U.A S.
S Rohana
Learner Name
C79765
Learner Registration No.
Gampaha
Study Centre Name
BBA
Programme
BBA41403
Unit Code
Entrepreneurship
Unit
07/07/2025
Submission Date
Declaration of authenticity:
1. I declare that the attached submission is my own original work. No significant part of it
has been submitted for any other assignment and I have acknowledged in my notes and
bibliography all written and electronic sources used.
2. I acknowledge that my assignment will be subject to electronic scrutiny for academic
honesty.
3. I understand that failure to meet these guidelines may instigate the centre’s malpractice
procedures and risk failure of the unit and / or qualification.
Learner Tutor
signature Date: signature
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1. Introduction
The chosen entrepreneurial venture is the establishment of a business that produces biodegradable
packaging materials made from cassava starch, offering an eco-friendly alternative to plastic-based
packaging in Sri Lanka. This business aims to serve industries such as food and beverage,
cosmetics, agriculture, and retail sectors that require sustainable, lightweight, and cost-effective
packaging solutions. The idea stems from the growing global and local awareness about
environmental degradation caused by plastic pollution. Sri Lanka, as a developing nation with a
strong agricultural base and a significant environmental footprint from non-biodegradable waste,
presents an ideal environment to introduce such a venture. With cassava being locally abundant,
this initiative leverages indigenous resources to address a global issue, aligning with both
environmental sustainability and economic development goals.
The selection of this idea is influenced by both opportunity recognition theory and effectuation
theory in entrepreneurship. According to Shane and Venkataraman (2000), entrepreneurs identify
opportunities by recognizing unmet needs—in this case, the demand for sustainable packaging.
Sarasvathy's (2001) theory of effectuation also aligns with this idea, as it involves starting with
available means (cassava, knowledge, networks) and focusing on affordable loss rather than
expected returns, to develop innovative products within local contexts. In the current business
environment, sustainability is not only a value-driven concern but a competitive advantage.
Governments are implementing strict regulations against plastic use, and consumers are
increasingly shifting towards environmentally responsible brands. Thus, the proposed business
aligns with both Triple Bottom Line goals (Elkington, 1997)—economic, environmental, and
social sustainability—making it highly relevant and timely in the modern entrepreneurial
landscape.
2. Understanding Entrepreneurial Concepts
Defining Entrepreneurship and Its Key Principles
Entrepreneurship refers to the process through which individuals identify opportunities, innovate,
and mobilize resources to create and grow a business venture. According to Hisrich, Peters, and
Shepherd (2017), entrepreneurship is "the process of creating something new with value by
devoting the necessary time and effort, assuming the accompanying financial, psychic, and social
risks, and receiving the resulting rewards." It encompasses risk-taking, innovation, opportunity
recognition, and value creation.
Three critical principles underpin entrepreneurship- opportunity identification, innovation, and
business planning.
• Opportunity Identification- Entrepreneurs are often seen as individuals who perceive
market gaps before others. Kirzner (1973) emphasizes "entrepreneurial alertness" as the
ability to notice overlooked opportunities. In the context of the biodegradable packaging
business, the opportunity arises from the environmental concerns related to plastic waste,
consumer demand for sustainable products, and Sri Lanka’s abundant cassava supply.
• Innovation- Innovation is central to entrepreneurship and involves introducing new
products, processes, or business models. As per Schumpeter (1934), entrepreneurs are
agents of creative destruction who disrupt markets with innovations. The cassava starch-
based packaging business is a product innovation that replaces harmful plastic with
biodegradable alternatives.
• Business Planning- A well-structured business plan provides the strategic direction for a
new venture. It helps in resource allocation, risk management, and attracting investors.
According to Barringer and Ireland (2019), a business plan outlines the vision, market
strategy, operations, and financial projections of a startup.
Evaluation of Entrepreneurial Theories
Two key entrepreneurial theories relevant to this venture are Schumpeter’s Innovation Theory
and Effectuation Theory.
1. Schumpeter’s Innovation Theory
Joseph Schumpeter (1934) viewed the entrepreneur as an innovator who disrupts equilibrium by
introducing new combinations—products, production methods, markets, or organizational forms.
He described this process as “creative destruction,” where innovation destroys old market
structures to build new ones. Strengths of this theory include its emphasis on innovation as a
driving force of economic development. It underlines the entrepreneur’s role in generating value
through disruption. However, its limitation lies in overlooking small-scale or incremental
innovations, and it assumes that all entrepreneurs are disruptive, which may not always be the case.
2. Effectuation Theory
Proposed by Saras Sarasvathy (2001), Effectuation Theory posits that entrepreneurs start with
available means—who they are, what they know, and whom they know—and co-create
opportunities through experimentation and stakeholder interaction. Rather than predicting the
future, effectual entrepreneurs shape it. This model is particularly relevant for uncertain
environments and startups with limited resources. Its strength lies in flexibility and adaptability.
However, critics argue that it lacks structure and may lead to inefficiency or scope creep without
a clear goal.
Application to the Business Idea
The biodegradable cassava packaging business can be evaluated through the lens of both theories.
Applying Schumpeter’s Innovation Theory
The venture aligns well with Schumpeter’s framework. It introduces a new product—cassava-
based biodegradable packaging—that aims to replace plastic, thereby disrupting existing
packaging markets. This form of innovation addresses environmental concerns and consumer
preferences, aligning with market trends and regulations against single-use plastics in Sri Lanka
and globally. The business could also introduce process innovation by developing a low-cost,
scalable cassava extraction and molding system. Thus, innovation serves as the engine of growth
and competitive differentiation. Moreover, this innovation addresses the Triple Bottom Line
(Elkington, 1997)- it is economically viable, environmentally sustainable, and can create social
value by sourcing raw materials from local farmers and creating jobs in rural areas.
Applying Effectuation Theory
This theory is particularly applicable given the venture’s resource-constrained and emerging-
market context. The business starts with what is readily available-
• Who they are- The entrepreneur may have a background in agriculture or environmental
science.
• What they know- Knowledge of cassava farming, food-grade packaging, and sustainability
practices.
• Whom they know- Networks with local farmers, environmental NGOs, and packaging
distributors.
Instead of starting with a fully formed business model, the entrepreneur could engage early
partners, such as cassava cooperatives, environmental consultants, and retail outlets, to co-develop
the product and business direction. The venture might pivot based on stakeholder feedback—for
instance, shifting from food to cosmetic packaging if market traction is higher there. Effectuation
also encourages the principle of affordable loss, which means limiting investment to what one can
afford to lose—ideal for early-stage startups. This reduces the fear of failure and encourages
iterative learning, crucial when working with innovative materials and processes.
Entrepreneurship is a dynamic and multidimensional process grounded in identifying
opportunities, innovating, and strategic planning. The cassava starch packaging venture
exemplifies this through its environmental innovation and strategic relevance. While Schumpeter’s
theory explains the disruptive potential of the business, Effectuation Theory provides a practical
framework for launching the venture amidst uncertainty and limited resources. Together, these
theories offer a robust foundation for building a sustainable and innovative enterprise in today’s
evolving business landscape.
3. Market Analysis and Opportunity Evaluation
Market Trends and Industry Overview
The global biodegradable packaging market is experiencing significant growth, driven by
environmental regulations, rising consumer awareness, and the global push toward sustainability.
According to Allied Market Research (2023), the global biodegradable packaging market was
valued at USD 90.1 billion in 2022 and is projected to reach USD 140 billion by 2030. In Sri
Lanka, policy shifts—such as bans on single-use plastics—have created demand for sustainable
packaging alternatives in food, retail, and cosmetic sectors. The Sri Lankan government banned
several plastic items (e.g., lunch sheets, grocery bags) in 2021, increasing the urgency for
alternative solutions. Simultaneously, large supermarkets, food chains, and exporters are seeking
eco-friendly packaging to meet both local regulation and international buyer requirements (Central
Environmental Authority, 2022). Furthermore, with increasing cassava cultivation in Sri Lanka,
locally sourcing raw materials ensures supply chain sustainability and cost control.
Target Customer Segments
The primary customer segments for cassava starch-based biodegradable packaging include-
1. Food and Beverage Sector- Restaurants, bakeries, and food manufacturers seeking eco-
friendly containers, trays, and wraps.
2. Retailers and Supermarkets- Businesses replacing plastic bags and wrappings with
biodegradable alternatives.
3. Exporters- Especially in tea, spices, and cosmetics industries, where sustainable
packaging enhances brand image and meets international eco-compliance standards.
4. Government and NGOs- Institutions promoting green initiatives and offering subsidies
for sustainable development.
These segments are defined using demographic (business type), geographic (Sri Lanka, with
potential expansion to South Asia), and behavioral (eco-conscious buyers) criteria. The increasing
demand for ethical consumption and green products suggests strong market alignment (Kotler &
Keller, 2016).
Competitive Landscape
Sri Lanka currently has limited domestic producers of biodegradable packaging, and most eco-
friendly materials are imported at higher costs. While some companies produce paper-based or
areca-based products, cassava starch-based alternatives are still a niche, offering a first-mover
advantage. However, competition exists from imported starch-based packaging from India and
China.
External Environment Analysis
To assess the external business environment, several strategic tools are applied
PESTEL
Factor Analysis
Government bans on plastic and support for green innovation create
Political
opportunities. Import duties on eco products also favour local producers.
Rising inflation may impact production costs, but growing exports in
Economic
agriculture and food sectors boost demand for packaging.
Increasing environmental consciousness among youth and urban
Social
populations enhances product appeal.
Opportunities for R&D in packaging design and automation in production
Technological
processes.
Regulations banning plastics favour biodegradable alternatives. Must
Legal
comply with Sri Lanka Standards (SLS) for food-grade materials.
Urgent need to reduce landfill waste and carbon footprint aligns with eco-
Environmental
packaging innovation.
Porter’s Five Forces
Force Analysis
Moderate – Limited local players, but access to cassava and tech
Threat of New Entrants
may invite new entrants.
Bargaining Power of Low – Cassava is widely cultivated locally; multiple sourcing
Suppliers options exist.
Moderate – Businesses demand cost-effective solutions but seek
Bargaining Power of Buyers
sustainability.
Medium – Paper, bagasse, and areca leaf packaging pose
Threat of Substitutes
alternatives.
Low to moderate – Niche segment with few direct cassava-based
Industry Rivalry
competitors in Sri Lanka.
SWOT Analysis
Strengths Weaknesses
- Eco-friendly & biodegradable
product- Low-cost raw - Limited awareness of cassava-based packaging- Need for high
material- First mover in Sri R&D investment
Lanka
Opportunities Threats
- Growing demand due to
- Competition from imported eco-products- Regulatory changes or
plastic ban- Export potential to
lack of policy enforcement
green-conscious markets
Opportunity Identification and Evaluation
The opportunity was identified through a combination of opportunity recognition theory and
environmental scanning. According to Ardichvili, Cardozo, and Ray (2003), opportunity
identification involves recognizing market inefficiencies and unmet needs. The ban on plastic and
the resulting supply-demand gap for eco-packaging served as a “triggering event”. Simultaneously,
the entrepreneur’s knowledge of cassava cultivation and processing created an entrepreneurial fit.
The Timmons Model of Entrepreneurial Success also informs this evaluation. The model
emphasizes a balance between opportunity, resources, and team. The opportunity is validated
through strong environmental drivers and growing consumer demand. Resources such as cassava
supply, low-cost labor, and technical partnerships are accessible. A capable team with knowledge
in environmental science, agriculture, and business supports execution. Furthermore, the Ansoff
Matrix shows that the venture adopts a product development strategy—creating a new product for
an existing market. While customer segments like food producers and retailers already exist, the
introduction of cassava-based packaging introduces an innovative alternative.
Justifying Business Viability
Based on the market analysis, the business demonstrates high potential for commercial and
environmental viability. The increasing demand for biodegradable solutions, coupled with strong
governmental support, positions the product within a growing niche. The cost advantages of local
sourcing, combined with regulatory tailwinds, reduce operational risks. Moreover, the venture
capitalizes on sustainable development goals (SDGs), particularly SDG 12 (Responsible
Consumption and Production) and SDG 13 (Climate Action). The alignment with these global
goals opens doors for international funding, NGO partnerships, and carbon credit programs.
Challenges such as initial consumer education and achieving food-grade certifications can be
managed through strategic partnerships, government engagement, and R&D investment. With
proper branding, quality assurance, and competitive pricing, the venture holds promise as a
scalable, impactful solution both locally and regionally.
4. Business Planning and Strategy Development
An effective business plan serves as the foundation for entrepreneurial success, providing strategic
direction, resource allocation guidance, and a roadmap for growth. It generally includes several
critical components, such as the executive summary, which introduces the business idea, outlines
market needs, and states the vision. The company description follows, detailing the business model
and the entrepreneur’s goals. A thorough market analysis is included to highlight target markets,
competition, and emerging trends. The marketing and sales strategy defines how customers will
be acquired and retained, while the operations plan explains production, logistics, and technology
use. Organizational structure is also laid out, specifying team roles and responsibilities. Finally,
the financial plan outlines revenue forecasts, startup costs, and projected profitability. These
elements ensure the entrepreneur has considered both the internal workings and external pressures
that may impact business sustainability. The strategic plan for the biodegradable cassava starch-
based packaging venture begins with a clear vision and mission. The vision is to become Sri
Lanka’s leading provider of innovative biodegradable packaging solutions that replace plastic,
protect the environment, and uplift rural communities. The mission emphasizes the production of
affordable, high-quality cassava-based packaging materials through sustainable practices, while
fostering eco-conscious behavior and supporting local agriculture. The objectives are to establish
a pilot production unit within the first year, gain a significant share of the local market, reduce
plastic waste through product substitution, and enter export markets by the fourth year.
This business offers a compelling value proposition by delivering cost-effective, food-grade,
biodegradable packaging derived from cassava. It provides businesses with a practical and
sustainable alternative to plastic, allowing them to meet environmental regulations while appealing
to the growing segment of eco-conscious consumers. Its competitive advantage lies in the use of
locally available cassava, which reduces production costs, alongside product characteristics like
compostability, oil resistance, and durability. These features, combined with compliance with food
safety standards and the social impact created through rural engagement, distinguish the business
from traditional and imported alternatives.
The marketing strategy targets eco-conscious businesses in the food and beverage, retail, and
export sectors. The business will position itself as a local innovator in sustainability and aim to
build a loyal customer base through value-added partnerships and education on the benefits of
cassava-based packaging. Promotion will rely on digital platforms, environmental forums, and
business expos, while distribution will occur via direct sales, retail partnerships, and e-commerce
platforms. Operationally, the production plant will be located in a cassava-producing region to
ensure efficient raw material sourcing. The manufacturing process will employ biodegradable
molding machines and food-grade technology to meet international quality standards. Quality
assurance will involve regular testing to maintain compliance with local and international
packaging regulations. The supply chain will be built through partnerships with cassava farmer
cooperatives and local distributors, ensuring both product integrity and community engagement.
In terms of growth strategy, the Ansoff Matrix is particularly useful. The business is following a
product development approach, introducing new biodegradable packaging types for existing
customer segments. Over time, market development will be pursued through export strategies
targeting South Asian nations with similar environmental regulations. The venture may also
diversify into other biodegradable material lines, such as bagasse or banana fiber, depending on
future market trends and innovation potential.
5. Leadership and Team Management
Leadership and team management are integral to the entrepreneurial process, particularly during
the early stages of a venture where uncertainty, resource limitations, and rapid decision-making
define daily operations. Effective leadership enables the entrepreneur to articulate a vision,
motivate the team, manage risk, and drive innovation. It also fosters a culture of accountability
and continuous learning, which are essential for startup resilience. Team management, on the other
hand, involves aligning people with business goals, resolving conflicts, promoting collaboration,
and ensuring that every member contributes their unique skills toward the venture’s mission. In a
dynamic startup environment like that of a biodegradable packaging venture, strong leadership and
a high-performing team can distinguish success from failure. For this venture, the preferred
leadership style would be transformational leadership. Transformational leaders inspire and
motivate followers to exceed expectations by providing purpose and encouraging innovation. Bass
and Riggio (2006) describe transformational leadership as a process that builds commitment
through vision and trust. This style is well-suited for startups, where leaders must often lead by
example, inspire confidence, and rally team members around a shared purpose—especially in
ventures focused on sustainability and social impact. The transformational approach aligns with
the business’s mission to solve environmental issues while creating social value through
partnerships with local farmers and communities. It also encourages the flexibility, creativity, and
proactive mindset needed for navigating the startup landscape.
Building and managing a diverse and effective team for the cassava packaging venture requires
careful recruitment, training, and empowerment strategies. A diverse team, including individuals
with expertise in agriculture, manufacturing, environmental science, marketing, and finance, will
bring unique perspectives that contribute to innovation and better problem-solving. According to
Robbins and Judge (2019), diversity in teams enhances creativity and decision-making,
particularly in complex and uncertain environments. To foster collaboration, the business will
adopt an inclusive culture that values transparency, regular feedback, and cross-functional
teamwork. Team members will be encouraged to participate in decision-making processes, which
promotes ownership and accountability.
Promoting innovation within the team will involve creating a psychologically safe environment
where employees feel comfortable proposing new ideas without fear of failure. Structured
brainstorming sessions, design thinking workshops, and open communication channels will be
used to capture team insights and develop product improvements. Additionally, training programs
will ensure that team members remain updated on sustainable packaging trends, technological
advancements, and customer needs. Performance incentives linked to both individual contribution
and team success will reinforce a results-oriented and supportive work culture.
6. Financial Acumen
Financial planning is a cornerstone of any successful entrepreneurial venture, serving as both a
roadmap and a control mechanism. It provides a framework for assessing financial viability,
managing resources, forecasting future performance, and making informed strategic decisions.
According to Scarborough (2011), sound financial planning allows entrepreneurs to evaluate
funding needs, monitor cash flows, avoid liquidity crises, and ultimately ensure long-term
sustainability. In startups, where uncertainty is high and capital is often limited, financial planning
becomes even more critical, guiding entrepreneurs in making rational and data-driven decisions.
For the cassava starch-based biodegradable packaging venture, the financial plan begins with
estimating startup costs. Initial investments include land or rental space for production facilities,
machinery for cassava processing and packaging formation, initial raw material procurement,
licensing and certification costs, staff recruitment, branding, and marketing. These are projected at
approximately LKR 25 million. Budgeting will be based on lean startup principles, focusing on
essential expenditures first, such as acquiring machinery and hiring a small technical team.
Monthly operational costs including wages, raw material replenishment, energy, and logistics are
projected at LKR 2.5 million.
Cash flow management will be maintained through rigorous monitoring of inflows and outflows.
A conservative sales projection will be used to estimate break-even points, and the venture will
adopt rolling forecasts to adjust budgets based on performance. Tools such as cash flow statements,
profit and loss accounts, and balance sheets will be used to regularly assess financial health.
According to Gitman and Zutter (2015), forecasting and budgeting help identify potential shortfalls
and enable proactive management of working capital, reducing the risk of insolvency. The startup
will consider multiple funding sources. Initially, bootstrapping will be used by leveraging personal
savings and small loans to cover early-stage expenses. Additionally, the venture will apply for
green innovation grants offered by government programs and international organizations. As the
product gains traction, the entrepreneur may pursue venture capital or impact investors interested
in sustainable solutions. Crowdfunding platforms such as Kickstarter or Indiegogo may also be
explored to generate capital while simultaneously building a community around the product.
Profitability is expected to be achieved within the first two years, supported by increasing demand
for biodegradable packaging. Revenue will be generated through direct B2B sales, long-term
supply contracts, and potentially licensing the cassava-based technology in the future.
Sustainability is further supported by the cost advantages of sourcing local cassava, reducing
exposure to import inflation and supply chain disruptions. The business will adopt triple bottom
line accounting to measure not just financial success but also social and environmental impact,
aligning with long-term stakeholder value creation. Relevant financial theories support this
approach. Modigliani and Miller’s capital structure theory emphasizes balancing debt and equity
to optimize cost of capital. In early stages, a higher equity ratio through bootstrapping or grants
helps reduce financial risk. The breakeven analysis and contribution margin concepts are crucial
to determine pricing strategies and cost recovery. Porter’s value chain theory also suggests
improving internal cost efficiencies and differentiation to enhance profit margins.
7. Problem-Solving and Critical Thinking
One significant challenge the cassava-based biodegradable packaging venture may face is market
resistance due to price sensitivity. Biodegradable alternatives often cost more than plastic
packaging, and many businesses may be reluctant to switch due to tight margins. Overcoming this
resistance requires a strategic and empathetic approach grounded in problem-solving and
innovation. To address this, the Design Thinking framework can be applied. As described by
Brown (2009), Design Thinking is a human-centered approach that begins with empathizing with
the user, defining the problem, ideating solutions, prototyping, and testing. By engaging with
potential customers—restaurants, supermarkets, and exporters—the venture can understand their
concerns, such as pricing, durability, and compliance. The insights gained can be used to redefine
the challenge not simply as a pricing issue, but as a broader problem of value perception and
operational constraints.
In the ideation phase, several solutions may emerge- offering bulk discounts, creating co-branded
packaging that promotes the buyer’s green credentials, or developing a subscription model that
ensures stable pricing. A prototype strategy may involve launching a pilot partnership with a small
food chain to showcase benefits like customer goodwill, compliance with regulations, and waste
reduction. The data from this pilot can be used to iterate the offering, refine the pricing model, and
develop tailored value propositions for different customer segments.
In parallel, Root Cause Analysis using the “5 Whys” technique can help unpack the underlying
reasons for price resistance. Asking “Why are customers hesitant?” reveals that initial pricing is
higher. “Why is pricing higher?” because of production scale. “Why is scale limited?” due to
constrained funding. “Why is funding limited?” due to lack of market traction. This recursive
questioning leads to identifying the true root causes and actionable steps—like investing in
machinery for scale and improving market education to drive traction. The decision-making
process in addressing this challenge balances intuition and analysis. While financial data supports
pricing strategies, understanding customer emotions and behavioral patterns is equally important.
This hybrid approach of analytical reasoning and empathetic design ensures that the business can
meet both economic and emotional needs of customers. Choosing Design Thinking and Root
Cause Analysis together allows the venture to both innovate and adapt.
8. Conclusion
This report explored the development of a sustainable entrepreneurial venture based on cassava
starch-based biodegradable packaging in Sri Lanka. Through the application of entrepreneurial
theories such as Schumpeter’s Innovation Theory and Effectuation Theory, the report
demonstrated how opportunity identification and innovation can lead to a viable business. Market
analysis using tools like PESTLE, SWOT, and Porter’s Five Forces confirmed the growing demand
for eco-friendly alternatives, while strategic planning frameworks like the Business Model Canvas
and Ansoff Matrix informed the venture’s direction and scalability. The importance of financial
acumen, leadership, and team building was underscored as critical success factors. A well-
structured financial plan with realistic funding options and profitability projections enhances the
venture’s feasibility, while transformational leadership and diverse team collaboration promote
innovation and impact. Finally, using Design Thinking and Root Cause Analysis provided a
practical roadmap to navigate business challenges like price sensitivity.
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