Reference no: EM133490703

Question: You feel that it is time now for starting your own venture. In your role a first-time entrepreneur, you have to create a business plan in order to secure funding from financial institutions or private investors. Using your business idea as a vehicle for discussion and analysis and using appropriate evaluative frameworks critically appraise and discuss your business approach to opportunity recognition and product and/or service innovation. Suggest how a more entrepreneurial approach to product and/or service innovation might be used to reduce the risk associated with new product and service development and the general performance of the business. Present your suggestions and recommendations in the form of a business plan across the next 12 months for product and/or service innovation strategy objectives, targets, planning, budgets, implementation and control. Use analytical frameworks in your work. Your report should also cover an environmental analysis to identify relevant opportunities and threats that the business is likely to face. You must relate your work to appropriate theories, concepts and models.