MGMT 620 Entrepreneurship and Innovation Assignment Sample UAEU, UAE
This assignment sample is a solution to an assignment on entrepreneurship and innovation under the course MGMT 620 at the University of UAE.
The course will expose the student’s minds to the vagaries of the journey of being an Entrepreneur in a simulated setting. They will learn that Innovators are creative and capable of changing existing business models. Team practice is linked to real-world entrepreneurial projects. As a result, it balances theory and practices through business case studies.
The students will be tasked to come up with an innovative idea that they will commercialize in a theoretical setting. This will involve developing a business model, a business plan, funding, commercialization, and managing growth via creating a comprehensive business plan.
The course appeals to individuals who have a desire to start up new for-profit ventures (mainstream entrepreneurship). Corporate employees interested in initiating new projects within organizations (intrapreneurship), and philanthropists with civic innovative mindsets (social entrepreneurship).
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MGMT620 Course Learning Outcomes
Entrepreneurship is the creation or extraction of value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values than simply economic ones. At the end of the course, students will be able to :
1.Analyze How To Build Organizations That Excel At Identifying, Building, And Commercializing The Innovations.
- Idea Generation and Mobilization: New ideas are created during idea generation. Mobilization occurs when the idea is moved to a different physical or logical location, such as an outside firm or another department. Inspiration for a new idea can originate from an improvement of an existing idea or something from scratch.
- Advocacy and Screening: Not all ideas are worth implementing. Advocacy and screening help evaluate an idea and measure its potential benefits and problems. From there, a decision can be made about an idea’s future. One of the biggest advantages of the joint processes of advocacy and screening is refinement. If the idea has potential, discussions, and arguments help enhance it.
- Experimentation: The experimentation stage tests an idea, such as with a prototype or pilot test. Researchers in Innovation Management, Policy & Practice carefully note that Experimentation does not test an idea’s objective merits. But, the suitability for a particular organization at a particular time. Some ideas might be ahead of their time or beyond the present capacity of the company.
- Commercialization: Commercialization aims to create market value for an idea by focusing on its potential impact. This step makes the idea appealing to the audience by packaging an idea with other ideas. Clarifying how and when the idea can be used. Using data or prototypes from experiments to demonstrate benefits.
2.Be Creative And Capable Of Changing Existing Business Models
If a business struggling with competition and considering switching business models, or if a new idea includes a never-before-been-done business model. Here are four tips for forging it successfully:
- Take Advantage Of Major Trends: Markets are always changing but sometimes, major trends affect all the markets. When you notice major trends such as the rise of the sharing economy, ask yourself, “How can I better fit my product or service within this larger trend?” It will also help in brainstorming new ideas too.
- Know What Business You’re Really In: New business models create such new business types. It’s of paramount importance to thoroughly understand what your business does – and to not stray from that.
- Understand Your Customer: Of course, the most successful business models represent a deep understanding of their customers. While this is important in launching any new business or business pivot. It is particularly important when a new business model is in consideration.
- Consider The “One For One” Model In Some Capacity: If you’re still coming up short with ideas for a new business model, consider the “one for one” model. People are most motivated to help when they feel a connection to those whom they’re helping. It can also help your customer understand the benefit of your product and service.
3.Create An Organizational Culture That Rewards Innovation And Entrepreneurship
After setting the intention, the leadership team and employees can take the following four steps:
- Create a shared understanding of innovation
- Create a work environment that supports creativity and
- Build innovation skills and introduce a process for
- Measure the impact.
4.Effectively Formulate And Communicate A Comprehensive Start-Up Business Plan And Defend It Before An Audience.
Once you’ve prepared your plan for the presentation, you need to put it in front of the right people. There are six steps for doing so:
- Obtain leads and referrals: Find names, addresses, and phone numbers of the type of investors you wish to target. Ask people for referrals. Network as much as possible.
- Research your target: Learn as much as possible about how much money people have to invest, industries they’re interested in, and other requirements. Search venture capital directories, Who’s Who, news articles, websites, and similar sources.
- Make your pitch: First, email or mail an introductory letter to your target letting them know you have a plan you’d like to send. Sending unsolicited, unanticipated business plans with a mere cover letter won’t typically get your plan read.
- Try to meet people in person: It’s very hard to get such a commitment through a few texts or by email. Skype may work, but meeting in person for a major financial commitment is best. If they want to keep all communication electronic, then follow their lead.
- Defuse objections: Although you may think you’ve answered everything in your plan, you haven’t. Prepare a list of possible objections—potential competitors, hard-to-buttress assumptions, and the like—that your investor may raise. Then prepare cogent answers. Have friends, co-workers, and your team play devil’s advocate. They provide every possible objection or ask the tough question, and then formulate your answers.
- Get a commitment: You won’t get an investment unless you ask for it. When all objections have been answered, be ready to offer one last concession—“If I give your representative a board seat, can we do this today?”—and go for the close.
5.Evaluate And Judge The Real-World Entrepreneurial Case Studies To Balances The Theory And Practice.
Case studies of real-world entrepreneurs can provide a glance about the path to create a business from an idea, challenges they have faced during their journey. Also, the things that need to be done or not to be done, and many more things. One should be able to judge the case study and figure out the way to make a balance between theory and practices to create a business.
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