Intrapreneurship Plan

Intrapreneurship Plan Order Description • Assignment 2: Intrapreneurship Plan From Assignment 1, select one (1) of your proposed business actions and create an intrapreneurship plan. Remember, intrapreneurship refers to the process of promoting innovation within your workplace. The idea is to create a “business plan” to promote your idea to your supervisor. Write five 5 page paper in which you: 1. Describe in what way your proposed business action is an innovative idea. o Tip: Remember, this is your idea, and you need to be precise in your proposal to obtain your supervisor’s support. 2. Explain why you think this idea will benefit the business in terms of return of investment (ROI). 3. Prepare a plan to present your idea to your supervisor covering the following items: . Create a vision of your idea that explains the value to the company. a. Assess the resources needed (e.g., financial, human resources, machinery, logistic, etc.) to execute your idea. b. Assess potential interdepartmental and / or interoganizational relationships needed to complete your proposal. Explain and support your reasons. c. Propose a potential timeline for completion. o Tip: How long do you think you will need to implement this idea? Use at least three (3) quality academic resources Note: Wikipedia does not qualify as an academic resource, and neither do web-based blogs. Your assignment must follow these formatting requirements: • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA format. • Include a cover page containing the title of the assignment, your name, your professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are: • Analyze business plans based on an analysis of domestic and global operating environments, market dynamics, and electronic and internal capabilities. • Evaluate the different forms of business ownership to determine the optimal structure in different scenarios and the process for a business start-up. • Use technology and information resources to research issues in contemporary business. • Write clearly and concisely about contemporary business using proper writing mechanics. Refer to Assignment 1 Below Proposed Business Actions To effectively deal with and overcome the social factor of competition and its impacts on the company’s performance, Liberty Mutual should do several things. First, the company should make use of more creative and innovative means to expand and improve the quality of its insurance products and services. For instance, it can take advantage of the opportunities presented by new communication technologies, such as social media, to market itself and its services. Through this, the company will stay ahead of other organizations offering the same products and services. Furthermore, to ward off competition for insurance coverage, Liberty Mutual should tailor- make and customizes its products in such a way that meets the specific needs of the consumers of insurance products. By carrying out competitive market research and advertising campaigns, both in the social and electronic media, the company will be able to identify the particular demands, preferences, and needs of its potential and existing customers. Thirdly, the company can deal with the competition factor through product differentiation. This would involve coming up with new and innovative insurance policies that are not provided by other competitors. This action will help the company to stay ahead of or have a competitive edge over its competitors. Further, to overcome the factor of government policies and regulations, Liberty Mutual can take the action of aligning its internal operations with the required rules and regulations. One way of ensuring this would be to promote a culture of integrity, ethics, and accountability in the company’s management. This initiative will enable the company to avoid situations when its actions are questioned by the government’s regulatory bodies and authorities. Secondly, to overcome these factors, Liberty Mutual should employ competent managers who will be able to drive the company’s agenda and comply with all the legal and governmental policies. This way, the company will achieve full compliance with government policies and regulations hence avoid sanctions. Thirdly, the company should establish a government policy compliance department that ensures that all regulations within the insurance industry are adhered to. This action will ensure that Liberty Mutual does not suffer from adverse government actions.