Entrepreneurship, Innovation and Start-ups

Running Head: ENTREPRENEURSHIP, INNOVATION AND START-UPS 1
Entrepreneurship, innovation and start-ups

ENTREPRENEURSHIP, INNOVATION AND START-UPS 2
Table of Contents
Introduction......................................................................................................................................3
Need for the new venture.................................................................................................................3
Proposed business model.................................................................................................................4
Alignment with business plan components.....................................................................................7
Application of business plan structure and components..................................................................9
Project Plan for launch of new venture............................................................................................9
Associated critical risks, problems and mitigation........................................................................10
Conclusion.....................................................................................................................................13
Appendix........................................................................................................................................14
References......................................................................................................................................16

ENTREPRENEURSHIP, INNOVATION AND START-UPS 3
Executive Summary
The generation of business ideas is undertaken with the help of opportunities of business
which are provided by the external business environment. The rapid technological growth and
the need to employ the right technology at the right time helps in mitigating the risks involved
with the IT infrastructure of any company. The ability to gain control and continuous
improvement in IT processes depicts the IT maturity of a company. Although a company is
aware of the importance of technological advancements in their operations, lack of skills and
insufficient IT knowledge leads to their downfall. Companies failing to adopt technological
changes are unable to bring operational efficiency and remain competitive in the market.

ENTREPRENEURSHIP, INNOVATION AND START-UPS 4
Introduction
As suggested by Read, Sarasvathy, Dew and Wiltbank (2016), starting a new business
venture is a big step for entrepreneurs as it requires them to leave the comfort and security of
their regular jobs to deal with an uncertain future. The concept of entrepreneurship aims in
developing the economies of a country by creating various job opportunities and bringing
financial stability (Parker, 2018). But, a small business idea requires first identifying the problem
and then finding a relevant solution to it. A failure to identify the problem becomes the main
reason for the downfall of many start-ups. One of the most important factors for the success of
any company in the current business environment is the effect of technology on business
operations. Regardless of the size of the business, technology has both intangible and tangible
benefits that help the business to generate revenues and produce the desired results. Information
Technology drives innovation leading to business success. The purpose of the report identify the
issues faced by companies due to underutilization of technological advancements in their
business operations.
Need for the new venture
Omega Tech is a new tech start-up which aims at providing IT infrastructure planning to
business firms having loopholes in their IT operations by acting as their consultants. As opined
by Orna (2017), the integration of information technology is highly recommended into any
business to sustain the competition since it provides with business tools to solve complex
problems, a better decision making power, customer support and improved resource
management. However, a majority of businesses fail to utilize IT services in a number of
contexts which is where the role of Omega Tech comes into place. Omega Tech will help in