Name:

ID:

1
LUBM301- Entrepreneurship Assessment

2
Contents
Introduction.....................................................................................................................................4

Define and explain what is meant by entrepreneurship...............................................................4

Overview of the organisation......................................................................................................4

Structure of the essay...................................................................................................................4

Part A...............................................................................................................................................5

The personality traits of the entrepreneurs..................................................................................5

How did the entrepreneur recognize the opportunity, or did the entrepreneur create the
opportunity?.................................................................................................................................7

What are the innovative products/services introduced in the market? Discuss why innovation
is important for an organisation...................................................................................................8

Part B.............................................................................................................................................10

How did the entrepreneur build the entrepreneurial team?.......................................................10

Explain the entrepreneur's role as a leader and what it takes to become a successful leader....12

How did the entrepreneur grow the business (if it is a large organisation)? You can include the
role of family members, gender differences if it is necessary...................................................13

Part C.............................................................................................................................................14

Discuss and evaluate the contribution to the economy, i.e., job creation, new product
innovation, wealth creation etc..................................................................................................14

Evaluate the survival issues (due to the global pandemic)........................................................16

Conclusion and Recommendations...............................................................................................18

References.....................................................................................................................................19

3
4
Introduction

Define and explain what is meant by entrepreneurship.

Entrepreneurship means starting a new business by a person with limited resources. The person
who starts the entrepreneurship is called an entrepreneur. In the entrepreneurship, there are
different types such as social or scale entrepreneurship. In all type of entrepreneurship, the risk is
involved. When an entrepreneur starts the entrepreneurship business it looks very small but day
by day with effective entrepreneurship activities that business trends to get bagger [ CITATION
Cas12 \l 1033 ]. Moreover, for the successful entrepreneurship, many new ideas and products
come in the market which increases the standard of living of the people. This also helps the
economy to grow.

Overview of the organisation

Starbucks is a UK based organisation. This organisation is very famous for its coffee shops, they
have a chain of coffee houses in the global market. They are doing business in more than 70
countries with more than 30 thousand locations. This company was founded in 49 years ago and
since then it is operating very successfully. This company was founded by a few entrepreneurs
such as Gordon Bowker, Zev Siegl and Jerry Baldwin [ CITATION Mic09 \l 1033 ]. They have
more than 9 hundred coffee shops in the UK market and most of them are franchise business.
Their brand value is very big in the global market and entrepreneurs behind Starbucks work day
by day to build this sting brand image in the global market.

Structure of the essay

This essay has 3 separate parts. Different aspects of the entrepreneurship are appropriately
explained in these three parts. Entrepreneurs from the Starbucks company are considered for this
essay. Most of the explanation will be deepened on them and their company Starbucks.
contribution of their entrepreneurship in the economy and the impact of the recent COVID-19 is
also perfectly described in this essay. Lastly, some recommendation is also given for making
improvement in the entrepreneurship.

5
Part A

The personality traits of the entrepreneurs.

The entrepreneurs of Starbucks have some distinct personality traits which make them successful
entrepreneurs. With the help of these traits, they successfully run their entrepreneurship business.
Personality traits of the Starbucks entrepreneurs are explained below-

 Passion: All the entrepreneurs have a common personality trait and that is their passion.
Starbucks entrepreneurs also have the same personality trait. They have a passion to become
an entrepreneur since their birth. This passion helps them to take the journey of becoming an
entrepreneur. They go out of their comfort zone and take different risks so that they can
become a successful entrepreneur. This passion of the Starbucks entrepreneurs always keeps
them motivated to work very hard in their entrepreneurship business.
 Self-motivated: Starbucks entrepreneurs are self-motivated. This personality trait is also
common in all successful entrepreneurs. They always remain motivated to face all the
hurdles in the entrepreneurship procedure. They do not give up easily. They also do not
depend on others such as on the managers or their employees to complete their task. They
always remain active in their entrepreneurship activities so that they can successfully run
their entrepreneurship business. This is only possible for their personality trait of self-
motivations.
 Flexible: Being flexible in all the business scenario in the entrepreneurship process is also a
personality trait of the Starbucks entrepreneurs. They believe that any kind of change can
occur at any time in the entrepreneurship business [ CITATION Che11 \l 1033 ]. For this,
they always remain flexible. So that they can easily adapt to the changes in the market. This
helps thyme to go with the market environment and successfully run the entrepreneurship
business.
 Discipline: One of the most important personality traits of Starbucks entrepreneurs is that
they are very disciplined. They always do their entrepreneurship activities on time so that
they get ahead of others. They make different types of plans and events and they finish those
always on time. They always remain accountable for themself. This is the only reason why

6
 Starbucks is so famous in the international market. Because they always deliver the customer
value in time.
 Creativity: Starbucks entrepreneurs another personality trait is their creativity. They are very
creative. This is visible on every store of Starbucks. They deliver unique products to the
target markets. They also make different types of innovations for the market. This makes
them very competitive in the target market. Their creativity makes this world a better place
and increasing the standard of living.

7
How did the entrepreneur recognize the opportunity, or did the entrepreneur
create the opportunity?

Starbucks entrepreneurs recognise the business opportunity and they also create different
business opportunities. They do this by applying some frameworks or models. How by using
these frameworks or models, Starbucks entrepreneurs recognise or create business opportunities
is explained below-

Industry analysis: Starbucks entrepreneurs do industry analysis. This analysis helps them to
know different crucial information about the industry. For example, lacking of the industry,
which is possible to do in this industry and the kind of customers in this industry. This
information helps them to recognise and create business opportunities. For example, premium
coffee was missing in the industry and Starbucks entrepreneurs recognise this business
opportunity.

Competitor analysis: Starbucks entrepreneurs also do the competitors analysis to know about
the strength and weakness of the competitors and also their products and service offering. This
information’s helps them to offer more perfectly to the customers which will be better than their
competitors [ CITATION Car12 \l 1033 ]. For example, competitors of Starbucks do not have a
personalised system and Starbucks entrepreneurs identify this and crate business opportunity by
implementing a personalised system in their coffee shops.

Customer’s review: Starbucks entrepreneurs create and recognise their business opportunities
by perfectly analysing the customer's reviews and feedbacks. Customers of Starbucks give
different types of reviews and feedbacks. They also sometimes give complaints. Starbucks
entrepreneurs perfectly analyse them and try to find the loopholes where they can make
improvements. This helps them to create business opportunities. For example, by analysing the
customer's reviews Starbucks entrepreneurs saw that their stores are very similar in all the
regions and this will help them to recreate the coffee shops which will bring new customers in
their coffee shops.

8
9
What are the innovative products/services introduced in the market? Discuss
why innovation is important for an organisation.

Introduction of innovative products or services is very common for Starbucks. This helps them to
attract more customers in their coffee shops and increase their business. Some innovative
products/services that Starbucks introduced in the market are explained below-

 Contactless food order: Recently Starbucks introduce their contactless food order system.
The innovative service is introduced by Starbucks for the reason of the corona pandemic
situation. With this contactless food order, customers of Starbucks will give an order for food
items from Starbucks and then Starbucks will prepare and deliver it to the desired address
[ CITATION Mic09 \l 1033 ]. A code locker system is added in the package and this can be
only unlocked by a code which is given to the customers when they give an order.
 Digital tipping and digital payment system: Starbucks also introduce an innovative service
which is called digital tipping. Customers now can use an online payment system or their
cards to give tips. Moreover, a digital payment system is also introduced which facilitate the
customer's payment procedure. This innovative service increases the Starbucks customers
satisfaction level.

There is a different reason why innovation is important to an organisation. Innovation provides

different types of benefits to a business organisation. For this innovation is very crucial for every
organisation. The reason why innovation is important is explained below-

 A business organisation can easily grow its business by making innovations. Because
innovative products and service liked by the customers. This will help an organisation to
expand its business.
 A satisfied customer base can be created by an organisation by making innovation in the
products and services. Customer’s enragement will also increase for the reason of
innovations [ CITATION Knu16 \l 1033 ].
 By making innovations an organisation can easily get a competitive advantage in the target
market. If an organisation is innovative then customers believe in it and their sales increased
then their competitors.

10
 An organisation can easily differentiate themselves by making innovations in the industry.
For innovations different new and innovative products and services will get by the customers
which cannot offer other competitors. This will effectively differentiate an organisation.

11
Part B

How did the entrepreneur build the entrepreneurial team?

When the entrepreneurship business starts, it remains very small in size. But after successfully
doing the business, it needs to get expanded. But a single entrepreneur cannot alone do all the
entrepreneurship activities to take it to the next level. For this, entrepreneurs build the
entrepreneurial team which helps them to perfectly do all the entrepreneurship activities to
achieve all thew entrepreneurship gaols and objectives [ CITATION Tim06 \l 1033 ]. If two or
more than two people join their hands to continue an entrepreneurship business together by
sharing all the profits and losses and by contributing with their skills and knowledge so that the
entrepreneurship business gets success then it will be called an entrepreneurial team. This
entrepreneurial team need to be very effective because if it is not then entrepreneurship business
cannot get success. So how the Starbucks entrepreneurs build the entrepreneurial team is
explained below-

Stay in the zone: Starbucks entrepreneurs always follow this principle of stay in the zone to
build their entrepreneurial team. They always choose those team members who have relevant
skills and knowledge to run their entrepreneurship business very effectively.

Recruiting different personalities: Starbucks entrepreneurs try to bring diversity in their

entrepreneurial team. They believe that if the entrepreneurial team have diversified members
with relevant skills that better results can be extracted. For this reason, they try to recruit the
different personalities in their entrepreneurial team with diversified skillset

Training: Effective training is given to the entrepreneurial team members by the Starbucks
entrepreneurs. Because they believe that if effective training is given to the entrepreneurial team
members, then their skillsets and competencies will be developed to run the entrepreneurship
business more effectively which also build an effective entrepreneurial team [ CITATION Sug09
\l 1033 ].

Spending time: Starbucks entrepreneurs facilitate a system in their entrepreneurial team where
every member gets a chance to spend time with each other. This helps them to effectively
communicate with all the entrepreneurial team members and get to know each other. This

12
enhances their understanding level. Starbucks entrepreneurs believe that if entrepreneurial team
members perfectly understand each other then they will help each other in the team activities
which will build an effective entrepreneurial team.

Give all the essential resources: Starbucks entrepreneurs give all the essential resources to their
entrepreneurial team members so that they can do all the entrepreneurial team activities very
effectively and productively. This helps the entrepreneurial team members to do all their
activities according to the team objectives and this build an effective entrepreneurial team.

13
Explain the entrepreneur's role as a leader and what it takes to become a
successful leader.

Starbucks entrepreneurs play a crucial role as a leader in the entrepreneurship business. They
organize a group of people so that they can work together to achieve the common goal of
successfully running the entrepreneurship business. They apply their proactive entrepreneurial
behaviour, optimise the entrepreneurship risk, make innovation to maximise the available
opportunities and adapt the changes in the entrepreneurship business and they do this by working
together with that group of people. There are other certain roles that are played by the Starbucks
entrepreneurs which makes them a successful leader and those are elucidated below-

Decision making: Starbucks entrepreneurs take different effective decisions in their

entrepreneurship business. This decision making is very crucial and Starbucks get many
advantages for this effective decision making. For example, the founder of Starbucks makes the
decisions of forming Starbucks. So, this decision-making role makes Starbucks entrepreneurs a
successful leader.

Employee motivation: It also takes to perfectly motivate the employees of the entrepreneurship
business to become a successful leader. It is the core role of a successful leader. Starbucks
entrepreneurs successfully motivate their employees so that they can diligently work for
Starbucks and Starbucks can maximise their available resources and opportunities [ CITATION
Pea16 \l 1033 ]. This employee motivation role makes Starbucks entrepreneurs a successful
leader.

Proper delegation: Properly delegating the entrepreneurship activities to the employees is also
makes a successful leader. Starbucks entrepreneurs properly delegate their entrepreneurship
activities to their employees and this makes them a successful leader.

Effective communication: When the entrepreneurs build effective communication with different
business parties such as suppliers, employees, investors and customers then they become a
successful leader. Starbucks entrepreneurs properly maintain effective communication with their
different business parties and this makes them successful leaders.

14
How did the entrepreneur grow the business (if it is a large organisation)?
You can include the role of family members, gender differences if it is
necessary.

Starbucks entrepreneurs apply different business strategies to grow their business. This is very
crucial to implement different business strategies to take a business to the next level. So, the
business strategies that are using by the Starbucks entrepreneurs to grow their business is
explained below-

Product development: Starbucks entrepreneurs spend their lot of time and make huge
investments to develop their product portfolio. Because they know that if they can offer
innovative and unique products to the target market then they can grow their business. So,
product development strategy is using by the Starbucks entrepreneurs to grow their business.

Market research: Extensive market research is conducted by Starbucks entrepreneurs to grow

their business. Because for the market research different crucial information's is extracted such as
customers’ needs and preferences and information’s about the competitors such as the strategy
the competitors are using to satisfy their customers [ CITATION Bur18 \l 1033 ]. This
information from the market research is helping Starbucks entrepreneurs to groin their business.

Customer loyalty program: Starbucks entrepreneurs also maintain their customer loyalty
programme so that their customers get attached to the organisation and customer engagement
level increased. This results in the growth of the business. They apply different premium
business partnership programme such as cards to their loyal customer. By using those their loyal
customers can get food items from Starbucks with less price. This is increasing their loyal
customer’s base. And their helps Starbucks entrepreneurs to grow their business.

15
Part C

Discuss and evaluate the contribution to the economy, i.e., job creation, new
product innovation, wealth creation etc.

Starbucks market operation is very huge. They are contributing a lot to the economy of the UK.
From different aspects, Starbucks is contributing to the UK economy. Those aspects of the
contribution are explained below-

 Creating employment opportunity: Starbucks is creating huge employment opportunity for

the UK market and overall, for the global market. More than 7 thousand employees are
gotten a job in the Starbucks shop in the UK. And for the global market, this number is 340
thousand jobs. This huge number of employees is working in the Starbucks coffee shops. A
great employment opportunity is created by Starbucks. For this, people’s income level is
increasing which is playing a crucial role to develop the UK and global economy.

 New product innovation: Starbucks is innovating different products so that they can satisfy
their target customers. This new innovation is increasing the sale numbers of Starbucks.
People are spending much on taking services from Starbucks. This is increasing the revenues
of Starbucks. For this, the economy of the UK is getting strong [ CITATION Acs08 \l 1033 ].
Because a huge amount of money will get by the UK government from this. Moreover,
whenever people are spending money, this will impact positively on the economy of a
country. Because this will increase income generation.

 Wealth creation: Starbucks is also generating huge wealth by doing business very
successfully. This is increasing the wealth of Starbucks. But not only Starbucks is increasing
their wealth, their investors and shareholders also increasing their wealth. More investment is
facilitated to Starbucks for this. This positively impacted on the UK economy. A stronger
economy built for this wealth generation.

 Development of the supplementary business: Starbucks is also helping the supplementary

business to develop. For example, they are taking raw material from their suppliers which is
helping them to develop, the farmers also getting developed for this, they are taking internet

16
connection in their stores which is helping the internet provider to develop. This altogether
making a great contribution and good impact on the UK economy.

17
Evaluate the survival issues (due to the global pandemic).

Presently we are experiencing Covid-19. This impacted our life’s every aspect. But not only in
our life’s this also impacts on every business organisation. Starbucks is not out of this. They are
fighting with all their resources so that they can survive in this global pandemic. This global
pandemic totally changed the business environment and this is creating a situation where running
a business is getting too tough. For this Covid-19 people are going less from their homes. They
are buying less from different business organisations. They are also not buying much from
Starbucks. For this, Starbucks is facing losses. Their sale numbers reduced a lot for this.

However, for Covid-19, people are affected by deadly diseases. People are also dying for the
reason of Covid-19. For this, different governments are taking different steps. One of them is to
imposing lockdowns in the entire country so that people do not go out of their houses and get
less affected by Covid-19. UK government does the same in the whole UK. They are also
forcing the different business organisations of the UK to follow some certain rules and
regulations for this Covid-19 [ CITATION See20 \l 1033 ]. This results in the loss of job of
many peoples and for this, the purchasing power of the people is reduced at a greater extent. This
is reducing the sales numbers of Starbucks.

For Covid-19, Starbucks is also facing problem to collect their raw materials from their
suppliers. All this is creating a tough condition for Starbucks to do business properly and
profitably. For this reason, they undertake different new strategies and techniques which is
helping them to survive in the market and generate profits.

Their first strategy is to ensure their customer's safety. Because if they do ensure this then
government will not allow them to do business and customers will also not come in their coffee
shops. They are using disaffection spray and maintaining the social distancing in their coffee
shops. For increasing their sale numbers like before they are also emphasising on the home
delivery system. They already implemented the contactless delivery system where the chances of
getting affected by Covid-19 is very less. Customers can order their needed products by using
Starbucks websites and then they will deliver the ordered products to the customers’ house. In
this way, customers safety is ensured and Starbucks is also generating profits.

18
Starbucks also implementing a system which is that they will not provide their services to their
customers in the stores if they do not wear a mask. This is forcing the customers to wear a mask
in their stores and all the staffs and customers are getting less exposed to Covid-19. They are
following all the rules and regulations of the government. This will help to reduce the Covid-19
impact in the UK and other regions which will ultimately help Starbucks to increase their
business.

Lastly, Starbucks also ensuring their staff's safety. They make a mandatory rule of wearing a
mask while offering services to the customers and always use hand sanitizers or disaffection
spray to reduce the impact of Covid-19. This will ensure both staffs and customers safety.
Customers will consider taking services from Starbucks for this because they are ensuring the
customer's safety. This will increase Starbucks business. Moreover, Starbucks is also giving
training to their staffs to safely offer their services to customers.

All these strategies are helping Starbucks to survive in this global pandemic. Though it is not
possible to run the business like before but they are trying very hard and they are effectively
surviving in the market.

19
Conclusion and Recommendations
In this entire essay, different aspects of the entrepreneurship are discussed very appropriately.
There are some certain personality traits which make an entrepreneur a successful entrepreneur.
In this entrepreneurship process recognising or creating business opportunities is very crucial.
This helps the entrepreneurship to go bigger. It is also very important for the business
organisation to introduce different innovative products or services in the market. This gives
tremendous advantages to organisations from different aspects. Entrepreneur builds an effective
entrepreneurial team to expand the entrepreneurship business to another level. However,
entrepreneurs play a crucial role as a leader and there is a certain role such as decision-maker,
risk-taker, effective communication making and effective supervising makes a successful leader.
By following different business strategies such as build a sales funnel and doling market research
entrepreneurs try to grow their business. But due to the different entrepreneurship business, the
economy is flourishing and people’s standard of living is getting increased. But for the reason of
corona pandemic, entrepreneurship business is facing different challenges. The revenue number
is lessened a lot for this. But they are keeping themselves safe by applying different business
strategy and awareness. But in the end, entrepreneurship is a blessing for the people and the
economy. People are getting many employment opportunities which are helping the economy to
grow rapidly.

After successfully finishing this essay, some recommendations can be given to Starbucks and
those are-

 They can increase their sales number by introducing a new product line and more
innovative products in their product portfolio.
 Starbucks needs to go green by reducing single-use plastics in their product or service
offering.
 They can implement advance technologies in their stores to ease their customer
experiences like the use of robotics and machine learning.
 To remain competitive and surviving in this corona pandemic situation, they can ease
their home delivery stem and make it more convenient for the customers so that sales
always remain stable.

20
References
Acs, Z., 2008. How is entrepreneurship good for economic growth?. Innovations: technology,
governance, globalization, 1(1), pp. 45-65.

Burns, P., 2018. Entrepreneurship and small business. London: Palgrave Macmillan Limited..

Carsrud, A., 2012. Entrepreneurship. Westport: Greenwood Press.

Casson, M., 2012. Entrepreneurship. Cheltenham: Edward Elgar.

Chell, E., 2011. The entrepreneurial personality. Hove: Routledge.

Knudsbo, N., 2016. Innovation. Århus: Systime.

Michelli, J., 2009. Starbucks experience. NY: Tata McGraw-Hill Education.

Pearson, C., 2016. The transforming leader. San Francisco: Berrett-Koehler Publishers.

Seetharaman, P., 2020. Business models shifts: Impact of Covid-19. International Journal of
Information Management, pp. 112-135.

Sugars, B., 2009. Instant team building. New York: McGraw-Hill.

Timmons, J., 2006. The Entrepreneurial Mind. Andover: Brick House Publishing Co.

21