Attempt all the tasks below:
Academic commentators suggest that many entrepreneurs follow effectuation (descriptive) model as opposed to a causation (or prescriptive) model in setting up the new venture. Using appropriate business exs, academic concepts and models analyse this statement.
Imagine you have created the new product or service. Using appropriate entrepreneurship models including management techniques and approaches design business plan which can be useful for launching your product and obtaining financial and managerial support from the potential backers. Make sure that you produce clear evidence to support the feasibility and viability of your venture.
You have been expected to present your business concept. Prepare the brief paper to describe the key issues which you will highlight and emphasise in your pitch. Also identify the problems which you are likely to be asked by the Dragons and describe how you will deal with their problems and potential objections.
Guidelines for undertaking Assessment
Your analysis must be grounded in appropriate academic literature and must provide clear evidence of independent critical evaluation
1) Business Description – Must provide the background and history of the business. Also contain the goals as well as the product or services description being proposed. It also discusses the supplier information, agreements and ownership structure and legal considerations.
2) Business Opportunities – Must contain the potential customer, geographical area, business competitors.
3) Marketing Strategy – Must present the costing and pricing, sales projection, and marketing plan.
4) Business Operations – Must include the operational function, services offered, and personnel.
5) Finances –Include the revenue, expenses, and financial projections.
6) People management skills
You have to identify critical issues which would generate interest. For ex:
• Product novelty
• Your background/team
• Potential market growth
• Your knowledge of market with evidence
• Results of your “test” market
• Your funding requirements with clear justification
• Your plan to deal with potential objections
Learning Outcomes to be Assessed:-
On successful completion of the assignment the students will be able to:
• identify and verify the driving forces in a new venture.
• analyse that how successful entrepreneurs or investors create, find, and distinguish profitable and durable opportunities; in particular, how they tell these opportunities apart from just “other good ideas”.
• estimate and determine how successful entrepreneurs and investors create and build value for themselves and others.