquidate their stakes of the company and in case of the
successful business they can earn high profits. There are some other strategies which are merger
and acquisition, its concept is to merge with the same company or to being acquired by the large
business. It is often win-win situation for the businesses to proceed with the merger and acquire
exit strategies, therefore bake my day bakery can also proceed to think of this strategy if there are
some situation created where they want to take exit from the market. other strategy can be sell to
known friend, for that it is important to look for the ideal buyer who have good skills and interest
in businesses’ operational part, thus it can be a better option for cash out.
Other issue
It is discussed that Bake my day bakery must adhere to legal policies and standards in order to
smooth running of their business. Other issues can be ineffective marketing, as it can be simple
to get caught up into the current marketing trends and to invest more money on different
marketing techniques which ends up costing more and often does not give the desirable result.
Thus there are more chances for the bake my day bakery to face this challenge as their business
idea is to create an awareness of their organic product, it will require proper marketing otherwise
consumer will not be able to gain the insight into their product and services which can be loss for
their business (Pidduck and Clark, 2021). Knowledge and skill gap can be other issue which the
company can face as if workforce don’t have enough knowledge to made the organic product
then it will be complete failure for the company. As lack of knowledge can give the
consequences which will affect the business financial status.

REFERENCES
Books and journals
Adla, L., Gallego-Roquelaure, V. and Calamel, L., 2019. Human resource management and
innovation in SMEs. Personnel Review.
Aghakhani, N., Karimi, J. and Salehan, M., 2018. A unified model for the adoption of electronic
word of mouth on social network sites: Facebook as the exemplar. International Journal
of Electronic Commerce. 22(2). pp.202-231.
Braun, A.T., Schöllhammer, O. and Rosenkranz, B., 2021. Adaptation of the business model
canvas template to develop business models for the circular economy. Procedia CIRP,
99, pp.698-702.
Chen, F.W. and et.al., 2018. The influence of entrepreneurship and social networks on economic
growth—from a sustainable innovation perspective. Sustainability, 10(7), p.2510.
Cross, D. and Swart, J., 2022. The (ir) relevance of human resource management in independent
work: Challenging assumptions. Human Resource Management Journal, 32(1), pp.232-
246.
Frederick, H., O'Connor, A. and Kuratko, D.F., 2018. Entrepreneurship. Cengage AU.
Kamps, I. and Schetter, D., 2018. Performance marketing. Springer Fachmedien Wiesbaden.
Keay, A. and Loughrey, J., 2019. The concept of business judgment. Legal Studies, 39(1), pp.36-
55.
Knoke, D. and Yang, S., 2019. Social network analysis. SAGE publications.
Nosratabadi, S., and et.al., 2019. Sustainable business models: A review. Sustainability, 11(6),
p.1663.
Olanrewaju, A.S.T. and et.al., 2020. Social media and entrepreneurship research: A literature
review. International Journal of Information Management. 50. pp.90-110.
Pidduck, R.J. and Clark, D.R., 2021. Transitional entrepreneurship: Elevating research into
marginalized entrepreneurs. Journal of Small Business Management. 59(6). pp.1081-
1096.
Robertson, B.W. and Kee, K.F., 2017. Social media at work: The roles of job satisfaction,
employment status, and Facebook use with co-workers. Computers in Human
Behavior. 70. pp.191-196.
Sort, J.C. and Nielsen, C., 2018. Using the business model canvas to improve investment
processes. Journal of Research in Marketing and Entrepreneurship.
Tabassum, S. and et.al., 2018. Social network analysis: An overview. Wiley Interdisciplinary
Reviews: Data Mining and Knowledge Discovery. 8(5). p.e1256.
Yang, S., Keller, F.B. and Zheng, L., 2016. Social network analysis: Methods and examples.
Sage Publications.
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