Creating and Managing the New and Entrepreneurial Organization Assignment Sample
Introduction
In this essay, an individual creative action plan will be created for comprehending about the entrepreneurial capability of an individual, identifying and validating different opportunities and creating a new venture idea creatively.
Self-assessment
The given self-assessment tool that I have used to assess my skills and characteristics reflects greatly on my nature and the kind of entrepreneur I will become in the future. The concept that entrepreneurs may be a bit different puts away a primary theme in the literature on entrepreneurship and being considered an entrepreneur provides individuals with the opportunity to satisfy the aspiration for distinctiveness (Greene and Brush, 2018). One of the most imperative qualities that an entrepreneur needs to have is being extroverted so that the individual is able to socialize and network with people as that is extremely helpful for collecting money for an entrepreneurial venture.
In that context, the self-assessment test has shown that I am more of an extrovert rather than being introvert and that further depicts that I will be quite competent in networking with different people to gather funding for my venture (Refer to Appendix 1). Along with several other aspects, the test has also helped me to underpin that I am mostly an assertive person and have extreme confidence in my abilities which is also essential for becoming a good entrepreneur (Refer to Appendix 2). Having confidence in oneself indicates that the person will not second guess the decision that has been made and will stick to the final decision in order to avoid confusion and conflict within the organization and with team members.
In addition to that, being a protagonist I will be quite a charming personality in my leadership role and after taking up any entrepreneurial venture and will try to leave a positive impact on the lives of people around me and society by always doing the things that are right. Charming or charismatic leadership has been positively related to increasing the potency of a team, which in return has been affirmatively related to managers rating the team member’s innovative behavior from time to time (Le et al., 2021). However, some of the weaknesses I have is taking too much stress about a given situation which often distracts me from taking the right decision. Additionally, the test has shown that I am more judgmental rather than being observant in a given situation and that also sabotage my decision to accurately go about a matter.
Business idea and unique value proposition
The primary idea or innovation behind the entrepreneurial venture is satisfying the needs of the people who are vegan by opening a vegan restaurant in the UK and the idea is quite unique since, in this generation, many people are turning to veganism. Research has stated that the reduction of meat-based products along with veganism has been exponentially growing in popularity within the 21st century and especially in the UK (Grassian, 2020). However, there are not many premium quality vegan restaurants that people are able to enjoy eating at, since either the menu is too limited or the prices are too high, thus the Unique Value Proposition of this restaurant will be a variety of vegan food options with reasonable pricing. The vegan restaurant will also take a step forward in mitigating the social problem that is growing alarmingly with the cruel butchering of animals that takes place given the number of meat people consume every day. Foods that have been derived from animals have also been shown to create a heavy burden on the environment for example, it may be stated that the carbon footprint of sheep and beef and the impact of global warming concerning beef is quite high (Jallinoja et al., 2020).
Thereafter, this vegan restaurant will cater to the vegan community in the UK which is also growing by size with each passing day. According to research, one of the motivational factors behind shifting toward veganism is owing to the concern for the environment along with people’s health (Cooper, 2018). Additionally, the vegan restaurant will also employ people from the local community and pay the individuals a substantial amount of remuneration which will also be helpful in looking after the economic aspect of the society too. Entrepreneurship is able to play a significant role in attaining the growth of an economy by generating employment, diversifying the sources of revenue and more (Ogunlana, 2018). The vegan restaurant will offer lip-smacking food that will also try to convince non-vegetarian people to turn to veganism in order to decrease the number of innocent animals being killed every day. The alternatives for animal products will offer a potential remedy to the challenges people face in eliminating the consumption of animals and such foods will also have less impact on the environment along with providing more nutritional benefits (Bradford et al., 2022).
Source of idea
In accordance with Drucker’s 7 sources of innovation, it needs to be established that the source of this given innovation has come from the aspect of changes in the perception of people. Given that a community in the UK is growing concerning the people’s perception to turn into vegans created a significant market opportunity and been the inspiration behind the entrepreneurial venture of opening a vegan restaurant in the UK. The last few years have seen a significant surge in the growing popularity of veganism and plant-based diets amongst consumers which has further motivated food producers to create unique vegan food options (Saari et al., 2021).
Identifying the resources
In order to open a vegan restaurant in the UK it is expected that almost 2100 pounds will be required for taking a place on rent, recruiting employees, buying food ingredients, paying the suppliers and more. The main resources for taking the money will be from personal savings as the entrepreneurial venture will follow a bootstrapping aspect which is a creative way of acquiring resources without borrowing money from external or traditional sources. This will discard the aspect of additional debt or anything that has the potential of losing the right and control of a business. Local suppliers will be preferred for the given venture and the financial resources will mainly be used in starting up the venture gradually human resources will also be required for helping the business to be on track.
The given amount of sum will be required since renting a place in the UK is highly costly and along with that, at least 7 people will have to be employed for the business, including 2 chefs and 5 people for taking, serving and delivering the orders. Financial resources are more imperative in this context since without them the business will be not able to be open as there are several aspects of the business that will need such an amount of money, however, one of the disadvantages of focusing on only financial resources is that the capacity of the workforce will be less if much focus is not put on the aspect of human resources.
The relevant market for the venture
The market that the given business venture will enter will be mainly targeted towards people from the age group of 30 to 60 and people with high to moderate-income. This age group will be selected since people of this age group are mostly concerned about the individual’s health and want to consume products that have more nutritional benefits. The demographic of people with high income will be selected as vegan food options are quite costly since the ingredients are often hard to find in comparison to meat and dairy products that are easily available and consumed by the majority of the population. One of the significant ways to enter the market is by opening physical restaurants in one of the most attractive locations in the UK, such as London which is one of the most costly cities to live in and people of this city have higher income in comparison to many other cities in the country. According to a study, London has been titled the most vegan-friendly city in the world and veganism is continuing to remain a mainstream choice of lifestyle in the city (Cnbc.com. 2022).
It is a good market since people often want to alter lifestyles and turning vegans is a conscious lifestyle change that many people are making. People are turning to be more health-conscious and aware of the environmental impact that eating animal products have which is opening up an extensive market for veganism in the contemporary age. One of the most significant ways to attract the consumer toward the venture is by creating a food menu that has a wide variety of vegan options and the prices are also not quite high and using techniques such as 50% discounts on the first meal and orders may be a good way to attract the consumers. The company will have at least 50% of the market share given that the hospitality industry in London is a booming business and thus, the sales and revenue of the industry are on the higher side which will imply that the given entrepreneurial venture will also have a positive market share. It is stated that controlling the marginal cost of the entrepreneurial venture by successfully entering the product segment within a specific regional market will be able to effectively build market share in the next four years after the initial entry (Fitzgerald and Priolo, 2018).
Business model
The given business model that the venture will follow is the Business to Consumers (B2C) business model for generating value by directly selling to the consumers without having any intermediaries in the middle. That way the venture will be able to eliminate any third-party clients and build a connection with the consumers which will be beneficial for enhancing the income as well as the brand value of the start-up. Building a loyal consumer base and having more income will also be helpful for the venture to reduce its competitors in the market and that will further ensure that the company is able to sustain in the competitive race for a long time. In this context, creativity is an important variable for developing relevant business models that have the potential to create links between emerging opportunities and commercialization by acquiring profit in a useful manner (Lund et al., 2017).
Team and network
In order to network with people, the business venture will build a network based on business ties by networking with the consumers, suppliers and distributors along with the employees and partners. Connecting with these individuals will be helpful in starting, expanding and also keeping the business running, for example, by networking with consumers the business will be able to grow more, and suppliers will help the business in starting by supplying the products required. Employees will help the business to be running by always serving the consumers and if the business is started with a partnership then the partners will also be able to help the business sustain itself in the market by providing necessary resources if and when required. Well developed social as well as business networks and the potential to recognize opportunities are known for contributing to a successful entrepreneurial venture (Fillis and Rentschler, 2010).
Limitations
Financial resources may be the most significant barrier in starting up the venture and may also affect the development of the venture. Therefore, in order to overcome the barriers of financial constraints it is imperative to do a complete market research beforehand and calculate the complete cost and have that amount prepared before moving further with the idea. Opening a business independently may also be a constraint in funding the total cost and thus, having a partner may be a good option in splitting the amount of money required and also for getting any help when the business may face any challenges.
Conclusion
Finally, it may be concluded that opening an entrepreneurial venture is a complex task that requires a plethora of steps and without having proper knowledge regarding the market and creativity, the idea may fail miserably. Resources are one of the most imperative aspects when it comes to opening up a venture, be it financial or human resources. A proper business model, unique selling propositions and networking is also extremely imperative for an entrepreneurial venture.
References
Bradford, A., Hancox, A. and Bryant, C., 2022. The way to a meat-eater’s heart is through their stomach: Exposure to more appealing vegan food increases preference for meat-free options.
Cnbc.com. 2022. [online] Available at: <https://www.cnbc.com/2019/12/02/london-ranked-as-top-city-globally-for-vegan-friendly-restaurants.html> [Accessed 7 April 2022].
Fillis, I. and Rentschler, R., 2010. The role of creativity in entrepreneurship. Journal of enterprising culture, 18(01), pp.49-81.
Fitzgerald, D. and Priolo, A., 2018. How Do Firms Build Market Share? (No. w24794). National Bureau of Economic Research.
Grassian, D.T., 2020. The dietary behaviors of participants in UK-based meat reduction and vegan campaigns–A longitudinal, mixed-methods study. Appetite, 154, p.104788.
Greene, P.G. and Brush, C.G. eds., 2018. A research agenda for women and entrepreneurship: Identity through aspirations, behaviors and confidence. Edward Elgar Publishing.
Jallinoja, P., Vinnari, M.V. and Niva, M., 2020. Veganism and plant-based eating: Analysis of interplay between discursive strategies and lifestyle political consumerism. Oxford Handbook of Political Consumerism.
Le Blanc, P.M., González-Romá, V. and Wang, H., 2021. Charismatic leadership and work team innovative behavior: The role of team task interdependence and team potency. Journal of Business and Psychology, 36(2), pp.333-346.
Lund, M., Byrge, C. and Nielsen, C., 2017. From creativity to new venture creation: A conceptual model of training for original and useful business modelling. Journal of Creativity and Business Innovation, 3, pp.65-88.
Ogunlana, F., 2018. The role of entrepreneurship as the driver of economic growth.
Saari, U.A., Herstatt, C., Tiwari, R., Dedehayir, O. and Mäkinen, S.J., 2021. The vegan trend and the microfoundations of institutional change: A commentary on food producers’ sustainable innovation journeys in Europe. Trends in food science & technology, 107, pp.161-167.
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