Reference no: EM132192255 , Length: 2

We have reviewed the different types and processes of managing innovation and/or entrepreneurship. Some forms of innovation are gradual and incremental, while other forms of innovation can disrupt existing business operations or create entirely new markets and products.

Greg Satell's book provided a theoretical map to identify different kinds of innovation inside a specific company or industry; but some new or disruptive innovations may require new ventures.

The effective success of new innovations and ventures depends on policies and business ecosystem support, but some places and countries are better than others for entrepreneurship.

The Rebecca Fannin book described the environments for new high tech startups in Asia; but these ventures are often based on imitations of other ventures and financial investments by private venture capitalists.

Although financial resources and loans can be obtained from a variety of private or public sources, there still need to be entrepreneurs with realistic business plans and incubators to support them. The Cooper book discussed the iterative processes of "lean" entrepreneurship to start with just a minimum viable product, then scale and improve it; but there needs to be fast learning if failures.

The Meyer and Crane book described the different steps and aspects of new business plan creation, with a marketing approach on identifying customers (segments) and an accounting emphasis on the business models required to generate enough revenue to survive and grow more.

Your own business plans should spell out the granular details of how to focus on acquiring new customers, and making enough money from the whole sales cycle to at least break even, or to be profitable in a given time period. New businesses are always vulnerable; but franchising can offer more support, for a price.

For this paper, you need to discuss more favorable business advice and government policies to encourage new ventures, in any industry or country. What can be learned from other experiences?

1. What kinds of supporting systems or policies would you recommend to foster more successful startup ventures? Should there be more financial aid, or marketing advice?

2. How could starting a new firm be easier or made less risky for entrepreneurs, either new or "serial" entrepreneurs in their next venture? What kinds of practical advice or business knowledge should be included in courses about innovation and entrepreneurship?

3. ENTREPRENEURSHIP. In some situations, new startup companies can be more successful at innovations (incremental or disruptive) than existing companies; but what strategies can they formulate to build sustainable competitive advantages?

How can more new startup company ventures be encouraged or created, if there are already many competitive forces and risks in the market?

Meyer and Crane's book reviews several marketing and financial plans for entrepreneurs to design successful new ventures; how can such ventures be increased or avoid failures?

Using examples from a specific country (U.S., Isreal, China, or Saudi Arabia), briefly review two (2) government (legal) or financial policies that could be changed to encourage more new ventures by entrepreneurs?

2-3 pages