Managing entrepreneurship, innovation and creativity assignment

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Requirement

1- Write a repot on "managing entrepreneurship, innovation and creativity assignment" in 3000 words with 10-12 references

Solution

Part 1: My story

To 
Investor company 
555 grant road.  Central 
Hong Kong 
Dated: ****

Dear Sir/Madam 

I am writing this with the hope of arranging a meeting and further discussion on working with your firm.  I am from a deferential upbringing and have appreciated good behaviour in friends and family. I am from a middle-class family and both my parents are working people. They have merely given the chance to look after me like another child because of theirworking schedules. This has been managed by me as a self-starter. I used to manage the thing all by own like cooking and taking care of the home. I often used to cook food for my patents when they return back from office. There was no guide for managing things. I used to take the help of the internet in order to complete any home task.  
During this, I came to aware of the Café Heaton which is well known for providing marvellous coffees.  I have been coordinating with different coffee shops during my school days. I used to work for their several campaigns in order to increase the sale. I have developed knowledge of the customer-oriented market and how initiatives need to be taken. I have worked individually in order to generate plans for making the campaign successful. I have to inspire people and take advice then for the best action. There will be determination, ethics, and competitiveness that will bring the best out of the proposed plan. I believe the way I handle any problem with positivity gives me strength in order to deal with any given condition.
Thanking you
Yours faithfully 
xxxx

Entrepreneurship refers to the activity of building a business or business. According to Burns, (2016), this is done in accordance with taking economic risks with a hope to create profit.  Therefore, it a start-up phase of the business by a person who is determined enough to take the opportunity and bring the best out of it. this is highly related to taking a risk and making a profit out of it. there are many successful stories relate to the star up. For example,Café Heato and many more such shops which have come far away from their starting phase. This being done by their self-starter quality and creativity which enable them to stand different from their competitors. It is necessary to have a competitive attitude while entering into the business. This helps to keep the spirit of the work (Mamabolo et al. 2017). 

However, competition is not the only thing that needs be kept in mind while making plans and taking risks. This is because self-confidence is the most important thing that could help the entrepreneur to set up a better business. Therefore, it is required to have self-confidence while taking any step for the business. This could help to manage the circumstances of the different threats that are available in the market for the entrepreneurs (Venkataraman, 2019). For example, if an entrepreneur has enough confidence in his steps taken than he will be at the top of the list among the competitors this has a great role in bringing the desired result from the action taken. This helps to back up the plan with determination and creativity.  

Therefore, the required traits that are needed to become a successful entrepreneur is to become a self-starter and have full confidence in whatever step going to be taken for the welfare of the business. Hayes and Richmond, (2017) state that an entrepreneur needs to be determined with the goals and objectives. This could help them to deal with the flexibilities in the external and the internal environment. A successful entrepreneur has never been highly impacted by the failure he has faced or encountered. For them, failure need to be like the opening of the success story and trying again and again. Another aspect of this failure is that it sometimes tends to reduce the confidence and morale of the entrepreneur. There is a sentiment related to the steps taken if they failed, they bring the confidence of the entrepreneur down. Thus, it is required to be confident but nor overconfident while taking any decisions. This is because it has an immense bad effect on the performance if the business (Beattie, 2016). This is enormously needed to be avoided by the business. This is required for those entrepreneurs who used to face failure due to overconfidence in theiractions. 

There are certain traits that could be proved harmful for the entrepreneurs. As opined by Obschonka et al.(2017) a planner is never a good entrepreneur. This is because they tend to plan much in order to take action on them. They read the actions om how to perform a certain work but hardly they try it. they are not spontaneous and adventurous. For example, there could be a person who is deciding to take action and is investigating it and many periods have gone without taking any action for living that plan. Every plan needs execution that fulfils the required dream from that course of action. It determines the potential of the entrepreneur in order to know their skill in managing and completing the desire to become an entrepreneur. This is the basic requirement for any entrepreneur that there needs to take action for the panned work. Again, if the actions are taken into rush than it is going to be harmful to the entrepreneurs. On the contrary Murugesan and Jayavelu, (2017)this idea of bringing a planner could not be denied as a totally false trait of entrepreneurs.

A successful plan is one that has proper nurture from a list of actions.

Reality avoider is the major trait that needs to be ignored under the quality traits if the entrepreneurs. According to Bell, (2015)itdoes not require to search my customers or my ideas, I know that my plan will works. These are the fundamental things that set up under the minds of the reality avoided. Optimism is a good trait fur the entrepreneurs but it could get them into trouble (Van der Lingen and Van Niekerk, 2015). There is a feeling among the reality avoider trait holders that they are a hard worker and that is the only thing that could make their business successful. These things/need to be avoided by the realty entrepreneursavoided and not the fundamental truth (Stough, 2016).  It has been found that 8/10 entrepreneurs fail under their 18 months of operation. The reason is they are not indulged in the proper research after getting into the plan. They do not talk to their customers or their stakeholders that why they are moving to some other places. They are indulged in investing and launching a business without any clue that their idea will work or not. Apart from dreaming it is required for the reality avoider to take action for their failure (Karabulut, 2016.). They could set an initial target of selling 20 people and could judge how they are solving their problems. There needs to be preliminary research about the target that has been set up by the entrepreneurs. It helps them not be become one of the failed entrepreneurs from a group of 80% entrepreneurs. An entrepreneur needs nit things that he knows it all. This kind of trait could bring the most possible failure for the entrepreneurs. They need not think that they are born with the gift of solving a kind of issue. However, there needs tube confidence about it that the problems faced in the proposal could be solved by the entrepreneur (Hmieleski and Lerner, 2016.). The most successful entrepreneur is one who thinks that they are forever students.

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1. Introduction- opportunities and business concept

The idea of the coffee shop Café Heato is simple and straight. They are trying to provide the experience of enjoying the coffee in home mugs. This is being used in order to cut the price and increase the experience of the coffee drinkers. This will help the company to engage with loyal customers. It will also provide an opportunity to promote the high-qualitycoffee of the café heato (Reid et al. 2018). There will chance to attract the customers who are willing to get coffee at the exclusive price and have their coffee in their favourite coffee mugs. This idea of the company is going to bring those customers to the shop who are home coffee drinkers. The company and the customers both have the opportunity to discover something new and exciting. Therefore, the service will be offered in the following way:

  1. The customers are allowed with the coffee mugs which they could bring from their home. The target will be the business people and the students. The reason for this plan is to attract the home coffee drinkers who can have their favourite coffees with their favourite mugs (Gratell and Dahlin, 2018). 

  2. This is a major plan in order to provide service to customers at an exclusive price. This could be done by allowing the customers to bring their home mugs. This will low to cut the prices and add value to the service. [Referred to appendix 1 and 2]

2.Objectives

The objective that has been set up with this plan is to increase the volume of the customers for the coffee shop. This would be done by bringing the home coffee drinkers to the shop. This will enable the business to increase sales and revenue by maintaining a better relationship with the customers. The objective is to promote the high-quality service and coffee of the café heato and to engage with loyal customers. (Tripadvisor, 2019)

3.Market research

The market research has been done in accordance with the living cost of the people in Hong Kong. The acquisition power of the people of Hong Kong is good and the service is likely to launch at ahigh price. The living cost of the people of Hong Kong is 12.64 percent which is higher than in America. Coffee consumption is part of their daily lives. It has been found that the price of the milk is high and there are more charges on the imports in the form of tariffs (Dean and Ford, 2017). There are competitors like Manson's Lot and Accro Coffee. Thus, the plan is to serve something different so that the prospective customers come to our shop rather than the competitors. This is measured by the business in order to seek a competitive advantage in the market. Therefore, market research for the plan states that there could be high prices for the service. Other than this labour cost is also high and the raw materials are also available at a higher cost.

4.Target market

The target market will be the business people and the students. They are being focused on the scope of bringing the home coffee drinkers to the shop. They area lowed to come with the home mugs in order to enjoy their coffee in their favourite coffee mugs. Therefore, the target market is the students and the business people. They are likely to go out mostly from the home or rather sit at the home to enjoy their leisure time (Nandamuri, 2015). They also among the loyal customers for the business. Thus, targeting these groups of customers will be a remarkable step as planned by the company. There will be an addition to the value of the service that is being provided to the customers. This will help the company to deal with the goals and objectives that have been made for the company. There will be constant checking of the feedback of the customers on the basis of the service provided.

5. Marketing

The marketing plan that has been made for the coffee shop is that it will deal with allowing the customers to bringtheirhome mugs.  There will be a tendency to provide service at an exclusive cost. This will allowboth the business and the customers to experience something new. The target customers are the students and the business people (Allahar, 2018.). This will help the company to get customers in large numbers at a single time. This is because they are generally in groups for discussing something about their interests. Thus, the marketing plan will follow providing a unique experience to the customers by bringing coffee mugs from their homes. There will be traditional marketing methods like billboards and posters fur the plan developed. There are chances that people will post their pictures on the social media platforms with their favourite coffee in the loved home mugs.

6.Human resource

There will be people for the staff for 2 weeks in advance. This will be done by selecting, recruiting, interviewing, and providing training to the personnel. This will plan us somethingdifferent by which is related to the sentiment of the customers, therefore, the human resources at the shop need to be trained in that way (Berns et al. 2018). This will allow the business in order to keep a positiverelationship with the business. Therefore, for this objective, there needs to be trained staff who could deal with the changing moods of the customers. On the other hand, the home mugs brought by the customers will be handled proactively This kind of service requiredto be done by the trained staff. This could help to deal with the increasing needs of the company towards providing quality service to the customers. Café heato is determined to bring the best out of its proposed service. Therefore, proper training needs to be provided to the existing staff in order to deal with the new service.  

7.Operation- use of the business model

The business model of the company will be ad-based. There will be posters and billboards in the crowdy places of Hong Kong. This will allow the business to hit its service in the eyes of prospective customers. customers will also find it interesting in order to enjoy their coffee experience in the home mugs. The revenue will describe the business model of the company. This is going to be a big step in providing quality service to the customers at an exclusive price. There will be a consideration for asking for feedback from the customers after experiencing the service (Alvehus, 2018). This will allow the customers to increase their loyalty to the shop. There will be value addition in the goodwill by this practice. The first-year operations will be met by taking some loans in order to inject capital into the working capital. The loan will help the business to formulate the plan in the first year of the operations. There will be a consideration for fixing the start-up cost as 145230 HK$. 

There is no relevant legal issue, however, there is licensing required for doing the business. The licenses that are required from the Food and Environmental Hygiene Department are:

  1. Bakery license

  2. Fresh provision shop license

  3. Liquor license

These licenses are required in order to maintain the easy flow of the business. This will help to develop the trust of the people in the shop. Suppliers will also be approached for providing raw materials at a definite time. These things are required to be in a safe position while conducting the business. There are fewer chances of any unhappening by taking all these into consideration.

9.Financial

The investment that will be made for the first year is 145230HK$. This will help the shop to have a proper financial resource in order to run the project. The operational cost of the business determined in the first month is 64135.58 HK$.  It has been decided to inject some capital with the help of the loan. The marketing cost that has been determined for the business is 45600 HK$. This will be required in order to make ware people about the new service in the shop. This will help the customers to connect easily with the service and will help to gather the people experience the all-new service. It is required for the customers in order to be at the shop in the perfect time (Dean and Ford, 2017). Therefore, marketing cost will be a helpful thing in order to provide all required information to the customers. One month is required for the shop in order to take to make all the things for executing the initiative. [Referred to appendix 3]

10.Contingency, risks and exit strategies

Contingencies in this plan are that customers might not feel this service as a remarkable one. There are chances that the investment that has been made for the proposal could lapse as customers are not attracted to the new service. This is going to be one of the major risks for the company. therefore, the contingency plan will be the focus on the preferences of the customers from different groups. there will be a provision to cut more cost if the service was not up to the standard thinking of the people(Alvehus, 2018). The most important thing that will be focussed on by the shop is to establish trust in the new service from the people. Labour cost is higher in the market and therefore when the wage rate in high in the nation-tan the company will approach to the unskilled labour and the immigrants. 

11. Other issues

Other issues are that the staff may leave the office. There are chances that suppliers might not be able to provide the raw material on time. These are the basic issue that can be raised while taking the plan. There are chances that there could be very fewer customers at certain periods. Apart from this, there could be a problem with machines which could hamper the operation of the coffee shop(Nandamuri, 2015). The accident might take place at the workplace which will be supported by the first aid that will help to cure sooner. 

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Reference list

  • Book 

  • Burns, P., 2016. Entrepreneurship and small business. UK: Palgrave Macmillan Limited.

  • Journals 

  • Beattie, S., 2016. Which entrepreneurial traits are the most critical in determining success? Otago Management Graduate Review, 14(1), pp.13-20.

  • Bell, R., 2015. Developing the next generation of entrepreneurs: Giving students the opportunity to gain experience and thrive. The International Journal of Management Education, 13(1), pp.37-47.

  • Hayes, D. and Richmond, W., 2017. USING AN ONLINE ASSESSMENT TO EXAMINE ENTREPRENEURSHIP STUDENT TRAITS AND TO MEASURE AND IMPROVE THE IMPACT OF ENTREPRENEURSHIP EDUCATION. Journal of Entrepreneurship Education, 20(1).

  • Hmieleski, K.M. and Lerner, D.A., 2016. The dark triad and nascent entrepreneurship: An examination of unproductive versus productive entrepreneurial motives. Journal of Small Business Management, 54, pp.7-32.

  • Karabulut, A.T., 2016. Personality traits on entrepreneurial intention. Procedia-Social and Behavioral Sciences, 229, pp.12-21.

  • Mamabolo, M.A., Kerrin, M. and Kele, T., 2017. Entrepreneurship management skills requirements in an emerging economy: A South African outlook. The Southern African Journal of Entrepreneurship and Small Business Management, 9(1), pp.1-10.

  • Murugesan, R. and Jayavelu, R., 2017. The influence of big five personality traits and self-efficacy on entrepreneurial intention: the role of gender. Journal of entrepreneurship and innovation in emerging economies, 3(1), pp.41-61.

  • Obschonka, M., Hakkarainen, K., Lonka, K. and Salmela-Aro, K., 2017. Entrepreneurship as a twenty-first century skill: entrepreneurial alertness and intention in the transition to adulthood. Small Business Economics, 48(3), pp.487-501.

  • Reid, S.W., Anglin, A.H., Baur, J.E., Short, J.C. and Buckley, M.R., 2018. Blazing new trails or opportunity lost? Evaluating research at the intersection of leadership and entrepreneurship. The Leadership Quarterly, 29(1), pp.150-164.

  • Stough, R.R., 2016. Entrepreneurship and regional economic development: some reflections.

  • Van der Lingen, E. and Van Niekerk, G., 2015. Entrepreneurship traits of Science, Engineering and Technology (SET) students. The Southern African Journal of Entrepreneurship and Small Business Management, 7(1), pp.117-144.

  • Venkataraman, S., 2019. The distinctive domain of entrepreneurship research. In Seminal Ideas for the Next Twenty-Five Years of Advances (pp. 5-20). Emerald Publishing Limited.

  • Online article 

  • Allahar, H., 2018. A management framework for fostering creativity and sustainability in organizations. Available at: https://www.researchgate.net/profile/Haven_Allahar2/publication/326187974_A_Management_Framework_for_Fostering_Creativity_and_Sustainability_in_Organizations/links/5b3ceff50f7e9b0df5f344a5/A-Management-Framework-for-Fostering-Creativity-and-Sustainability-in-Organizations.pdf, [accessed on 22.06.2019]

  • Alvehus, J., 2018. Emergent, distributed, and orchestrated: Understanding leadership through frame analysis. Leadership, p.1742715018773832. Available at: https://www.researchgate.net/profile/Johan_Alvehus/publication/325257771_Emergent_distributed_and_orchestrated_Understanding_leadership_through_frame_analysis/links/5c346a10299bf12be3b68d07/Emergent-distributed-and-orchestrated-Understanding-leadership-through-frame-analysis.pdf, [accessed on 23.06.2019]

  • Anglin, A.H., McKenny, A.F. and Short, J.C., 2018. The impact of collective optimism on new venture creation and growth: A social contagion perspective. Entrepreneurship Theory and Practice, 42(3), pp.390-425. Available at: https://www.effectuation.org/wp-content/uploads/2017/05/Anglin_et_al-2016-Entrepreneurship_Theory_and_Practice-1.pdf, [accessed on 18.06.2019]

  • Berns, J.P., Figueroa-Armijos, M., da Motta Veiga, S.P. and Dunne, T.C., 2018. Dynamics of lending-based prosocial crowdfunding: Using a social responsibility lens. Journal of Business Ethics, pp.1-17. Available at: https://www.researchgate.net/profile/Maria_Figueroa-Armijos/publication/325405242_Dynamics_of_Lending-Based_Prosocial_Crowdfunding_Using_a_Social_Responsibility_Lens/links/5b16e1c745851547bba30f9b/Dynamics-of-Lending-Based-Prosocial-Crowdfunding-Using-a-Social-Responsibility-Lens.pdf, [accessed on 25.06.2019]

  • Dean, H. and Ford, J., 2017. Discourses of entrepreneurial leadership: Exposing myths and exploring new approaches. International Small Business Journal, 35(2), pp.178-196. Available at: http://dro.dur.ac.uk/20244/1/20244.pdf, [accessed on 20.06.2019]

  • Gratell, P. and Dahlin, C.J., 2018. How does social media affect entrepreneurial leadership: A qualitative study on entrepreneur’s perceptions regarding social media as a tool for entrepreneurial leadership. Available at: https://www.researchgate.net/profile/Haven_Allahar2/publication/333856486_Towards_a_Development, [accessed on 19.06.2019]

  • Nandamuri, P., 2015. Entrepreneurial management capabilities–The differential effect of role models. Journal of Entrepreneurship and Management, 4(2), pp.22-29. Available at: https://www.researchgate.net/profile/Dr_Purna_Nandamuri2/publication/280865022_Entrepreneurial_Management_Capabilities-The_Differential_Effect_of_Role_Models/links/55c98f2108aeb97567478be8/Entrepreneurial-Management-Capabilities-The-Differential-Effect-of-Role-Models.pdf, [accessed on 21.06.2019]

  • Websites 

  • Tripadvisor, (2019), about us, Available at: https://www.tripadvisor.com/Restaurant_Review-g294217-d11858279-Reviews-Cafe_Heato-Hong_Kong.html, [accessed on 26.06.2019]

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