Reflective Evaluation

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Table of Contents
Introduction...................................................................................................................... 2
Justification of Business Idea...........................................................................................3
Innovation and Creativity in Business Development........................................................4
Instructional and Circle of Theory of Innovation and Creativity.................................................4
Dismantling of Concepts and Modeling Procedures.................................................................4
Discussion of How Innovation and Creativity Were Factored into the Efforts...........................5

Entrepreneurial Characteristics and Traits.......................................................................6

Attention to Characteristics and Traits and Identification and Explanation...............................6
Evaluation of Personal Possession of Characteristics and Traits.............................................6
Justification of Crucial Entrepreneurial Traits for Event Business Start-ups.............................7

Persuasion Theory and Stakeholder Engagement...........................................................8

PESTEL Analysis and Its Relevance to Stakeholder Engagement...........................................8
Key Stakeholders and Persuasion Models...............................................................................9
Combining Creativity, Innovation, and Persuasion.................................................................10

Relationship between Innovation, Creativity, and Persuasion Theories.........................11

Critical Evaluation of How Innovation, Creativity, and Persuasion Theories Intersect............11
Discussion of How These Elements Complement Each Other...............................................11

Conclusion & Summary..................................................................................................13

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

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Introduction

The events industry in Sri Lanka offers numerous opportunities for entrepreneurs to
innovate, create, and participate in the modern business environment. This report
critically assesses the development of an innovative events business plan, evaluating
its advantages and disadvantages, and identifying areas for improvement. The event
industry plays a significant role in shaping cultural and social landscapes, as people
gatherings contribute to social bonding, cultural retention, and economic development.
Sri Lanka's long history with commemorating events makes it an ideal location for
building appealing event experiences.

The market faces transformation due to shifting consumer attitudes, technological

advancements, and global trends. This presents an opportunity to introduce a fresh
concept in the festival industry that will leave consumers wanting more. The business
concept aims to serve the market while embodying key qualities of creativity,
innovation, and entrepreneurship.

The paper assesses the business idea, explores innovation and creativity in business
conducting, investigates key entrepreneur traits, applies persuasion theory and
storytelling in stakeholder engagement, and reviews the link between creativity,
innovation, and persuasion. Through extensive evaluation and research methodologies,
the report aims to submit a business proposal that is attractive to stakeholders in the Sri
Lankan events industry and helps the sector remain dynamic and open to
developments. The report highlights the importance of overcoming obstacles and
pitfalls in the events industry for entrepreneurs, enabling them to learn from their
experiences and take the next steps in their entrepreneurial education in event
management.

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Justification of Business Idea

The events industry business concept in Colombo is based on various factors such as
market dynamics, customer perception, cultural influence, and economic conditions. Sri
Lanka, a multi-cultural destination with a rich history and customs, presents a promising
environment for creating exceptional event ideas that attract regional and international
spectators. The leisure industry in Sri Lanka includes traditional ceremonies, religious
fairs, and commercial events, which showcase culture and community ties and drive
economic growth.

In recent years, Sri Lanka has experienced significant changes in customers'

preferences and lifestyles due to urbanization, globalization, and digitalization.
Consumers now prefer unique and extraordinary event experiences, making the
pandemic an ideal time to propose novel ideas for event organizers.

The economic climate of Sri Lanka is growing, with more tourism arrivals, infrastructure
development, and restructuring initiatives. Factors such as ease of doing business,
skilled labor availability, relevant infrastructure, and supportive policies create
opportunities for expansion, investment, and partnership. The business idea aligns with
current market trends and offers a unique approach to events organization that involves
creativity, innovation, and cultural acceptability.

Sri Lanka's diverse resources, including cultural heritage, natural beauty, and traditions,
provide an opportunity to create outstanding events that will impact audiences and
become fond memories. A well-formulated marketing strategy focusing on brand
positioning, creative differentiation, and customer-centered attitudes can help achieve
this goal. This idea has enormous growth prospects and potential to add value to the
dynamic events industry of Sri Lanka.

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Innovation and Creativity in Business Development

Innovation and creativity which are the anti-conventional, hereby, bring distinction,
growth, and sustainability into the field of business development. The more and more
we venture into the conceptualization of a suitable event-based business idea, the
more we get to realize that innovative thinking and creativity are the major players in
the success of our approach, strategy, and value proposition.

Instructional and Circle of Theory of Innovation and Creativity

Innovation and creativity are essential in business development, as they involve using
ideas to solve problems, form processes, and enhance products, services, and
organizations. Innovation involves incremental discoveries and radical discoveries to
create value and gain a competitive advantage. Creativity involves producing original
ideas, approaches, and insights that differ from usual thinking and problem-solving
methods. It involves diverging from established approaches, envisioning the unseen,
and evaluating various aspects of a situation to achieve new outcomes. Structured
frameworks like Hat and Spherical models help individuals become more creative in
problem-solving and idea generation.

Dismantling of Concepts and Modeling Procedures

The event-based business was established by combining innovation and creativity to

meet market needs and fill gaps in competitors' services. The business concept,
developed following Trott's innovation typology, focuses on radical innovation,
introducing new ideas to the Sri Lankan event market. The business faced traditional
norms and ventured into undiscovered territories to create a unique brand and deliver
value to customers.

The brainstorming process utilized various models and templates to stimulate creativity
and lead collaboration. The Hat theory des compounding from De Bono was used to
structure the idea generation phase and use different perspectives. The business
expanded its scope by working in various "caps" (white hat for facts and information,
green hat for creative thoughts, and black hat for critical evaluation) to gather fresh

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insights and refine ideas. Basadur's three stages (problem finding, problem-solving,
and solution implementation) were applied to address business development issues.
Each step provided practical experience and allowed the business to experiment with
different approaches and ideas, ultimately adjusting to market demands and consumer
tastes.

Discussion of How Innovation and Creativity Were Factored into the

Efforts

Innovation and creativity were the key means through that we unique idea to stand out
from the competitors and tricky condition in the market to be solved. Through the
incorporation of cultural authentic representations, experiential design, and
technological innovation, we designed immersive receptive which strive to make
audiences' memories and the audiences vivid.

Not only that, but we were very successful in using innovation and creativity in our
search for new trends and chances in our competitive field. This situation is enabled by
paying ongoing attention to shifts in consumer preferences, technological
improvements, as well as competition thus giving us an ability to foresee the market
needs and adopt a strategic position in time to be able to exploit such opportunities.

Innovation and creativity, which are at the core of our event-based business
undertaking, are the building blocks on which we can establish ourselves as unique
players in the market, while solving the problems that aren't solutions by others, as well
as creating value for our customers. Through the use of an innovative culture, creation
of creativity, and leading diversity and expertise, we are certain, that we will tailor an
outstanding events company and we are able to take part in improving within events
sector in Sri Lanka.

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Entrepreneurial Characteristics and Traits

The success of anything starts from the idea of the business to the person who is
implementing it, meaning entrepreneurship could be defined as the skill and the
character of that person not only the idea and possibility of the business. With
reference to our event-based business idea, two major factors should be considered,
that is, entrepreneurial or possessing entrepreneurial characteristics and traits
necessary for transforming this vision into reality.

Attention to Characteristics and Traits and Identification and

Explanation.

Entrepreneurship is a unique business that requires a founder to stand out from the
crowd. Key qualities include resilience, determination, passion, drive dedication,
courage, and a creative mind. Resilience helps entrepreneurs overcome adversities,
while determination keeps them unafraid of challenging situations. Drive dedication
provides energy and enthusiasm, promoting persistence and surpassing challenges.

Character traits like courage and creativity help entrepreneurs overcome

unpredictability and complexity in the business. Boldness allows entrepreneurs to
confront uncertainties and use innovative approaches for development. Creativity
drives cognitive processes away from the linear track, allowing entrepreneurs to come
up with unconventional solutions to existing problems.

Adaptability ensures entrepreneurs are agile and flexible to market dynamics, adapting
to situations when necessary and capitalizing on emerging opportunities. These traits
help entrepreneurs overcome uncertainties and develop innovative solutions to meet
market needs.

Evaluation of Personal Possession of Characteristics and Traits

Looking back at the start-up learning process, dissecting our own entrepreneurial
journey, it is critical to conduct self-assessment on the level of the mentioned traits and
find the weak points in order to iron them out. When we acknowledge the differences in
our abilities, we can identify the areas where we do best, such as our passion and
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creativity. On the other hand, we might not have all the qualities to encounter temporary
setbacks, such as resilience and adaptability. Through performing an authentic self-
evaluation, seeking mentorship and feedback from peers, we can narrow down the
areas of enhancement and work actively to strengthen a founder skill.

Justification of Crucial Entrepreneurial Traits for Event Business

Start-ups

The event industry is constantly evolving, requiring entrepreneurs to navigate

complexities and opportunities with sharpness and creativity. Entrepreneurial features
are crucial for long-term business sustainability. Risk appetite is essential for start-ups,
as CEOs must constantly innovate to maintain an advantage over competitors.
Creativity is crucial for event openings, as it creates irresistible experiences that
differentiate from competitors. Adaptability is essential for event business ventures, as
it allows them to adapt to market dynamism and remain relevant, ensuring constant
operation and survival in a constantly changing world. These entrepreneurial features
are crucial for the success of event businesses.

Personality traits of the entrepreneur and entrepreneur characteristics play very critical
part in setting entrepreneurs on the road to economic success. The entrepreneurs may
become successful when they become multitalented and they can pave a way by
adjusting and tolerating risks creatively and thus building an enterprise.

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Persuasion Theory and Stakeholder Engagement

Stakeholder involvement in the development process of the events is certainly crucially

supported by the persuasion theory. It is about recognizing the reason, what the
stakeholders are looking after, and what matter to them and using strategically
formulated messages and structures to sway their mind towards your presented
course. In the context of our event business proposal in Sri Lanka, we will utilize
various approaches grounded in persuasion theory to engage three key stakeholders:
public health agencies, private sector competitors and the local community.

PESTEL Analysis and Its Relevance to Stakeholder Engagement

Before getting into the stakeholder engagement strategies, we shall analyze the context
with PESTEL analysis and understand the factors in the environment of the events
sector in Sri Lanka. The output of such PESTLE analysis will determine our
engagement plan with each of the stakeholders by pointing out situations that may
either pose opportunities or threats to the social, economic, political, technological,
legal and environmental factors.

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Political: Governance awareness, policies and the support the event management
field gets from social institutions will help us collaborate with the government agencies
to run our events.
Economic: Trend assessment of the economic landscape, demand of the market and
budgetary limitations will be useful and we will use these to determine our corporate
client engagement advantage.
Social: Taking clan norms into account, social values of the place and prevailing social
trends will affect our efforts to reach out to local communities.

Key Stakeholders and Persuasion Models

Government Agencies: The Ministry of Tourism and Culture and local municipalities
are two key players who are required to hand over permits and make the form of
regulation. As a civil process’s tactic, the ELM approach (Elaboration Likelihood Model)
will use convincing arguments and concrete figures of economic benefits, tourism
revenue generation, and cultural enrichment to persuade government agencies. On the
basis of the laterality principle, we will start a campaign by lending a hand the non-profit
organizations, it will benefit the community initiatives. Besides, we will give
complimentary tickets for government officials for the events the business will organize.

Corporate Clients: If the event management concerns the corporate clients, these
clients are most interested in the brand visibility, return on investment, and engagement
of the audience. In order to gain their adherence to us, we will be using the Social
Judgment Theory (SJT) as a tool of their understanding of their existing beliefs and
attitudes. Market research will stand for the determination of the specific needs that the
youth face as well as their preferences and we will proceed to tailor our proposals so as
to make them accord their objectives. The scarcity principle shall as well be applied in a
strategic manner to create a sense of urgency and exclusivity by pointing out the limited
supplies and unique features of our product.

Local Communities: Creating partnerships with the community is crucially important in

the process of winning sympathy, creating the base of good will and striving for success
in achieving the aims of the event. Approaching through the Central Route to

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Persuasion, we will address the emotional part of the person by appealing to their
emotions and value systems through storytelling. This is achieved by including the
community in the planning of the event, getting their feedback for the theme, and by
forming teams which reflect the social responsibility such as conservation or other
charity partners.

Combining Creativity, Innovation, and Persuasion

The integration of creativity, innovation, and persuasion is a powerful technique to add

more appeal, significance, and impact to business plan. Creativity gives rise to the
findings, which are only available in those businesses, as such it attracts fascination
and partnerships. Innovation as a process of conversion of ideas into tangible products
or services, these ideas were created to meet the market demand and add value to the
market. It is creativity and innovation that permit persuasion to persuade what it
appears to be the value proposition and that can change a certain psychological state
and take steps people to take in their lives, where needed. Using imagination to build
themes as one of the best ways to talk to stakeholders, gadgets of the latest
technologies and creating messages that are captivating are all eyes on creating
stories and experiences that will pull audiences and will bring positive results as their
targets. These techniques open new entry into unexpected market segments and form
strong contacts that are prerequisite for stable and sustainable business. Doing so
could make these unique opportunities available, build real trust with the attendants,
and show that there is a committed long-lasting future for any given event.

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Relationship between Innovation, Creativity, and
Persuasion Theories

The complex realm of business development is essentially narrowed to the influence

between the innovation, creativity, and persuasion schools and how it works together to
improve existing businesses and sustainability. Recognizing the interdependency
between such determinants, including social, economic, and political factors, is
paramount for designing engaging stories, triggering stakeholder involvement, and
impacting the society through such initiatives.

Critical Evaluation of How Innovation, Creativity, and Persuasion

Theories Intersect

The intersection is where innovation and creativity theories are employed and
persuasion theories are developed. Moreover, these are the base for progressive
change and value creation. Innovation is both the tool and the source for new concepts,
new vision and for revolutions on the same subject. In the process of thinking creation,
thinking leads innovation and Inspires people not stop thinking the conventional
pipeline and gives chances to travel the unknown territories. Persuasion theories being
the central core, represent the scaffolding which guides the development of the ideas
into real meaningful outcomes through Raison, Guilt or Fear.

Discussion of How These Elements Complement Each Other

Innovation, creativity, and persuasion are crucial driving forces that sustain each other.
Without creativity, innovation can hinder the development of new ideas and hinder the
progress of existing ones. Without creativity, imagination cannot be realized, and the
appeal of persuasion is fading. A successful integration of these three forces can help
entrepreneurs create a dynamic environment, ignite industry development, increase
experimentation, and improve collaboration. Innovation becomes a sense of
transformation, creativity is the source of imagination, and persuasion theories provide
the communication framework to build momentum and adoption. Without these
elements, the appeal of persuasion is fading, and entrepreneurs must focus on
fostering genuineness and uniqueness to win over stakeholders.

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Innovation, creativity, and persuasion theories are crucial for business development
and improvement. Entrepreneurs can navigate the business environment smoothly and
economically by identifying dynamic interactions among these components. Innovation
serves as a lighthouse, creativity honors nature, and persuasion is a captain. With
these tools, entrepreneurs can unlock their full potential and create transformative
impacts in the world, ensuring their success in the competitive business environment.

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Conclusion & Summary

Writing a business proposal offers a comprehensive understanding of the

entrepreneurship field in Sri Lanka, focusing on factors such as innovation, creativity,
entrepreneurial traits, and the benefits of persuasion theories. By leveraging these
factors, businesses can navigate the highly competitive events industry, stand out, and
build strong relationships with stakeholders. This mutually reinforcing environment
ensures long-term growth and survival.

To succeed, entrepreneurs must closely monitor market trends, customer needs, and
regulatory moments. By embracing agility, resilience, and adaptability, entrepreneurs
can capitalize on new opportunities and achieve their entrepreneurial ideals. The
journey should be double-rolled, with the next stage being learning, discovery, and
improvement. With new knowledge and understanding, young entrepreneurs can
overcome business challenges, make positive changes, and be part of the events
industry in Sri Lanka and beyond. This evaluation concludes that the journey towards
entrepreneurship should be double-rolled, allowing young entrepreneurs to overcome
challenges and contribute positively to the industry.

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References

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[15] Ree, M. J., & Earles, J. A. (1996). Predicting training success: Not much more than
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[16] Dawson, P., & Andriopoulos, C. (2014). Managing Change, Creativity and
Innovation. SAGE Publications Ltd.

[17] Amabile, T. M. (1983). The social psychology of creativity: A componential

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[18] Schmidt, F. L., Hunter, J. E., & Outerbridge, A. N. (1981). Impact of job experience
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[19] Majaro, S. (1992). Creativity: The essence of cognitive science. Ablex Publishing
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[20] James, W. (1983). The Principles of Psychology. Harvard University Press.

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