This Individual Assignment will combine your knowledge of innovation and entrepreneurship and allow you to demonstrate your understanding of these concepts. The Weeks 1 and 2 readings and overviews explored the relationship between entrepreneurship and innovation. Importantly, in Week 2 you considered that innovation is not confined to new products; innovation also relates to services (such as marketing and banking) and processes (such as improved production methods or improved ways of training employees).For this Individual Assignment, you will develop an idea for a new product, service or process and present a business plan to implement this idea. This idea could be implemented by setting up a new enterprise. Alternatively, you can choose to implement this idea as part of an internal improvement plan within a larger entity, whereby revenues are increased or costs reduced.In broad terms, the Individual Assignment is designed to allow you to demonstrate how you would commercialise the ideas that you have developed. Commercialising an idea means that you need to think about important matters such as: Why the idea is important? Is there a commercial or value-adding need for the idea, and if so, what will it be? How will you resource this idea (taking into account different types of necessary resources), and how will the idea be implemented and monitored?The Module Project is divided into three submissions due in Weeks 2, 5 and 7. In the Week 2 submission, you will provide the background to your idea, highlighting the rationale for its implementation. By Week 5, you have a substantial piece of work to undertake. This will form the bulk of the Module Project. In Week 5, you will detail how this idea will be implemented. Finally, in Week 7, you will present the financial aspect of your innovation.To prepare for this Assignment:• Review the readings for Weeks 1 and 2, along with the Key Concept Overviews.To complete this Assignment:• Discuss the innovation that you wish to implement.• Outline the problem or opportunity that this innovation addresses.• Consider the commercial benefits or value-adding consequences of this innovation.