These are exam type problems, i need them to be answered as if your answering in the exam itself. Provide a detailed analysis to the problems.

1.To succeed in a new venture it usually requires the identification of any opportunity; an understanding of the industry and the market, a feasibility study and a written business plan, but in some cases it is just being lucky. Discuss this statement with respect to advising a colleague on commencing a new venture. (20 marks)

2.You have just been appointed as the innovation manager of a company. your first task in this new job is to prepare up a document for the staff to help them understand what innovations means and what are the four major types of innovation. 
Next you need to set out the activities you will undertake to help increase the level of innovation within the company and why these activities will impact on the level of innovation. 
Undertake the tasks required in a report format. (10+10 marks)

3. a. describe the value proposition concept as it is applied in the field of innovation and entrepreneurship. Why is it an important concept for innovators and entrepreneurs? (8marks)

b. discuss an ex of new value proposition, what are some of the challenges in getting the ERRC right? (12 marks)