Entrepreneurship And Innovation Assignment Sample

Introduction of Entrepreneurship And Innovation Assignment

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In the recent business market, innovative business ideas are needed to be incorporated. Appropriate usage of skills and knowledge is necessary to ensure a successful business. In this study, the entrepreneurship of the business regarding home decor appliances is considered. Relevant frameworks have been used in this study to analyze the selected business idea. Opportunities and problems of this business have been identified and presented with the help of a lean canvas.

Business idea generation: Online home decor appliances

The concept of the new business is based on the recent demand of customers after the pandemic situation. Being affected by the recent pandemic situation people have gotten a huge time to stay at home and this has impacted the lifestyle of people in so many aspects (Kim et al. 2018). The aesthetic sense and the perspective of living in a pleasurable place have been developed over this time. As there was hardly any chance left to step outside, people were only able to create a preferable environment within own place. In this regard, the places within the home need to be designed with various kinds of appliances and materials (Seo and Lee, 2019). The main objective of this startup business is to provide unique and innovative home appliances and home decor materials that are well-designed and eye-catching. The name of this start-up business is ‘Aesthetic Home’ which is about online home decor appliances. 

The originality of this business can be analyzed with the help of presented attributes which are included in the lean canvas presentation. As proposed by Sedita et al. (2019), in order to solve any kind of problems, faced by this business while making a decision regarding business progress, analysis of originality and adaptability components need to consider. The adaptability of this business can also be evaluated based on this presentation [Refer to Appendix 1].

Lean canvas: Presentation and explanation

The investigative design of this business idea needs to present in such a manner in the targeted customers can be influenced by this. The collection of data regarding this business is based on recent conditions other businesses and customer demands (Berger et al. 2021). As stated before, the pandemic situation has created several opportunities for people to think in a more creative way and also to introduce different ideas that can form a strong business. The detailed analysis of the prepared lean canvas can be helpful in this regard.

Problems of the business

According to the prepared lean canvas model, there are some important problems, associated with this business. The most important problem of the business is the lack of skilled employees. As stated by Chen (2018), the unavailability of skilled employees can create problems in maintaining a sustainable and growing business. Besides that, this business may face challenges in managing its resources of the business. The arrangement of resources and basic materials needs to be properly maintained. Another important difficulty faced by this company can be mentioned as the lack of communication with potential customers. In order to do a business, knowing the customer's perspectives and reviews about services and products is very necessary. As the business of Aesthetic Home is based online, the review acquisition and direct communication with customers is a bit difficult for the business personnel. 

Existing alternatives

There are some important alternatives to the identified problems that are already existed in the market. The three identified problems have been solved over time by increasing customer engagement in an active manner.

Figure 1: Social media usage in recent times

(Source: Bouncken et al. 2020)

As per the above-presented figure, social media is highly used in recent times by customers. Approximately 4.20 billion users of mobile phones are found to be active on social media. Therefore, it is an important existing alternative for the identified problems. Introducing attractive and beneficial components and new offers to the customers is often found to be an important alternative for the identified problems.

Possible solutions

In the lean canvas model, some possible solutions to the identified problems have been highlighted. In order to recruit more skilled employees, advertising about the requirements is necessary. The awareness about this new business needs to be spread with the help of social media which can help this business to gain more recognition (Si et al. 2020). In this manner, more efficient employees can show interest in being employed. Online as well as offline advertisements, both forms can be helpful in spreading awareness. Arranging an online survey to collect customers’ views and perspectives can be regarded as important to solve the identified problems.

Unique value propositions

The value proposition of this business, regarding online home decor appliances, needs to be appropriate to acquire maximum support from the customers. Another important value of this business lies within its unique nature in creating environment-friendly home design materials.

Value proposition contribute towards improved organisational performance (Ghezzi and Cavallo, 2020). Thus value is found to be preferred by most of the persons, aiming to create a safe and pleasing living environment within the home.

Key metrics

As per the prepared lean-canvas model, there are two main key metrics of this business of online home decor appliances. Unique and innovative appliances need to be mentioned as the most important metrics of this business (Ghezzi, 2020). Besides that, selling reusable products such as environment-friendly bags made of jute and plastic-free materials to decorate rooms and the entire home is another key metric of this business. 

High-level concept

One of the most important parts of this entrepreneur business concept is its two most important high-level concepts. The start-up business, Aesthetic Home can take the help of Instagram posts that are very popular among targeted customers. New arrivals of the products and appliances are to be introduced and shown in such posts that can grab the attention of customers and help in increasing customers (Ghezzi, 2019). Besides Instagram posts, the business can also consider YouTube blogs in which the associated employees can present newly arrived products to the customer.

Unfair advantages

As per the prepared lean canvas, there are some unfair advantages that can not be copied by others. It’s the unique attribute of this particular business (de Faria et al. 2021). The sense of interior design and aesthetic sense of design can be mentioned in this regard. 

Channels

The business of Aesthetic Home is mainly based on inbound channels. Being an online medium of business, the inbound channel is considered to be the most applicable and appropriate one for this particular business.

 

 Inbound marketing strategy

(Source: Tohanean and Weiss, 2019)

Based on this figure, the process of inbound marketing strategy, applicable to the business of Aesthetic Home can be analyzed. The most recognizable popular social media platforms and official websites of this business can be mentioned as important. Online blogs are also an important part of this innovative business’s channel.

Early adopters of the business

According to the prepared lean canvas model, components of the early adopters can be identified. One of the most important and early adopters of this business of online home decor appliances can be mentioned as the business person, wanted to create a unique and attractive workplace (Hampel et al. 2020). People want to create a living space a pleasing one in which mental and health regarding benefits can be maintained. These people can be regarded as the early adopters of this business.

Customer segments

The targeted customers of this business can be divided into some different segments which two most important ones are included within the prepared lean canvas model. One of the most important segments of customers is included such as the people, who have bought new houses. Newly opened office premises are also included in the customer segments of this business.

Cost structure

The cost structure of this business is also included within the lean canvas model. As per this model, the value of the fixed costs is approximately $300000. The value of variable costs is recorded as $100000. 

Revenue streams

On the basis of the lean canvas model, the four most important revenue of the business Aesthetic Home can be identified. The first revenue stream can be mentioned as transaction-based revenue. Rather than that recurring-based revenue, service revenue, and project revenue are the other three important revenue streams of this business. All of these streams play an important role in managing sources of revenue (Shepherd and Gruber, 2021). The overall performance of this business is dependent on these three revenue streams. The presentation of the mentioned business case is dependent on this collected data. In order to facilitate the construction of this business, the data of the lean canvas model are very significant.

Evaluation

A framework of entrepreneurship and innovation

An appropriate framework is important to understand the integral relation between innovation and entrepreneurship. The sustainability-related considerations are also connected to this part. 

 Framework of innovation and entrepreneurship

(Source: Hampel et al. 2020)

As per the presented figure, the maintenance of sustainability within a business depends on innovation and the uniqueness of entrepreneurship. As per this framework, the Aesthetic Home online home decor services can be evaluated. The overall development of a business depends on the successful collaboration of these three components.

Techniques and tools, supportive to the decision-making process

The identification of problems is important to understand the core reason and base of any kinds of problems, faced by a start-up business. Gathering relevant information about recent market trends and pointing out important alternatives are important techniques that can help the start-up business of Aesthetic Home to be successful.

Approach, theory, and models (Fort and Vogel model)

The business of Aesthetic Home is based on the lean approach that is integrally connected to a start-up business. Theories and models regarding lean approaches can be regarded as important for understanding the business aspects of a new start-up business (Si et al. 2020). The theory of a lean approach to a business is mainly based on creating important value for the business and also reducing the waste portion. 

As per the model, presented by Vogel, a successful business can be ensured only by creating chances to implement innovations and discoveries. The production of data is also associated with this. Development in software and technology can be considered for improving the overall performance of a start-up business.

Reflection on learning

Based on this discussion, an in-depth understanding of innovation and entrepreneurship has been developed in me. I think to improve a business, considering the implementation of innovations is very important. Entrepreneurship presents opportunities to set up a business with a different approach from other perspectives. The creation and presentation of new business ideas can bring forward some changes to the business perspectives. I have understood that effective decisions making approaches are necessary for maintaining a successful and growing business. The identified approach is useful for a start-up business as it helps a business in emphasizing the appropriate business model, associated with the business plan (Seo and Lee, 2019). I have identified the five most important principles of the lean approach and these are value, important value stream, maintenance of flow, and pull with perfection.

In my opinion, the characteristic of adaptability within a business plays an important role in maintaining a successful and developing business. As the business environment is found to change constantly the business process and approaches are also needed to be caged over time. It is very important for a start-up business to consider increasing adaptability which can help in establishing a strong base. According to me, most of the problems faced by a start-up business can be solved by increasing adaptability, new innovations, and developed technologies. The identified approaches can be implemented within such start-up businesses that can finally result in the development of its overall performance. As per my learning, the maintenance of originality in business ideas is another important part of this business that differentiates this from other businesses.

The importance of feasibility analysis for a successful and innovative business is also understood by me that can help in setting the start-up business with efficiency. The analysis and study of feasibility are important for entrepreneurs as it is helpful in the determination of viability-related attributes (Berger et al. 2021). Overall development of a business is often found to be dependent on a successful and in-depth feasibility analysis. The analysis of feasibility is also important as it helps an entrepreneur to identify effective factors, to ensure the success of the business. 

Conclusion

In order to sum up the whole discussion, it can be said that innovation and entrepreneurship are integral parts of a successful business. As per the detailed analysis of the prepared lean canvas model, important aspects and attributes of the considered start-up business can be analyzed. Proper implementation of innovation strategies and entrepreneurship-related approaches are found to be beneficial for improving the overall performance of the organization. Significant approaches and models are found to improve the process of this business. These are important to evaluate the success of this innovative business idea. The feasibility of the new business can help this business to increase its business area in the future.

References

Journals

Berger, E.S., von Briel, F., Davidsson, P. and Kuckertz, A., 2021. Digital or not–The future of entrepreneurship and innovation: Introduction to the special issue. Journal of Business Research, 125, pp.436-442.

Bouncken, R., Ratzmann, M., Barwinski, R. and Kraus, S., 2020. Coworking spaces: Empowerment for entrepreneurship and innovation in the digital and sharing economy. Journal of Business Research, 114, pp.102-110.

Chen, Y., 2018. Blockchain tokens and the potential democratization of entrepreneurship and innovation. Business horizons, 61(4), pp.567-575.

de Faria, V.F., Santos, V.P. and Zaidan, F.H., 2021. The Business Model Innovation and Lean Startup Process Supporting Startup Sustainability. Procedia Computer Science, 181, pp.93-101.

Ghezzi, A. and Cavallo, A., 2020. Agile business model innovation in digital entrepreneurship: Lean startup approaches. Journal of business research, 110, pp.519-537.

Ghezzi, A., 2019. Digital startups and the adoption and implementation of Lean Startup Approaches: Effectuation, Bricolage and Opportunity Creation in practice. Technological Forecasting and Social Change, 146, pp.945-960.

Ghezzi, A., 2020. How Entrepreneurs make sense of Lean Startup Approaches: Business Models as cognitive lenses to generate fast and frugal Heuristics. Technological Forecasting and Social Change, 161, p.120324.

Hampel, C., Perkmann, M. and Phillips, N., 2020. Beyond the lean start-up: experimentation in corporate entrepreneurship and innovation. Innovation, 22(1), pp.1-11.

Kim, B., Kim, H. and Jeon, Y., 2018. Critical success factors of a design startup business. Sustainability, 10(9), p.2981.

Sedita, S.R., Apa, R., Bassetti, T. and Grandinetti, R., 2019. Incubation matters: Measuring the effect of business incubators on the innovation performance of start?ups. R&D Management, 49(4), pp.439-454.

Seo, Y.W. and Lee, Y.H., 2019. Effects of internal and external factors on business performance of start-ups in South Korea: The engine of new market dynamics. International Journal of Engineering Business Management, 11, p.1847979018824231.

Shepherd, D.A. and Gruber, M., 2021. The lean startup framework: Closing the academic–practitioner divide. Entrepreneurship Theory and Practice, 45(5), pp.967-998.

Si, S., Ahlstrom, D., Wei, J. and Cullen, J., 2020. Business, entrepreneurship and innovation toward poverty reduction. Entrepreneurship & Regional Development, 32(1-2), pp.1-20.

Tohanean, D. and Weiss, P., 2019. Digital entrepreneurship and green business model innovation: Lean startup approaches. Quality-Access to Success, 20(S2), pp.630-634.