Entrepreneurship & Innovation Assignment Sample

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Introduction

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The business model takes an entrepreneurial concept and turns it into a working company model. The focus of this research is on how to create a company strategy. This will also address the deployment of marketing methods, and environmental analysis of PLABAG, a start up company that makes bags, and other home décor products from plastic garbage. The major purpose of the study is to look at the company's core business strategy and see how a good entrepreneurial and innovative strategic plan may help the company succeed. 

Innovative business idea

Customers will receive waste plastic-made bags from the organization. With the use of an innovative idea, the company's major goal is to enhance environmental sustainability by assisting people in reusing and recycling plastic waste items. Plastic trash is utilised in the manufacturing of handmade items and bags. Plastic bags were upcycled into wonderfully handmade handbags and home décor items by the organization (Awoyera, and Adesina, 2020). Indigenous women are employed as part of this approach, which provides them with an income source.

The company has a chance to improve its brand image and reputation among customers by promoting environmental sustainability and raising awareness among the public about the need of using plastic items for recycling. It may entice buyers with product excellence as well as a desire to create a world free of waste plastic (Zhao et al., 2022). The most major advantage is that it can recycle harmful plastic garbage, which may clog streams, contaminate landfills, and kill marine animals. To manufacture a standard handbag, the upcycling method entails roughly 30 or 40 polythene packs. Furthermore, due to the extended lifespan of plastic materials, the durability of the plastic product is substantially increased (Ragaert et al.,2020). As a result, the company has the potential to develop and flourish in the future.

Analysis of the feasibility of the entrepreneurial business idea

SWOT analysis

(Source: Benzaghta et al., 2020)

Competitive market analysis

The level of competition in this industry is constantly rising as many firms push the manufacture of plastic-based products. Corporate social responsibility is practised by many firms, which adds to the marketplace's competitiveness. As a result of the growth of paper and other ecologically friendly materials for bags and home décor, PLABAG may face substantial market competition (Faraca, and Astrup, 2019). Because purchasers like to buy environmentally friendly products, it may earn a considerable market share. The entrepreneurs of PLABAG might be up against a major and challenging task. Continuous product innovation is required to counteract such high levels of market competition.

Marketing mix

The company's marketing mix includes product, pricing, location, and promotion techniques.

Product: To lure consumers, the entrepreneurs of PLABAG will design high-quality home decorating products and bags. Customers' demands and expectations will be met by the solutions (Syapsan, 2019).

Price: The costs are determined by considering economic growth, per capita income, and the rates of other organizations' commodities. Additionally, the organization will establish a standard pricing for the commodities (Syapsan, 2019).

Place:At the regional and national levels, the commodities will be inexpensive in every place. Executives must also develop a strategy for delivering items through internet.

Promotion:For enticing customers, the company's promotion strategy should include social media and internet, as well as television and print ads in newspapers, journals, and magazines (Syapsan, 2019).

Marketing mix

(Source: Syapsan, 2019).

Lean start up

Lean start up approach is a process through which a new company is developed, or a new product is launched in the existing company. In this approach development of the product is advocated (Mansoori, Karlsson, and Lundqvist, 2019). By using the principles of lean start up, organisations can gauge the interest of the customers regarding the products and services. They can also determine how the commodities can be refined to meet the customers’ needs. Using this process, the organisations can ignore unnecessary use of the raw materials and resources used for product development. 

Using the lean start up approach the organisational leaders of PLABAG can identify the needs and requirements of the customers in the market. They can also use the used plastic products and bags for developing new products which can meet the requirements of the customers by the process of cycling and reusing (Mansoori, Karlsson, and Lundqvist, 2019). This process can help them collect information regarding the market trends and customers’ requirements and thereby the unnecessary use of the resources can be avoided for the development of the products. 

Lean start up utilises the business models as per the hypothesis which are examined rapidly. The information collected for the lean start-ups need to be enough for setting the business model. Organisational leaders of the start-ups do not find any response from the customers as per their desire the start up try to adjust their losses and limitations (Mansoori, Karlsson, and Lundqvist, 2019). They thereby can develop the products as per the requirements of the customers.

 The entrepreneurs of PLABAG can also try to focus on developing hypotheses by involving the customers to identify their reactions about the product qualities, price, features, customer acquisition and distribution. With the collected information the leaders of the PLABAG startup company can make small modifications and adjustments to their products known as the iteration process. They can also make big adjustments to modify significant major issues related to the products.

The lean start up technique starts with a problem that can only be solved. The system then develops a least viable item, or the most basic version of the concept, which allows the entrepreneurs to test it with potential buyers (Pham et al., 2021). This method is both cheaper and faster than producing the final product for evaluation, and it reduces the risk of failure for entrepreneurs. A lean start up is a firm that is trying to find a long-term business plan. 

Lean start up method

(Source: Pham et al., 2021)

Reflective

Through this entire report I have realised the importance of a lean start up approach for the entrepreneurs to start their business and innovative ideas. Using a lean approach, the entrepreneurs can avoid various risks by gathering relevant information about the customers’ needs and their requirements for the particular product. They can also adjust some modifications whenever they face their products at some limitations as per the p