Innovative Product: Business Venture
TASK 2
Assume your chosen firm in Task 1 is developing an innovative product and plan to pursue the new business venture in a specific market. For this purpose, the firm wishes to apply for a business loan from one of the financial institutions. As a business consultant, advise the firm on how to prepare a good business plan and explain how this new business venture might be done profitably. [Total: 40 marks]
Example Outline Below: Assignment Task 1 Report Format: To answer Assignment Task 1 (Read and refer Chapter 3 on Innovation)
1.0 Introduction
1.1 Background of the Company / Firm
2.0 Innovation – What is innovation? discuss in general
2.1 Discuss types of innovation briefly and then zoom on the sources of innovation
2.2 Identify innovation barriers
2.3 Discuss on the barriers face by the firm that you have chosen 3.0 Conclusion and recommendations – conclude your findings on the firm and discuss on recommendations to improve innovation culture among the employees of the selected firm
References
Answer Format: To answer this Task 2, please refer chapter 5 on Business Plan
1.0 Executive Summary – summarizing the report. This write-up is done after you have done the rest of the chapter – should cover all elements of business plan.
2.0 Background of the company firm chosen – description of the firm and new business venture – can use same firm in Assignment Task 1
3.0 Discussion on a) market analysis b) marketing and sales strategies c) Services or product lines
4.0 Discussion on firm and Management that you have selected – Discussion on company’s organizational structure, profile of management, remuneration and administrative budget given.
5.0 Funding Request – how to get funding for the new venture and amount needed 6.0 Discussion on Financial Projections – projections such as cash flow proforma, profit and loss proforma, balance sheet projections etc.. References
Q: Part A Identify three entrepreneurs other than those profiled in the activities, and evaluate the motivation behind their ventures. report that identifies their driving motivation and discuss their motivation in the context of the entrepreneur’s character, etc. Discuss what made their ventures successful. Discuss the importance of luck in these ventures. How did the environment shape their idea and success?
Part B Discuss and evaluate what makes a good entrepreneur, versus a good manager.
Part C Discuss the external factors and forces that promote or stimulate entrepreneurship.