Report on the Managing Entrepreneurship

Executive Summary of the Managing Entrepreneurship

In this paper, a new business idea has been considered and a proper concept plan for it has been developed. When it comes to brining concepts and ideas to the market, there are a number of lessons that we can learn from it. Some of these lessons include: An important lesson in bringing an idea to the market is that customers do not consider an idea or concept important until they perceive it as helpful. Therefore, a problem-first approach has to be considered. Another important lesson in bringing concepts and ideas to the market is to focus on a specific market category before targeting a broad part of the market as it would help in ensuring the effective growth of product. Yet another important lesson in bringing ideas to the market is to ensure that if the solution is complex, a small consultation package should be provided. The last lesson in bringing a concept or idea to market is to ensure that messaging across every platform and channel is consistent. The business idea is concerned with introducing the delivery of different food items through drones. Actually, this idea provides the competitive advantage that other organisations have not considered this idea and they are not making the use of it. It means that the idea is not only unique, it will help it targeting both customers and business in an effective manner. It provides the opportunity to target audience to order safe food with the use of drones, which minimises the spread of coronavirus. The objective of this idea is to deliver an application named “Airborne Food” which will tell about the status of the cook. For example, it will enable the users to determine whether the cook has been tested and whether he is safe to cook or not. In addition to it, it will enable customers to order their food through the application that will be delivered to their addresses with the use of a drone.

Table of Contents

Executive Summary 2

My Story 4

What lessons can we learn in getting our ideas and concepts to the marketplace? 4

Focusing on the Problem 4

Focusing on Market Category 4

Reducing Barriers to Business 5

Understanding the Importance of Competition 5

Keeping Messaging Consistent 6

Concept Plan 6

Introduction 6

Objectives 6

Market Research – Competitors 7

Target Market 7

Marketing 7

Human Resources 8

Operations – Business Model Canvas 8

Issues 10

Legal Issues 10

Financial 10

Risks, Contingency, and Exit Strategies 10

Other Issues 10

References 11

Managing Entrepreneurship

My Story

I am an innovative person and I believe in thinking differently, adapting to situations, and implementing unique ideas for leading the market. Actually, my family is innovative as well and my parents are the main sources of my innovation. They have encouraged me to analyse a specific problem or topic from different perspectives and viewpoints to create a solution that meets the requirements and solves the problem in an efficient manner. In addition to it, my father has always told me to not be bound by the formal rules and never hesitate to fail. Therefore, I do not let the formal rules limit my innovative abilities and I am not afraid to fail because my failures shape my abilities and enable me to perform better than before. 

When it comes to my skills and attributes, I am innovative, resilient, ambitious, analytic, and collaborative. These are the skills that I will make the use of in the module. All of these skills and abilities have been developed with the assistance of my parents and my own interest in entrepreneurship. I have been interested in entrepreneurship for as long as I can remember because the way my father used to manage his business inspired me to set up my own business and lead it to success in the market. In this report, I will dive into entrepreneurship and set my business idea. It will help me in advancing my knowledge and concepts.

What lessons can we learn in getting our ideas and concepts to the marketplace?

When it comes to brining concepts and ideas to the market, there are a number of lessons that we can learn from it. Following are some of such lessons:

Focusing on the Problem of the Managing Entrepreneurship

When a new idea has been developed, most entrepreneurs tend to focus on how great the idea is and they do not focus on its aspects from the perspective of customers. An important lesson in bringing an idea to the market is that customers do not consider an idea or concept important until they perceive it as helpful. They consider only those ideas useful that help them in solving some specific problems that they face. Therefore, it is more than just important to adopt a problem-first approach. 

If a problem-first approach is adopted, it will help in gaining much more attention in a shorter period of time. While marketing the idea, the problem should be discussed first which will be solved by the idea before the solution is discussed. If the solution is discussed before the problem that it is going to solve, target audience will immediately lose their attention and they will not perceive it as a useful idea. There are numerous ideas and solutions existing in the market and target audience is already aware of them. They require a solution that is not only unique from others but it also helps them in solving their problem in a more efficient manner than other solutions. 

Focusing on Market Category of the Managing Entrepreneurship

Another important lesson in bringing concepts and ideas to the market is to focus on a specific market category before targeting a broad part of the market as it would help in ensuring the effective growth of product. Customers require a proof that the solution being offered to them is reliable and it would really assist them in solving the problem that they are experiencing. In the absence of this proof, although customers would purchase the solution, sales would be significantly less. Instead of it, a specific niche must be targeted before a broad category, it will help significant in targeting a broader segment.

When some customers have already tried the solution and they know that it works for them, it will help significantly in marketing, especially word of mouth marketing. Customers from the broader segment will know and they will become aware of all others who have bought the solution and they have benefitted from it. Considering the fact that people sharing similar habits and thoughts will have the same interests, they are more likely to bring the solution up in their conversation. In this manner, trust is establishment within the broader segment without even talking to these customers. When customers from the broader segment get to know that there are already some people who have bought the solution and it serves to facilitate their lives, they will begin to consider purchasing the solution themselves (Sirt, 2020). 

Reducing Barriers to Business of the Managing Entrepreneurship

It is quite common for innovative solutions to be complex and sophisticated. Even though they are made to solve the problems being experienced by customers, it is highly possible that customers might not even know how to make the use of solution. As it will be explained in the business concept later, the solution that will be offered to customers will be quite unique and for ensuring that customers are able to understand and make the use of it in an effective manner, a small consulting solution will be provided first to customers which will make it easier for them to make the use of solution. 

When customers are provided with clear directions before they purchase the solution itself, it helps them significantly in ensuring that they get the best out of the solution. Therefore, an important lesson in bringing ideas to the market is to ensure that if the solution is complex, a small consultation package should be provided (Burns & Dewhurst, 2016). 

Understanding the Importance of Competition of the Managing Entrepreneurship

Actually, it is common knowledge for entrepreneurs that competition is a bad thing it prevents business from acquiring 100 percent of the market share. However, an important thing that not many entrepreneurs know that if the business is the only one in the market to provide the solution or product to customers, it will have to bear the burden of legitimising and evangelising the solution. Actually, this is a burden that cannot be managed and handled by every business. When there are competitors in the market, it helps significantly in legitimising the solution. 

Although it is important to perceive competition as what prevents the business from targeting all customers, it should not be considered a bad thing to the business. Instead, it should be considered in such a manner that it can provide the business with important insights. For instance, in the concept that will be explained later in the report, competition is understood and from this understanding, a solution is developed which is not being provided by any other competitor. This provides business with the competitive advantage that is not shared by any other competitor and it helps the business in making sales even amid the crisis. Let’s suppose that there is an organisation that makes the use of games for charitable purposes. Now, it is quite a unique concept and another competitor does not consider competition to be bad. In fact, understands the competition and focuses on the development of more meaningful experience. It helps the competitor in gaining the attention of audience and it helps in generating more sales than the original developer. Therefore, competition should be understood properly and it should be analysed in an effective manner (Wang & Liu, 2016).

Keeping Messaging Consistent of the Managing Entrepreneurship

Yet another important lesson in bringing a concept or idea to market is to ensure that messaging across every platform and channel is consistent. For instance, if a customer sees a specific thing in a presentation, a different message in the advertisement, and another change on the website then he will experience confusion and he will be unable to understand all these messages. There is a significant likelihood that customers will not engage with the business. When a concept or solution is unique, it is more than just a little important for marketing message for the idea to be consistent, concise, and clear. 

Even though marketing a new idea is difficult, it is quite an interesting process. Two situations are never similar. Therefore, it is possible that plans might change but it is crucial to ensure that the marketing message is clear and consistent across every channel utilised or else it would not be possible to attract the target audience and compel customers to purchase the solution.

Concept Plan

Introduction of the Managing Entrepreneurship

In recent times, every sector of business has been significantly affected by the spread of coronavirus or COVID-19. Therefore, it is quite important to consider that the effects have not been beneficial and positive for organisations and businesses. In fact, the impacts of this virus caused countless businesses and organisations to shut down because of their loss. Considering the fact that there is a high risk and likelihood of its spread, people are not given the right to stay outdoors and interact socially. They are advised to stay shut in their homes and not go out. Due to it, many businesses have experienced a decrease in their sales and profits as production processes have decreased and customers cannot be reached properly (Fernandes, 2020). 

Even though international economy and the business sector have been influenced adversely by the outbreak, it has also served to open new business opportunities. In this case, an innovation has been implemented by seizing the business opportunity. The business idea is concerned with introducing the delivery of different food items through drones. Actually, this idea provides the competitive advantage that other organisations have not considered this idea and they are not making the use of it. It means that the idea is not only unique, it will help it targeting both customers and business in an effective manner. It provides the opportunity to target audience to order safe food with the use of drones, which minimises the spread of coronavirus.

Objectives of the Managing Entrepreneurship

Because of the spread of coronavirus, businesses are working towards the transformation of their traditional ways of targeting and reaching customers. For example, there are various organisations that have seemingly introduced their applications for reaching customers without having to be physically outdoors. It is possible for customers to access these services through the utilisation of their applications. People hesitate to have different food dishes and items delivered to them due to the threat of coronavirus. People are not purchasing from online stores and restaurants because there is a chance that the person delivering these items might be infected and it might in turn, infect the customers. There is also a possibility that the chef or cook, making the food, might be infected as well. These are the key reasons why people are not purchasing from online stores.

The objective of this idea is to deliver an application named “Airborne Food” which will tell about the status of the cook. For example, it will enable the users to determine whether the cook has been tested and whether he is safe to cook or not. In addition to it, it will enable customers to order their food through the application that will be delivered to their addresses with the use of a drone. Considering the fact that drones will be the ones to make deliveries, any chance of infection and contamination to the food will disappear. Meanwhile, the objective of Innovation Inc. is to be the market leader in developing business solutions (Brush, 2012).

Market Research – Competitors of the Managing Entrepreneurship

When it comes to competitor, Innovation Inc. has an advantage that there is no other software development company that has provided a program capable of providing customers with the information about the status of cook in terms of coronavirus and linking food delivery with drones. Although this solution is yet to be developed by other companies, it is possible that with time, other organisations might also begin to create such solutions which enable customers to order food through drones. Therefore, primary competitors are software development organisations while secondary competitors are food delivery companies which serve and act as intermediaries between food restaurants and customers. These are the competitors that might become a threat in the future but at the moment, they have not developed any solution similar to this. Hence, at the moment, there is no competition for Innovation Inc. The organisation will experience competition in the coming time (Coviello, 2010).

Target Market of the Managing Entrepreneurship

For Innovation Inc., target market for “Airborne Food” comprises of food restaurants and businesses that are unable to deliver food to their customers because of the spread of coronavirus. With the purchase of application, they will be capable of linking their services to drones that will also be provided to them with the service for reaching their customers. Innovation Inc. makes the business to business model and that is why it will always target businesses and not direct customers. Although it will allow customers to interact with food stores and restaurants in an effective manner, it would not directly target customers. Instead of customers, it will be targeting food businesses which have been unable to operate properly in the market because of the spread of coronavirus (Drucker, 2014). 

“Airborne Food” is an application that enables customers to view the status of chefs and cooks making the food of customers and it also enables them to food they desire delivered to their house with the utilisation of a drone. It is quite a unique and revolutionary application as these days, individuals are not buying any food products and items because they are not really sure about the status of people who make and deliver the food. Considering the fact that it is possible for food items to carry the virus, people are quite hesitant towards purchasing the food items and having them delivered to their houses. This application has not been made before and it allows customers to buy food items with the use of drones (Kirzner, 2015).

Marketing of the Managing Entrepreneurship

For the marketing of application, different channels will be utilised. For instance, in recent times, the use of digital media has been increased significantly by businesses for reaching their customers because customers tend to make the use of digital media more than they use television now. In addition to it, since the primary target audience is composed of businesses for Innovation Inc., a hybrid solution will be utilised (Chaffey & Ellis-Chadwick, 2019). For instance, both the traditional media and digital media will be used. In the traditional media, television and newspapers will be used as advertisement sources. Meanwhile, in digital media, social media platforms will be used for advertising and targeting the audience (Fernhaber, et al., 2014).

One important thing that will be ensured is that message across all these platforms and modes is consistent through and through. It will help in targeting the customers and providing them with the information they require. As it has been explained in the second task, if message is inconsistent across different channels, it will adversely influence the business because the target audience will experience issues and there is a high possibility that customers might not even purchase from the company. Hence, marketing message will stay consistent across every platform (Hawkins & Mothersbaugh, 2010). 

Human Resources of the Managing Entrepreneurship

Human resources are an important part of Innovation Inc. and without them, it would not be possible to develop “Airborne Food” or target the audience. Considering the fact that both Innovation Inc. and “Airborne Food” are two new ideas, necessary human resources will have to be recruited for ensuring that necessary processes are completed for producing the desired results and bringing the application to market. First of all, an experienced human resource manager will be recruited for ensuring that he can assess the number of employees needed for meeting business objectives (Nielsen & Lassen, 2012). 

The HR manager will assemble managers for other departments such as IT, finance and sales, marketing etc. Once these managers are recruited, the next step will be concerned with the recruitment of employees. It will be the responsibility of HR manager to assess the number of employees recruited in each department and they will be selected accordingly. It is, however, important to note that only experienced employees will be recruited because it is important for them to have knowledge and experience in what they are doing for ensuring that desired results are produced. The wage of both employees and managers will be a little higher than market standards to ensure their satisfaction (Santos-Álvarez & García-Merino, 2010).

Operations – Business Model Canvas of the Managing Entrepreneurship

Issues of the Managing Entrepreneurship

Legal Issues of the Managing Entrepreneurship

There are no legal issues that must be resolved for the development of application, although it would be important to ensure that all government policies and regulations are abided by and considered while operating in the market. 

Financial of the Managing Entrepreneurship

As it has been explained above, investors would be attracted by presenting the business plan and budget will be developed from the money obtained from them. For the development of both the company and application, amount of $200,000 has been specified and it will be utilised for covering all expenses.

Risks, Contingency, and Exit Strategies of the Managing Entrepreneurship

The only risk to Innovation Inc.is that competition might increase in the coming time and it will have to overcome with the utilisation and implementation of proper strategies. At the moment, there are no contingencies but still forecasting and other analytic techniques will be utilised for identifying them and overcoming them in an effective manner. If there is a need to exit the market once business objectives have been accomplished, the business will be sold to investors.

Other Issues of the Managing Entrepreneurship

There are no other issues with the exception of developing a new revenue stream and strategy for the future to ensure proper functioning of business. 

References of the Managing Entrepreneurship

Brush, C., 2012. International entrepreneurship: The effect of firm age on motives for internationalization. s.l.:Routledge.

Burns, P. & Dewhurst, J., 2016. Small business and entrepreneurship. s.l.:Macmillan International Higher Education.

Chaffey, D. & Ellis-Chadwick, F., 2019. Digital marketing. s.l.:Pearson UK.

Coviello, N., 2010. International Entrepreneurship. Wiley International Encyclopedia of Marketing.

Drucker, P., 2014. Innovation and entrepreneurship. s.l.:Routledge.

Fernandes, N., 2020. Economic effects of coronavirus outbreak (COVID-19) on the world economy. SSRN 3557504.

Fernhaber, S. A., Gilbert, B. A. & McDougall, P. P., 2014. International entrepreneurship and geographic location: an empirical examination of new venture internationalization. Location of International Business Activities, pp. 94-136.

Hawkins, D. I. & Mothersbaugh, D. L., 2010. Consumer behavior: Building marketing strategy. s.l.:Boston: McGraw-Hill Irwin.

Kirzner, I. M., 2015. Competition and entrepreneurship. s.l.:University of Chicago press.

Nielsen, S. L. & Lassen, A. H., 2012. Identity in entrepreneurship effectuation theory: a supplementary framework. International Entrepreneurship and Management Journal, 8(3), pp. 373-389.

Santos-Álvarez, V. & García-Merino, T., 2010. The role of the entrepreneur in identifying international expansion as a strategic opportunity. International Journal of Information Management, 30(6), pp. 512-520.

Sirt, T., 2020. Coronavirus forces digital transformation in business world. [Online] 

Available at: https://www.dailysabah.com/business/tech/coronavirus-forces-digital-transformation-in-business-world

Wang, H. & Liu, Y., 2016. Entrepreneurship and talent management from a global perspective: Global returnees. Cheltenham: Edward Elgar Publishing.