Assignment: Innovation and Entrepreneurship:

1- Suggest an innovative idea which could create value in the society and
become a viable business. Give four justifications for it viability.
Answer:

Introduction:

The new brand and successful utilization of an innovative idea is climacteric to a

latest business for implemented its procedure, introduce new and better consequences of a
product and service which will launch for society’s betterment in future for minimize the time
and maximize the efficiency and enhance the profit margin (Baldacchino, 2009).

New Innovative Idea:

Innovative idea which I suggest is to launch the “Digital Parking Station
App” which has many significance benefits for society. As countries is being running in advance
technology race so definitely this innovative idea will work rapidly to help people and safe their
time, fuel, extra charges, extra energy that was wasted to find a place for park their vehicles.
Also it will have different subscription facilities as per customer need and wants. This app will
work as connect to the customer’s mobile GPS for helping to find a better and nearest parking
plaza.

Four Justifications for it viability:

There are many appreciable justification from which four are discussing below to explain
the viability of innovative idea,

i. Secure from the constituent (Rain, dust storms, robbery elements):

This point of viability of this innovative idea is proved as most important one and
obvious. Rain, dust storms and robbery are antagonist for vehicle’s outward. It became
the reasons of being damage the vehicle exterior such as In UAE, the rain and dust storm
are very common element that oxidize and defile the vehicle’s surface coat. Parking plaza
and this app help the society to find the safest place for park their vehicle.

ii. Safe vehicles from sun’s heat wave and bad climate:
Usually people are not focus on dangerous UV rays effects. Utmost cold and
utmost hot weather both consider as worsening for vehicles inner and outer layer. The
app will support to reduce the risk of vehicle damages.

iii. Reduce fuel charges:

This new app will minimize the fuel charges also saving the time and energy
because when customer use this app so it can help to suggest most suitable and nearest
parking plaza for vehicle.

iv. No longer public disturbance:

1 Assignment (Innovation & Entrepreneurship).

 If this app will launch then it facilitates the society in a good way like
people will not park their vehicle on roads side or on streets. Also emergency conveyance
easily moving from one to route to another due to empty wide space on roads.

2- What could be the challenges in making it a successful business? Explain

any four challenges.
Answer:

Introduction:
Introducing or starting a new brand idea implementation is consider as
major achievement for most of the entrepreneur but it also have many challenges and
hurdle which have to overcome by the owner of a business.

Four challenges for new business success:

Here are the four major challenges for successful business;

i. Management of business finance:

Having sufficient and adequate finance to pay out all the invoice statement are
very necessary. Also sometime finance/cash flow reported as low and expenses are
increases gradually. Startup usually starts with heavy loans that become the difficult for
enhance business finance due to loan extra payments and suddenly different expenses
also take place.
ii. Congregate the business group:
It is consider as the toughest task for those businessman who are newly
become the owner because mange a team for any project is refer as technical, stressful
and hard job like to select the capable person for selected project, that whether the
selected employee will be right choice or not to do job effectively.
iii. Find out the perfect area for business location:
Discover or find out the exactly right place at your price offer for business
location is not much easy task. Businessman also has stress to manage their salaries,
bonuses and about diversification in office. Also pressurize him/her to not miss the best
candidate and select the employee as early as possible.
iv. Managed the competitor’s policies:
Starting a business with competitor is also a big challenge. Competitors
had power and customers that already addicted to their product or service habitual buying
behavior which they cannot easily change on new business or brand. It became the most
threatening challenge for new business success (Martiz & Donovan, 2013).

2 Assignment (Innovation & Entrepreneurship).

3- What should be done to overcome each of the four challenges identified in
#2. Explain in detail for overcoming each challenge.

Answer:

Overcome the mentioned challenges:

Here are discussing the kind of solution to over the major challenges for new
business success.
i. Management of business finance:
As above mentioned the challenge, the solution can be to running and using
the finance effectively and try to reduce expenditure. Also the statement of finance\cash
flow report should be enhance day by day is very important for the success of a business.
ii. Congregate the business group:
As above discussing the challenge, the owner of a new business should take
time to build a business team and try to reduce stress and then select or hire the
incumbent for project or task. Should select the neutral person and extrovert person who
is capable and also have ability to gel in project team easily.
iii. Find out the perfect area for business location:
As above challenge explanation; new business should find the place in
commercial area where people are living near roads and market to maximize the selling
and cover the cost of start up rapidly.
iv. Managed the competitor’s policies:
As above mentioned challenge can overcome by that, the very simple
formula here should applied that start up can easily compete the competition with
innovation like when someone start a business, he/she should have some business edge to
increase the chances of success ( USLU & KEDİKLİ, 2019).

4- Identify your current field of study and mention any three future
innovations that could appear in your field. What impacts might each of
those innovations have on your career path?

Answer:
Introduction:
In current era, Innovation and automation are long term combination for the world
especially for new startups. Advancement in automation can increase the chance of more
innovative idea.

The three future innovations:

i. Space Travelling:

3 Assignment (Innovation & Entrepreneurship).

 In today world, we can travel anywhere in the world, but in future the most
unbelievable innovation will take place that is space travelling. Anyone can travel
virtually towards space and experienced the magical tour.
ii. Electrifying vehicles:
Another best innovation will be coming with more benefits for society. It will be consider
as innovative long lasting vehicle and technology that reduce the stressful traveling.
iii. Solar collector Automation:
Very soon a huge solar panel/collector automation introduce the innovative
idea of vehicles and houses that run with solar cells completely to reduce the pollution
from the society for next generation (Linton & Soloman, 2017).

Impacts of each innovation on career path:

Each innovation has favorable and unfavorable conditions. Three of them are
discussing below;
 People can innovatively increase their knowledge towards scientific information
by travel to space and it became the reason to develop new startup will take
places.
 Society can reduce the cost, saving the atmosphere from pollution by using an
innovation of electrifying vehicles so it increases the employment chances.
 The innovation of solar panel/collector has power to decrease the electrics heavy
bills and also it reduces the pollution. It will be benefit for employee as no need to
install heavy and risky plants of electricity.

References:
 USLU, D. D., & KEDİKLİ, L. (2019). THE IMPORTANCE OF ENTREPRENEURSHIP AND
INNOVATION MANAGEMENT IN TERMS OF MODERN BUSINESSES. International Journal of
Academic Value Studies, 5(1), 3-11.

 Baldacchino, L. (2009). ENTREPRENEURIAL CREATIVITY AND INNOVATION. First International

Innovation Journal, 2(1), 4-16.

 Linton, J., & Soloman, G. T. (2017). Technology, Innovation, Entrepreneurship and The Small Business-
Technology and Innovation in Small Business: JOURNAL OF SMALL BUSINESS MANAGEMEN.
journal of small business management, 5(2), 2-45.

 Martiz, A., & Donovan, J. (2013). Entrepreneurship and innovation Setting an agenda for greater discipline
contextualisation. Journal of Innovation, 57(1), 74-87.

4 Assignment (Innovation & Entrepreneurship).