BUS300: Evaluating Innovation and Entrepreneurship Concentration in Developed Nations Assessment Answer

Question 1.

The concentration of innovation and entrepreneurship initiatives in the developed world has prompted substantial debate among academics, policymakers, and business leaders. The ability to think creatively and innovatively is not just useful for coming up with new products and services; it also applies to finding new investment opportunities, planning how to make the most of those opportunities, defining organisational goals and objectives, and conducting market research in both urban and rural areas. Successful businesses pay close attention to risk and uncertainty management, as well as innovation, creativity, and diversification (Gontur et al., 2016). These are all steps in the process of launching a company and getting it up and running. This question seeks to evaluate this approach's pros and cons. It will discuss pros and cons using real-world examples.This complex subject can be understood by evaluating its effects on economic growth, technological advancements, and global inequality.

Creativity and innovation in developing a sustainable competitive advantage

The importance of creativity and innovation in developing a sustainable competitive advantage is a central theme in academic discourse. In today's competitive global market, companies of all sizes must constantly innovate in order to survive (Ali et al., 2020). This paper presents a broad overview of what an individual knows about outstanding policy options for innovation. It examines early ideas on innovation's role in global environmental issues and recent innovations in processes and patterns. Because all businesses today face global competition. This understanding helps entrepreneurs and businesses design market-changing goods. Entrepreneurship and the systematic growth of a competitive advantage rely on a culture of constant innovation. Creativity is the bedrock of innovation (Doğan, 2017). Innovation requires creativity, but not always. Implementing creative ideas is innovation. In many industries, ongoing innovation is essential to success. Meaningfulness of Creativity and innovation help firms innovate and grow. Business owners also seek innovative solutions. This opening created a new, intriguing, profitable, and changeable idea. Moreover, it aids in the longevity and long-term performance of businesses of all types (Baykal, 2018).

The economic and social repercussions of the world's current problems are felt everywhere. Communities all across the world want to see social change, but many governments and philanthropies aren't delivering it, and many people don't trust the most important organisations in the social sector to effectively address these issues (Fields, 2016). Despite the fact that many business owners consider creativity and innovation vital, there remains a knowledge gap concerning the factors that influence them and the management of related activities. An economic shift has taken place very recently. Creativity, invention, entrepreneurship, and imagination are becoming increasingly important in today's economy, which is moving away from knowledge-based activities.

Competition has intensified as the market has become more saturated as a result of both growing globalisation and technology effects (Edralin et al., 2019). Creative thinking helps entrepreneurs capitalise on market openings. It can help people, communities, and the planet (Ballor & Claar, 2019). From mom-and-pop shops to Fortune 500 companies, all businesses have entrepreneurial spirit.

Advantages and why I agree with concentrating innovation and entrepreneurship efforts in the developed world.

Proponents and detractors of focusing innovation and entrepreneurship in industrialised nations disagree. Focusing on developed nations has advantages, according to proponents. First, industrialised countries have modern infrastructure, plentiful resources, and innovation-friendly ecosystems. Silicon Valley's success shows the value of focusing innovation and entrepreneurship in industrialised nations. Silicon Valley, home to top universities, venture capitalists, and IT companies, is a global innovation hub. Apple, Google, and Facebook have grown in this region by using its modern infrastructure, vast resources, and established ecosystem. China's e-commerce boom shows concentrated market opportunities. Alibaba and JD.com profited from China's growing middle class and internet penetration. Their ability to meet this market's needs and flourish has changed e-commerce and helped China's economy. These nations have well-funded research institutions, top universities, and venture capital. Silicon Valley in the US is famous for its tech companies, startups, and supportive ecosystem. Such places foster innovation and economic growth through resources, networks, and collaboration.

Developed economies have larger, more stable marketplaces with higher purchasing power. Entrepreneurs may scale and tap into consumer demand by focusing innovation and entrepreneurship in these places. China's e-commerce development shows the potential of focused market opportunities. Alibaba and JD.com thrived in China's growing middle class and internet penetration. Entrepreneurs benefit from finance, market networks, and the capacity to reach a large consumer base.

Cons and Why I Disagree with the Statement

Innovation and entrepreneurship in wealthy nations may worsen global inequality. Africa has struggled to keep up with technology due to inadequate resources and investment. Africa's technological deficit has grown, hindering socioeconomic progress. Local challenges and solutions are essential. Indian localised innovation works. India's Tata Motors Nano is affordable. This economical invention addressed the unique demands and affordability restrictions of the local market, having a significant social impact and demonstrating the need to adjust solutions to individual situations (Gaur & Sahdev, 2015). Many modern Nigerian business owners lack a workable strategy for integrating available assets and openings. Their inventiveness pales in comparison to that of the West. They haven't taken enough of a risk with their capital and other resources on new company ventures where they hope to reap substantial benefits since, they haven't done enough planning, scheduling, staffing, managing, or directing. Many Nigerian SMEs struggle to meet customer demand and turn a profit because their management lacks the insight to know what to create, when to produce it, and how to manufacture it most efficiently. If the entire management group had been more open to creativity and innovation, results would have been better (Juliana et al., 2021).

In conclusion, concentrating innovation and entrepreneurship efforts in the developed world has advantages like advanced infrastructure, abundant resources, and established ecosystems, but it also raises concerns about global inequalities and neglecting local challenges and diverse perspectives. Developing countries need investment and assistance for innovation, and the global innovation environment needs inclusivity.

Question 3

The business plan must offer all the detail of how the entrepreneur is going to develop the business, when he or she is going to do that and who is going to play the role and how one will manage or procure the funds (Amit & Zott, 2020).

The business plan is crucial for the progress, commencement and overall achievement of the corporation. Such plans offer the business a precise vision for the imminent and a strong approach for how to enlarge. There are numerous crucial elements of an operative business plan and considering each of such elements can support one in creating the plan to direct the company towards success.

Executive Summary

It is the foremost and significant part of any business plan. This element offers an outline of the entire business proposal and outlines what the corporate plan is going to cover. It contains the mission statement of the company and the goods and services that it plans to offer. One might also include why one is planning to start a particular business.

Business Description

The second element of a business proposal is concerned with business explanation. This element offers all-inclusive details of the business and its objectives, goods, services and target base of customers. Cover details in relation to the sector that the corporation plans to cater to organized with any tendencies and main participants within the sector (Haaker et al., 2021).

Market Analysis and Strategy

The major purpose of the market strategy and analysis component of a business proposal is to examine and determine the chief board audience of the corporation and where to identify this audience. Features to add in this section include –

• The geographic location of target marketplaces
• Basic pain arguments practiced by the target customers
• Demographics of the target audience
• Protruding requirements of the target market and how the goods and services can fulfil such requirements

Sales and Marketing Plan

This section of the business plan includes the particulars of how entrepreneurs proposes to market and sell off goods and facilities. It comprises –

• Projected advertising and promotion tactics
• Pricing strategies for the business goods and services.
• The approaches for making sales
• Reasons for the target audience to buy from an entrepreneur company versus from the competitor firm
• Unique selling proposition of the organization

Organization and Management Description

This section of the business proposal explores the particulars of the management and administrative strategy of the corporate. Familiarize the corporate leaders and their tasks and qualifications within the corporate. One may also cover human resource necessities and the legal structure of the company.

Products and services offered

One requires to detail what will be manufactured and how it is going to be sold. It must cover how the good or service is going to meet the particular requirement in the marketplace and how one will get customers to return to build a repeat purchase. Repeat customers act as the lifeblood of a good business.

Competitive analysis

Include a detailed competitive analysis that precisely outlines the comparison of the business firm to its competitors. Highlight the weaknesses and strengths of the competitor and how the entrepreneur expects that the company may compare to such firms (Cavallo et al., 2021). Add any benefits or distinctions the competition has in the market. Moreover, discover what makes the company distinct from other corporations in the sector, together with any probable issues one might face while making an entry into the market.

Operational plan

This element of the business plan details how one plans to operate the corporation. Add any information in regard to how and where the company plans to carry out its operations, like patents for intellectual property or shipping logistics (Bocken & Geradts, 2020). The operating plan also explains operations that are in relation to personnel like the number of employees to hire in several departments.

Financial Plan

This element of the business proposal details how one project brings in revenue. If one necessitates funding for the corporate, this section also specifies the sums and foundations for such funding. Add in the projected financial declarations, the study of such reports and the projection of cash flows.

Appendices and Exhibits

The last element of the business plan offers additional info to further support the particulars highlighted in the plan. One can also contain appendices and exhibits to support the feasibility of the business plan and offer stockholders a strong understanding of the research that backs up the plan (Mansoori & Lackeus, 2020). Common data to place in this section include –

• Marketing research
• Permits
• Pertinent legal documentation
• Financial documents

Venture capitalists are well-known for undertaking big bets in any new startup companies, eager to hit the home run on impending billion-dollar corporations. With a large number of investment prospects, venture capitalists repeatedly have set standards that they search for and assess before making any investment (Alon-Beck, 2019). The business concept, management crew and plan, risk judgement, and market prospect, all undertake a major role in making the investment verdict for a venture capitalist.

• Solid management – Management is considered the most substantial aspect that smart stakeholders take into account. VCs make investments in management teams and their capability to implement business plans. They do not look for green managers, but for executives that have effectively established businesses that have produced effective yields for the investors.
• Size of the market – Depicting that the firm will mark the huge, addressable market prospect is essential for grabbing the attention of VC investors. In order to acquire higher returns than they assume from investments, VCs normally desire to make sure that their selected corporations have a chance of rising sales.
• Innovative product or service – Venture capitalists do not desire to see the same product. They desire to see businesses that either offer a compelling reason for people to alter their present habits or look at something unique (Wadhwa et al., 2020). For such reason, VCs desire to see a product that has stronger differentiators.

References

Alon-Beck, A. (2019). Alternative Venture Capital: The New Unicorn Investors. Tenn. L. Rev., 87, 983.

Amit, R., & Zott, C. (2020). Business model innovation strategy: Transformational concepts and tools for entrepreneurial leaders. John Wiley & Sons.

Bocken, N. M., & Geradts, T. H. (2020). Barriers and drivers to sustainable business model innovation: Organization design and dynamic capabilities. Long range planning, 53(4), 101950.

Cavallo, A., Sanasi, S., Ghezzi, A., & Rangone, A. (2021). Competitive intelligence and strategy formulation: connecting the dots. Competitiveness Review: An International Business Journal, 31(2), 250-275.

Haaker, T., Ly, P. T. M., Nguyen-Thanh, N., & Nguyen, H. T. H. (2021). Business model innovation through the application of the Internet-of-Things: A comparative analysis. Journal of Business Research, 126, 126-136.

Mansoori, Y., & Lackeus, M. (2020). Comparing effectuation to discovery-driven planning, prescriptive entrepreneurship, business planning, lean startup, and design thinking. Small Business Economics, 54, 791-818.

Wadhwa, V., Amla, I., & Salkever, A. (2020). From Incremental to Exponential: How Large Companies Can See the Future and Rethink Innovation. Berrett-Koehler Publishers.

Ali, S., Li, G., & Latif, Y. (2020). Unleashing the importance of creativity, experience and intellectual capital in the adaptation of export marketing strategy and competitive position. PLoS ONE, 15(11). https://doi.org/10.1371/journal.pone.0241670

Ballor, J. J., & Claar, V. V. (2019). Creativity, Innovation, and the Historicity of Entrepreneurship. Journal of Entrepreneurship and Public Policy, 8, 513-522. https://doi.org/10.1108/JEPP-03-2019-0016

Baykal, E. (2018). Innovativeness in Family Firms: Effects of Positive Leadership Styles. In H. Dincer, ü. Hacioglu, & S. Yüksel (Eds.), Strategic Design and Innovative Thinking in Business Operations, 213-232. Cham: Springer. https://doi.org/10.1007/978-3-319-77622-4_11

Doğan, E. (2017). A strategic approach to innovation. Pressacademia, 4, 290-300. 10.17261/Pressacademia.2017.491.

Edralin, D. M., Tibon, M. V. P., Poblador, P. E. T., & Yu, J. W. (2019). Creativity, Innovation, and Sustainability: Insights of Entrepinays in the Handicrafts Industry. DLSU Business & Economics, 28, 64-79. https://doi.org/10.4018/jec.2008100101

Fields, Z. (2016). Using Creativity and Social Innovation to Create Social Value and Change. In Z. Fields (Ed.), Incorporating Business Models and Strategies into Social Entrepreneurship, 97-112. Hershey, PA: IGI Global. https://doi.org/10.4018/978-1-4666-8748-6.ch006

Gaur, Loveleen & Sahdev, Supriya. (2015). Frugal innovation in India: The case of Tata Nano. International Journal of Applied Engineering Research. 10. 17411-17420.

Gontur, S., Davireng, M., & Gadi, P. D. (2016). Creativity and Innovation as a Strategy for Enhancing Entrepreneurship Development in Nigeria. Journal of Teacher Perspective, 10, 1-16.

Juliana, N., Hui, H., Clement, M., Solomon, E., & Elvis, O. (2021) The Impact of Creativity and Innovation on Entrepreneurship Development: Evidence from Nigeria. Open Journal of Business and Management, 9, 1743-1770. doi: 10.4236/ojbm.2021.94095.        

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