Entrepreneurial Theory Analysis

Question: Provide a critical analysis and imaginative entrepreneurially based suggestions and recommendations for a future entrepreneurial approach to product and/ or service innovation improvements. Provide a clear rationale and justification. Demonstrate and employ your knowledge of entrepreneurship and your entrepreneurial skills developed on the course. Demonstrate a good grasp of entrepreneurial theory and practice in the construction and content of the business presentation on achieving improved entrepreneurial product and/ or service innovation. Answer: In this part of this particular assignment, it mainly discusses about both the suggestions as well as the recommendations in the structure of the 12 months business plan that mainly evolves objectives of the various innovation strategies of the offered services as well as the products. It also includes the various targets, budgets, planning as well as the implementation and the control. In order to doing the mitigation of the various risks which are associated with the development of the various new products as well as the services there are some of the suggestions on the basis of the consideration in doing the various range of the development as well as the management with the innovation of the new services. In doing the implementation of the 12 months approach of the business plan, the best technique is doing the setting of the tasks in the quarter basis that also evolves with the various research studies, making of the decision, implementation of the taken decision and at last the controlling techniques (Cassar, 2009). In the first quarter, it needs in doing the preliminary basis of the research studies because of the firms processes mainly comprising with the various range of the industry ranges. In this first quarter, it also deals with doing the examination of the various range of the potential as well as the expectations of the customers. It also deals with the reviewing process of the suppliers as well as the customers needs and demands. The whole second quarter is allocated for doing the effective nature of the decision making which mainly includes the context of the targets, budgets as well as the planning for the innovation of the new services. It also deals with the elaborate examination by doing the SWOT analysis in doing the proper understanding of the concerned problems and doing the solutions. At the end of the second quarter, it must be clearly figure out the various concerned targets and the effective budget plan which will speed up the decisions of the business plan (Cassar, 2009). In the third quarter of the 12 months business plan, it mainly deals with the various implementation techniques of doing the managing of the various range of the problems. Moreover, it also evolves with the series or the timetable of the various allotted steps in doing the introduction of the entrepreneurship approach for doing the implementation of the business plan. In order to doing the effective implementation of the business plan it involves the selling of the various ideas to the various stakeholders which mainly includes suppliers, customers as well as the investors. The next faced challenges of the business plan of Creative Media Agency id the training of the various existing employees as well as the various functional tasks, software as well as the new procedures (Chen, 2012.). In doing the entering to the 4th quarter as well as the last quarter of the business plan, it needs to do the various reviewing and the revision of the implementation of the various ideas of the new business plan. In doing the ending of the quarter it does the various nature of doing the completion of the restructuring of the of the whole business plan by doing the proper identification as well as the recognisation of the various gaps (Danes and Jang, 2013).