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You are an inventor who has come up with a new idea for a product or service. You are keen to take this idea forward into a startup business. For this product or service, write a business plan to set up

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Assessment

You are an inventor who has come up with a new idea for a product or service. You are keen to take this idea forward into a startup business. For this product or service, write a business plan to set up the business in the future. The product or service must be innovative (a new product or an improvement to an existing product) and you are expected to develop this idea into a viable business model.  It is important that you demonstrate that you understand the market in which you are operating.

 

1.      Discuss the inter-relationship between entrepreneurship and innovation in business management, and your business concept including the key components of the venture concept (product or service, target market, special attributes, values, scale of the newly proposed business, location and who will be involved)(LO1 ).

 

Conduct a feasibility study of your new venture concept and critically evaluate the Business Model Canvasyour proposed business. (LO2).Evaluate different strategies that are used by entrepreneurial organisations at start up, and during periods of growth, consolidation and underperformance (LO3).Discuss the range of techniques that can be used to identify opportunities, and critically discuss how potential risks could be managed.(LO4).

 

Structure of the assignment

1.      Title Page

2.      Table of Contents

3.      Introduction (400 words)

4.      Body

          Task 1 – (800 words)

          Task 2 – (800 words)

          Task 3 – (800 words)

          Task 4 – (800 words)

5.      Conclusion (400 words)

6.      List of References

 

 

 

Activity Type

Activity Descriptor

Weighting

Length / Duration

Week Due

Written Report

Individual Business Plan

 

100%

4000 words

March 4th2023

 

 



 MARKING CRITERIA AND STUDENT FEEDBACK

This section details the assessment criteria. The extent to which these are demonstrated by you determines your mark. The marks available for each criterion are shown. Lecturers use a similar format to comment on the achievement of the task(s), including those areas in which you have performed well and areas that would benefit from development/improvement.

Common Assessment Criteria Applied

Marks available

Marks

Awarded

1. Research-informed Literature

Extent of research and/or own reading, selection of credible sources, application of appropriate referencing conventions.

20

 

You must give credit to authors on whose research and/or publications your report is based. Append to your submission a reference list that indicates the books, articles, etc the you have read or quoted in order to complete this assignment (e.g. for books: surname of author and initials, year of publication, title of books, edition, publisher and place of publication.

 

 

 

2. Knowledge and Understanding of Subject

Extent of knowledge and understanding of concepts and underlying principles associated with the discipline.

20

 

Show good knowledge by evaluating various entrepreneurship theories and concepts. Critically analyse how the different perspectives of social science disciplines on entrepreneurship

 

 

 

3. Analysis

Analysis, evaluation and synthesis; logic, argument and judgement; analytical reflection; organisation of ideas and evidence

30

 

Analyse the aims, concept and role of strategic entrepreneurship in your business plan report complete with good logic, sound argument, judgement innovative ideas and evidence on which your arguments are based.

 

 

 

4. Practical Application and Deployment

Deployment of methods, materials, tools and techniques; application of concepts; formulation of innovative and creative solutions to solve problems.

20

 

Clearly indicate the various methods, tools and techniques employed in your report and show how the application of theories and concepts enhance innovative and creative solutions towards problem solving.

 

 

 

5. Skills for Professional Practice

Attributes in professional practice: individual and collaborative working; deployment of appropriate media; presentation and organisation.Clarity of expression (incl. accuracy, spelling, grammar, punctuation, and numeracy)

10

 

Clearly indicate how attributes from your report would help the company or organisation of your choice using collaborative working and the deployment of the appropriate media, presentation and other tools.