Cx660006A Introduction To Entrepreneurship- Assessment Answer

Task:

Assessment Overview

This is the second of two assessments. For this assessment you will participate in an Entrepreneurial Challenge that replicates a famous reality show “Dragons’ Den”, in which entrepreneurs pitch their business ideas in order to secure investment finance from a panel of venture capitalists. This individual assignment aims at giving you practical knowledge about the process of creating and developing a business idea. After developing the business idea you will present it to the class. 

Learning Outcome(s) Assessed

1. Utilise entrepreneurial behaviours to identify opportunities for an organisation and identify suitable risk mitigation strategies related to commercialisation of an entrepreneurial venture 

2. Evaluate opportunities and develop an outline business proposal, arising from the Treaty of Waitangi settlements and growing Iwi investments

3. Develop a business plan for an entrepreneurial venture which meets regulatory compliance requirements

To do this it is suggestion that you consider and evaluate the following aspects:

1.Idea overview

a.Give a brief overview of your business and idea and how it has arisen from Treaty of Waitangi settlements. In your overview you should evaluate the opportunity, considering whether:

It is a product or a service? 

It solves a problem?  

It  is unique? 

b.Justify the choice of your business idea. 

c.Discuss if your idea is an original, new concept, or is it a new combination or adaptation. 

d.Please state in your introduction whether your idea is a social or commercial enterprise.    

2.Market opportunity and industry research: 

a.Evaluate the advantages or benefits of the idea are. Discuss:

Is there a real need for it? 

What category of consumers do you target? 

Is the market ready for it?  

Will customers buy it? 

What is the customers’ feedback on the product/service? 

What is the value proposition? 

Do you have a competitive advantage? 

b.Discuss your main competitors (at least 2), evaluating: 

How you are different form them? 

What are the current industry outlook and industry trends?

3.      Marketing model/mix 

a.Considering the 4Ps of marketing, price, product, promotion, and place, evaluate:

How the business makes money? 

How does it sell? 

4.      Finance

a.Discuss how much capital you need to start the business and where the capital will be sourced? 

Evaluate the key resources and activities considering which are the most expensive. Include basic financial figures and statements.

5.       Management 

a.Discuss the management of your business. Include:

Who will be running the business? 

What is the business structure? 

Evaluate whether you have skills and knowledge required to run your business and/or how 

b.will the shortcomings be addressed?

6.Operations

a.Discuss the operations of your business including: 

Where the necessary materials will be sourced? 

What will be outsourced, what relationships are in place and how they will be managed? 

Human resource needs, 

Production site, production method and physical facilities requirements

Basic implementation timetable 

7. Risks mitigation strategy: 

a.Evaluate the legal considerations and challenges related to the commercialisation of your entrepreneurial venture, considering whether there are any potential problems and how these can be overcome? 

b.Evaluate how simple or complex the idea's execution will be and how soon could the idea be put into operation?