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Managing Entrepreneurship Innovation and Creativity Report

University: University of Sunderland

  • Unit No: 13
  • Level: High school
  • Pages: 14 / Words 3460
  • Paper Type: Assignment
  • Course Code: UGB 234
  • Downloads: 358
Question :

This sample will let you know about:

  • Discuss important business concepts and opportunities.
  • Define Entrepreneurship.
  • What are the important points for Market Research?
Answer :
Organization Selected : N/A

INTRODUCTION

Entrepreneurship is referred to as an appropriate action which in turn tends to focus on taking action associated with an entrepreneur.  Entrepreneurship is referred to as a pursuit of opportunity and is an effective process for designing and running the business (Ratten, 2017). Creativity is considered to be an ability to effectively develop new set of ideas which in turn helps in discovering effective way to look at various different problems and opportunities. On the other hand, innovation is referred to as the ability to effectively apply the creative solutions in order to enrich the society.

I have been coming from a business family. I have a family business of real estate and real estate brokering. The environment from which I am coming from is solely from a business environment which is full of creative and innovative environment. Coming from a business family in turn engage me to work with lot of new people on an everyday basis. This in turn helps me in generating feasible business ideas in order to edge over the competition. The pre- entrepreneurial attributes and skills are ambition, eagerness to learn, creativity, risk taking, confidence, assertiveness, perseverance, ability to listen, competitive, initiative, persuasive, productive, interactive, finding appropriate solution to the problem, etc.

RESEARCH QUESTIONS

Social entrepreneurship is referred to as an approach by effectively starting up the new set of companies in which the individual develop, fund and effectively implement appropriate solution to the several environmental issues. Social entrepreneur is referred to as a person who tends to pursue a novel application who in turn tends to have a potential to resolve various community based problem (Chand and et.al., 2018, July). They focus on taking risk and also make an effort to create a positive change within the society by taking correct initiatives.

A social entrepreneur tends to effectively start a business which is beneficial for the greater social good and not just for making profit. Social entrepreneurs seeks to effectively produce various set of environmental friendly products in order to serve the community. A social entrepreneur also focuses on seeking to address large number of imbalances in order to determine the root cause of the social problem. One of the key goal associated with the social entrepreneur is not to earn profit, but in turn tends to implement wide degree of improvements within the society. Social entrepreneur is referred to as an effective way which helps in connecting individual to the life's purpose in order to create difference within the world (Petkova,2019).

Social entrepreneur tends to combine various social and commerce issues in order to improve the lives of the individual in order to connect to the cause.  For example, TOMS is a company where they focus on the concept of “one for one” for shoes. For every new pair of the TOMS shoes which has been purchased by the customer, the company tends to donate a pair of shoes to the needy child. On the other hand, other company FIGS tends to exist in creating comfortable and ethically responsible and sustainable scrubs. They also tend to focus on creating high quality products and also tends to focus on donating thousands of scrubs to the health care providers in around 35 countries.

Social entrepreneurship is referred to as the combination associated with commerce with social issues (Lichtarski and Trenkner, 2018). The success of the business is also dependents on the business contribution to improve the world. The key characteristics associated with the social entrepreneur is to attain large scale social, focus on innovation while finding appropriate solution to the social problem, using appropriate feedback to effectively adapt and refine. Social entrepreneur are referred to as an individual who focuses on creating innovative solutions to the cultural, social and environmental challenges. 

Social entrepreneurs in turn are considered to be very persistent and ambitious who in turn focuses on tacking various major issues and in turn also focus on creating new ideas for the system level change (Andrzejewski, 2019).  The skills and attributes associated with the social entrepreneur is to effectively recognize various unjust social issues, taking direct action, creative, fight adversity, inspiring change, identifying various business opportunities, adaptable to change, perseverance, confident, leadership skills, team spirit, creativity, social skills, etc. Another example is associated with the Grameen bank, where they tend to provide small loans to those part of the society who are living in poverty in order to make them financially self sufficient.

The motivation of the social entrepreneurship is that, it tends to provide training, support and employment to the disadvantaged group of the society (Ratten and Usmanij, 2020). Business tends to focus on creating and maintain products in order to effectively respond to the economic and social needs of the society. Another key motivator of the social entrepreneur is mainly associated with the profit redistribution. Business which tends to exist in order to generate large number of profits which in turn is redistributed for the cause of charitable activities.

The key motive is to create a new opportunity for the business which in turn has never been explored.  Moral responsibility and ethical motives in turn is considered to be one of the key motivator for the social entrepreneur to carry out the social enterprise business. Social entrepreneurs in turn are largely motivated by various non- economic factors which in turn eventually leads to improvement in the society (Ateljevic and Page, 2017). The key principal associated with the social objective is mainly linked with the social entrepreneurs. On the contrary, selfishness in turn is considered to be one of the last motivator for the social entrepreneurship. For example, Walmart has added social value by imposing sanctions over the suppliers and manufacturers in South America by effectively using resources which in turn has been obtained from the Amazon (4 Things That Motivates a Social Entrepreneur Beyond Creating Social Value, 2020). Donating for the social cause in turn tends to result in social fulfilment.

This in turn leads to creating a sense of accomplishment by effectively creating the same set of underlying interests associated with the ethics and morals. The social entrepreneurs tend to focus on developing functional and social competences in order to solve various social problem.  Social entrepreneurs are in turn considered to be as one of the mission driven individuals where the individual tends to focus on effectively creating several business operations.  The key role of the social entrepreneur is to provide benefit to the communities which in turn is considered to be very useful in reaching socially excluded individuals by providing them training, volunteering and various other employment opportunities (Ratten, 2019). The key benefit of the social enterprise is to effectively create better customer relationships which in turn is considered to be more responsive, transparent and accessible. Social entrepreneurship tends to result in improved insight, increased productivity, better innovation, change in the culture, enhanced reputation, understanding society, etc. Get Assignment Examples.Talk to our Experts!

THE CONCEPT PLAN

Business Concept and Opportunities.

LedFord Micro lending company is an effective business concept which tends to focus on providing resources and capital to the less privileged people in the society. Micro lending is  considered to be as a provision for small short term credit (Lorenzo, Kawalek and Wharton, 2018). This is used to cover emergency expenditures.  LedFord Micro lending company tends to provide effective financial services such as savings account, payment service, fund transfer, loan, insurance, etc.

This company tends to create an effective platform where organization lends loan to the individuals at a lower interest rate in order to make a better standard of living for the community. The key opportunity of the Micro lending firm is to create an effective opportunity for the people to obtain instant loan at a low interest rate. LedFord Micro lending company is considered to be an effective platform which in turn offers opportunity to the millions of financially excluded consumers a re- entry into the appropriate traditional financial system (Acar, Tarakci and van Knippenberg, 2019). This can be done by helping individuals to effectively build credit for the longer period of time.

Objectives

  • To build a world where each individual of the society and community, especially those who are below the poverty line in turn have access to the high degree of financial services.
  • The objective is to provide access to the financial services to poor in order to create an opportunity for building financial capabilities and also grow financial self- efficiency.
  • The interest rate of the LedFord Micro lending company is tailored in accordance to the each individual borrower.

Market Research 

Primary and Secondary competitors.

BRAC is a UK based one of the leading micro finance company which was established in the year 1974. It is considered to be one of the world's largest provider of effective financial services to the poor. BRAC is considered to be one of the key competitors for LedFord Micro lending company because it tends to have 40 years of expertise in designing, testing, loan and various other saving products in order to effectively meet the unique requirements of the people who in turn are living in poverty (Chand and et.al., 2018, July).

Target Market/Customer

A target market in turn is referred to as an effective market segment which in turn helps in targeting the specific group of people in order to deliver specific set of goods and services offered by the LedFord Micro lending company (Ateljevic and Page, 2017). The target market for the LedFord Micro lending company are entrepreneurial poor, less privileged people, ambulant vendors, shopkeepers, economically active individuals, household based entrepreneurs, people below poverty line, etc. LedFord Micro lending company tends to focus on providing loans and micro lending services to the poor clients in order to provide better credit access to the individuals. It helps in providing opportunity to the families by taking advantage of the overall loan repayment rates. Get USA's leading online assignment help!

Marketing

Marketing is considered to be very useful for the company to effectively grow their customer base. This helps in expanding their business to the newer market and gaining advantage of higher customer base.  LedFord Micro lending company will focus on determining the key needs of the customers in order to target the right customer base. Promotion of the various services provided by the LedFord Micro lending company are given which in turn helps in attracting large number of customers (Lorenzo, Kawalek and Wharton, 2018). This helps in increasing there clientele base.

Social media marketing such as Instagram, LinkedIn, Facebook, YouTube, etc. will in turn focus on creating an appropriate marketing strategy in order to mention in short the financial services which in turn has been provided by the company. The company should focus on advertising their product with the beneficial advantage provided to the less privileged part of the society. This in turn helps in targeting the specific target market which in turn helps in effectively carrying out its business activities. 

Human Resource

The key human resource required to effectively carry out the business operations of the LedFord Micro lending company are employees, financial manager, Marketer, operational manager, financial planner, ground level staff, etc. they are in turn considered to be the key human resource within the organization(Lichtarski and Trenkner, 2018). Financial manager of the company will focus on meeting the long term goals and objectives of the company.

It helps in analysing the various risk for the suitable class of customers. The key role of the marketing manager is to maintaining and create brand value in the eyes of the customers. It focuses on social media, promotion and advertising in order to attract large customers. Operational manager tends to focus on analysing the various operational business activities within the organization. This in turn helps in improving the organizational process which in turn helps in improving the productivity, quality and efficiency.

Operations

KEY ACTIVITIES

KEY RESOURCES

KEY PARTNERSHIPS

CHANNELS

CUSTOMER RELATIONSHIP

CUSTOMER SEGMENT

VALUE PROPOSITION

REVENUE STREAMS

Providing loan at lower interest rate to less privileged people (Brem, 2017).

It  provides effective financial services which in turn is tailored in accordance to the each individual borrower.

Human resource such as

employees, financial manager, Marketer, operational manager, financial planner, ground level staff, etc.  are considered to be key human resource.

NBFC,

Non- governmental organization.  are considered to be key partners.

Customer loyalty,

Cost leadership strategy, etc.

Face to face interaction,

business meeting, persona assistance, etc. are considered to be the key measures for maintaining customer relationship.   

The target market for the LedFord Micro lending company are entrepreneurial poor, less privileged people, ambulant vendors, shopkeepers, economically active individuals, household based entrepreneurs, people below poverty line, etc.

To build a world where each individual of the society and community, especially those who are below the poverty line in turn have access to the high degree of financial services.

Usage fee, brokerage fees, leasing, asset sale, etc. are considered to be key revenue streams (Mitra, 2019).

Legal Issues

The Led Ford Micro lending company in turn must focus on legally comply with the various laws, rules and legislations (Lorenzo, Kawalek and Wharton, 2018). This in turn eventually leads to higher operational growth and smooth function of the business in a legal and systematic manner. The regulation and standards of the micro finance will in turn helps in ensuring the financial soundness of the micro finance industry. This in turn helps in reducing the possibility of failure to carry out any business activities. All the micro lenders company of the UK comply with the Micro Finance Act, 2018.  This bill tends to provide array of registrations, supervision, licensing, etc. associated with micro lending business. Get Statistics Homework Help from our professional experts!

Financial

FY 2020 

 

 

Sales

1000

 

Revenue

8000

 

Less: COGS

2000

 

Gross profit

6000

 

 

 

 

Expenses

 

 

HR expenses

700

 

Packaging and shipping

520

 

Market research cost

360

 

E-commerce website development

390

 

Depreciation

194

 

Rent

250

 

Refrigerator cost

100

 

Website cost

400

 

Advertisement and promotion

500

 

General office supplies

300

 

Technology integration

420

 

Employee salary

200

 

Interest

467

 

Total cost

4800

 

PBT

1200

 

Risks, Contingency and Exit Strategies

Risks

Contingency

Exit Strategies

Financial risk

Financial risk tends to have huge impact on the performance of the firm.  This in turn hampers the performance of the business which in turn largely affects its operations.

In order to manage the financial risk within the set business enterprise the company must in turn focus on preparing a set budget, identify and monitor the several risks.

Market fluctuation

This in turn results in change in the exchange rate, interest rate, inflation rate, etc. This in turn eventually in turn largely affects its business operations.

In order to mitigate the market risk, the company must focus on tweaking the portfolios in order to mitigate the market risk. Hedging the portfolios against the currency risk and sticking to the low impact liquidity risk in turn helps in existing the market risk.

Credit risk

A credit risk is the failure to make the required set of payment which in turn eventually affects the market operation. 

Building an emergency fund in turn is considered to be one of the most effective measure to resolve credit risk within the company (Acar, Tarakci and van Knippenberg, 2019).

Legal risk

Non- compliance with any of the legal requirements of the company will in turn lead to reputation loss and will also result in various legal penalties upon the organization. 

The company must timely comply with the various legal regulatory authority in order to carry out all the business operations with accuracy and efficiency. 

Other issues

Strategic risk is also considered to another issue in Micro lending company because this in turn leads to poor decision making and inadequate resource allocation. In order to mitigate strategic risk within the organization. The company must in turn focus on avoiding unwanted negative consequences and focus on taking necessary measures to control such activities. Transferring the risk by effectively managing the portfolio helps in mitigating strategic risk. Another major issue is less awareness to people related with the beneficial services offered to the less privileged area of th

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