UGB 234 Managing Entrepreneurship, Innovation &

Creativity Report 2023

Module Leader: Ms Akua Antoinette Sackey

Student name: Mirela Gorgorova

Student ID: 209254387

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Executive summary
Setting your shop in cyberspace has many advantages. The ability to make money and
increase both brand awareness and customer loyalty are two of the most obvious benefits of
starting an internet company. Find out the seven main benefits of starting an internet
company right now. However, careful preparation is required here. Different types of danger
will surface at various stages of the process of creating the digital platform and launching the
company. This report provides a high-level overview of a concept plan based on a discussion
of three conceptual categories, all of which are aimed at maximizing profits and maintaining
satisfied customers.

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Table of Contents
Executive summary....................................................................................................................2

Task 1. Introduction...................................................................................................................4

Task 2. Research Questions.......................................................................................................5

Facebook................................................................................................................................5

Facebook’s impact on the global world.................................................................................5

Task 3: The Concept Plan..........................................................................................................7

Introduction............................................................................................................................7

Objectives...............................................................................................................................7

Market Research.....................................................................................................................7

Target Market.........................................................................................................................8

Marketing...............................................................................................................................8

Human Resource....................................................................................................................8

Operations..............................................................................................................................9

Legal Issues............................................................................................................................9

Financial...............................................................................................................................10

Risks.....................................................................................................................................10

Contingency.........................................................................................................................10

Exit Strategies......................................................................................................................11

Other issues..........................................................................................................................11

Conclusion................................................................................................................................11

Appendices...............................................................................................................................12

References................................................................................................................................14

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Task 1. Introduction
One who makes a living by starting a company is said to be entrepreneurial, mainly if doing
so requires seizing an unproven opportunity and taking a risk (Shepherd & Grégoire, 2022).
Putting my business acumen to use, I'm pitching a company idea. As a business owner, I
bring fresh ideas to the table. I work as a corporate executive for a major department virtual
chain. I come from a long line of business owners. In this short article, we'll examine the
connection between the most recognised traits of successful entrepreneurs and the actions.
While it's true that some people are born with the characteristics and attributes that make
them successful company owners, such as vision, intuition, and drive, for the most part, these
are all things that can be learned and improved upon. This part covers the administrative
aspects of entrepreneurship, innovation, and creative processes, as well as the theoretical
company start-up, growth activities, and risks associated with achieving the highest standards
in these areas (Bill et al., 2021). a High-Level Strategy that Covers All the Bases Including
Research, Marketing, Operations, HR, Legal, Finance, and an Exit Plan. Explain what's
changed and what's been added. Personal reflections on the significance of such concepts as
invention, creativity, and entrepreneurship are also featured.

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Task 2. Research Questions
In this regard, businesses such as Facebook have fundamentally altered standard procedures
all across the globe (Lammenett, 2022). When I was completing my most recent investigation
of newness and development, I decided to focus my attention on this particular aspect.

Facebook
Facebook is a social networking service that allows users to create accounts and connect with
friends, family, colleagues, and even complete strangers online. In addition to text and media,
users may also express the own views and opinions with anybody they wish. With Facebook
Pages, companies may create a profile on the popular social media platform. Instead of being
regular Facebook users, Pages are business profiles. They have access to the same tools as
profiles, so they may share status updates, photos, videos, and more. My organization's
objective with the Facebook Accelerator: Commerce program is to provide companies of all
sizes, from startups to household names, with the resources they need to connect with their
target audiences and make online shopping a breeze.

Facebook’s impact on the global world

By bridging the gap between consumers and companies, reducing marketing costs, and
encouraging creative thinking, Facebook promotes growth in economies throughout the
world (Lewis & Guiao, 2022). Facebook is also used in the promotion of brands. In order to
grow, more and more companies are turning to Facebook's advertising capabilities.
Promotional materials and websites, for instance, help firms attract new clients, keep the ones
they have, and expand their consumer base. In contrast, Facebook facilitates the discovery of
new brands and companies, as well as the maintenance of existing relationships. Marketing
on Facebook may be done from any location. Facebook is used by a wide variety of
organisations, including governments, corporations, and civil society groups, to disseminate
information and engage its users. When calculating the monetary impact of marketing, three
distinct factors must be taken into account. Websites, targeted advertisements, and personal
suggestions are the three main avenues. In terms of both unique visitors and total time spent
on the site, Facebook is clearly one of the most well-liked online destinations today. More
than 33% of the population is now active on Facebook, and a growing number of them
(during the last several years) have switched to using the site exclusively on their mobile
devices. As mobile technology improves and the internet continues to expand, more and more
services may be built on top of it to allow for the distribution of ever-richer multimedia.

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Facebook users, for example, often upload and share HD films shot with their phones, as well
as listening to and seeing high-quality music and looking at high-resolution images. In order
to use these features, customers are willing to pay more for faster connections and larger
amounts of data storage. Increases in broadband infrastructure devices and general
connectivity have a trickle-down effect on the rest of the economy, thereby fostering
economic gains. This allows people in developing countries to participate in the digital
economy, which in turn stimulates economic growth and eases the transition to knowledge-
based economies. Facebook's user base has grown large enough that it has to take its
infrastructure plans seriously (Lammenett, 2022). The rise of mobile media necessitates a
critical examination of the platform economy if I want to make sense of the company's
transformation in this new era of media consumption. This report examines Facebook's
economic growth and its efforts to expand into other areas of the mobile ecosystem via the
lens of the Messenger app, providing a conceptual framework and methodological equipment
for doing so. Through platform studies and information systems research, I assess
Messenger's technological side while also analysing its financial and institutional aspects.
Establishing or bolstering a company's internet presence is made possible by pages, which
can be accessed from any computer, smartphone, or tablet. Individuals may use Facebook's
interest-based Page discovery to locate informational resources. Advertising that is tailored to
a certain demographic or interest group within Facebook's user base has been shown to
enhance conversion rates and ROI for businesses. When ads are seen by the right people, they
provide a positive return on investment for companies. Ad campaigns provide businesses
with valuable data that can be used to improve future efforts. Marketers of all sizes may build
scalable campaigns with the help of Facebook's auction-based, self-service advertising
platform. For companies who couldn't afford to reach their target audience via more
conventional means of advertising, these characteristics make it feasible to do so. By
incorporating ads into Facebook's mobile platform, businesses can reach customers regardless
of the device they use and benefit from the app's massive user base. In addition to serving as
a platform for discovery, a company's presence on Pages may be used to gather insights from
customers, generate new ideas via crowdsourcing, and even find new workers. Any company,
no matter its size, location, industry, or degree of technological knowledge, may use these
marketing tools to improve sales on a local, national, and international scale. Facebook has
the potential to significantly enhance both the number of current communities and the variety
of people who make up those communities as a result of its global reach and its user-
friendliness in fostering connection, collaboration, and commerce (Korpijaakko, 2021).
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Despite the fact that Facebook usage has surged not just in industrialised nations but also in a
number of developing nations, the social and economic benefits of Facebook are not as
readily evident in these countries. Research should be geared towards better understanding
the factors that contribute to the effective use of social networking technologies to enhance
the socioeconomic position of consumers in developing nations. This research should be
carried out with the intention of improving our knowledge of those factors.

Task 3: The Concept Plan

Introduction
In a concept plan, I'm mulling over how to design a business in a way that maximises both
profit and client happiness (Smith & Polce, 2022). One of them is the Internet shopping
portal. People now care more about limiting their marketing time commitments than they do
about their work or free time. Market research, ideal clients, niches, niche markets,
marketing, etc. are all included in this concept plan. The elimination of roadblocks is only
one of the many uses for Business Model Canvas in this sector. The best company plans
cover all the bases, including the legal, financial, risk, contingency, and exit plans.

Objectives
One of the primary objectives of every internet company is to increase its customer base. The
second reason for starting a company online is to make money by satisfying customers as
completely as possible, taking into account their needs and wants in the area.

Market Research
Collecting information about the needs and preferences of prospective customers is one of the
primary goals of market research, which in turn helps businesses assess the feasibility of a
product or service (Hamersveld & Bont, 2021). The relevance and competitiveness of a
company's goods and services depend on it, making it an integral part of any effective
marketing plan. To price and sell items competitively, a company needs accurate information
about the buying power of potential customers. Consumer buying power is often proportional
to the market's GDP per capita and income level. By polling prospective buyers in the target
market, I may learn more about their habits and the elements that go into their choices to
purchase the athletic products our client has to offer. An efficient technique for performing
competitive analysis is to use rivals as a standard while researching businesses online. This
section contains the primary research analyses.

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Market research data is utilised to direct a company's next steps when entering a new market,
hence the following secondary research is necessary to acquire a better understanding of how
this process works (Hair, 2022). There are some that the client may get an edge over rivals in
the industry by offering free delivery and charging the same rate for package delivery as is
done in current markets. A 7 percent pricing premium over the nearest competition is
acceptable for this customer. Consumers in the target market like to pay using online
banking, credit cards, and invoicing, among others, therefore prices for the new market will
need to be adjusted to remain competitive.

Target Market
When discussing a new market idea, the term "target market" refers to the intended
demographic. Think of it as if I used data and study to create a model of the perfect client I
could have, and then went out of my way to find people like that. They have similar
demographic and behavioral features and are thus the most likely to buy my goods and
services. The more specific I am in identifying my ideal clientele, the easier it will be to
figure out how and where to advertise to them.

Marketing
Think of a unique selling point that will set the product or service apart from the competition.
It has to be clear and convincing, while also catering to the wants and solving the problems of
the target audience (Lieb, 2022). To better understand the needs, wants, and habits of the
target audience, it's important to do market research. Build a solid website, and Make sure the
site is easy to navigate, useful, and well-designed. Facebook, Instagram, and Twitter are just
a few examples of social media sites that may be used to promote an online business. Use
them to get people interested in the company, spread news and offers, and raise awareness. In
order to attract and keep a certain audience, content marketers produce and disseminate
information that meets their needs on a regular basis. Use content marketing to build
confidence in the brand-new company by informing and entertaining potential consumers.

Human Resource
The need for human resources professionals will rise in tandem with the expansion of the
online retail sector (Dessain, 2021). The requirement for human resources is the same
whether a new business is transitioning its brick-and-mortar presence into an online-only
shop or vice versa. A human being in a human resources role is needed to handle difficulties
that are always developing and increasing; this is something that cannot be automated.

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Although an e-commerce firm may theoretically be run entirely online and with automation,
human resources solutions are still necessary for the individuals working behind the scenes.

Operations
Since many areas of a company are involved in the process of creating a business model
canvas, it is customary for the process to be conducted in a group setting, with input from all
designated participants leading the organisation to its ultimate plan (Massol, 2022). Because
of its visual form, the business model canvas offers a distinct strategic viewpoint that may
serve as a jumping-off point for discussing more details. In the digital realm, the corporation
has to establish itself as a leader among manufacturers. This plan relies on the firm improving
its Google page rank, expanding its presence across numerous online marketplaces, adding
products to its catalog at a competitive pace, and increasing customer happiness. For this
tennis company to succeed, it must provide first-rate goods and cultivate a strong, trustworthy
reputation among consumers. It has to plan its public relations strategy and make sure that
customers have a good time using the website from the time they first visit until they make a
purchase. Although this company does not engage in direct consumer sales, it is capable of
creating online resources for customer service and community building, as well as avenues
for answering customer questions. A standalone web-shop will be deemed necessary as the
corporation actively pursues an e-commerce strategy. There might be a need for e-commerce
sites like Amazon and social media sites like Instagram and Facebook to facilitate domestic
sales. In order to design an omnichannel e-commerce strategy, the company evaluates the
expenses that will be incurred to build the necessary technological architecture (Mohapatra,
2021). Though the company anticipates making money via all of its online sales channels, it
can anticipate which will be the most lucrative, and hence where it should concentrate the
bulk of its efforts. E-commerce businesses might benefit from beginning with a business
model canvas to help them choose the best multichannel approach, online sales channels, and
the next stages in the digital transformation.

Legal Issues
There are those who do not believe that internet firms may be reputable. It's unclear to me if
the lack of a physical presence is to blame or the fact that most transactions take place online.
Whatever the case may be, businesses operating online must be seen as genuine companies
that are responsible for understanding the law and acting accordingly. In certain cases, the
rules governing internet companies are more stringent than those governing more
conventional ones. Maintaining legal compliance and safeguards should not be seen as an

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afterthought. Infractions of laws and corporate rules are inevitable at any point in a firm's
operations (Guo, 2021).

Financial
The overhead of a conventional company is far more than that of an online one. The office
space needs of an internet firm might be minimal, or nonexistent. This means that companies
may save money on property purchases. The number of social networking sites has
skyrocketed with the growth of the Internet. These social media sites are not only great for
networking, but they also serve as excellent promotional tools for companies of all sizes. I
may bypass the exorbitant expense of hiring a professional marketing agency by advertising
my wares and services online directly to my intended market.

Risks
Going online opens up a wealth of development possibilities for both individuals and
businesses (Brock, 2021). It also makes it easier to retrieve potentially harmful material from
a wide variety of online databases and the web. I need more information on e-commerce and
its related risks before I can make a decision to bring my firm online.

Another major threat that faces internet company owners is the possibility of fraud or
dishonesty. It is considerably easier to perpetrate fraud online than in person because of the
privacy a computer screen provides. whether I see the person in person, I have no way of
knowing whether the credit card number or bank account information they provide belongs to
them. Market pricing, monopolisation, price discrimination, and the ability to boycott
competitors or suppliers are all topics that are addressed by fair trade legislation. These
regulations are put in place to safeguard consumers while simultaneously fostering
competitive markets. There is also this possibility when starting a business online.

Contingency
My organization has a business contingency plan to ensure that our activities can continue
smoothly in the case of unforeseen circumstances. Management, staff, and other stakeholders
may respond to a variety of potential disruptions to business operations using the same
comprehensive strategy. Some examples of minor unpredictability are a website outage that
lasts for a few hours or a shortage of customer support representatives due to an illness
epidemic. Upheaval, turbulence, and unforeseen setbacks are all potential outcomes for any
business. If anything unexpected were to happen, the team would be better able to keep the

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cool, carry out the strategy, and keep business running as smoothly as possible with the
support of a contingency plan.

Exit Strategies
When I tell people, who own businesses that they need to prepare an exit strategy, the first
thing they respond is that they have no interest in selling the companies (Ramsinghani, 2022).
But an exit strategy is more than just a plan to sell the firm; it encompasses the whole
process. In addition to that, it could be able to assist me in launching a successful company.

Other issues
E-commerce enterprises not only face competition from other businesses operating in the
same industry, but they also have to battle with the social, economic, and political forces that
are becoming more pervasive and powerful. Even though advances in technology continue to
provide online merchants with new opportunities, those proprietors also face new dangers as
a result of those breakthroughs.

Conclusion
When compared to brick-and-mortar stores, online companies go above and above to ensure
consumer satisfaction. In actuality, internet organizations may get the same advantages from
using an unmatched business approach (Smith & Polce, 2022). Furthermore, businesses
operating online are not limited by location. Anywhere in the globe, a customer may place an
order. However, this is conditional on having a connection to the World Wide Web. This is
one of the main draws of internet-based business methods for companies looking to expand
internationally. However, certain challenges may be mitigated by sticking to the concept plan
and risk and other issue assessments laid forth in the report.

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Appendices
I have conducted interviews to validate the problems and consumer satisfaction levels cited in
the overall business strategy for launching an online platform. Here are excerpts from a few
of these discussions.

 “I have accomplished two things in my e-commerce career of which I am very proud.

My internet shop's clientele grew by 20% after I launched PPC advertising
campaigns. The second instance was when I improved a client's online store and saw
an 18% increase in repeat business.”
 “In most cases, I'll use e-commerce tools to make my website mobile-friendly. I also
use their services for managing my website and processing payments made online.
The use of these tools, I've found, enhances the shopping experiences of consumers”.
 “My experience in online trade so far has been restricted to B2C interactions.
However, I'm certain that my experience and training will help me succeed in B2B e-
commerce settings. For instance, I may put my expertise in customer service to use in
the realm of e-commerce by providing useful services to firms that transact with one
another online.”

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References

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Brock, G. (2021) Out of print: Newspapers, journalism and the business of news in the
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Dessain, N. (2021) ‘Human Resources Marketing and recruiting: Introduction and overview’,
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Guo, Y. (2021) ‘A comment on Chinese legal environment of online copyright protection’,

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Hair, J.F. (2022) Essentials of Marketing Research. Boston: McGraw-Hill/Higher Education.

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Massol, P. (2022) Business model canvas. Nantes: Smart albinos.

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Shepherd, D.A. and Grégoire, D.A. (2022) Entrepreneurial opportunities. Cheltenhalm, UK:
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