Module Code & Module Title
MN5004 Leading Innovation and Entrepreneurship
Assessment Weightage & Type
30% Individual Coursework Written Report
Year and Semester
2019-20 Autumn
Student Name: Sandesh Tamrakar
London Met ID: 18029548(SAT0759)
College ID: NP01BA4A180030
Assignment Due Date: 11th/March/2020
Assignment Submission Date: 11th/March/2020
Word Count (Where Required): 2000
I confirm that I understand my coursework needs to be submitted online via Google Classroom under the
relevant module page before the deadline in order for my assignment to be accepted and marked. I am fully
aware that late submissions will be treated as non-submission and a marks of zero will be awarded.
I. Executive summary
This report is an examination of the component that makes an individual a business visionary.
A business person is an instinctive, clever, persevering entertainer who can perceive and
create hazardous open doors with potential for development, and who increases the value of
what as of now exists by setting up exercises that include a rare utilization of assets. A
business visionary is continually searching for changes and utilizing this change like a decent
chance. A business person makes openings for himself as well as more critically for other
people.
1. Introduction
This is a report of interview with, and analysis of, an entrepreneur. So now talking about
entrepreneurship, Entrepreneurship is a combination of two words one from French and
German which is, 'Entrependre' and 'Uternehmen'. This means that individuals who are
'undertakers' i.e. those who took the risk of a new enterprise or company [CITATION bba15 \l
2057 ]. The one who innovates, ready to handle the risks, generates new ideas to create unique
products and has potential to make profit [ CITATION Bou \l 2057 ] . There are different types of
definition given by different authors, some of them are According to Kuratko DF and
Hodgetts RM, "It is the process of organizing, managing and assuming the risks of a
business"[ CITATION Ras15 \l 2057 ]. And According to Koontz & Fulmer, "It is the ability of
a person to see an opportunity of business, to get together the capital needed to take
advantage of the opportunity, and to start a business, taking the risk of failure in the hope of
reaping the rewards of success"[ CITATION Ras15 \l 2057 ]. And lastly, according to Nathaniel
H left, "Entrepreneurship is the one who innovates, invest and expands new markets,
products, and techniques"[ CITATION Ras15 \l 2057 ]. This definition is followed by everyone in
modern days. The purpose of this report is to analyse the entrepreneur with the theory of
entrepreneur.
In this way, I have pick Sanisha Maharjan and Matina Manandhar as my business person
(entrepreneur). They has begun an organization named The Finer Threads since Bhadra 2075.
The organization has some expertise in making redid attire things especially weaved Shirts,
hoodies, sweatshirts and vests and separated from that the organization likewise offers altered
printed Shirts. This organization takes a harsh idea of what clients need and dependent on
their solicitations, they alter the plan and they demonstrate it to the clients and if the clients
concur with the structure they proceed with the creations. The creation of the Finer Threads
items happens in Sorakhutte where they contracted an expert to weave the plans on plain
texture. They utilizes crude materials like strings of various hues and plain readymade pieces
of clothing which they obtain from nearby markets in Kathmandu. The Finer Threads offers
delivery amenities all over the country whilst it takes up to three-five days to prepare an
order. They have been getting actually accurate feedback from their clients and they also
have many normal clients who buy their objects time and again.
2. Methodology
Methodology is system of methods used in particular area of study or activity. We did a
qualitative research which was done by Interview and Questionnaire.
3.1 Analysis one: Innovation Theory
The first theory used for this analysis is theory of Innovation. Innovation was introduced from
the word "innavatus" in Latin which means of making something new. This refers to being to
use the new methods and techniques in social, cultural and administrative medium [ CITATION
Kay15 \l 2057 ]. Innovation theory was developed by Joseph Alois Schumpeter. According to
Schumpeter, entrepreneurs is basically an innovator and innovator is one who introduces new
combinations. Innovation entrepreneurs is the person who presents new merchandise, brings
new technique for creation, finds new market and redesign the venture. Joseph A.
Schumpeter developed a theory regarding the economic development of a country in his book
named "Theory of Economic Development". According to him, "Economic development" is a
discrete dynamic change brought by an entrepreneur by instituting new combinations of
production[ CITATION QSS \l 2057 ]. Schumpeter has developed this model in two stages, i.e.
first approximation and second approximation, in order to explain his business cycle theory
of innovation[ CITATION QSS \l 2057 ]. The first approximation lays emphasis on the primary
impact of innovatory ideas whereas the second approximation deals with the subsequent
responses obtained from the application of the innovations[ CITATION QSS \l 2057 ].
So, According to Sanisha and Matina, they can be related with this innovation theory because
they introduce the new products like customising the clothes which is new in the area and
people are not familiar with it so they are making people familiar to the product. This theory
says that introducing new goods and innovating new things can be called as an entrepreneur.
So we can say that according to this theory we can call them as an entrepreneur. They have
innovated new things in the market with high quality products with reasonable price and also
they brought a products that we can customise and order in our choice. This company is one
of the unique company. They were 18 when they thought of starting the company. So,
because of all this, the theory of innovation is applicable to Sanisha Maharjan and Matina
Manandhar.
3.2 Analysis Two: Theory of Need of Achievement Theory
The second theory used for this analysis is theory of need of achievement theory. In 1961,
David McClelland, Harvard psychologist published The Achieving Society. In this, he argued
that some of the societies experience economic growth and others experience decline due to
one motivational factor called Need for Achievement. The theory of McClelland's
achievement theory of motivation tells that cultures that we celebrate achievement spur on
entrepreneurial ventures and technological progress, which in return become the engine of
rapid economic growth[ CITATION Khu14 \l 2057 ]. Theory of need of achievement theory is
about how needs of an individual change over some stretch of time with changes as far as he
can tell. The hypothesis likewise clarifies what impacts a person's requirement for
accomplishment, force, and association have on their conduct. McClelland has expressed that
each individual's inspiration is driven by the need of these variables, regardless old enough,
sexual orientation, race or culture one has a place with[ CITATION Mah18 \l 2057 ]. This theory
is identified into two characteristics of entrepreneurship, one is of doing things in a new and
better way and another is making decisions under uncertainty. This theory also explains that a
business person does not measures their achievement with the outcomes like income.
Relating this theory with chosen entrepreneurs. Both Sanisha and Matina focuses on more
customer satisfaction from the beginning of the business. They start by opening a page in
instagram by posting the pictures on it. As this company is specialised in customised designs
they let the customers first to satisfy their products and design so that the customers may be
satisfied with them. They wanted to put their own ideas, creativity and wants their vision into
reality. They wanted to make customers familiar on their products. They have also said you
need not to wear simple dress, wear a customised designed dress. As a result there business
are growing day by day. Therefore, with all this we can say that theory of need of
achievement theory is applicable with Sanisha Maharjan and Matina Manandhar.
3.3 Analysis Three: Theory of opportunity-based Theory
The third theory used for this analysis is theory of opportunity-based theory. The
opportunity-based theory is anchored by Peter Drucker and Howard Stevenson. This
methodology gives a wide-extending calculated structure for business enterprise look into.
Business visionaries don't cause change (as asserted by the Schumpeterian or Austrian
school) yet misuse the open doors that adjustment (in innovation, purchaser inclinations and
so forth.) makes (Drucker, 1985). He further says, "This characterizes business person and
enterprise, the business visionary consistently looks for change, reacts to it, and endeavours it
as a chance." What is clear in Drucker's chance build is that business visionaries have an eye
more for conceivable outcomes made by change than the issues. Stevenson (1990) stretches
out Drucker's chance based develop to incorporate cleverness. This depends on research to
decide the contrasts between innovative administration and managerial administration. He
presumes that the centre point of enterprising administration is the "quest for circumstance
regardless of assets right now controlled" [ CITATION Das17 \l 2057 ]. Entrepreneur attempts to
maximize value creation by exploiting new opportunities.
So after getting some knowledge of opportunity-based theory, I asked Sanisha and Matina
about their idea or concept of business. They said that why to wear simple dress and simple
design while they are bringing new concept of customising the designs as our choice. They
was scared of not working the business but later on they got an platform of Social sites which
is there opportunity, where they posted their items products which are customised by
themselves. Both of them are also artist because they sketches new designs day by day and
they start to make that designed dress. They had lots of opportunity to do a business. By
bringing new designs always, their products are being sold every day. So because of all that,
we can relate this theory of opportunity based theory with Sanisha Maharjan and Matina
Manandhar.
4. Conclusion
So coming to the conclusion, in this report three different types of theories of
entrepreneurship as well as the theory was also applied to relate with the entrepreneur. Every
theory above are related with them. According to Innovation theory, they introduced new
products and unique products in the market where people are nit familiar to it. So according
to this theory, Sanisha and Matina can be related with the theory. Similarly, according to the
theory of need of achievement theory, they achieved customer's satisfaction. Last but not the
list, according to the opportunity-based theory, they got an opportunity to bring a new
products in the market. We cannot know about the chosen entrepreneurs just by applying
three theories of entrepreneurship.
5. Recommendation
According to the theory of need of achievement theory, just inward increase ought to
be essential to a business person however right now advertise here and there money
related worth, benefit and development of the business ought to likewise be similarly
organized.
According to Opportunity-based theory, business visionaries need chances to
substantiate themselves and start an endeavour however it additionally includes
different components like assets designation, growing an undertaking, legitimate
abilities and information and others. Along these lines, these elements are likewise
significant and ought to be increasingly engaged by business person.
Appendix: Transcribe of Interview
Q1. Describe about yourself.
Ans: I am Sanisha Maharjan and Matina Manandhar and we started the company named finer
threads. It was started from Bhadra 2075.
Q2. How did your journey start as an entrepreneur?
Ans: Rather than starting as an entrepreneur, me as Sanisha I felt like starting an anything and
I opened an instagram page and after that Matina came along with me.
Q3. What motivates you to be an entrepreneur?
Ans: As an entrepreneur we can be self-dependent like we will not need to work under
anyone and we can implement our own ideas, creativity and we can do as anything we like.
Q4. How did you get your idea or concept for business?
Ans: After watching the posts on Pinterest about the customised embroidered clothing and I
felt inspired and thought of opening a business specialising in it, shares Sanisha Maharjan.
Q5. What were the major challenges that you faced while starting your company?
Ans: The major challenges were to make customers engage in this type of product, second is
if there is a bulk orders and if the worker is in leave they faces a problems.
Q6. What are the future plans for your company's growth?
Ans: We do not set a plan on what to do but at the moment, we are just planning to go with
the flow and see where this venture leads us.
Q7. How did you build your entire team for day to day functioning of your business?
Ans: As a team we have a team of 3 including delivery man. He also helps us sometimes
when we are busy. Otherwise, the work is started from sanisha and ends with me or vice
versa, says Matina.
Q8. What are some of the mistakes you wished you could have avoided till date?
Ans: The main mistakes comes in accounting error, profits doesn’t matches and we both of us
also makes an mistakes which impacts in the delay of orders, there also arise a mistakes in
bulk orders like sizes and designs, but we cannot take an order back because it’s a customised
design of other so we give them discounts on next order.
Q9. What is your biggest accomplishment till date?
Ans: The biggest accomplishment is that we was called for the interview.
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