Entrepreneurship and Business Development Assignment Sample

• Type Assignment
• Downloads570
• Pages19

Introduction - Conducting feasibility study and inter-relationship among entrepreneurship and innovation

Need a helping hand? Rapid Assignment Help offers 24/7 support and expert guidance through our comprehensive Assignment Help.

For starting up of any of the business it is very necessary to conduct a feasibility study. This feasibility study helps in analysing the fat that whether the intended business will attain success or not. The conducting the feasibility study the internal and external environment of the business is analysed in order to evaluate the possible working pattern and outcomes of the business.

PESTLE analysis

• Political factor: When it comes to hotel companies political factors affect in various ways like taxes. The government has complete power over taxation they can increase and decrease taxes according to the situation. Moreover time to time the policies also get changed by which company also has to be up to date which sometimes affects the cost. Nevertheless, political factors are affected by many terms and also depend on the interrelation between the countries, which can affect the industries.
• Economical factor: Every industry is influenced by economical factors like the rate of currency and fluctuation in the inflation rate. In case the interest rates will be lower than this will be beneficial for the company. This is pertaining to the fact that when the interest rates will be lower than the company would get money at lower interest rate and this will be benefitting the working to a great extent.
• Social factor: Social factors have influenced hotels like social media and the past pandemic hospitality sector has seen a rise in consumers all around the world. Moreover during the pandemic hospitality sector suffered the most. Moreover, hotels are also taking the opportunity of market trends like sustainability and digitalization which is attracting more consumers (Roy and Chowdhury, 2021). At the same time, many hotels have implemented digital tools in the organization which become an instant hit.
• Technological factor: As the industry grows the number of competitor also increases and to keep up with the competition companies have to come up with innovative ideas. In the past few years, many companies have made much technological advancement to reach consumer expectations. Hotels can use this opportunity and implement innovative technology in the company to attract more customers.
• Legal factor: As the hotels directly serve the people there are many laws companies have to follow for consumer safety. Moreover following all the Laws also help to increase the reputation of the company, further it directly influences the profitability of the company. So to keep its reputation company must comply with the laws of the national and international governments.
• Environmental factor: Nowadays people are becoming more concerned about the environment and taking the initiative towards it. This is a kind of opportunity for many companies to acquire a large number of markets by selling and using eco-friendly products. This is the opportunity companies can grab to attract more customers which will increase the profitability of the company.

SWOT analysis

As the hotel is new and with innovative ideas based on the current trend in the market many upcoming opportunities can be achieved. Nevertheless, the hotel which is completely based on organic products can be one of the leading changes for other hotel chains as well. Moreover, with the opportunities, threats come along as the trend can change, and lack of experience can be reduced by strengths like quality services and a skilled workforce. Further, a new start-up company has many weaknesses to deal with like the organic products are way more costly than normal products and lack of staff etc. nevertheless the SWOT analysis will help the entrepreneurs to identify in which area to work and what kind of factor will help the company to grow.

The inter-relationship between entrepreneurship and innovation

Entrepreneurship and innovation are like two sides of a coin both are different but have an interrelationship at the same time. For example, innovation is defined as new ideas, concepts or theories that can bring change in the present and future of the society. Moreover, entrepreneurship is defined as practically implementing new concepts and ideas into reality for a better change in society (Dieffenbacher, 2023). Nevertheless, innovation is the first step for entrepreneurs to enter the market and launch new products or services. After the innovation, the roles and responsibilities of an entrepreneur start by taking risks to turn innovative ideas into reality.

There are many examples of entrepreneur who has used innovative ideas to serve society and now they can make big s in the industry. For example, Elon Musk is not just an engineer and entrepreneur but an inspiration to the young generation in terms of technological innovation. Elon Musk is the founder and CEO of big companies like Tesla, Space X and the Twitter app that is now also known as X. He has introduced the automatic cars in the industry and Space X which is a private space-related company (Sanjam, 2023). Moreover, because of his innovative ideas, he is known as future-oriented just like there are many personalities like Jeff Bezos, Mark Elliot Zuckerberg, Steve Jobs and many others.

So now with those examples, it is very clear that innovation makes the best entrepreneur which helps the society to grow and develop. Now the most important point that needs to be highlighted is ideas are very common many people make new ideas but some people do not know how to implement them. Nevertheless, even some people try to implement but because of many factors like lack of a good strategy, knowledge and financial support, those ideas fail. So becoming an entrepreneur and successfully implementing innovation is not an easy task but needs to take care of many factors.

Strategies of the business including operations, marketing and finance

Business strategy is a kind of initiative taken by the organization to achieve the organization's goals and at the same time achieve loyalty from stakeholders and create a competitive advantage. Four strategies can be used in business Market Penetration which is defined as selling existing products to existing customers. Second is Product Development meaning developing the existing product to launch in the market. Market Development is also known as making strategies to enter a new market (Köseoglu, et. al, 2020). Lastly, Diversification means entering a new market with a new product of the organization to create value.

Of all those entire four components the most suitable for the hotel will be product development because the company is launching new kinds of products like completely organic products in the market. Product development is a process that includes some steps like developing an idea for a product, designing and then marketing. In the case of hotel product development strategy will help in how to implement the organic products while replacing the normal products. Moreover, as the hotel is using the market trend of sustainability the management has to ensure that the marketing team uses good strategies before launching to create value for the hotel and attract the consumer.

Operations

Operation in hotels means running day-to-day activities while ensuring various factors like cleaning, managing, taking care of guests, assuring the resources and profitability etc. As the hotel is new and using new kinds of products, there are many other factors that it has to comply with in operations. Some of them are like giving proper instruction and strategies to every staff about their roles and responsibilities so the daily activities as smoothly as possible. Moreover to avoid any kind of miscommunication and misunderstanding between the management and staff because there are not many staff available avoiding these kinds of mistakes is important. After this assuring that the resources are available and enough to carry out all the tasks and the demands of the guest can be satisfied.

While the staff and resources are available the hotel is new and with new products in the marketing strategy will play a very important role in the success of the organization. The marketing department has to make new and diverse strategies so that consumers will be aware of the hotel and it will be easy to attract new customers. Lastly managing the finances is very important for the new company because there will always be a need for finance.

Marketing

Marketing consists of different tools and strategies to promote a brand or a product in the market. In the case of a hotel, it is essential to make different marketing strategies for the hotel and its products so a value can be created for the hotel and more customers can be attracted. Moreover, the hotel already has a strength that can be used while marketing like the organization is using organic products to contribute in saving the environment (George, 2021). This can be used by the marketing team to attract consumers because nowadays people are very much concerned about the environment and they want to take initiative for it.

As this is the era of digital tools and becoming more technological the company can use those technological factors in marketing (Kozlenkova, et. al, 2021). For example, the company can use different technological tools for marketing like social media apps, influencer marketing, content marketing etc. Nevertheless, the most potential customers also can be attracted by tools like Generation Y and Z. Those generations are the ones who are aware of the environmental crisis and want to take the initiative for it. At the same time this generation also uses social media and other digital tools will be most effective for the company.

Marketing mix

Finance

Finance is described as managing the money and includes some activities like budgeting, investing, borrowing and keeping records of everything. For a company finance department is essential because it ensures all the resources available in the organization. Resources include staff which provides services and other basic products used by the guests as necessities. Moreover in the context of hotel which is new in the market managing the finances is very important. Finance is one of the factors that are behind the success of any organization and also the reason to collapse in the market at the same time.

In the initial days of the company, they always need a good financial backup to achieve the goals. Some ways to collect the money are like arranging funds or attracting investors to invest in the company both of them are quite difficult for a company. Moreover, some investors are available in the market which is most likely known as the angel investor. Nevertheless, the angle investor invests money in small business which has good potential in the future. Further, the hotel can also use various government schemes that are available to promote sustainability in the companies. The finance included for the hotel and its management is approximately £32500.

Analyze the main components, business model and their inter-relation

When it comes to business models there are different kinds of models used by companies like B2B, B2C, B2B2C and B2G etc. Moreover, the hotel works with the B2C business model which is also known as business-to-customer. Nevertheless, the business models help the company with the components for making strategies and plans. The main components of a hotel are finance, marketing, operation and business strategies those factors are essential to make the hotel chain more wide and developed. Moreover, the most important component of a company is having a vision and mission through which the management can navigate to reach the expectations of the stakeholders.

For every company the components are important like the business strategy this is the first step for the company. Then the most essential part is conducting daily operations with the help of business strategy. While conducting all the daily operations managing the finances should be precise and more focused. Further marketing this factor helps to create an image in the consumer mind which increases profit. Marketing and finance are connected to every department directly and indirectly. So the hotel have to ensure all the component are working together to achieve the common goal. 

Evaluating the various strategies used at different stages of the business

Strategy is a plan of action to achieve a common goal of the organizations so there are different kinds of strategies which can be used in company. There are different kinds of strategy which help entrepreneurs in various stages of the organizations like:

Start up

Start up is the initial point for the entrepreneurs this is the point where they take risk to start a new journey of life. In this stage entrepreneur have to implement different strategies to turn the innovative idea into reality. Some of the strategies are like, first when it comes to the customer don’t compromise in Quality and Quantity as per the price (Johnson, et. al, 2020). Moreover customer would have many expectations from the hotel because of the kind of product and service they are providing. At the same time not just comply with the idea of sustainability but use the technology to attract the investors and costumers.

Moreover the first thing entrepreneurs always have to remember before start-up is never be afraid of failing. Maybe some time a person can fail but it can be possible that the ideas do not work at that period of time. Further at the starting period company cannot afford much staff so selecting good staff is very important. Moreover it is a very much known fact that people who work for the company are also the reason behind the success. At the same time removing that is not working and retains what is working make the company developed weather it’s an individual or something else. Lastly the hotel should try to do marketing either in a low price or maybe in free to save the finance. Moreover for a new company investing lot of finance into marketing would not show much result.

During periods of growth

After a successful start-up taking steps toward the growth is the next stage of a company. Some strategy which will help the company and entrepreneurs to grow the in different areas of market are like (Belitski, et. al, 2021). As the company is an organic based hotel the entrepreneur should focus on expanding the hotel chain and using different locations. At this period of time company can use their good financial support and invest in acquisition of different other hotel chain. While acquiring, the company can also start doing joint venture it will not just help in expanding the business but also the knowledge and experience of worker and management will increase.

Other then expanding the business the management can also expanded the variety of services and products in the hotel. This strategy will attract more consumers and will help the company to increase the loyalty of stakeholder as the company will help a promising position in the market. Lastly hotels should make their goals more better and high to achieve with this strategy the company will make long term plans. Moreover making long term plans and goals will help the worker to be clear on what they have to do and when. That will again results in having a skilled and hard working work force.

Consolidation

Consolidation is the peak point the organization which they achieve after a long period of time and hard work. Moreover this stage is also important for the company to earn profit, reputation and brand image as much as they can. So in order to achieve all these goals some strategies that will help the company are like (Tittel and Terzidis, 2020). Merging and acquiring companies that have similar products and mainly goals. This particular strategy helps the company to increase the economic scale and marketing strategy while reduce the most of the competition from the industry. Moreover when it comes to acquiring and merging there are different from of this like statutory consolidation when two or more companies get combine and make a new organization.

The next one is statutory merger this mean acquiring a company and using all the assets and liquidity and then left it behind. The statutory merger is different than statutory consolidation because in this company does not take the responsibility of acquisition and run daily operation. There is one more type that is known as Stock acquisition this is same as it sound means the company will buy the majority of stocks of the target organization. This strategy can help the hotel in not taking any kind of responsibility but at the same time will earn profit from the acquisition of another company.

Underperformance

Underperformance is the stage where the company cannot perform as expected because of various factors including both internal and external. This stage needs a lot of effort to again come to the line or succeed which needs different strategies some of them are like. First recognizing the core problem that is causing so many issues in the company held a meeting and tried to find a solution together. If the staff lacks skill and knowledge then arrange training sessions for them it will also help the company to have a skilled workforce. In this stage, the company should try to reduce the cost of the company by various methods like investing less finance in marketing.

At the same time company can also start removing those elements which does not work for the company and just add the extra cost. Some elements can be underperforming employees, products and services that are not in demand. Moreover, the company should focus on the products and service quality so they can retain the existing consumers. Nevertheless, in this crucial time of the organization company's main focus should remain on managing finance. Moreover, as the internal environment is also an important factor company should determine good leadership skills (Araujo, et. al, 2021). At the same time encourage open communication between management and workers.

Discussing the different techniques under framework of Jeffry Timmons helpful in managing the business

Timmons' model is based on three important factors by which the success of entrepreneurs is determined. The factors are opportunities, team and resources balancing all three driving forces is very important to make an innovative idea successful. The process starts with opportunities like identifying them to working on them to achieve the goals. To work upon the opportunity it is important to source the resources that are required for daily operations. For entrepreneurs, it is important to deal with various sources rather than just one to avoid any kind of issues regarding cost or supply chain management.

Opportunities

The first factor is called opportunity which is the requirement for every business whether the company is a big or small corporation. So identifying the opportunities and working on them the essential tasks for entrepreneurs (Zhang and Wang, 2022). This task needs some strategies and techniques to work with so it will be easy to identify the present or upcoming opportunities. Some strategies and techniques are like, consumer segmentation which is a process in which the entrepreneur make various groups of consumer based on different factor like age, gender, interest etc. The segmentation process helps the company to identify the target consumer so it will be easy to make a marketing strategy and modify products and services.

Another technique is competitor analysis like analyzing other hotels that use the same tactics and ideas or maybe just similar products and services. Analyzing the competitor means the entrepreneur should analyze the market position of their hotel and then the competitor. Moreover, focus on the key points or strengths of the competitor and the advantages. This will help the entrepreneurs identify the area to work on. Lastly, analyze the environmental factors because the company is affected by the external environment (Bettenmann, 2023). Some factors like geopolitical events, technological change climate change etc affect the cost at the same time productivity of the company. With the result of all of the analyses, entrepreneurs can identify the opportunities and work on them to make the innovative idea successful.

Resources

Various kinds of resources will be needed for a hotel to conduct its daily operations. Moreover, the hotel is bringing an innovative idea to the market of being completely organic based. So taking care of resources and ensuring the availability to perform all the daily activities without any issues is important (Marcon and Ribeiro 2021). Nevertheless new consumers also will only be attracted if the hotel takes care of the quality of products and services. At the same time managing the resources will be quite expensive as organic products are way more costly than normal ones. Now the business plan is associated with the resources to make the organization successful. Some main resources are financial, physical, human and digital which are important for a business to manage. According to Timmons' model also that after identifying entrepreneurs have to use the resources to achieve the goals of the organization.

 Moreover, these are some common resource that needs to be focused on by the entrepreneurs. Like the financial resources this is the essential resource because without the finance any operation will not be possible. At the same time getting access to funding is not an easy task for a new business but it has to be done for the business to be run. The physical resources in a hotel are many kinds of physical resources are essential some are for worker and others are for guests. Well, physical resources are most of the time a time investment so it is cost-effective but for not a long period it gets recovered with time (Skawi?ska and Zalewski, 2020). Lastly, the human resource with any hotel or company cannot run. Especially as hotels are based on service provider having skilled human resources are essential.

The team

When the entrepreneurs get the opportunity and resources the roles and responsibilities of the team come to light. Moreover, the team, also known as the worker, is behind the organization's success. According to Timmons' model, the management should ensure that the team is aware of the business plan and strategy and actively participates in the tasks or performance of the company. So there are some tactics the management can use to make the business plan and work together with the team to succeed.

Some of them are ensuring open communication between the workers so new ideas can come up and help the company achieve its goals (Kipper et. al, 2021). Moreover with the help of open conversation workers will be able to talk freely which will result in job satisfaction among the employees. At the same time share the goals with the worker so the employees will be aware about the tasks and will start taking responsibility. Nevertheless the entrepreneurs should also focus on how increase the retention of employee it will be time and cost saving for the organization.

Conclusion

The above business plan is based on providing organic products and services in the hospitality sector. With the help of SWOT analysis, the concept of the new hotel, and pestle analysis the impact of the macro environment on entrepreneur activity has been studied. At the same time, the interrelation between entrepreneurship and innovation was highlighted. Like how entrepreneurs turn new innovation ideas into reality for the society well well-being. Moreover to start a new hotel's business strategy, operation, marketing, and finance are the main components of the business and business model. So the assessment has a piece of detailed information on all components and their interrelation.

Moreover, there are some important strategies that can be used in entrepreneurial organizations at different stages of an organization. Stages like start-up, period of growth, consolidation, and underperformance. This can help the entrepreneurs in different ways to make the company stable in every situation. Nevertheless, the three driving forces framework given by Jeffry Timmons has been discussed. Moreover, with the help of Timmons’s model, a range of techniques can be used to identify opportunities. At the same time the resources needed and how they will fit with the business plan to be successful.

References

Books and Journals

• Belitski, M., Caiazza, R. and Lehmann, E.E., 2021. Knowledge frontiers and boundaries in entrepreneurship research. Small Business Economics, 56, pp.521-531.
• Bettenmann, D., 2023. It's all about opportunities: sourcing and selection of new ventures to accelerate innovation. R&D Management.
• de Araujo, L.M., Priadana, S., Paramarta, V. and Sunarsi, D., 2021. Digital leadership in business organizations. International Journal of Educational Administration, Management, and Leadership, pp.45-56.
• George, R., 2021. The Tourism and Hospitality Marketing Environment. In Marketing Tourism and Hospitality: Concepts and Cases (pp. 183-219). Cham: Springer International Publishing.
• Johnson, J., Whittington, R., Regnér, P., Angwin, D., Johnson, G. and Scholes, K., 2020. Exploring strategy. Pearson UK.
• Kipper, L.M., Iepsen, S., Dal Forno, A.J., Frozza, R., Furstenau, L., Agnes, J. and Cossul, D., 2021. Scientific mapping to identify competencies required by industry 4.0. Technology in Society, 64, p.101454.
• Köseoglu, M.A., Altin, M., Chan, E. and Aladag, O.F., 2020. What are the key success factors for strategy formulation and implementation? Perspectives of managers in the hotel industry. International Journal of Hospitality Management, 89, p.102574.
• Kozlenkova, I.V., Lee, J.Y., Xiang, D. and Palmatier, R.W., 2021. Sharing economy: International marketing strategies. Journal of International Business Studies, pp.1-29.
• Marcon, A. and Ribeiro, J.L.D., 2021. How do startups manage external resources in innovation ecosystems? A resource perspective of startups’ lifecycle. Technological Forecasting and Social Change, 171, p.120965.
• Roy, M. and Chowdhury, S., 2021. Ecotourism and hospitality in Bangladesh: the application of PESTEL analysis and determining the internal factors. Tourism Products and Services in Bangladesh: Concept Analysis and Development Suggestions, pp.181-215.
• Skawi?ska, E. and Zalewski, R.I., 2020. Success factors of startups in the EU—A comparative study. Sustainability, 12(19), p.8200.
• Tittel, A. and Terzidis, O., 2020. Entrepreneurial competences revised: developing a consolidated and categorized list of entrepreneurial competences. Entrepreneurship Education, 3, pp.1-35.
• Zhang, X. and Wang, L., 2022. The influence of entrepreneur’s innovation and entrepreneurship on modern art teaching model. Frontiers in Psychology, 13, p.978821.
• Online
•  Sanjam Singh 2023. The Symbiotic Relationship between Innovation and Entrepreneurship. Online. Available through <https://www.linkedin.com/pulse/symbiotic-relationship-between-innovation-sanjam-singh>
• Stefan F.Dieffenbacher 2023. What is the Innovation and Entrepreneurship Relationship. Online. Available through: < https://digitalleadership.com/blog/the-innovation-entrepreneurship-relationship/#:~:text=While%20innovation%20involves%20introducing%20something,of%20new%20and%20valuable%20ideas.>