Entrepreneurship & Innovation Assignment Sample

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Introduction

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Entrepreneurship is a term used to describe the process of starting or expanding a firm. There seem to be a number of people who play a key role in this activity, including entrepreneurs, those who are imaginative, risk-taking people who aim to create change and new chances for themselves and their businesses. Many nations’ start-ups, commerce, and economic progress would not be feasible without the contributions of entrepreneurs. The business model transforms an entrepreneurial idea into a real, functioning firm. This paper discusses the development of a firm strategy (Galardi et al., 2022). Green Bag, a start-up firm that makes bags and other home décor items from plastic rubbish, would also be the subject of this environmental investigation and the development of marketing tactics. The study’s main objective is to explore the firm’s basic business strategy and determine how a smart entrepreneurial and creative strategic plan can assist the company prosper.

Innovative business idea

The firm will provide waste plastic-made bags to its customers. The company’s main aim is to increase environmental sustainability by supporting people in the recovery and recycling of plastic waste products utilizing a unique approach. In the production of handcrafted goods and bags, plastic waste is used. The organization’s upcycling efforts resulted in beautiful handbags and home décor items fashioned from recycled plastic bags (Mavlutova et al., 2020). This strategy includes the employment of indigenous women, supplying them with a source of income.

Environmental sustainability and creating public knowledge about the need to use plastic products for recycling present opportunities for the firm to enhance its brand and reputation among consumers. Customers may be enticed by product quality and a want to rid the planet of plastic pollution (Sire et al., 2019). Recyclable plastic waste may be a big benefit, since it reduces pollution, clogs streams, and destroys marine life. An average handbag is made from 30 to 40 polythene packets in the upcycling process. In addition, the plastic product’s longevity is significantly boosted due to the longer lifetime of plastic materials (Kleinhans et al., 2021). So, the firm does have a chance to grow and prosper in years to come.

Lean canvas model