Assessment 4: Innovation and Entrepreneurship Course Reflection

Assessment 4: Innovation and Entrepreneurship Course Reflection

The purpose of this assessment is to reflect on creativity, innovation, and entrepreneurship as an individual.Through your reflection, you should demonstrate an understanding of the theory and practice you have learned in this subject. Identify and analyse the issues related to innovation and entrepreneurship. Academic literature MUST support your reflections.

There are several key contents that should be included, but not limited to: When developing a feasibility study and business plan, did you consider the importance of model? In relation to entrepreneurship, did you consider the importance of creativity? Have you considered your potential competence? Have you considered the financial aspects of launching a new product or service? Have you determined suitable, cost-effective marketing requirements?

Guidelines:

Word Count: 2000 words (excluding title page, table of content, references, and appendix)

Font: Arial 11, Calibri 12, or Times New Roman 12

Referencing: APA 7 style

Minimum references: 15 x academic sources

Business plan

Word around 3000

Title page:

Title page with the business name and address, your name and the date the business plan is prepared (submission date). You can place a drawing or mock-up of your new innovative business idea on the title page. (Leave blank, only need the company name)

Table of contents:

The contents page should contain a list of your headings and sub-headings in the business plan with the page number they start on. The headings should be aligned left with the page number aligned right.

Summary:

This section is a comprehensive summary of the key points of your business plan. This is not an introduction. Always write the executive summary last.

The Business:

Describe your new entrepreneurial business idea from an environmentally friendly product by recycling discarded red wine boxes, we re-design and process these old furniture to manufacture the new speakers or the new loudspeaker products. The product will be sold as local speciality tourism products. Marketing in Singapore&Malaysia.

Operations plan:

1, How and where is the product/service produced, and what type(s) of premises and machinery are required? Key supply chain partners

2, Discuss what your key supply chain partners are providing and where they are situated (local, interstate, global).

3, Describe your plan and the application of intellectual property to the new innovative business idea, & the laws & regulations specific to your product/service and organisation.

Labour Force Staffing:

1, Discuss the type of staff required for the business. Are they available in your geographic location? How are they recruited?

2, Training - What types of training are staff going to require?

The market (Industry analysis):

1, Discuss your main competitors, their weaknesses and strengths. Industry and market trends

2, Discuss what is happening in the industry/market that may affect future competition.

3, Discuss your competitive advantage.

The market (Marketing strategy):

1, Discuss your market segment size and potential target market.

2, Discuss your target market demographics, and geographically.

3, Discuss your marketing mix.

Risk management:

1, Identify potential risks, how are you going to monitor them, and how do you manage these risks?

2, Discuss what you need to get right to ensure the survival and success of the business.

3, Discuss strategies in place to take advantage of opportunities (e.g., expansion). Goals and actions

3, Discuss your business goals and accounts for the next year and the next three years. Goals and actions are very clear and realistic.

The finances:

1, Discuss the company founder(s) financial contribution(s) to the business.

2, Discuss the various types of venture capital available to your business at the start-up stage in your geographic location.

3, Discuss your financial management tools (at least one tool such as case flows, break-even point)

Sustainability:

1, Discuss the importance of ethical business operations, and how this relates to your supply chain members and not just your company.

2, Discuss how your business idea is part of the circular economy. For details on the circular economy, see:

HYPERLINK "http://reports.weforum.org/toward-the-circular-economy-acceleraing-the-scale-uphtp:/reports.weforum.org/toward-the-circular-economy-acceleraing-the-scale-up-across-global-across-global-supply-chains/from-linear-to-circular-acceleraing-a-proven-concept/" http://reports.weforum.org/toward-the-circular-economy-acceleraing-the-scale-uphtp://reports.weforum.org/toward-the-circular-economy-acceleraing-the-scale-up-across-global-across-global-supply-chains/from-linear-to-circular-acceleraing-a-proven-concept/

References:

In-text and reference list must be APA style.