Question

Knowledge

• Describe the process of identifying, developing and implementing a business idea
• Outline the principles and processes of strategic management

Skills

• Assess the viability of a business venture from idea conception to implementation of the business plan
• Develop a strategic plan which will build a competitive advantage for a new business venture

Attitudes

• Justify the need for entrepreneurs based on their contributions to job creation in a society
• Value constructive criticism in decision-making for assessing entrepreneurial business ideas
• Relate your acceptance of entrepreneurial ideas that are beneficial to an organization
• Accept the need for the continuous renewal and change of a business for successful entrepreneurship

Discussion Description and Instructions:

As the owner of a year-old Dog Spa and Grooming business, you recently engaged in a time of reflection on your entrepreneurial journey. Having completed the reflective process, it is now clear to you that entrepreneurship requires the application of creativity and innovation to solve problems and capitalize on recognized opportunities. For this assignment you are required to do the following:

1. Discuss what entrepreneurship mean to you and describe two (2) entrepreneurial traits/characteristics you possess. Use examples from your life experience to support each trait/characteristic.
2. Identify one (1) innovation you currently enjoy and discuss how it adds value to your life.
3. Develop two (2) innovative strategies to enhance creativity at your Dog Spa and Grooming business.

4. Read and respond to the posts made by at least two (2) of your peers.

Please use definitions, concepts, descriptions and literature from your learning materials and research in your contribution.

Answer 1

Describe the process of identifying, developing and implementing a business idea.

Identifying a business idea : In order to carry on a business venture, an individual or firm must identify its busniess strategies. A firm should start with a clear vision of strategies it is going to adopt, it should have clear long term and short term goals and objectives to move forward with the strategies.
Developing a business idea : In this stage, the firm needs to gather some information and knowledge about the strategies it is going to implement. It can achieve a SWOT ( Strengths, weakness, opportunity and threats) analysis of the product and carefully develope ideas to overcome the faults and to enhance the quality.
Implementing a business idea : In this step, the firm executes the strategies it has planned for its company. This is the action phase where the plans are shared with all the members or employees and each individual or team is assigned with particular task to meet the end goals of the business idea.