This assignment comprises of two tasks. Task 1 is designed to enhance learners’ ability to understand the sources of innovation, barriers to innovation and how to improve innovation culture among employees in a firm. Task 2 is designed to develop learners’ ability to prepare a business plan for a new business venture.

TASK 2

Assume your chosen firm in Task 1 is developing an innovative product and plan to pursue the new business venture in a specific market. For this purpose, the firm wishes to apply for a business loan from one of the financial institutions. As a business consultant, advise the firm on how to prepare a good business plan and explain how this new business venture might be done profitably.