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UGB 234 | Management of Entrepreneurship, Innovation & Creativity

Question :

This assessment will cover certain questions which are like:

  • What are the innovative requirements and functions om 2022.
  • Give the innovative capabilities for Dyson.
  • Give the appropriate leadership qualities and functions for Dyson.
Answer :

INTRODUCTION

I am a student who is pursuing her carrier in the field of business management which is improving my certain business skills and knowledge. I always want to learn new things and grab new opportunities that will help me to improve my skills set. In my studies, I am developing my certain skills such as communication and management and I am also learning the concept of entrepreneurship.

From my perspective, I am a creative person who always find a creative way to  learn new things. I come from an environment where education is given a lot of importance but at the same time its not the solo thing which defined you as a person. The environment from where I come from gives opportunities to people who are innovative and creative, does not matter from which educational background they came from. When it comes to my family, than I belong to a middle class family and my parents are not indulge in any kind of entrepreneur activity. The pre-skills which I am going to contribute in this module is my strong communication skills and my creative skills. These skills will help me to successfully implement this module which will result which will help me conduct this module in a more effective manner.

TASK 2

Social entrepreneurship and motivation behind setting up a social enterprise

Social entrepreneurship is determined as an approach which has been adopted by start-up organisations and entrepreneurs, in which these entities develop, funds and implement solution to cultural, social and any kind of environmental issues (Acar, Tarakci and van Knippenberg, 2019). Such concept can be applied towards a broad organisational range which varies in aims, beliefs and sizes. Such entrepreneurship is determined as recognising all kinds of problems related to society and in achieving any kind of social changes by employing certain principles, operations and procedures of entrepreneurship. It is about making a research to complete defining a specific problem of a society and than in creating, managing and organising social venture for attaining desired changes (What is Social Entrepreneurship, 2019). That change can include an elimination of problem related to society. It is a lifetime procedure that focuses upon improving the current circumstances.

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Social enterprises are operated with an objective to create value for society and they help in generating income. The solutions which are offered by them are required to be unique, innovative and environmental friendly. Also, cost effectiveness is determined as a large consideration in this context (Aryani, 2019).  All such challenges helps in enhancing the sustainability of social enterprises but those who are able in scaling these are the one who are capable of creating a large impact and these enterprises are beneficial for the people, environment and societ

As per the problems related to society, social entrepreneurship do not only focus upon problems related to society but it also focuses upon problem which are related to environment such as foundations of child rights, foundations related to women empowerment, plants to treat products that are waste, which are considered as examples of social entrepreneurship. Social entrepreneurs are those individuals who are associated with non-government and non-profit organisations  that aims at raising funds by activities and events of community.

Andrew Mawson had worked on extensive level to maintain focus upon the social entrepreneurship concept in order to bring reformation in community structure. He has also laid foundation of Bow centre which is in East London. There are various famous social enterprises all over the world who provide social services to people. For example, Echoing USA, which is a non-profit enterprise that operates its services in investing of social sector. This social enterprise is helping youngsters by providing them a platform for converting their business idea into organisations (ECHOING GREEN, 2019). Another social enterprise which can be considered as an example is Omidyar Network which was established in 2004 which an aim to foster economic advancement. These network encourage the participation of government transparency, social media, property rights and micro finance (OMIDYAR NETWORK INDIA, 2019).  Another example of social enterprise is CASA, which have been established in the year 2004 which aims at helping people and children by providing them additional support services. It also provides services to old and disable people by developing their franchise network of workers who are the providers of social care (CASA, 2019). All these enterprises aims at providing social services to people which will help them in satisfying their various needs and requirements.

There are  advantages of a social enterprise has been set up. The basic goal behind setting up a social enterprise is that to help people from certain issues and problems which aims at solving people issues. The basic aim of this enterprise is that it helps in finding it easy for raising capital and it helps in getting large amount of schemes and incentives from government for same. As the social enterprise industry is ethical and it is easy to raise capital at below rate of markets. Moreover, the promotional and marketing measures of these enterprises is not difficult because they do  do not require any kind of advertisement of promotions. When there is a social problem that is always being tackled with solution, than it become easy to attract the attention of society and people (de Waal and Maritz, 2019). It even attracts the attention of media in this regards and the publicity level is dependent upon its uniqueness degree of the solution which is provided by the social enterprise. Moreover, now-a-days it has become very easy for garner support from individuals who are like-minded since there is a social side for the enterprise. It also have become easy to get these people onboard at the lower salaries when compared to other industry.

Without motivation, no one can set up any kind of business. For starting up a business and running it effectively, a strong motivation is required which will help it to achieve business gaols and objectives. Although social enterprises are non-profit organisations, that does not mean that there is no motivation behind setting up  a social enterprise. For setting up a social enterprise which fulfil the requirements of society and people living it, the motivation is categorised in three broad categories-

Employment- The main motivation behind setting up a social enterprise is employment. Although these enterprises are non-profit organisations, but still they can raise funds from donations and charity. This also provides them employment and a self recognition in the society that they are working for the good. Moreover, it also provides help to people who come from poor section of society by providing them training, support and employment.

Community Need- Another motivation for fulfilling which social enterprises are formed is need of communities. Those businesses who create and maintain services or products in response to economic and social needs in community satisfy the overall needs of the society and community. Social entrepreneurs aims at satisfying the community and social needs which helps them to achieve a sense of happiness.

Profit Distribution- It is true that social enterprises do not formed up for earning profits but it can not be ignored that the profits which are earned by these enterprises are distributed. These profits are distributed to charitable activities and social services and programmes (Social Enterprise Motivations, 2019

Bringing up a change- One of the most important thing which motivates the entrepreneurs in developing a social enterprise is to bring up a change in society in which it operates its business activities (Héraud, Kerr and Burger-Helmchen, 2019). For instance social entrepreneur such as Nicholas Apostol, who is a CEO of the Environmental Rubber, recognised its changes in the global perception which is in regard to impoverished and environment individuals. So for bringing up a change, this entrepreneur adopt a new method to dispose rubber by adopting practice of recycling which is less hazardous to environment and can create a value to society.

Ethical Motives- Another important reason which acts as a motivational factor for motivating entrepreneurs to conduct a social enterprise. The moral responsibility and ethical motives are considered as a main reason to motivate person. For instance, the founder of Grameen Bank, named Muhammad Yunus is an accurate example of social entrepreneur who was motivated by ethics and morals. In the year 1974, this entrepreneur donates $27 to 42 different families for creating a small items for selling without any kind of bank loans burden (4 Things That Motivates a Social Entrepreneur Beyond Creating Social Value, 2019).

Personal fulfilment- Personal fulfilment is another different motivation of social entrepreneurs although it is perceived as selfish reasoning. For instance, when a person looks at commercial gain for donating to funds of children, than they are not do not have any kind of ethical motive. Donating for this cause helps in fulfilling a person personally and makes them happy and feel good. This accomplishment are considered as self fulfilment and self recognition.

TASK 3

Concept Plan

A concept plan is determined as an overview of a new business idea and venture which can be utilised for expanding on initial idea for a business and provide guidance through detailed planning and than communication relevant information which is required. This concept planning helps in signalling a commitment towards diligent effort of planning which is organised and documented founder's intentions. Whenever an individual thinks about developing a business than for formulating it in an effective manner, a business plan must be developed. This will help in maintaining all the activities related to a business idea in order to achieve overall business objectives.

Business Idea

The business idea for which the concept plan has been formulated is , “Autonomous retail shop.” In these shops, there is no requirement of human staff and all the activities of a retail shops such as sales person, cashier, data entry department, guards, customer service department and all the other tasks are performed by robots and with the use of artificial intelligence only(Hodges and Link, 2019). This will change the concept of retail shops and will bring an innovation and uniqueness in the field of retailing.

Objectives

There are certain objectives and aims for which this innovative retail shop has been created. These objectives are-

  • To bring best innovative solution and technologies in the field of retailing which will help in achieving the overall goals of a business.
  • To provide best shopping experience to customers and make them become more technology friendly.
  • To attract large number of customers which will enhance sales, profitability and productivity of an organisation.
  • To reduce the burden of human resource and bring improvement in overall operations of a business.
  • To reduce the time which was previously indulged in waiting in line for billing and provide self check-in and check-out service

Market research

Before setting up any kind of new idea and bring it to the business, it is important for an organisation to indulge itself in market research for the purpose of gathering information and collecting data from target market and targeted customers (Irani, 2019). This will help the organisation to identify the tastes and preferences of customers and than bring innovation in its products and services in the same context. For conducting a research upon launching of autonomous retail shop, a person can take both primary and secondary research methods as follows-

Primary- For identifying the information, this kind of data  is more relevant as it will provide more relevant information which will help in achieving the objective of this plan. There are many competitors of retailing sector but when it comes to providing this kind of innovation, then there are very few in this line.

For instance Amazon Go Stores, that allows the shoppers to purchase goods without checkout and cashiers are continuously expanding all over U.S. But Amazon do not provide store clerks and storeroom workers as robots but still there are humans in this form (Lee, Hallak and Sardeshmukh, 2019). So it can be said that this is not completely artificial intelligence based store. But the autonomous retail shop which is opening up will be completely based on artificial intelligence and there is no involvement of human beings even in storeroom and store clerks

Secondary- From the secondary research such as internet and other online resources, it has been analysed that people are ready for innovation and are attracted towards those things which are innovative and technology friendly. As per a survey and internet resources, it has been estimated that there are many customers who are ready for change in retail sectors.

Target Market/Customers

The target market and customers are those towards which a product is developed and launched. When an organisation launches a new product, there is a target audience in its mind who will be targeted by it (Tseng and Tseng, 2019). Here, the targeted audience are customers who are ready for innovation and technology and those customers who prefer innovative experience in shopping. Basically, it targets all kinds of customers but its main focus lies upon those who do not have enough time or are very busy to wait in a line.

Marketing

This innovative autonomous retail shop requires effective marketing which will help it in achieving predetermined and objectives and goals of this business idea. There are many people who are not aware about the changes that can be brought up by technology and innovation (Nijs, 2019). So it is important for an organisation to indulge in effective marketing strategy and promotional practices which will help this business idea to be successful for a long term.

Marketing Strategy- The marketing strategy which is adopted in this case is product development strategy in which a new product or service brought in the new market. For this purpose, an effective market research is conducted which will determine the need and requirement of this product or service in the market.

Promotional strategy- For the success of a specific product or service, it is important for an enterprise to indulge in effective promotional measures. These measures will help in creating an awareness among the customers about the product or service. Here, both online and offline promotional measures are used such as advertising, bill boards, hoardings, social media promotion, and so on (Peris-Ortiz ,Cabrera-Flores and Santoyo, 2019).

Human Resource

For making this idea to be successful, an effective human resource is required who will help in converting this idea into action. An skilled workforce who is advance in using innovation and technology are used. This will help in developing this autonomous retail shop. For this purpose, the human resource department will play an important in recruiting and selecting those candidates who can perform typical tasks and are experts in technology. It is the responsibility of HR department to provide training and development to employees and improve their certain skills such as technical, analytical, research and computer programming skills.

Moreover, a training seminar can also be conducted to make people aware about the use of artificial intelligence and the way it can change the future of retailing industry. HR department can also hire employees who are skilled and master in artificial intelligence and have the ability to think critically (Rae, 2019). The human resource that are utilised in formulating this business idea must be skilled and the ways in which a machine is utilised.

Operations

There are certain operations which will take place in this regards such as promotional, marketing, human resource, information technology, and many other operations and business activities which will help them in achieving the business goals and objectives (Rafiei, Yarmohammadian and Keshtiaray, 2019). In order to identify this in detail, canvas model is applied as follows-

Key partners

WHS

MOTTO

COMPASS

Vodafone

Key activities

IT department

Marketing department

Scheduled management

Technical departments

Research and development departments

Finance department

management facilitation

Value propositions

An innovative method to make better customer experience

 

A technology friendly which do not require participation of humans

Customer relationship

Self servicing system

 

Robots gives all information about products to customers

Customer segment

 Customers who prefer innovative technologies in their shopping.

 

 

Key resources

Skilled workers

Self check-in and check-out

No waiting in cash counters

 

Channels

Online

Mobile Applications

Website

Blogs and Facebook

Cost structure

IT Operations

Technologies

Innovative solutions

Procurement

Revenue

Charges as per the shopping

Legal Issues

The legal issue that can take place while formulating this business plan of launching of autonomous retail shop is data ownership (Ratten, 2019). As this business is completely dependent upon artificial intelligence than there is possibility of insecurity of ownership of personal data of customers.

Risks, Contingency and Exit Strategies

Risk includes any kind of natural disaster such as situation of health and safety, legal, financial or a staff issue. There are various risks for which I had made my business ready such as natural disasters, utility issues such as gas leakage, power cuts, emergency risks such as fire, evacuation, accident, fire, and so on (Rich, Vernooij and Wadhwa, 2019).

Other issues

There are other issues also which can take place such as technical issue. As this business is based upon machines and technologies, so, it can face certain technical issues such as virus attack, equipment failure,and so on (Sharma, Behura and Chopra, 2019). Another issue such as bad publicity, product recalls, and so on.           

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CONCLUSION

From the above report, it has been concluded that innovation and creativity management helps in filling gap in the literature of management between practices and theories of innovation and organising imagination. It helps the managers in introducing innovation within an enterprise and also accelerate development of performance creativity in staff. Further, it includes that social entrepreneurship is developed to help the people who belongs from weaker sections of the society. There are various motives which are behind the formulation of social entrepreneurship, such as to have an ethical motivation and self fulfilment desire of helping people. In addition to this, it also concludes that for converting a business idea into an action, it is important to make a plan for it which covers out all the resources and performance of different departments into this.

You may also like to read - Characteristics and Skill of the Successful Entrepreneur

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