Business And Entrepreneurship paper

 Business And Entrepreneurship paper

Introduction

Innovation is sole preserve to start-up or small enterprise, as they are agile enough to respond to opportunities quickly. Their lack of resources also forces them to find creative ways of addressing market needs while maintaining low operating costs. In contrast, a large organization is often slow to change (or even resistant to change), relying instead on what has made them successful in the past. Sometimes the intrapreneurial activities arising within an organization are not aimed at improving the existing products, services, or markets of the parent organization. In such instances, they may be aimed at addressing social challenges outside the routine areas of interest of the organization. These initiatives are termed as social intrapreneurship

Some large firms recognize this complacency and actively encourage ways for staff to be more entrepreneurial. Intrapreneurship is a way of stimulating innovation and adaptability. While there are different forms of intrapreneurship, they have a common theme to enable large organizations to realize the benefits of entrepreneurship, such as the introduction of new products and services into their existing portfolios. Allowing room for intrapreneurship can also attract and help retain staff that might otherwise want to start their own business or work for a smaller organization.

.PART 1:

Innovation

Umati Capital, one of the successful digital entrepreneurs in Africa, was founded in 2012 and begun its operation in the year 2013. Umati Capital is a small non-banking organization and technological enterprise that provides supply chain finance solutions to medium and large entrepreneurs in the Republic of Kenya. Development in the penetration and usage of digital and mobile technologies across Kenya stimulates demand for digital financial services. The staff members owe Umati with a significant minority equity stake held by Accion Vent labs. Through the supply. Umati Capital is one of the financial institutions that has been finding ways to address financial institutions. Developing countries such as Kenya have made a significant stride in financial inclusion and development in recent years. Many financial institutions such as commercial banks, micro finances institutions, and cooperative savings and loan society are knowable to provide access to financial services, especially for underprivileged ignored. Mant is increasingly leaving the mobile money market as rapid advances in mobile technology offers the potential to mediate access to essential services. The financial inclusion model of M-Pesa has enabled approximately 80% of Kenyans to be able to access microfinance and transfer personal funds through their mobile phones, even in rural areas. It is with this increasingly competitive setting that Umati Capital was founded and in which it currently operates. This case study presents Umati Capital is an example of entrepreneurship and innovation.

Societal challenges in the Initiative study

Societal challenges are also known as unidentified or unresolved problems, which reduces the well-being of a specific group of the population and society more broadly. These challenges are known as falling into the realm of public policy, such as strategies to adhere to health, education, urban and rural regeneration, culture, immigration, inequality, or business development issues. SMEs have different impacts, which can be either positive or negative. The positive impact generated by SMEs may include the creation of jobs, income, and, to some extent, benefits the society by providing solutions to consumers’ needs and by promoting local competitiveness knowledge, skills, and relations. Negative impacts are, however, generated when businesses offload unwanted costs to society. Small and Medium Enterprises (SMEs) are the majority of firms in our economies, and can potentially play a role in identifying solutions to the significant social and environmental challenges. Research reveals that approximately four billion people in the world live on less than 2.5 pounds per day. More often, these people lack consistent access to services such as water, healthcare, banking, or Agriculture. Although some of these people live in developed countries, the vast majority are in the developing world. Research reveals that less than half of the people living in developing countries less than one in five households owns a bank account. Businesses in recent years have been finding ways to address the demand for financial inclusion.

It is these societal problems: operations, financing, and the cash flow that Umati Capital set out to address. The core Umati Capitals business model is the way the co-founders have been able to scale, and how they use technology to serve their customers at a cheaper rate than their Competitors.

Sustainability and the Challenges and Opportunities Faced

Sustainability refers to the long-term maintenance of the system according to environmental, economic, and social considerations (Crane and Matten, 2017, p. 24). Solutions to social and ecological challenges, which are some of the pillars of sustainability. Are accommodated by Business, huge corporations on the ground of the triple bottom line idea. The theory’s central argument that it does not just create economic and social value, yet it has a broader spectrum of aims, including the production of environmental and societal benefits (Elkington, 1998). It also follows that the creation of economic value should not reduce social and environmental costs, which represents a big challenge for businesses. Business can also promote sustainability in other ways: for example, a family business can respond to community development challenges by engaging in suitable activities across sections of tourism, sports, agriculture, industrial products, and many more. The community can also have an essential role in defining the kind of impact they want to measure or how they want to assess the effect of Business on their development. This section considers how to access the enterprise’s activity and address community challenges through economic, social, and environmental impacts. Social impacts: This is the societal concerns in business discourse aim to address the effect of Business on a marginalized group, such as the local community in developing countries. Environmental Impacts Business creates positive ecological impacts when they introduce innovative solutions that improve the conservation of natural resources and reduce the production of waste and pollution. Economic impacts This refers to the generation of wealth, which is known as the accumulation of quality jobs or profit generation from the investor’s point of view. Societal challenges represent business opportunities. The opportunity can be grasped by transforming ideas into new and useful products, such as suitable tourism, new energy-efficient technologies, renewable energy, green housing, and transportation. The opportunities generated by these activities create employment and social ties in local communities, thus providing answers to the challenges of rural populations, which may be marginalized by current global trends.

More generally, new services and technology can improve the environment and the lives of people, especially those marginalized or those living in poverty. Entrepreneurial and innovation initiatives towards these challenges can redirect public and private investment flows towards communities. This will reinforce the need to think of sustainable and inclusive business models that take into account the interest of cities and their weakest and most vulnerable groups to live in a pleasant and fulfilling environment.

Part 2

Reflection from Gibbs Model

The reflection was developed by Grahams Gibbs to give a shape of livelihood in the company of experience. The reflection covers six stages namely;

Elucidation of the experience

In the case study in Kenya, Umati Capital, one of the useful and impressing entrepreneurial innovation. Was founded by Ivans Mbowa, an economist, who come up with a favorable description of the foundation of financial institutions. We learn that it takes several sacrifices and business ideas to come up with a successful business.

Fodness

The founder of Umati Capital had a feeling of solving the problem that much small organization experiences of un accessibility of adequate capital to finance their activities. This creates an interest to venture into the field, and we learn that it is good to settle and identify a shortage of service or a product in the economy and come up with favorable ways to solve it.

Evaluation

It is the process of assessing various business opportunities and comping up with best. This will help an individual to invest in a business that will help in solving the societal problems and also one that gives a maximum profit. Ivans Mbowa, the founder of Umati Capital, evaluates various opportunities in the field of business. And come up with forming financial institutions for Agrobusiness.

Closure

Evaluation of different business opportunities in the world market. Mbowa comes into conclusion to venture in the field of savings and moneylending, to his clients in the field of Agrobusiness. We learn that we need to evaluate the opportunities available and come up with the best before business before concluding.

Action Plan Design

After concluding the business to venture in, a strategic plan needs to be stated for the start of the project taken. The program will always state the rules and regulations of the business, and the number of stakeholders to be employed.

Gain From Experiential Project

The experiential has equipped me with entrepreneurship ideas, according to the critical study in Kenya. I have gained a lot of business ideas, which enables me to evaluate the available opportunities in the world market carefully. I have also learned how to solve social problems, such as pollution, as the Experimental project recommends the proper disposal of wastes and their effects on the environment. Entrepreneurship also solves Economical factors by providing employment opportunities, improving infrastructures like building of roads which make the community accessible, providing health services by starting up a dispensary, and also setting up of schools to eradicate illiteracy.

I have also learned the Gibbs model, which helps in the inspiration to venture into business activity to help solve the economic problem, as it gives some of the direction that is required to drive a project into a conclusion. The study also helps in the conservation of time to come up with an appropriate result as it has equipped me with entrepreneurial skills. The study has also enabled me to properly utilize and conservation of the natural resources for community benefits. Throw the study, and I am also able to cope with the societal challenges and to come up with an appropriate solution to address these issues.