Discuss the innovation process to implement when starting a business.
Using an entrepreneurial venture you wish to start (the new venture can be a stand-alone entity or part of an existing business (Intrapreneurship)), discuss the innovation process you would implement, future business opportunities for this new venture, and prospective strategies to move the business from a new venture development stage to the growth stage. In your answer, ensure you consider the role of government in facilitating innovation.
Please ensure you cover the following elements in your assignment:
1. In your introduction, give a brief overview of the new venture (profit or not-for profit):
- products and/or services
- target market.
2. Review the article ‘You don’t have to be an entrepreneur to be entrepreneurial: the unique role of imaginativeness in new venture ideation’. The article discusses three types of imaginativeness (Creative, Social and Practical imaginativeness). Address the following in your assignment:
- Creative imaginativeness – discuss what helped you to identify the business opportunity.
- Social imaginativeness – assess how the product or service you are suggesting will add value to the customers.
- Practical imaginativeness – evaluate strategies that will help you to anticipate and respond to potential obstacles (This would be the early stage of the life cycle.)
3. Recommend strategies to move the business from the growth stage to business stabilisation stage.
4. Evaluate various support systems provided by the government to facilitate entrepreneurial activities. Recommend various forms of assistance required from the government to foster your businesses.
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Important assignment instructions
- The required word length for this assignment is 3000 words (plus or minus 10%).
- In terms of structure, presentation and style you are normally required to use:
- AIB standard report format
- AIB preferred Microsoft Word settings
- author-date style referencing (which includes in-text citations plus a reference list).
These requirements are detailed in the AIB Style Guide.
- Reference lists for AIB assignments normally contain the following number of relevant references from different sources: 6–12 (for MBA assignments).
- All references must be from credible sources such as books, industry related journals, magazines, company documents and recent academic articles.
- Your grade will be adversely affected if your assignment contains no/poor citations and/or reference list and if your assignment word length is beyond the allowed tolerance level (see Assessment Policy available on AIB website).