MOD001093 Entrepreneurship And Innovation

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MOD001093 Entrepreneurship And Innovation

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MOD001093 Entrepreneurship And Innovation

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Course Code: MOD001093
University: Anglia Ruskin University

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Country: United Kingdom

Question:

1.Critically evaluate classical and corporate approaches to entrepreneurship2.Display a critical awareness of the role of creativity in the innovation process and the approaches through which creativity can be developed in the individual
3.Critically evaluate the role and significance of entrepreneurship & innovation in the economy, making comparisons with other nations4.Critically evaluate one new entrepreneurial idea or innovation, demonstrating its potential implementation within its market, by formulating a business start-up (or development) plan.

Answer:

Introduction 
The report helps to develop an understanding on entrepreneurship and innovation. The report focuses on the new entrepreneurial idea or innovation in business along with its potential implications in market. Further, the report focuses on the theories and paradigms associated with entrepreneurship. The report also focuses on the role and significance of entrepreneurship and innovation in the economy of UK along with its comparison with other nations. In addition, the report discusses the necessities for formulating business start-up and the recommendations for making the business idea successful.
Entrepreneurship
The pillars of economic development for any country are innovation and entrepreneurship. The businesses, which focus at unique goods and reliable entrepreneurship, have capacity for promoting the economic development of any country along with addressing social problems, which imparts optimistic impact on the people and whole economy (Drucker, 2014). Therefore, the presence of such businesses is necessary to generate value and employment for people and to become tool of economic growth. In the project, the proposed business is an example of innovative entrepreneurship, which not only looks for earning profits by giving something unique to the consumers but also targets to address the problems of food wastage that is firmly holding the interest or attention of UK (Kirzner, 2015).
Analysis of new entrepreneurial idea or innovation 
The business proposition as an entrepreneur is to develop an application for food sharing to reduce the food wastage in UK. Mainly homemakers and restaurants will use this application. It is primary business plan that is developed as food sharing application, which will reduce the wastage and will be eco-friendly. The name of the business proposition is “Fodder Finder”. The aim of this application is not only to reduce the wastage of food but also it will provide food to the customer when they need it (Jackson, 2016). In addition to this, the application reduces the environmental wastage and it will lead to more sustainable life by changing their regular habits.
Along with this, the aim of this business is to provide a food sharing application to reduce food wastage worldwide that is used by all the householders and food joints. The proposed business idea will be a small service unit that introduced food-sharing app that required $200,000 as initial investment to buy the resources and technologies. The main objective of the Fodder Finder is to generate more awareness in people for the food-sharing app and increase the level of profitability at the end of 1 year of operation (The guardian, 2016).
Business model define the way of doing business. In context of Fodder Finder, the company will provide a service for food sharing with the help of application and will set up the requirements of final product. In addition to this, the business of app development will be funded by the venture capitalist, who will take particular percentage of profit when business generates revenue and personal savings. The initial target customers for this business will be households. At the initial stage of business, the developer will promote their application with free demo to the end users (Dou et al., 2016).
The food sharing application is capable of reducing wastage of food items. The application will connect the local businesses, neighbors, who want to exchange, sell their edible food items, and it will allow surplus from sharing, and reduce will wastage. The less wastage improves the security of food and it decreases the pressure on the natural resources. The reduction in food wastage will increase global food supply. The developer of food sharing application will be motivated by thinking that some small action will resulted for a big change (Public policy, 2017). This amazing technology will increase the human connection and will helps to solve all the real based problems.
Potential implementation within its market
Food sharing app will be very beneficial for the market and economy of UK. The people who are in need of food, people who do not have money to eat food, can get the waste food through this food-sharing app (Pantsios, 2015).  The wastage of food is an issue at global level and it should be handled on priority basis. In UK, the cost of disposing the waste food is $450 million, which is not a small ratio. Reducing the wastage of food in UK can save $120-300 billion per year. To obtain this figure 20-50% reduction in the wastage of food must be acknowledged in UK. The food-sharing app will help out to obtain waste food anywhere in UK (Mena,  Adenso-Diaz and Yurt, 2011). The figure below represents the scenario of food wastage at global level.
 
Critical review of relevant theories & paradigms
The theory named as Cantillon’s theory states that entrepreneur is an agent who takes risks and establishes equilibrium in supply and demand of the economy. The entrepreneur helps the country to uplift their economy with the help of unique products at affordable price. The theory given by Marshall, states that critical reality related of modern organizations is that mangers are not capable of filling the tough social roles of the entrepreneurs (Bula, 2012). The Marshall’s theory helps to evaluate that entrepreneurs tries to create equilibrium between information and perfect knowledge, existence of homogenous products, perfect competition and freedom of exit and entry. According to Social Enterprise School theory, entrepreneurship is considered as social enterprise initiative. Entrepreneurs focus more on their social responsibilities, as they prefer charities more (Parker, 2012). Donations in schools, hospitals, old age homes, etc. are various ways in which entrepreneurs do charity.  
The role and significance of entrepreneurship &innovation in the economy, making comparisons with other nations
The entrepreneur is the business leader who generates innovative ideas and put them into effect to promote economic development and growth. Entrepreneurship is the most significant input in the economic development of UK. The entrepreneurs behave like a trigger leader for giving spark to economic actions with the help of their entrepreneurial judgments. The entrepreneurs plays important role not only for the growth of industrial sector of UK but also focus towards the growth of service and farm sector. An entrepreneur plays various main and important roles for the growth of UK’s economy (Roberts and Eesley, 2011)
Entrepreneurs promote capital formation by organizing unused savings of the public. They utilize their own sources along with the sources they have borrowed for establishing the enterprise. These forms of actions lead to adding value and generating wealth that is extremely significant for the growth of economy and industrial sector of UK. Entrepreneurs also generates employment on large-scale for the unemployed people, which will give boom to economy of UK. When the enterprises are set on both large and small-scale, it generates the opportunities of job for numerous people at a same time. This will help to reduce the problem of unemployment in UK, which in turn will lead to economic development in UK. The economic power is also reduced with the help of entrepreneurship. The economic power is the result of business and industrial actions.  
The entrepreneurs also assist in removing regional disparities by establishing the industries in the areas, which are backward or less developed. The establishment of industries leads to development of business, which can benefit the huge number of people in UK. The entrepreneurs encourage the efficient use of sources like, capital and capabilities for producing the new goods and services and contributing in the economic development.  This as a result assists in enhancing the per capita income and gross national products of UK (Galindo and Méndez, 2014). The standard of living improves in UK because of economic development along with promotions in export trades of UK.
The UK has turn out to be most entrepreneurial economy in Europe. UK is the world’s fourth most entrepreneurial country. UK has beaten its neighboring countries Germany with seven places and France with eight places. According to Global Entrepreneurship Index (GEI) UK has made highest position in its history. GEI has given this rank to UK based on 14 pillars. These pillars start from start-up support accessible for the results of competition in industry to the accessibility of trained staff (Howells and Bessant, 2012). UK has progressed from past three years. The country was at 14th position in 2012 and in 2013 at 9th position. Innovation along with well-built business acumen combination has lead UK to achieve successful position.
UK has achieved this successful position because of its entrepreneurial capability of producing unique products or services, which other businesses do not offer in similar market. The progress in the performance of UK is related with the progress in the environment of start-ups (Galindo and Méndez, 2014). In addition, last year UK achieved 500,000 start-ups for first time in the history and the similar scenario was repeated again in November.
Formulation of business start up plan 
The main objective of the marketing plan is to generate awareness between people for the food-sharing app to reduce the wastage of food items. The marketing plan of Fodder Finder can be discussed as below-
The focus of this app is on the individual of the UK, which can collect the food in good condition. On the other hand, marketing strategy will cover the positioning strategy in which the business will make an image of this application in the mind of users about the uniqueness and benefits of the application. The firm will also create image in the mind of customer that the application is eco-friendly and reduce the wastage of food (Ferrell and Hartline, 2010).
Under the marketing budget of the application, it includes pricing strategy, and distribution strategy of the food sharing application. At the time of app launching, the business will only cover the local households of UK but as the popularity and uses of application will increase than the business will expand their market share to the hospitality industry, restaurant and other places (Schindler and Schindler, 2011). It can be seen that prices of these application is not fixed. The developer of the application changes the price of app according to the order of experiment with the different price points.
 In case of Fodder Finder, firstly, they will provide their app free of cost but for the order of experiment and popularity, they will charge $5 to cover the cost of app development. The app developer follows the project-based pricing strategy (Hill, 2013). The number of users will increase after adopting the project-based strategy. Along with this, the business will mainly create awareness in the local individual directly to reduce the food wastage. Developer will go to the local individuals residences and will share their idea and will try to make sure that all person support their plan of food wastage reduction. In the restaurant, they will be putting holdings of their application, which can aware the people who are coming to the restaurant for any reason (Luther, 2011).
Sales Plan
In the first year there will be no growth rate intends to win by the business. In the second year, the business assumes 10% growth rate and 15% growth rate in the third year. The company will achieve the profit from the application downloading and selling the food to the charitable trust and other organization and it will generate 10% profit of their investment. The business focuses to create value in the eyes of users. The sales forecasting below is based on market analysis-
Sales Forecasting (in $)

Year 1

Year 2

Year3

Annual Market Growth Rate

10%

15%

Expected Revenue:

Revenue from the per downloading of App

0

75000

86250

Revenue from the charitable trust and other organization

150000

165000

189750

Total Revenue

150000

240000

276000

Financial Plan
Financial planning is important for every organization before starting the business. It helps in estimating the capital requirement and in identifying the level of competition. With the help of financial plan, business will frame the financial policies that are related with the procurement, administration and investment of funds. It will help to identify the revenue and cost of the business to maintain their working capital (Burns, 2011).
The table below represents the total financial resources, which will be required by the enterprise at the time of its operations in 1st year. The fixed cost of assets is $39500 and the cost of variable assets is $332000, which comprises of cost of raw material, salaries and the cost of labor. Moreover, the enterprise will prefer to take loan of $300,000 from the bank and will pay that loan with monthly installments. The entrepreneur himself will contribute the amount remaining $71500. In addition, the entrepreneur will contribute amount of $45000 in the form of opening balance for paying different costs earned throughout the course of business.

Resources

Cost (in $)

Start-up Assets

Computer

12500

Delivery Van

3000

Software

15000

Storage Room

4500

Total Fixed asset cost

35000

Legal Fees

1000

Website development expenses

3500

Staff salaries (12 months)

213000

Advertisement and marketing cost

4000

Stationary cost

3000

Total cost

224500

Total financial requirement

259500

Breakeven Analysis 
Breakeven analysis is utilized to decide when business will be in a condition to cover all its expenses and obtain profit from it. When the revenue of business is equal to each costs of business, it is known as the breakeven point (Gitman and Zutter, 2012).

Particulars

Year 1

Year 2

Year 3

Annual Growth rate

10%

10%

10%

Expected Revenue from wastage food

475200

522720

574992

Expenses

Start-up Assets

Computer

12500

0

0

Delivery Van

3000

0

0

Software

15000

0

0

Storage Room

4500

0

0

Total Fixed asset cost

35000

0

0

Legal Fees

1000

1000

1000

Website development expenses

3500

0

0

Staff salaries (12 months)

213000

217260

221605

Advertisement and marketing cost

4000

4200

4410

Stationary cost

3000

3060

3061

Total cost

224500

225520

230076

Net Profit

215700

297200

344916

Loan Payment

120000

120000

60000

Actual Profit

95700

177200

284916

The above table exhibits that the firm will start earning actual profit (difference between annual profit and investment $300,000) from the second year. It is because in 2nd year, the total profit for the firm would be $61390. Thus, financial forecasting depicts that the business will be profitable for the firm.
Conclusion
From the above discussion, it can be evaluated that the business proposed is unique and innovative in its offerings to market. Moreover, the achievement of food sharing app will rely only on the quantity of food they will provide to the users. The food-sharing app has huge scope, as it is working on the unique and social concept. In addition, the app will also address the social problems due to waste generation.
The recommendation for the enterprise is that they should spread their supply chain more and more because it will help entrepreneur to reduce wastage on huge scale. Moreover, it will also help to provide food to more users. The entrepreneur should also prefer healthy and germ free food for safety of users.  
References 
Bula, H. O. (2012) ‘Evolution and Theories of Entrepreneurship: A Critical Review on the
Burns, P. (2011) Entrepreneurship and small business: start-up, growth and maturity. Basingstoke: Palgrave Macmillan.
Dhaliwal, A. (2016) ‘Role Of Entrepreneurship In Economic Development,’ International Journal of scientific research and management, 4(6), pp. 2321-3418.
Dou, Z., Ferguson, J.D., Galligan, D.T., Kelly, A.M., And Finn, S.M. (2016) Assessing U.S. food wastage and opportunities for reduction. Global food security, [Online]. Available at: https://www.sciencedirect.com/science/article/pii/S2211912415300195 (Accessed: 1 May 2017)
Drucker, P. (2014) Innovation and entrepreneurship. UK: Routledge.
Ferrell, O. C. and Hartline, M. (2010) Marketing Strategy. USA: Cengage Learning
Galindo, M.Á. and Méndez, M.T. (2014) ‘Entrepreneurship, economic growth, and innovation: Are feedback effects at work?,’ Journal of Business Research, 67(5), pp. 825-829.
Galindo, M.Á. and Méndez, M.T. (2014) ‘Entrepreneurship, economic growth, and innovation: Are feedback effects at work?,’ Journal of Business Research, 67(5), pp. 825-829.
Gitman, L. and Zutter,C. (2012) Principles of Managerial Finance, 13th edn. London: Prentice Hall.
Hill, P. (2013) Pricing for Profit: How to Develop a Powerful Pricing Strategy for Your Business. London: Kogan Page
Howells, J. and Bessant, J. (2012) ‘Introduction: Innovation and economic geography: a review and analysis,’ Journal of economic geography, 12(5), pp. 929-942.
Jackson, T. (2016) Could tech reduce food waste and help feed the world?. BBC, [Online]. Available at: https://www.bbc.com/news/business-36542244 (Accessed: 1 May 2017)
Kenyan Perspective’, International Journal of Business and Commerce, 1(11), pp. 81-96.
Kirzner, I.M. (2015) Competition and entrepreneurship. USA: University of Chicago press.
Luther, W. M. (2011) The Marketing Plan: How to Prepare and Implement it. New York: AMACOM Div American Mgmt Assn
Mena, C., Adenso-Diaz, B. and Yurt, O. (2011) ‘The causes of food waste in the supplier–retailer interface: Evidences from the UK and Spain,’ Resources, Conservation and Recycling, 55(6), pp. 648-658.
Pantsios, A. (2015) Reducing Food Waste Is Good for Economy and Climate, Report Says. Available at: https://www.ecowatch.com/reducing-food-waste-is-good-for-economy-and-climate-report-says-1882013448.html (Accessed: 1 May 2017)
Parker, S.C. (2012) ‘Theories of entrepreneurship, innovation and the business cycle,’ Journal of Economic Surveys, 26(3), pp. 377-394.
Public policy (2017) Reducing Food Waste in the UK:Promoting Collaboration, Innovation and Responsibility at the National and Local Levels. [Online]. Available at: https://www.publicpolicyexchange.co.uk/events/HA26-PPE (Accessed: 1 May 2017).
Roberts, E.B. and Eesley, C.E. (2011) ‘Entrepreneurial impact: The role of MIT,’ Foundations and Trends in Entrepreneurship, 7(1–2), pp. 1-149.
Schindler, R. M. and Schindler, R. (2011) Pricing Strategies: A Marketing Approach. London: Sage
The guardian (2016) Tech innovations that could reduce food waste. [Online]. Available at: https://www.theguardian.com/business/2016/jul/14/tech-innovations-that-could-reduce-food-waste (Accessed: 1 May 2017)

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