Business entrepreneurship

Project description
entrepreneurship

Module Learning Outcomes to be Assessed:-

Learning Outcomes for the module are coded L1 to L7 below.
Upon successful completion of the module the students will be able to:
L1. Identify and determine the driving forces in a new venture.
L2. Analyse how successful entrepreneurs and investors create, find, and differentiate profitable and durable opportunities; in particular, how they tell these opportunities apart from just “other good ideas”.
L3. Evaluate and determine how successful entrepreneurs and investors create and build value for themselves and others.
L4. Identify and determine the necessary financial and non-financial resources available for new ventures; the criteria used to screen and evaluate proposals, their attractiveness and risk, and know how to obtain start-up and early growth capital.
L5. Determine the critical tasks to be accomplished, the hurdles to be overcome during start-up and early growth, and what has to happen to ensure success.
L6. Apply the opportunity screening criteria to actual start-up ideas, and subsequently develop a business plan suitable for presentation to investors and industry participants.
L7. Develop and analyse integrated financial projections for a start-up venture.
Assignment Question 2
(To assess L1, L4, L5, L6 and L7)

Subject:
Write a short case study outlining the essence of the new proposed business venture. Based on this case study draw up a business plan showing how you propose to achieve a low risk future growth strategy that will maximise the likelihood of financial soundness and security for your business.

Task:
Using your knowledge of entrepreneurship and your entrepreneurial skills developed on the course draw up a business plan for your proposed new venture used as a vehicle for discussion in Assignment Question 1 above. This plan will cover a low risk future growth strategy and be used by banks, venture capitalists and others to evaluate the future financial soundness and security of your business. This will be important in your quest to obtain financial and other forms of support you may need to get your proposed business started on a secure basis. Make full use of evidence from the literature to support your position and any recommendations made for future marketing actions. It is essential you provide a clear, persuasive and strong case for a low risk future growth strategy to support the feasibility and viability of your proposed new venture. The new venture should be discussed at the start of your business plan in the form of a short case study (500 words) outlining the essential elements of the enterprise and vision/ mission for the business. Additional relevant material can be supplied in the appendix if necessary.

STUDENT GUIDELINES FOR ASSIGNMENT CRITERIA RE: QUESTION TWO

• Demonstrating and employing your knowledge of entrepreneurship and your entrepreneurial skills developed on the course within the assignment. (Up to 4 marks)

• Use the specific new venture identified and discussed in Assignment 1. Develop this new venture as a short CASE STUDY (500 words) and include it as part of the business plan. Cover the nature of the business start-up and cover the objectives, vision and mission set for the new venture. (Up to 6 marks)
• Demonstrate a good grasp of entrepreneurial theory and practice in the construction and content of the business report. (Up to 4 marks)
• Students’ should demonstrate how small entrepreneurial firms in the start-up new venture phase of their life-cycle and which may have only limited resources to devote to strategic activities, can profitably employ relatively low cost and low risk growth strategy. (Up to 4 marks)

• Particular emphasis should be given to the concept of ‘leveraging’ which may be defined in this context as the process of increasing the proportion of total spend on a given class of product or service from a particular customer.Such a customer may be a larger firm as such organizations often ‘multiple source’ their supplies or services. (Up to 5 marks)

• Customer Retention and Customer Relationship Management (CRM) should be discussed as an intrinsic part of such a low risk growth strategy. (Up to 5 marks)

• Students’ should examine managing cash flow to reduce business risk and the potential high cost of finance. Methods used for achieving this should be critically examined and discussed. (Up to 6 marks)

• Students’ should develop and communicate a strong case to support the suggestions and recommendations made for a low risk growth strategy for their proposed new venture. (Up to 4 marks)

• Conceptual models and academic frameworks should be used to support the points made in the report e.g. the Scott and Bruce (1987) business growth model and the concept of crisis points in the small firm’s growth path. (Up to 6 marks)

• Write in report format and produce a report of professional quality in terms of content, structure and standard of presentation. (Up to 6 marks)

• Additional material can be placed in the appendix. The appendix does not count in terms of the word length requirements. Only relevant additional material to support the written work in the actual report should be included in the appendix.

Total 50 marks

Excellent/ good answer

• In Question 2 excellent/ good students will produce a short case study of the new start-up venture used in the answer for Question 1. Students will cover the objectives, vision and mission set for the new venture.They will critically examine the main problems associated with small business start-up ventures. Using their knowledge of entrepreneurship theory and practice gained from the module they will produce a plan for a low risk growth strategy for the future. Students will suggest how a low risk managed growth strategy for the new venture can be designed and implemented. They will discuss the importance of integrating policies of customer retention and customer relationship management into the plan. They will make full use of conceptual models and analytical frameworks and provide a critical evaluation and discussion of the relevant literature in this area. Students’ will demonstrate how such a low risk future growth strategy will also focus on the financial side of the business in particular the management of cash flow and other aspects of business finance. They will discuss measured, manageable growth that is in line with the financial resources available to the new venture and how to minimise the cost of funding the future growth of the business. Such students’ will write in report format and produce a report of professional quality in terms of content, structure and standard of presentation. Students’ will provide a full justification for opinions held and suggestions made. The difference between excellent and good is likely to be in the areas of the extent of criticality provided in the discussion, the degree of entrepreneurial focus on the specific question asked, structure and critical evaluation.

Average answer

• An average answer will cover the salient points outlined above and will demonstrate an understanding of new small business growth issues. However such coverage is likely to be more descriptive and lack the critical depth asked for in the answer. Answers may be less entrepreneurially focused than for excellent/ good students’ answers. Students may not adhere completely to the specific question given and answers may lack focus. Answers may lack the degree of criticality and focus asked for in the question.

Poor/ inadequate answer

• Poor and/ or inadequate answers in both parts are likely to be too generic with the candidate failing to answer the specific question set. There will be little critical examination or discussion and the answer will be more descriptive than analytical. There is likely to be little strategic or entrepreneurial content in the answers. The difference between a poor but marginally successful answer and an inadequate answer that fails to achieve the required standard for a pass grade is like to be one of degree in terms of structure, the level of entrepreneurial focus, critical examination and critical discussion provided.

Your work must be presented in a report format style. As an academic piece of work you are expected to link theory and practice. Make full use of the academic and other literature to support the points made. Give a critical discussion and evaluation of the different positions held in the literature evidence. You should take care to ensure that the work you submit has a high standard of structure and presentation. You must acknowledge the sources of information and evidence using the Harvard referencing system. All assignments are subject to the University’s regulations on plagiarism and must be submitted in electronic form for checking.

STUDENT GUIDELINES FOR ASSIGNMENT STRUCTURE

Please ensure that your assignment has:
• A table of contents
• A list of figures and/ or list of tables where appropriate
• Introduction/ Executive summary
• Literature Review- and Critical Analysis
• Conclusions
• References / Presentation
• Bibliography
• Appendices if appropriate
• TOTAL = 2,000 WORDS

• It is emphasised that this reportis to be the work of the individual student and should reflect individual entrepreneurial ideas; comprehension of the tasks involved; views; critical awareness; use of theory; interpretation and judgements; use of evidence; evaluation and a systematic approach to the use of research.

• The above requirements are indicated as the required areas of focus for you to articulate your individual responses. The submission of your work for assessment should be organised, clearly structured in the order outlined in above.

CRITERIA IN TERMS OF CONTENT, TOPIC KNOWLEDGE, UNDERSTANDING AND SYNTHESIS, APPLICATION, ANALYSIS, EVALUATION AND RECOMMENDATIONS, REFERENCING AND PRESENTATION FOR ASSIGNMENTS 2 ARE PROVIDED ON THE PAGE BELOW:
MARK 29 or less 30 – 39 40 – 49 50 – 59 60 – 69 70 +

CONTENT:
Has the question been answered?
Vague, random, unrelated material Some mention of the issue, but a collection of disparate points Barely answers the question – just reproduces what knows about the topic Some looseness/
Digressions Well focused Highly focused
TOPIC
KNOWLEDGE
Is there evidence of having read widely
and use of appropriate and up to date material to make a case? No evidence of reading.
No use of theory – not even hinted at implicitly. No evidence of reading.
An implicit hint at some knowledge of theory, etc. No evidence of reading. Very basic theories mentioned but not developed or well used. Some reading evident, but confined to core texts. Good reading.
Good range of theories included. Excellent reading.
Well chosen theories.
UNDERSTANDING & SYNTHESIS
Are ideas summarized rather than being reproduced, and are they inter-related with other ideas?
No theory included. Vague assertions/poor explanations. Long winded descriptions of theory.
Some long winded sections.
Some quotations but stand alone.
Some inter- connections. Good summary of theory.
Good use of quotations that flow with narrative.
Good inter-connections. Succinct, effective summaries of theory. Excellent choice and threading of quotations into argument. Good counterpoising of a range of perspectives.
APPLICATION
Does it show appropriate use of theory in a
practical situation? No examples No/limited/
inappropriate examples Few examples Uneven examples Good examples Excellent range of examples.
ANALYSIS
Does it identify the key issues, etc in a given scenario, proposal or argument? Vague assertions about issues. Largely descriptive with no identification and analysis of central issues. Limited insight into issues. Some good observations. Good, detailed analysis. Comprehensive range of issues identified and discussed fully.
EVALUATION & RECOMMENDATIONS
Does it critically assess material?
Are there a workable and imaginative solutions? No evaluation. Uncritical acceptance of material. Some evaluation but weak. Little insight. Good interpretation. Some but limited sophistication in argument.
Good critical assessment. Independent thought displayed. Full critical assessment and substantial individual insight.
REFERENCING
Thorough and accurate citation and referencing No referencing No referencing Limited/poor referencing Some inconsistencies in referencing
Appropriate referencing Appropriate referencing
PRESENTATION
Logical and coherent structure to argument and effective presentation
No structure apparent.
Poor presentation.
Poor structure.
Poor presentation. Acceptable, but uneven structure.
Reasonable presentation. Reasonable structure.
Good presentation. Good argument.
Well presented material. Excellent argument.
Very effective presentation format.

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