Case Study Based on Concept of Social Entrepreneurship

This section have always fascinated me and There are numerous skills and characteristics which I will be bringing to the module. The primary skill that I possess is management. I have been able to deal well with resources that I possess and are able to exploit the same whenever required. This skill will be helpful in dealing with numerous resources that an organisation tangible or intangible. Optimism and extraversion nature will be helpful in getting to know other's experience and employ the same in my venture. The courageous and risk taking nature will be helpful in undertaking opportunities that other perceive to be dangerous.

TASK 2

What is social entrepreneurship? What are the motivations in setting up a social enterprise?

Social entrepreneurship is regarded as an approach through start up firms as well as entrepreneurs where it can create, fund and execute solutions to cultural, environmental or social problems. Moreover, this particular concepts is utilised to a board range of company that vary into aims, feeling and size. In current times, social entrepreneurship is considered as the revolution all over the world. Individuals from several life walks are developing as well as executing efficacious, creative as well as sustainable solution for battle challenges of environmental as well as  social (Tidd and Bessant, 2018). All these solutions involves products and services for profitability or non profitability initiatory. In addition to this, social entrepreneurship is whole regarding creating research to completely states a specific social issues thereafter arranging, developing as well as managing a societal ventures for accomplishing the expected modification. The changes can or can not involve a thorough removal of social issues. Also, it may be a lifetime procedures concentrating upon the development of existent situations. The one who support this particular entrepreneurship may concentrate upon its resources upon developing as well as strengthening a identifiable as well as concrete areas. Moreover, the proponents of this operates the risk of providing skeptics an  ever exploring targeted to concentrate at as well as the cynics are also the major reasons for discounting social innovation as well as to those who leads this.

As per the Greg Dees, the social entrepreneurs are person with creative solution to community's most pressing social issues. They are ambitious as well as persistent, face huge social problems as well as provides new ideas for a changes of boarder scale. Social entrepreneurship is growing rapidly that assist in increasing attention of several sectors. It shows the motive of entrepreneur that why they want to introduce their idea in target market (Kuratko and Morris, 2018). The phenomenon towards social entrepreneurship is based on popularity of a venture that assist an organization to attain their target goals and objectives effectively by promoting their services in front of target customers. Potential benefits that are offered by social entrepreneur are clear and it promoting several funding practices in order to magnitude return is less clear. Thus, in market several immense activities are conducted that are based on social enter venture.    

Some examples of social entrepreneurship are discussed below:

• TOMS: When an organisation are established, they utilised its “ one for one” idea to shoes. For each pair of TOMS shoes purchased, the firm donated a pair to a required child. They have since explore the one for one concept to eye wear, tote bags and coffee.

• Badala.org. The Joelle McNamara is the founder of Badala while she were in higher school. Its commercial sites which develops jobs for African women through selling the goods they produce. Products ranges from jewellery to wooden utensils of kitchen.

 Apart from this, the example of social entrepreneurship involves micro finance institutions, facilitating banking services and others. It efforts are integrated to a notion for addressing unaccomplished requirements into societies which has been unnoticed or not  granted access to services, goods or base that is crucially available into more developed nations.

To do special work for the society every social entrepreneur wants to motivation that help to take step regarding to good work. There is required to different types of social enterprises that provide the motivations to entrepreneurship regarding to work and take risk effective. These are defined underneath such as:

Employment: An social entrepreneur always wants to do work for the social people who have not job and have sufficient knowledge about the work so for this required to identify their skills and provide the job to unemployment people  (Sadeghi and Rad, 2018). When social entrepreneur focus on the society so they feel down because they want to do something regarding to nation and produce many things that fulfil the requirement of the society. So entrepreneur provide the job those people who have skill and work efficiently. In this business that provide employment, training and help for disadvantaged group.

Community need: Social entrepreneur firstly analysis that there is required to many things to community so they are producing these things. It is mainly motivated to do different for the people. It is motivating in effective manner and fulfil expectation of the community. Such as in present time every one wants to afford so they are opening restaurant where provide food in cheap rate and easily afford by the people. These things are providing satisfaction and motivate to do work for another people. Businesses that develop or arrange items or services in respond to social or economic requirement in the community that not met by the market.

Look outward, not inward for motivation: The social entrepreneur try to sort out their all the problems so they are setting the own life for the better course. They are trying to find out specific solution for the problem and through motivation richer by intervening in the live of others  (Al Shobaki and et. al.,  2018). There are real solution require much more than self centred altruism. These people mainly motivate by other people who are working for the other people and invest their amount in the good work. So for this required to look forward and always find out better solutions.

Listening to voices other than your own: It is best motivation for the social entrepreneur when they are listening voice of yourself. The more effective approach mainly depended on the listening to experiences of those people who is working  for the problem solution and help to peoples. It motivates them regarding to good work and do specific work.

Bottom up solutions not top down: Solutions are best designed and applied from the bottom up not the top down, it means on the basis of the community prepare plan for the business as well as operation management (Lichtarski and Trenkner, 2018). They are finding good solution regarding to problem so for this required to apply effective strategies in order to follow the heart not mind.

Incidents: Many time in social entrepreneur life happen many things that impact on the mind that time they decided to do different and provide facilities to people to work regarding their problems.

TASK 3

Concept Plan

The aspect of concept plan is regarded as one of the important component for the introduction of new business venture into industry. The term concept plan is defined as a  systematic or organised  process which encompasses the idea, goal, objective, aim, vision, mission and many more in order to accomplish the determined intent within prescribed time duration  (Sugandini and et. al., 2018). Along with this, it empower an organisation to provide proper guidance or direction to company in terms of  implement best strategic decision for the enhancement of market share or size among competitors. In addition to this, it lead a business venture to utilise the available resources at optimal level and also drive them to attain sustainable growth and development in an improved way.  

Business Idea

The business idea on the basis of concept plan has been formulated is “ Independent retail shop”. In this shop, all the aspects of managerial and operational function of company will be process and function with the help of robots as well as the utilisation of artificial intelligence. This innovative and advanced action of retail shop enable them to gain competitive advantage among competitors in a stipulated time duration without any hindrances.  

Objectives

There are some objective and aim has been identified for Independent Retail Shop which is explained below:

• To create an innovative and modern solution as well as advanced technologies in the filed of retailing which enable retail shop to improve the overall productivity or profitability ratio.
• To render the effective and improved level of shopping experience to customers that help establishment to attract more population towards then brand in an amended manner. 
• To place the brand in an aggressive and competitive position among competitors  with the adoption of innovative technologies.
• To decrease the stress over human resources and enhance the continuous improvement in overall operational function of company.  
• To reduce the time in regard of billing and also enrich the overall performance of firm in an trenchant and amended way.  

 

Market research

Market research is determined as collective efforts which are done for the purpose of gathering necessary information regarding target customers and target markets. On this basis, a business entity formulates an effective business strategy. In order to set up any type of business idea towards an organisation, it is very important for an organisation to indulge itself in market research  (Papa and et. al., 2018). This is done for gathering information in order to collection relevant data which will help in knowing the tastes and preferences of customers. This market research will also help in knowing the range of competition for an enterprise. This will help the enterprise to know what competitors are bringing in market and what technologies are used by them. For the purpose of conducting a research which is upon car with touch sensor technologies, an individual can use both secondary as well as primary resources.

Primary- In order to collect information regarding various topics, primary data is considered to be more relevant as it helps in giving more information that is relevant. There are many competitors who are using innovative techniques in manufacturing a car that can meet customer's expectations. For example, Tesla which is considered as one of the most innovative car manufacturer is having this car with touch sensor technologies but the product which is formulated by this organisation will have more additional features such as it will have face recognition and voice recognition which do not possessed by Tesla's cars.

Secondary- From secondary research like websites, blogs, internet and other such online resources, it can be analysed that people are ready for latest innovative products and found those things attracted which are technology friendly and innovative. According to surveys and other resources, an estimation can be made that there are various customers who are prepared for those cars who provide them face and voice recognition as this will enhance the security of their cars  (Franco, Haase and Correia, 2018).

Target Market/Customers

It is very important for company to analyse as well as evaluate its target market and audience. This will be very helpful in developing product and services as per need and wants of customers  (Ahmed and et. al., 2018). By this respective company will be able to meet with the expectation of customer as well as attract more and more customers towards organisations. When company is launching new product in market area it is essential for this company to identify it customer who have potential to purchase product and services offered by company. In this organisation will be targeting only those customers who are interested in new and innovative product. This will help in meeting with the requirement of customers as well as lead to achievement of desired goals and objectives.

Marketing

Marketing is the process that assist an organization to grab information related to their competitors, surroundings and service practices. With  the help of such, organization can implement desired strategy in their  business practices that assist them in attaining target goals and objectives in effective manner (Syam, and et. al., 2018). Marketing also include several activities based on product development, promotion, sales and distribution as well. With the help of such, an organization can reach to their target customers easily buy satisfying their required needs and demand after appropriate analysis. Major source of marketing can be considered as social media, print media, promotional activities and so on. There are different marketing strategies that is used by respective company to create awareness about the product. Useful marketing strategies are mention below

Marketing strategy- for this case respective company is adopting market development strategies  (Sousa, 2018). This will be helpful in offering product as per requirement of customers. This company is conducting a proper marketing research in order to develop products as per the need and wants of  targeted customers.

Human Resource

Human resource is considered as an most effective resource of organisation as they are responsible to conducting business operation in better manner. It is essential for company to hire highly talented employees who are able to meet with the expectation of customers (Carayannis and et. al., 2018). A skilled workforce hired by company will be able to develop better strategies as well as take right decision to perform business activities in effective and efficient manner. Talented employees of respective company will be able to use tools and techniques in better and correct manner. This will directly lead to enhance performance as well as productivity of organisations  (Crammond and et. al., 2018). Human resource is very help in successful achievement of desired goal and implementation of strategies in accurate manner. It is important that respective company is providing timely training to its employees. This will lead to increase in skills and capabilities of employees so that they can perform organisation activities in better and effective manner. Training seminar conducting by company will help in making employees more informed about the new technological as well as techniques in market environment. This will be useful in creating awareness about artificial intelligence as well as various changes in current retailing sector.

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Operations

There are many business operations that can take place in such regards like marketing, promotional, information technology, human resources and many other such business activities and operations that helps in attaining overall objectives and goals (Munizu and Hamid, 2018). For this purpose, canvas model can be prepared which is defined as follows-

Canvas Model - It is determined as a lean start-up and strategic management template prepared to develop documenting and new current models of a business. For this plan, canvas model is prepared as follows-

 

Legal Issues

This concept is one of the integral factor which assist an establishment to acquire positive response from targeted population and also to enhance the brand image in competing marketplace. In relation to this business venture, the legal aspect which it contains is that data ownership (Carayannis and et. al., 2018). This is because, it is fully founded on artificial intelligence and innovative technology which help them to control over the issue of occurring insecurity of ownership in terms of maintaining personal data of customers.   

Risks, Contingency and Exit Strategies

Under this term, it comprises any sort of natural disaster like situation of health and safety, legal, financial and staff issue. IN regard of this business plan, I come across with various kinds of problems such as natural disaster, accident, fire, power cut, gas leakage and so on.

Other issues

The other issue which has been evaluated while processing this business plan is technical issue. The main reason behind this, because it is wholly formulated and functioned by technology and machines which may arise a problem like virus, equipment failure and many more. Another problems also analysed like poor publicity, product recalls and so on that influence organisation decision making process. 

CONCLUSION

It can be concluded from the above report that entrepreneurial stands to be a crucial concept which is helpful in progression of economy. The concept of social entrepreneurial is contemporary approach in which people try to make their contribution to the economy and along with gaining personal satisfaction. Furthermore, concept plan is developed in which innovative idea of car with touch sensor is developed as it is a new concept and will be able to attain higher

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REFERENCES

Books and Journals

Ahmed, U., and et. al.,  2018. Nurturing innovation performance through corporate entrepreneurship: The moderation of employee engagement. Studies in Business and Economics. 13(2). pp.20-30.

Carayannis, E.G., and et. al., 2018. 'Mode 3'universities and academic firms: thinking beyond the box trans-disciplinarity and nonlinear innovation dynamics within coopetitive entrepreneurial ecosystems. International Journal of Technology Management. 77(1-3). pp.145-185.

Franco, M., Haase, H. and Correia, S., 2018. Exploring factors in the success of creative incubators: A cultural entrepreneurship perspective. Journal of the Knowledge Economy. 9(1). pp.239-262.

Kuratko, D. F. and Morris, M. H., 2018. Examining the future trajectory of entrepreneurship. Journal of Small Business Management. 56(1). pp.11-23.

Lichtarski, J. and Trenkner, M., 2018. On the co-existence of innovation and creativity in the lean management environment. In Forum Scientiae Oeconomia (Vol. 6, No. 3, pp. 67-81).

Munizu, M. and Hamid, N., 2018. Mediation Effect of Innovation on the Relationship between Creativity with Business Performance at Furniture Industry in Indonesia. Quality-Access to Success.19(165).

Papa, A., and et. al., 2018. Improving innovation performance through knowledge acquisition: the moderating role of employee retention and human resource management practices. Journal of Knowledge Management.

Sugandini, D., and et. al.,  2018. Employee engagement in entrepreneurship management: SMEs cases. Academy of Entrepreneurship Journal. 24(2). pp.1-8.

Syam, H., and et. al.,  2018. Principal entrepreneurship competence based on creativity and innovation in the context of learning organizations in Indonesia. Journal of Entrepreneurship Education. 21(3). pp.1-13.