LUBM301- Entrepreneurship Assignment Sample

Introduction Of Entrepreneurship Assignment Sample

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Entrepreneurship refers to the process of creating business or scaling businesses to build or generate profit. It involves an entrepreneur who is willing to change world with ideas and innovation by their action. Entrepreneurship means creating innovative product or services that challenges the social change and also lives on daily bases. It is a direction of entrepreneur towards there aims and goals they want to achieve. Entrepreneur refers to individual working or creating a new business involving all profits and bear all the risk.Rubies in the Rubble arethe producers of the ketchups and jam from the waste food items in the country. they work with the farms and collect the fresh fruits and vegetables which will go to the waste due to looks.

 The entrepreneur is commonly known as innovators, services, new business ideas etc. The Organizational profile is discussed in Appendix 1.

The Essay will describe about entrepreneur and its personality traits. Also, it will enlighten about the opportunity entrepreneur finds in the market. Further essay will explain about entrepreneur role as a leader and the impact of covid-19 pandemic on overall business of the organization (Eriksson and Spångberg, 2017).

MAIN BODY

Intepreneur: They are the person who works as an Entrepreneur and individual who acts but does not work in the business organizations. Working without the funds and investments, still manage to work or run the company they did.

1. About the Entrepreneur

Personality Traits of Entrepreneurs

Passion: Entrepreneur works to develop a business idea and not for profit maximization. They want to create an impact on the world through there innovation and ideas they are presenting. They follow their passion to put an impact on the people with their business way and innovation. Jerry Costa followed her passion of work for the waste food to impact the world through different product and services entrepreneur can offer to save the sustainability of food(15 Entrepreneur Characteristics To Develop, 2021).

Motivation: It is crucial for the entrepreneur to stay focused and keep themselves motivated. It is not mandatory for an entrepreneur to get success on the first attempt, this is very important for the entrepreneur to focus on their motive to achieve the business goal and keep try. They need to be motivated and focused that they will get good result. Working on new ideas and innovation, it takes times to get result which entrepreneur wants(Xie, Lv and Xu, 2018).

Risk Taker: Entrepreneur needs to be risk taker; it is crucial and vital for entrepreneur to take risk in the working to get results. Working on new idea and innovation require having risk taking ability. There are a lot of risks while working on new idea as it is not giving surety to providepositive result. Entrepreneur should always be focus in taking risk and staying positive if the results are not in favour.

Creative: Entrepreneur should be creative when representing the idea or product they want to sell in the market. It is important for the entrepreneur to provide a product or service which is creative and different from the market to get better result(Xie, Lv and Xu, 2018). This helps in attracting the customer more and also increasesmore chances of developing business opportunity. Creativity providesthe impact on the business as the product monopoly can rise and help the entrepreneur in getting more audience from market.

Optimism:optimism refers to those people who are working on their goals seeing future and not letting small failure end their work. It is important for the entrepreneur to get the desire to achieve the business goal and objective to remain constant for a long ger period(Kusumawijaya, 2018).

Entrepreneur Opportunity

While working in finance job Jerry Costa was focused towards responsibility of job. She was working hard and is motivated toward the work. Jerry Costa was working as a finance person, while reading about food waste and problem with the food (Herrero and et.al., 2020). She realised and understood that majority of food items which are rejected just because of theirlooks as they are not looking perfect. She worked on it and read about critical situation of food waste in country and globally. She finds it as an opportunity to increase awareness about sustainability of food waste in market. She worked on the concept of developing product by using her childhood recipes in kitchen and experimenting with food waste. In the year 2012 she hustled for centre stage in industry to impact market with its product which are made from fruit and veg.

Jerry Costa found opportunity and worked on it to impact society with concept of sustainability in food products which is crucial as there is shortage of food for people and this helped Jerry in making an impact in world. Jerry studied about food waste and get to know that around 6.7% of all greenhouse gasses emitted waste contribution. Around 7.2 million of food waste thrown eachyear and is a major concern for people to understand. She worked on recipes and now selling one of the finest ketchups and mayo to audience which is loved by audience in the market.

Product innovation and its importance in organization

Product innovation refers to the process of creation and introduction of services or goods that are new in market, or improved version of older goods. It also refers as invention of new product and services in market(Serpe and et.al., 2017). The change in design and packaging or the use of different raw material to increase the impact of product and services in attraction of customer. The advantage of innovation in product and services are that it increases chances of getting better responses and also in growth expansion of business. It is very important for entrepreneur to develop creativity in product and services they are offering in market. It needs to be innovative and creative to impact business market.

Importance of Innovation in organization:

Create development: innovation helps in creating a development in business through its new ways and improved performance. It helps in creating a impact on business market and also helps in achieving goals of business(Kim, Sheu and Yoon, 2018). Development makes people aware about new way of product to offer from organization to customer.

Continues improvement: Organization need to be focused in continues improvement in product and services they are offering to its customer. It is crucial for them to develop and improve the quality and the factor where the organization lacking in market to impact better.

Responding to competition or trend: working on the trends and competition is crucial for organization because the change of trends includes change in taste and pReferences of customer. This is very important for the organization to work on the innovation to develop a product and services which their competitor is lacking in and also to provide such product which is in high demand in market.

Creating USP: It is very impactful way of working in market when the organization provide a different and innovative product in market(Aliasghar, Rose and Chetty, 2019). This helps them in getting good results and also in increase of chances to develop market by its unique selling point.

1. About Entrepreneurial Organization

Role as a leader and skills for Successful leader

Jerry Costa as an Entrepreneur leader works on motivating of people and market awareness about the sustainability of food waste. She worked a lot to make people understand about the cruciality of food waste and the way things are going in the market. The wastage is at peak and people use to throw food just because of their look. She worked as a leader in making people understand about the food sustainability in UK and worked on waste food product to make them into new product which can be used for a longer period of time(Tortorella and et.al., 2018).

She played very important role in communicating about the concept of food sustainability and the ways people can use their waste fruits and veg into a consumable item. As a leader it is very crucial for her to know the skills and role of leader which include the self-belief in what she is doing(Mayfield and Mayfield, 2017). Working on some new innovative product and services and making other trust your product and services need a lot of communication skills and self-belief in your product. She played a complete role of leader by making people get to know about the use of waste product and howe they can utilise the waste food fruits and veg converting into useful product.

Skills for a successful leader are: -

It is very important for the entrepreneur to face challenges and is not afraid of fighting with new challenges which come while working in the business. There are different type of entrepreneur working in the market and it is essential for them to work continuously and fight or face challenges which come while working in the market. Entrepreneur need to know to build trust and make people trust them and, in their idea, or innovation as well. As a leader it is important for the Jerry costa to build a team that work on her innovations. Developing the idea andmaking people trust Jerry she works hard and use the childhood recipe to provide the product and created a team by making people understand and communicate more about how they can help the country with the innovation. The leadership quality to build a team and the communication skills helped the Rubies in the Rubble to get a great success in the market and Jerry Costa as a successful leader’s entrepreneur.(Suifan, Abdallah and Al Janini, 2018).

To build a successful team there are different factors on which Rubies in the Rubbles develop working and they created the increase of Staff Up in the process of development in business. Working with the right freelancers and developing increase of staff through collaborate locally in the company or idea. After that it is essential to collaborate globally to develop working in the team and increase the team members.

Growth of business

Jerry Costa worked as an entrepreneur in increasing the sustainability of food waste. While working as a finance person she studied the concept and the use of waste food. She found that there are millions of food waste every year and it is very crucial for people to know the importance of food. She worked on the concept and keep trying different methods to achieve the desire result she is aiming for. It is important for the entrepreneur to know the customer of the market and target market while working on the idea and innovation. This is crucial for the entrepreneur to develop strategies to know the target market so that they can make further changes in increasing of business. Providing great services to the people to attract more audience in market than the competitor. Jerry Costa helped the idea to develop through making other explained the importance of wastage material and how they can use the material to increase the overall development in use. Irt is vital for them to use the idea and create product to reach the growth in business. Jerry developed team by making the impact thorough understanding and development through communication.

Entrepreneurs helps in contribution of economy and makes new market economy in the country. Working on the waste food items helps Jerry Costa in getting the result she is aiming of her brand Rubies in the Rubble. It also contributes in development about the awareness of food in the country and how things can be used to utilize again. The major role of the education and research Jerry Costa put into the idea and innovation she was thinking off. It helped in getting good response from the market as the research about the topic is done in the best and in-depth knowledge by Jerry on food waste. Getting proper knowledge helped in putting the necessary implementation of planning and decision make it growth in business. Putting the product and services offered by the entrepreneurs on social media to provide an impact on the business as this allow them in creating a market awareness. Rubies in the Rubble works on promoting their product and keeping the quality of services in there product very high to maintain consistency. Jerry costa faced a lot of problem in the beginning as working on the waste food is not something people directly accept. It took time for the rubies in the rubble to stablish a platform in market with there idea of sustainability of food waste.

1. Contribution to the Economy and Society

Rubies in the Rubble are working in increasing the awareness about the food waste which is one of the major concerns in the country. 7 million tons of food waste in a year are a major factor for which government also need to focus on. Jerry the founder of the company is working in increasing the awareness in people to stop wasting the product and use them in creating some or other thing for use. The organization is working in preserving food and using the waste food.They are saving 9499 tomatoes’, 1111 apples, 2171 and hundreds of bananas in every 100kg of their product (Lindgren and et.al., 2018). The entrepreneur explained that it is very less they are doing and they are focusing in increasing yearly to control the waste of food in the country. They focusing in scaling up the work to control more of food waste, increasing working helping in creating health awareness and saving food which is just thrown because of its look. This is one of the major factors on which they are working to develop understanding in people. They claim that around 40% of farm product are wasted and they are working on them to use for making product to offer to customers.

FIG: RUBIES IN THE RUBBLE, 2021

The aim of the organization is to become the market leader in the sauces, Rubies in the Rubble worked in creating the first ever veg mayo. This is something which took a lot of time to be created and it helped people who are veg can use the mayo and eat it. Increasing day by day and helping the country in the economy by paying taxes and creating international market business helps country in development. Also utilising the waste food and using it to produce new product to offer to customer is a social help to the country in solving the shortage of fruits and veg. the innovation and the creative idea of Jerry Costa in making the veg mayo is in trend of the market as they are getting good response and as a entrepreneur it is one of the biggest success for the owner of the organization in reaching its target. They work on the concept of bringing business to life which show and reflect there working in waste food product and changed them into useful products. The business is increasing and the business is increasing and is a threat to the competitors.

One of the major factors with the business as it is helping the farmers as the farmer used to throw their product which were rejected by the middleman and organizations. Rubies in the Rubble working on those rejected products to make it useful and it is also helping the farm in earning more profit and getting better results. The company is utilising the business idea of changing and converting product with the help of getting raw material from farmers. It is helping in the agriculture sector of the country and also providing a good market to pay tax and gives employment to people to work with the business organization. Creating opportunity for the people to work and also developing the product range to help the people in getting more product from the waste foods. The sustainability is a crucial factor of the company on which they are keep working to provide the sustainability to the society and increase in providing services.

Increase in welfare and social cause by contribution to their new idea of utilising the glass bottle for packaging and not the plastic to increase awareness about the environment. The company aiming to provide the services which reflect their aim of sustainability in market, they are focused that they will work on sustainability to remain trust worthy for their customer. This is one of the major factors for which people are choosing Rubies in the Rubble due to their commitments and loyalty. Contribution to the society and social awareness is important as the change of trend need to be understood by the entrepreneur and Jerry Costa worked on this to understand the change of thinking of people towards environment is important for the business to be maintained. Entrepreneur need to work according to the market trends and preferences, this is one of the factors which can impact the overall business of the organization.

Impact of Covid-19 Pandemic

Rubies in the Rubble were going to one of the best times after their launch as they were getting great response from people and in market. The company is having a great time in market but due to Covid-19 Pandemic company faced a lot of loss at the starting of the pandemic. They faced shutdown and raw material they were having get totally wasted. They faced a lot of issues in production due to lockdown policies of the government. They were not able to work in pandemic and it also increased in debts they need to be played. The company then started there working in restrictions after government let them work. The working was under all necessary restriction which are made by government as a policy which need to be fulfilled. It is important for company to keep on working as groceries haven’t stopped as it is a basic necessity of people to have groceries item(Fu and Shen, 2020). This helped organization and owner of the organization worked on this to create a better profit out of market.

The lack of raw material is one of the major factors in the Covid-19 Pandemic as lack of material causing business in lesser production to fulfil market needs. The company was going in no loss no profit situation. But to work in Covid-19 Pandemic it is crucial for business to educate their staff and workers to know about the crucial factor of Covid-19 Pandemic requirement. Working on hygienic factors and following all protocols of the pandemic to work in full flow production. The company faced restrictions of working and lockdown cause people with unemployment as company was not able to pay wages for a longer period. The country economy has fallen rapidly in UK(Kumar and et.al., 2020). This is one of factors for survival in Covid-19 Pandemic. Theorganization worked on necessary requirement to start working of products and contacted for raw material to increase production. They further developed strategy of involving new methods of work in half shifts as well as they changed their patter of working and maintaining the social distancing in Covid-19 Pandemic. Working in pandemic caused company in getting less customer as customer is afraid of situation. The company worked hard to make people understand about there working on hygiene and make them trust to come out and buy food product in market. The survival is not that hard for business as they trained there employee with perfection to control pandemic situation and worked under guidelines to maintain government policies. Jerry Costa explained that it is important to keep working if the situation gets worst, it is crucial for business to keep facing challenges to understand the strength of business in workplace.

CONCLUSIONAND RECOMMENDATION

From the above Essay it can be concluded that it is crucial for the entrepreneur to understand the concept of staying motivated and facing challenges of the market. This is crucial for them to work on as the market can be changed at anytime and situation. Jerry Costa worked as one of the leaders who focused on sustainability and the organization kept its promise as a trust in the customer as they stayed focus in the sustainability of product. Every entrepreneur needs to have skills of determination and self-belief to increase the working in the idea and innovation. This also help in increasing the chances of getting results as the self-belief provide confidence and impact on result with performance.

• To recommend it is important for the Rubies in Rubble to develop the home deliveries of the product and services so that they can get the best out of pandemic situation and increase there working of production. It will also help them in increasing productivity and profitability.
• To recommend it is crucial for the Rubies in the Rubble to develop there working in new dishes and new products so that they can increase their audience and also develop their market range. This will help them in development of the organization as well as increasing the market to work. It can help them in pandemic as well as this will help in offering more service to the audience and audience can ask for more product online.

REFERENCES

Books and Journals

Aliasghar, O., Rose, E.L. and Chetty, S., 2019. Where to search for process innovations? The mediating role of absorptive capacity and its impact on process innovation. Industrial Marketing Management. 82. pp.199-212.

Eriksson, M. and Spångberg, J., 2017. Carbon footprint and energy use of food waste management options for fresh fruit and vegetables from supermarkets. Waste Management. 60. pp.786-799.

Fu, M. and Shen, H., 2020. COVID-19 and corporate performance in the energy industry. Energy Research Letters. 1(1). p.12967.

Herrero and et.al., 2020. Innovation can accelerate the transition towards a sustainable food system. Nature Food. 1(5). pp.266-272.

Hughes, P., 2020. All Things New: Joining God's Story of Re-Creation. David C Cook.

Kim, M.K., Sheu, C. and Yoon, J., 2018. Environmental sustainability as a source of product innovation: the role of governance mechanisms in manufacturing firms. Sustainability. 10(7). p.2238.

Kumar, A and et.al., 2020. COVID-19 impact on sustainable production and operations management. Sustainable Operations and Computers. 1. pp.1-7.

Kusumawijaya, I.K., 2018, October. Personality traits: The mediating role of self efficacy to improve entrepreneurial intention. In 1st International Conference on Social Sciences (ICSS 2018) (pp. 1499-1506). Atlantis Press.

Lindgren and et.al., 2018. Sustainable food systems—a health perspective. Sustainability science. 13(6). pp.1505-1517.

Mayfield, J. and Mayfield, M., 2017. Motivating language theory: Effective leader talk in the workplace. Springer.

Serpe, L.F and et.al., 2017. The innovation dynamics in SMEs: proposal of a method. International Journal of Business Innovation and Research. 14(4). pp.542-559.

Suifan, T.S., Abdallah, A.B. and Al Janini, M., 2018. The impact of transformational leadership on employees’ creativity: The mediating role of perceived organizational support. Management Research Review.

Tortorella, G.L and et.al., 2018. Lean manufacturing implementation: leadership styles and contextual variables. International Journal of Operations & Production Management.

Viinikainen, J and et.al., 2017. Born entrepreneurs? Adolescents’ personality characteristics and entrepreneurship in adulthood. Journal of Business Venturing Insights. 8. pp.9-12.

Xie, X., Lv, J. and Xu, Y., 2018. The Role of the Entrepreneurial Personality in New Ventures. In Inside the Mind of the Entrepreneur (pp. 91-108). Springer, Cham

Online

15 Entrepreneur Characteristics To Develop, 2021. [Online]. Available Through: <https://www.indeed.com/career-advice/finding-a-job/entrepreneur-characteristics>.

RUBIES IN THE RUBBLE, 2021. [Online]. Available Through: <https://rubiesintherubble.com/>.