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 (BBAMANTRA,
2015). The one who innovates, ready to handle the risks, generates new ideas to create unique
products and has potential to make profit (Boundless Management, n.d.). 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" (Rasel, 2015). 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" (Rasel, 2015). And lastly, according to Nathaniel H left, "Entrepreneurship is the
one who innovates, invest and expands new markets, products, and techniques" (Rasel, 2015).
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 (Kaya,
2015). 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
(QS Study, n.d.). 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 (QS
Study, n.d.). 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 (QS Study, n.d.).
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 (Khuon, 2014). 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 (Maharjan, 2018). 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" (Das, 2017). 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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