Unique Business Ideas for First-time Entrepreneurs

Running head: ENTREPRENEURSHIP AND BUSINESS IDEAS
Entrepreneurship and Business Ideas
Name of the Student:
Name of the University:
Author’s Note:

1ENTREPRENEURSHIP AND BUSINESS IDEAS
As opined by Storey (2016), the concept of entrepreneurship as well as the
development of new business ideas had gained a substantial amount of prominence within the
cannon of the contemporary business. Burns and Dewhurst (2016) are of the viewpoint that
the services rendered by the entrepreneurs become important not only from the perspective of
the development of new business idea but at the same time from the perspective of the
management of the diverse aspects of the business venture as well as the contribution that
they make towards the national economies of the different nations. However, at the same time
it needs to be said the business prospects of the business ventures depends greatly on the
ability of the entrepreneurs to recognize business opportunities and also the efficiency which
with they manage the diverse aspects of their business (Kizner 2015). I would like to say that
I tried to develop my entrepreneurial skills in my previous assignment for the development of
a business idea, namely, the A1 Platinum Car Wash. In this assignment, I will reflect on the
processes which were used by me for the development of the business plan and also the
challenges that I faced regarding the same.
I would like to say that the first major challenge that I faced regarding the completion
of the assignment and also the formulation of the business plan was the creation of an
effective team with the members who were supposed to work with me for the completion of
the assignment. In this regard, I would say that we took the help of Tuckman’s model of team
development for the creation of an effective team which in turn would ensure the fact that we
create an assignment that would be in synchronicity with the requirements given by the
professor. Kiweewa et al. (2018) are of the viewpoint that the Tuckman’s model of team
development is one of the important generic models of team formation as well as
development which helps the individuals to create an effective working team. Furthermore,
the four important precepts of the model, namely, forming, storming, norming and
performing were used by us for the creation of the team.

2ENTREPRENEURSHIP AND BUSINESS IDEAS
As opined by Woodcock (2017), the stage of forming is the one wherein the members
of the team are initially selected on the basis of their capabilities. I would say that this stage
was completed by our professor since it was the professor who selected the different
members of our team who would complete the assignment. The second stage is the staging of
storming in which the different members of the team start to build trust on each other and
also learn about their capabilities (Wang et al. 2016). In this regard, I would say that this was
a simple stage for us since the members of the team were from our and thus we had a fair
amount of idea regarding the capabilities of each other and on the basis of this the tasks were
allocated. The third stage is the stage of norming wherein the disputes among the team
members are being resolved and also the different members of the team learn to trust each
other (Mangan, Lalwani and Lalwani 2016). This was a fairly simple stage for us since by
virtue of knowing each there was not much scope for any disputes and thereby we were able
to trust each other in an effective manner. Finally, the last stage is the stage of performing in
which we undertook the completion of the assignment and the development of the business
plan. In this regard, I would say that at the beginning of the second week we created the blue
print for the completion of the entire assignment so to complete the entire assignment in an
effective manner.
As opined by Monczka et al. (2015), business canvas model can be defined as a
strategic management framework or template which helps the organizations or the individuals
to outline the methods or the measures that are needed for the development of a new business
venture or an existing venture. Rutherford et al. (2017) are of the viewpoint that the business
canvas model can be seen as a visual which outlines the different facets of the services or
products that an organization is likely to offer, namely, the value proposition, the actual
product or services, customer base, finances, infrastructure and others. In this regard, I would
say that for the development of the business plan for the above mentioned group assignment