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The innovative approach is very important for the company and this will help the company to make a better and more successful business. A proper strategy is important for an innovative approach and this must be made with proper and authentic research. The important factors of the market must be used briefly and this helps the company to produce an innovative approach. The theories and models of entrepreneurship are helpful to the make better ideas for the innovative approach and this will make the company with business successful. This report discusses the important strategic plan for the "WiIleyfox" Company for their new innovative plan of solar phones. This report also discusses the theories of entrepreneurship along with the useful theories of the company. Furthermore, this report discusses a critical analysis of the feasibility, problems and solutions of the innovative approach for the company.
This is very important a factor for a business body to make a better business strategy so that they can run the business properly and they can operate the business according to the market (Nath, 2019). A proper business strategy is helpful to any company to make a better approach to entrepreneurship and this serves the company to have a better business process.
2.1 Business Plan
“Wileyfox” is working to promote their new and innovative product to the company and this is important for the company to make a better strategy for their business. The important business plans for the company are as follows-
2.1.1 Goal and Aim of the company
This is important for the company to predict a particular and authentic aim for their business and this is an important factor for the business (Benz, 2022). The company aims to launch an innovative product to the market to earn more profit which can serve the company some competitive advantage and help the company to "go green". The new product of the company, the solar phone is helpful to the company to achieve this goal.
2.1.2 Product Description
The new product of the company is made taking all the eco-friendly factors into account. The solar phone was innovated by the company made with proper eco-friendly materials. The body of the product is made with an alloy of copper and tungsten which helps to make a flexible body with rigidity. The inner equipment of the product is made with fibreglass and copper which are easily recyclable and long-lasting. Most importantly, the solar handset uses a solar panelled battery with a usual life span which reduces electricity consumption.
2.1.3 Market research
The market for mobile handsets is very rich and various options are there for the customers. This market has seen a huge variety of products and all of these are very innovative. However, most of the products are focused on features and facilities rather than sustainability and eco-friendly factors (Hadi et al., 2019). This can be the “unique selling point” for the “WiIleyfox” Company that they are using bio-durable products. This product has good feasibility in the market with a better attractive credential.
Analysis of the external and internal environment of the company serves a better idea about the strengths and weaknesses of the company and this helps the company to make a better business plan. Also, the competitive market must be analysed to make a better business strategy.
2.1.4 Promotional Mix
Proper promotion of the product is important for the product as the company is launching a new product to the existing as well as the new market of the company. The company can use the factors "promotional mix" to make better marketing of the product (Qian et al., 2019). A promotional mix for the “WiIleyfox” company is as follows-
2.1.5 Financial Aspects
The important financial approach is important for the company to make a proper budgetary plan for the product (Su et al., 2021). The financial plan for the company is served with a proper budgetary list and an authentic measurement of the assets and liabilities of the company. This is important for the company to take some factors like previous financial data of the company, a goal-oriented budget and financial support for risk management into account to make a better budgetary plan for their new product.
Different entrepreneurial theories are suggested by scholars that help to make a better idea about the different traits of entrepreneurship. These theories suggest the factors and characteristics of different entrepreneurship styles, methods and traits that help to make a better understanding of the specialities of the entrepreneurs (Perard, 2018). Some important entrepreneurship theories are discussed below-
3.1 Innovation Entrepreneurship theories
This theory suggested that the important factors of entrepreneurship are closely connected to innovative factors and this helps to make a better business for the entrepreneurs. According to this theory, the key difference between entrepreneurs to normal businessmen is that the entrepreneurs can apply innovative models to the business that changes the theory and traits of the business (Broad et al., 2020). Scholars have said that the innovative approach of the entrepreneurs serves the business at a "new level" that changes the quality of the business scenario. The important factors of innovation are to plan the changes with decreasing production costs and increasing demands.
3.2 Economic Entrepreneurship Theory
This theory suggests that the important factors of the economy are also affected by entrepreneurship. This theory makes it clear that the economic factors of a country are closely affected by the entrepreneurship traits of the country. This theory suggested that the entrepreneurs work as "producers" as well as "exchangers" in a country and they make a proper supply chain for the economic factor of the country (Parker, 2018). In short, the theory takes all the people who are working on their own as an entrepreneur and this makes the theory unique from other theories of entrepreneurship theories.
3.3 Sociological Entrepreneurship Theory
This theory suggested that the traits and characteristics of an entrepreneur are influenced by the social and cultural beliefs of the person. This theory serves a better idea about the factors that serve a better entrepreneurial factor for a person. This theory indirectly suggests that entrepreneurs are influenced by religious factors and other characteristics of the person (Croce, 2020). According to this theory, this cultural belief helps the entrepreneurs to make a better and sustainable business with a better societal affair. In short, this theory serves as a perfect idea about the relationship between entrepreneurship and cultural belief.
3.4 Psychological Entrepreneurship Theory
This theory suggested that there is a close relationship between the psychological and entrepreneurial traits of a person. The psychological aspects of a person control the entrepreneurship traits up to some extent and this drives the person to have better control. A very important factor that must be taken into account is that entrepreneurs are always influenced by their psychological factors and they plan their business accordingly (Hahn, 2020). The important entrepreneurial traits are served by the “locus of control”, personality traits and needs of the entrepreneur. The important psychological factors are helpful to the entrepreneurs to ensure a proper and ideal business scenario. In short, this trait suggests the important characteristic of the person that serves a better entrepreneurial understanding.
3.5 Opportunity-based Entrepreneurship Theory
In most cases, new and unique business ideas are driven by opportunities in the market and this makes a better idea about the factors of the proper entrepreneurship traits. This theory suggests that entrepreneurship is based on opportunities and this triggers the business in the market. Scholars suggest that the important factors of the market can be applied to the business traits, however, the opportunities in the market serve a better business for the entrepreneurs (He et al., 2020). The business opportunities serve the entrepreneurs' proper idea to make an innovative business and this makes a proper entrepreneurial upbringing. In short, the changes in the market serve opportunities for the entrepreneurs and this makes a better idea about the innovative approach for the entrepreneur.
3.6 Resource-based Entrepreneurship Theory
Important resources are important for any business and these resources are essential for the business factors. This theory suggested that the important resources serve the innovative idea to the entrepreneurs and this causes the chances for the company. In short, the resources serve the entrepreneurs' innovative factors that make a better idea for the business (Zahra, 2021). This theory makes a better idea about the relationship between resources and entrepreneurship and this makes a better business for the company. A very important factor that the theory suggests is that the resources are important for business set-up and this helps to make a better business.
3.7 Anthropological Entrepreneurial Theory
This theory suggested that the important factors of social and cultural aspects of a location serve a better idea about the factors of entrepreneurship. The important cultural aspects are usually influenced by the past and traditional aspects of the place. This serves as the best idea about the entrepreneurial factors and the cultural aspects that influence the entrepreneurial approach (Dana, 2021). The important factor for the business sectors is influenced by it and this serves as a better entrepreneurial trait for the business bodies. The important anthropological factors are served as a better idea about the factors of entrepreneurship and this helps the entrepreneurs an innovative approach.
3.8 Important entrepreneurial theory for “WiIleyfox” Company
The “WiIleyfox” Company is planning to make a better business with their new and innovative product, solar phone, and the important entrepreneurial theory serves as a better idea about the approach of the company. The innovative approach of the company is related to the important social, environmental and economic factors and this makes a better business for the company. The "innovative entrepreneurial theory" serves the company a better idea about the innovative approach and the traits of the company help to make a proper innovative factor. Also, the "opportunity-based entrepreneurial theory" can be applied to the scenario of the company. The market research conducted by the company serves a better idea about the opportunities of the company in the market and this helps the company to make a better innovative plan. In short, the entrepreneurial theory serves the company with a better idea about the innovation and opportunities in the market and the business of the company follows the entrepreneurial theories properly.
The important entrepreneurship theory serves a better idea about the factors of the innovative approach of the company and this makes a better business for the company. However, this is important for the company to have a better idea about the feasibility of the product and this helps the researchers to make a proper understanding of the chances of the company. Also, this will help the company to make a proper approach for their marketing process and serve the customers a better idea about the product launched by the company. The important scenario for the product is as follows-
4.1 Potential Values
The newly-launched product of the company is helpful to make a better business for the company and this serves as a great opportunity for huge business success. A very important factor for the company that must be taken into account is that the product of the company is feasible for both social and economical factors of the company (Lv et al., 2019). The product supports the social upbringing and it helps to make a better economic approach to the company as well as the country in which the company is located. A study on the feasibility of the product of the company is as follows-
4.1.1 Social Feasibility
One of the most important factors that must be taken by any company is "Corporate Social Responsibility". This is very important for the company to make a better approach to the business that helps society and the environment as well (Golob et al., 2019). Social and environmental factors must be taken into account by the company making the business plans so that the company can operate the business without hampering the natural resources.
This can be taken that the innovative approach of the “WiIleyfox” Company serves a better social factor with their new invention. The important features of the product are made with natural and bio-degradable materials and this helps to protect the environment. The rapid change in society is increasing the demands of the customers and this makes all the companies produce new and innovative products which can hamper nature (Zhang et al., 2019). The “WiIleyfox” Company is manufacturing product that helps nature and also fulfil the demands of the customers. This is important for the company to make a business plan that will help the company as well as society. The innovative product produces by the company makes a better business with the best social approach for the company.
4.1.2 Economic Feasibility
The new and innovative product of the company serves as a better idea for the business and this helps the company to earn good profit. The innovative products of the company help to make a better economic approach to the company and this helps the company to serve a better business scenario.
The manufacturing, research and development and other costs needed to produce the product will make the company spend good money (Himri et al., 2020). The important factors of the company serve a better idea about the fact that the company needs to make a better market research before manufacturing the product and measuring the changes in the market. This costs the company to spend money on market research.
However, the feasibility and uniqueness of the product are helpful to the company to make a better profit. The product serves a competitive advantage with the features and price of the product and this ensures a proper business profit for the company. Also, as the product fulfils all the demands of the customers in a better scenario, this will help the company have a higher sales volume and earn more profit. Also, as the manufacturing cost of the product is not very high, the company can make more profit with less cost which is helpful to the company to achieve business success.
4.2 Challenges of the project
The innovative plan of the “WiIleyfox" Company is equally beneficial to the company as well as society and the environment. The company has the opportunity in the market and the new product will help the company earn good revenue from the market. In short, the product will help the company to have a greater business scenario and this will help the company to achieve business success. However, like any innovative approach, the newly developed product of the company can face some challenges and this can serve the company some difficulties to manage the running business
Some of the challenges of the company with their new and innovative product are as follows-
4.2.1 Poor Organisational Culture
The company can face a challenge with the organisational culture for the company and this will mess up the whole innovative approach for the company. The toxic organisational culture can make the company to have poor employee engagement, improper leadership and hectic and stressful work distribution. This can make the innovative approach of the company slow. Also, the employees can lose interest in the job and they can be dissatisfied which can lead to improper management in the company.
4.2.2 Financial Difficulties
Financial problem is one of the crucial factors for an innovative approach and this can make the company face some challenges in the business. This is important for any company to make a b and steady financial background for an innovative approach. Otherwise, either the company will have to stop the innovative process, or put the process on hold. Most importantly, improper financial factors can lead the company to poor market research.
4.2.3 Poor Management
Another problem that the company can face is improper management of responsibilities. To make a better innovative approach, the company need to delegate the responsibilities related to the process and this will help to run the innovation process smoothly. However, the process can be a mess with the wrong distribution and this can make the company suffer with their innovative approach. In short, the important responsibilities related to the company must be delegated properly to ensure proper and smooth innovation.
4.3 Solutions to the project
The challenges in the innovative approach can lead the company to some difficult situations and this can make the company vulnerable. This is important for the company to make a better plan to solve the problem and they must monitor the process to have a proper and smooth innovative approach. This will be helpful to the company to have a better business and a well-ordered innovative approach. This can solve the problems of the company and help them to make a better and more successful business.
Some of the recommendations for the company are as follows-
4.3.1 Better organisational culture
A very important factor that the company must do is to ensure a better organisational culture. A proper employee engagement, excellent leadership and proper work distribution will help the company to have a better organisational culture and this will help the company to have a proper innovative approach.
4.3.2 Proper investment and financial plan
The company can have a better financial approach to the innovation process with a better financial plan. The company must take the previous financial data into the innovation planning. Also, proper investment plans will help to have a proper financial flow.
4.3.3 Proper leadership and work distribution
Proper leadership will help the company to make a better working culture and work distribution. This will help the employees to have a proper and particular job with better engagement and this will help the company to continue with the innovative approach properly.
The challenges are almost impossible in any innovative approach for a company. However, the solutions are always available and this will help the company to make a better business with their innovative approach. This report found the important strategic plan for the “WiIleyfox" Company for their new innovative plan of solar phones. This report also found the theories of entrepreneurship along with the useful theories of the company. Furthermore, this report found a critical analysis of the feasibility, problems and solutions of the innovative approach for the company.
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