Develop A Business Plan - Business Goals - Fictitious Venture - Market Trends - Project Management Assessment Answer

Develop A Business Plan - Business Goals - Fictitious Venture - Market Trends - Project Management Assessment Answer

Assessment Task:

Description:

Note to Trainers/assessors: As this and the subsequent assessment tasks are project based, this task should be handed out at the beginning of the term to set the project in motion and allow the students to gradually develop the relevant concepts, knowledge and skills in conjunction with classroom learning sessions. Some project time should also be allocated in each session to practice and complete relevant parts of the project. This project can also be given as a team project with a maximum number of two (2) members in the team. The purpose of a business plan is to explain in writing what your business idea is, why it is needed in the marketplace, how it will succeed, and who will make it happen (Investopedia). For start-up businesses, a business plan describes a business opportunity and tells you what to expect, and what alternative measures you can take, to realise your business goals. In this assessment task, you will develop a business plan for your own venture. If you are planning to start your own business in the near future, this will be an opportunity to apply and enhance the required skills and knowledge to develop and write a formal business plan. The process of writing the business plan will enable you determine what commitments you will need to make to the venture. You may also complete this task for a fictitious business and/or a business idea. However, even for a fictitious venture, the assumptions and context should be realistic and viable.

You will need to have your business idea approved by your trainer/assessor before commencing this task

Assessment Criteria

The following assessment criteria will be used for marking this assessment task. Ensure that you have addressed all of the criteria in your work.

• Conceived a viable business idea to be developed into a plan for a start-up business
• Plan is summarised in an executive summary that covers all parts of the plan
• Developed /conceived a business description that provides background, history and/or background of the people involved in the business
• Described new business structure in line with allowable formal structures (e.g. company, partnership, sole trader)
• Outlined relevant legal obligations and requirements (e.g. insurance, liability, disclosure)
• Conducted a SWOT analysis of the business analysing strengths, weaknesses, opportunities and weaknesses

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