Entrepreneurship for Social and Market Impact Assignment

Assignment Task

Objectives

1. Explain the difference between ideas for new ventures and viable venture opportunities

2. Recognize the similarities and differences between social and commercial ideas and opportunities

3. Identify customer and market segments and the relevance for a new venture opportunity

4. Describe the entrepreneurial process and how it relates to new venture ideas

5. Demonstrate team performance to prepare and report the feasibility of an idea for a new venture opportunity.

6. Demonstrate Business Enterprise skills) Problem-Solving (intermediate level); 2) Ethical Awareness (intermediate level); 3) Teamwork (intermediate level 4) Written Communication (intermediate level); and 5) Oral Communication (intermediate level).

Aims

Contrary to the popular belief that successful entrepreneurs are risk-takers who work on intuition and gutfeel, entrepreneurs work toward finding unique solutions to problems, clearly understand their target audience and their needs, evaluate their business idea to understand the opportunity it offers, and develop a clearly laid out business plan. In weeks 1 to 6, you will learn how entrepreneurs identify gaps in the markets by recognizing the problems of a customer group and building a business opportunity case to seek financial investments and support. You will work in teams of 3/4 to identify a gap in the market, evaluate if the identified gap is a viable business opportunity, and prepare a convincing business plan by considering multiple pathways to achieve support from investors. Based on your report, you will conclude if the opportunity is worth pursuing (GO) or not worth pursuing (NO GO). You will present your team's business plan in a report format as assessment 1.1. In assessment 1.2, you will record and upload a team presentation aiming to explain your business idea and business plan to investors to seek investments necessary to establish your business.

In this assessment, your team will present your business idea to potential investors to seek investment for your business proposal. The presentation must follow strict professional standards, and all team members must present an equal part of the presentation. The presentation will cover the following aspects of your business proposal:

Presentation

1. What is your business idea?

2. What problem does your business idea solve?

3. How your business idea is going to solve this problem?

4. Why do you think that the problem is a scalable opportunity? Share some facts and research to support your business idea.

5. Who is facing this problem (your target audience)? Present the specifics (such as demographics) of your target audience.

6. What is your business idea's value proposition?

7. Explain the key elements of your Lean Business Canvas.

8. Present a financial estimate. How much money will you need? Give a break up of fixed and variable costs. What will be your sources of revenue? What is the tentative break-even time?

9. Any other information that you think your investors should know about.

Overview

Part of working effectively in a team involves contributing to the way the team functions and performs—bringing out the best in our own performance and helping others do the same in a way that maximises overall team performance. Being able to assess our own performance and the performance of other team members is one way in which we can develop our team performance skills.

All members of a group will initially receive the same grade on their team project (Assessment 2.1). This grade can be later adjusted by your tutor while taking into account the peer assessment forms submitted by the group members and other related evidence e.g Participation in discussion forums, Interactions with other team members, etc.

Action

Please assess each Group member – including yourself - for these attributes displayed during the Group work:

1. Commitment and reliability toward meeting team’s objectives: Attended meetings and participated; dependable team member; high quality of work output, produced results, got work done on schedule.

2. Effective and equitable contribution: Contributions frequently showed solid preparation, initiative and imagination; shouldered a fair and equitable amount of the workload.

3. Facilitation of a collaborative team environment: Contributions were constructive and beneficial for harmonious team climate; cooperative, receptive to criticisms and suggestions, worked well with others.

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