Fundamentals of Innovation and Entrepreneurship Free-Samples

Question: Create a Proposal for your expected Business Idea and Convert it into a viable Business Opportunity. Answer: Introduction The Banks of Abu Dhabi are identified as one of the technically sound organizations. The working and safety structure is suitable to the customers as well as employees working in the organization. But, by observing issues related to the cyber-attack and cyber security, new system has been planned to be introduced in the banks which is identified as the Biometric system. The biometric system is considered as the new and specific innovation for the market in simple form. The safety of accounts and banking system is considered on the highest priority. The business proposal shown below will be helpful in covering the basic business topics related to the business. Business Vision/ Mission The business vision is to provide the most specific approach related to the Biometric system in all the organizations and banks. The invasion of the biometric system will help in bringing change in the security system associated to the organization. Apart from this, the secondary vision is the installation of maximum biometric voice recognition machines in the major banks of the Abu Dhabi The mission of introducing biometric systems is to secure all accounts from the cyber-attacks and cyber crimes. By introducing the concept of biometric systems, issues related to the cyber crime can be solved very soon. Other than this, there are various primary objectives too, which may aid in providing assistance for the improvement as well. The primary mission of the organization is to manage uncertainty and to develop an environment suitable for the improvement of an organization as well. Design Thinking The biometric system in technical term is also considered as the electronic sensor machine, which helps in taking thumb printing, retina testing and now voice aspects are also identified on a wide level. The biometric system which is to be introduced in the bank of Abu Dhabi assists in identifying the quality of voice in all the possible sense. The design thinking of this system is totally based on the electronic approach connected to the organization (Sadler Leifer, 2014). The prototyping and identification of the design sensor can be identified by design thinkers to elaborate approach in the broadened form. The structure of the biometric system should be designed in such a manner, so that the customers can manage the security system in a definite manner. The complexity and management of the design thinking will be helpful in defining the major perspectives related to the organization. To identify complexity ration and to consider the actual working concept of a biometric system, the different strategies should also be planned. By this, the recognition of actual person can be done. Apart from this, the biometric system helps in defining the major developmental and growth aspects connected with the organization (Sambidge, 2014). Business objectives Before initiating the basic ideas related to the business, it is essential to introduce business objectives. The primary purpose of the business objectives is to manage aspects related to the business and make it more stable and organized in reference to the organization. The Biometric voice recognition system in contrast to the organizational aspects is identified at a definite level. For introducing entrepreneurial practices, the definite range of objectives should be managed on a large scale as well. The first objective of the business is to introduce a secure system in the organization. This secure system can be managed with the help of definite aspects linked to the organization. In contrast to the banking system, information like account details, personal information, asset information and information related to the credit and debit card is important. To manage all these perspectives, it is essential to look forward to the organized approach as well. The second objective related to innovation is to provide technical support to the existing organization. The biometric system is helpful in recognizing various activities on a wide level. Apart from this, the frequency checking of the voice, matching related to the quality of voice, most appropriate identification related to the voice and other aspects are identified with the help of biometric system. So, improving the technical aspects is considered as one of the most specific method to achieve the target in a definite direction. The reduction in the overall amount of the transactions related to the bank is also considered as an objective related to the organization. The biometric system will be helpful in reducing the cost of the call. The recognition on a consumer level and identification of voice in a short span of time will help in providing specific assistance in a definite manner (Dail, 2017). The customer satisfaction is the primary objective related to the biometric system. The improvement in the high reliability rate and providing satisfaction in existing aspects is identified as one of the major aspect, which may help in providing a sufficient improvement on a wide level. To meet this objective, the biometric system also plans a specific approach in the proper manner. The most important business objective is to maximize the sale of the product. By this maximization of product, demand will increase on the highest level. This increment in the demand of biometric system will help in promoting business on a definite level. There are various commercialize, public and private sector banks which are coming up with different issues on the organization level. Solving these issues on specific level is also considered as the primary target of the biometric system. Apart from this, there are various objectives which should be pursued with the definite target in a correct direction. Business Significance The significance of the business is that it may help in providing specific assistance in a proper direction. The amount which is utilized for the business is considered very high in amount. At the start, banks need to pay a lot of amount for installing the biometric system and to maintain its database. But, once the system will be introduced in the market, it will help in providing specific assistance in the correct direction as well. Apart from providing assistance for the organization, the business is also successful in providing the most developed aspects associated with the organization. Before introducing biometric system, it is essential to calculate technical as well as the installation charges related to the software. The frequency and modulation of the voice will be checked. For checking this, it is essential to manage biometric systems in the more advanced and precise manner. The precise working strategy will take a lot of time, but simultaneously it may help in providing assistance in the correct direction. The level of security may also be managed in a wide form (Warisse Reinsch, 2007). The business significance will simultaneously create positive impact on the growth of the business. The most specific business will be helpful in providing specific assistance. Apart from this, the biometric system will be helpful in providing the most stable security system in the definite manner. The security system may also aid in strengthening the existing system and customer satisfaction as well. Service and its innovation The service which is identified for the specific clarification is related to the biometric system. The biometric system is recognized with specific aspects and procedures. For this business type, the biometric system is successful in providing special method for identification and recognition as well. The definite set of services will be providing on a wide angle and the expansion of biometric system is worth in every sense Business market location To set up the new business, the location which is identified is the major banks of the Abu Dhabi. The banks and commercial places related to the transactions are facing various issues related to the fraudulent, hacking and many others. For these fraudulent and unidentified issues, the biometric system is considered as the boon. To manage aspects related to the organization, variations in the biometric system are identified on a large scale. The banks are selected for introducing new concept related to the biometric system, because the chances of frauds and crime are very high in these areas. Apart from this, the organization is also recommending various other subsidiary organizations which can use specific information related to the biometric system as well. After introducing the concept on the banking level, the biometric system can be introduced on transaction and ATM level too. The ATM is located worldwide. To introduce the concept of ATM, the specific biometric system can be installed. The account holders can manage it by providing their specific voice identification aspects. By this, it could become possible to manage the elaboration of the biometric system easily. Entrepreneurial Eco-system The entrepreneurial ecosystem helps in providing opportunities to the young leaders and entrepreneurs to introduce the concept of biometric system on a wide level. The introduction of the biometric system is considered as the best part of innovation in which the maximum number of fraud cases can be solved in a unique manner. Through this environment, it could become possible to manage the aspects related to the economic process. The increments in share value and market expansion of the product are identified as some of the aspects which can be possible by the entrepreneurial ecosystem. The generation of the maximum amount can be planned by installing maximum numbers of biometric system in the banks and ATM. The introduction of new techniques and innovative aspects will be helpful in providing the specific assistance as well (Stam Spigel, 2016). This ecosystem may also enhance the working quality of biometric systems. By this, it becomes possible to gain the maximum customer satisfaction as well. The entrepreneurial ecosystem is identified as the root cause for the development and most specific business ideas as well. The entrepreneurial ecosystem also approaches for the well-organized business data and communication as well. The innovation of biometric system may also assist in introducing the new concept of voice recognition technology (Mason Brown, 2014). Innovative Clusters Innovative cluster in general terms will be helpful in providing assistance to the new techniques and innovation which are introduced in the organization. In contrast to the biometric system, it can become easier to introduce the concept in the banking sector. The innovative cluster comprises of different team member who belongs to different fields. This will be helpful in providing assistance for the long lasting activities. The team members comprise of the technical team, installation team, communication team, public interaction team, database management team and other teams which may help in providing specific assistance for the improvement (College, 2017). The innovation cluster will be helpful in providing a specific set of support to the banking system. The continuous changes and rearrangement of the team members will be observed on a large scale. It will also help in introducing the changing concept related to the organization. So, it is identified that the involvement of the innovative cluster will be helpful in introducing a specific set of changes in an organized way (katz Muro, 2010). Expected business value Social importance The expected business value and social importance which is identified is quite important for generating feedback for installing new machines in the banks. The business values which are expected after introducing the concept of biometric are very high. Apart from Abu Dhabi Commercial banking system, other banks related to the area are also using the concept of biometric systems (Espinoza Claxton, 2012). The rate of involvement to the biometric system has also risen with a rapid speed. The innovative business opportunities are open for both the entrepreneurs as well as the business purpose. The different type of returns which can be expected from this biometric machine are mentioned below: High level of customers satisfaction. Management of the new opportunities in a well-defined manner. Introduction of new concept in the major banking sector of the country. Increment in the trade values and perspectives. Other major aspects are also planned in an organized manner (Alavi, 2010). The social importance of this new innovation will be helpful in generating awareness among common people. With the help of biometric systems, common people can able to secure their personal rights as well as, the transactional aspects are also secured on a large level. The organization can also able to secure their data. The biometric system also helps in managing consistency and integrity of the available data. Apart from all these aspects, improvement in the existing procedure of the transaction and time saving may also being identified as well. The biometric system will be helpful in reducing the time as well as the efficiency of the customers. They operate this system from any place in the world. This will be helpful in socially managing the perspectives (Stterlin, Brunner, Siegrist, 2013 Conclusion The above scenario is successful in implementing the most specific scenario related to the organization. With the help of suitable business plan, chances of biometric system may increase on a wide level. The biometric system may be helpful in providing suitable assistance for the voice recognition method. The strategic approach and improvement aspects are also well managed in contrast to the biometric system. After preparing this business plan, it could become possible to introduce new plans and concepts in the banking sector of Abu Dhabi. But, due to the technical perspectives, there are still some issues which are unsolved yet. To manage these issues and to manage the specific worth of the Biometric system, it is essential to eradicate these issues on an initial level. The consultation with the other organization regarding biometric system, identification of the cyber-attack malware and other aspects should be clearly identified on the wide level. It may also be suggested that the awareness among the people can also be raised by public message and social media. To maximize the usage of these aspects, suitable plans for attention should be focused. These efforts are flawless and help in introducing the new concept of business in the organization as well References Alavi, K. (2010). Social skills and social values training for future k?workers. Journal of European Industrial Training, 34(3), 226-258. Retrieved from https://www.emeraldinsight.com/doi/abs/10.1108/03090591011031737 College, T. P. (2017). Innovation Clusters. Retrieved from https://developingchild.harvard.edu/innovation-application/key-concepts/innovation-clusters/ Dail, V. (2017). Top 5 Advantages Of Voice Recognition Security Systems! Retrieved from https://www.biometric-security-devices.com/advantages-of-voice-recognition.html Espinoza, M., Claxton, K. (2012, June). CO1 Individual Decisions and Social Value: A Conceptual Framework to Explore Alternative Decision Making Approaches and the Value of Heterogeneity in the Era of Individualized Care. Retrieved from https://www.valueinhealthjournal.com/article/S1098-3015(12)00077-0/abstract katz, B., Muro, M. (2010, September 21). The New Cluster Moment: How Regional Innovation Clusters Can Foster the Next Economy. Retrieved from https://www.brookings.edu/research/the-new-cluster-moment-how-regional-innovation-clusters-can-foster-the-next-economy/ Mason, C., Brown, R. (2014). Entrepreneurial ecosystems and growth oriented entrepreneurship. OECD. Sadler, J., Leifer, L. (2014, May 17). TeamSense: Prototyping Modular Electronics Sensor Systems for Team Biometrics. pp. 87-100. Retrieved from https://link.springer.com/chapter/10.1007%2F978-3-319-06823-7_7#page-1 Sambidge, A. (2014, October 19). Abu Dhabi bank says to boost security with voice biometrics. Retrieved from https://www.arabianbusiness.com/abu-dhabi-bank-says-boost-security-with-voice-biometrics-568433.html Stam, E., Spigel, B. (2016). Entrepreneurial Ecosystems. Retrieved from https://www.uu.nl/en/file/55729/download?token=dzRMYt-t Stterlin, B., Brunner, T., Siegrist, M. (2013, August). Impact of social value orientation on energy conservation in different behavioral domains. Journal of applied social psycology, 43(8), 17251735. Retrieved from https://onlinelibrary.wiley.com/doi/10.1111/jasp.12128/abstract Warisse, J., Reinsch, N. (2007). The Business Communicator as Presence Allocator: Multicommunicating, Equivocality, and Status at Work. Journal of Business Communication, 44(36), 1-26. Retrieved from https://www18.georgetown.edu/data/people/reinschl/publication-20965.pdf