Using an Entrepreneurial Venture You Wish to Start (the New Venture can be a Stand-alone Entity: Entrepreneurship Assignment, CSU, Australia
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.
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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): industry 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 the business stabilization stage.
4. Evaluate various support systems provided by the government to facilitate entrepreneurial activities. Recommend various forms of assistance required by the government to foster your businesses.
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