Business Idea
“You are required to develop a business idea that you might be interested to set-up in future and produce 1500 words Business Plan Report. This will be based on key aspects of a business idea. You should be able to demonstrate how your personal creative process as an entrepreneur and as a producer identify and spot an opportunity to address a need. Also, you are required to demonstrate how creativity processes have been employed and implemented within the business idea, in addition to considering and reflecting on ethical, environmental and corporate social responsibilities (CSR) of the business idea during the design and implementation.
NOTE: Do not exceed the word count. Marks will be deducted as penalty.
Type of Assessment: Individual Business Plan Report
Length of Assessment: (1,500 words, +/-10%)
Assessment Weighting: 30%
Submission Deadline: Thursday 01 June 2022 before 12 noon
SURVEY/ EVALUATION: To be completed by 06 June 2022
Entrepreneurial Competencies Assessment
https://docs.google.com/forms/d/e/1FAIpQLSfK52aMYx3y7u8_RPOXBWJrp7pTvS21QYEzdLy6_NjxXWEpoQ/viewform?vc=0&c=0&w=1&flr=0
DIRECTIONS TO STUDENTS
Business Idea Task Description:
Your final report (1,500 words, +/-10%) should be developed around the following themes. It should be evidence based and critical in approach.
Part A. Introduction
- Summary of the business idea: What is the business idea about? What is the market need? What is the Unique Value Proposition (UVP) and any elements of CSR, Ethical, Environmental & Social Responsibilities linked to UVP?
- Business Risk Assessment: Company Name; Legal status of the business; Location, Logo, Business management structure, etc.; SWOT of the business; Assessment of the Business Risks/licences/ Insurances, etc.
Part B. Market sector assessment
- Market Trend: Findings of the overall sector’s market size and growth rate, macro trends; contributions to national or global GDP (from secondary sources with references).
Part C. External Environmental Analysis
- Industry assessment: PESTEL; Porter 5 forces analysis; 5Ps of Marketing/Promotion; SCAMPER; and Summary Business CANVAS.
Part D. Financial Management
- Start-up cost required; sources of financing; projected 3 years Revenue/Expenditure showing Profit & Loss account.
Part E. Conclusion
- What is the post 3 – 5 years growth plan for the business?
Full details and further guidance to be posted on the Blackboard.
Further Guidance:
- Be Brief as much as you can, do not exceed the word count. Marks will be deducted as penalty.
- Use Tables to undertake the analysis such as SWOT, PESTEL, PORTER FORCES, 5Ps, SCAMPER, CANVAS. You are not required to provide detailed cash flow forecasts or financial assessment, but you should be able to show major expenditures, revenue stream and profit/loss projections.
- This is an outline plan or feasibility study, rather than a full business plan. Please see the marking guide for both assignments at the appendices.
Learning Resources which will support this assessment include:
- [Seminar activities]
- [Library – writing cafe and referencing]
These Learning Resources are available via the blackboard module site.
Format:
The Business Plan Report/ portfolio is limited to 1500 words. Evidence of task completion should be included within an appendix and is separate from the word count.]
Please follow to the formatting guidelines:
– Font / Size: Arial or Times New Roman / 12
– Spacing / Sides: 1.5 / Single Sided
– Pagination required? Yes
– Margins: At least 2.54 to left and right and text ‘justified’
– Referencing: Full compliance with Harvard protocols
Note usual practice is to allow +/-10%. If you submit an assignment which exceeds the prescribed word limit, marking will cease at the point at which the limit has been exceeded and the mark will be awarded on the basis of the extent to which the criteria for assessment have been met up to that point.
Marking Details:
Please see criteria grid attached
All work is assessed in line with University of Lincoln Marking and Grading Policy. All marks are provisional on Examination Board decisions (which take place at the end of the Academic Year)
Learning Outcomes Assessed:
LO2: Gain practical experience in applying a structured approach to developing an opportunity into a business concept
LO3: Assess and develop their understanding and skills in entrepreneurship and relate these to their personal development and career goals and plans.
LO4: Develop and apply functional approaches to the exploration, planning, development, financing and launch of an entrepreneurial project, business unit or venture at an international level.
Knowledge & Skills Assessed:
- Subject Specific Knowledge, Skills and Understanding: e.g., Literature searching, Referencing, Planning, Techniques and Skills Subject-specific knowledge.
- Professional Graduate Skills: e.g., independence and personal responsibility, adaptability, written communication, creativity, critical thinking, IT skills, self-reflection and life-long learning, problem solving, effective time management, working under pressure to meet deadlines.
- Emotional Intelligence: e.g., self-awareness, self-management, motivation, resilience, self-confidence.
Refer to Module Handbook for the Marking Criteria grid.
Please note that all work is assessed according to the University of Lincoln Management of Assessment Policy and that marks awarded are provisional on Examination Board decisions (which take place at the end of the Academic Year.
Feedback Format:
Written feedback during return of grades.
Additional Information for Completion of Assessment:
Ability to demonstrate wider sources of knowledge, reading and references will be an advantage
Assessment Support Information:
This is an individual assignment, but one-to-one support session will be provided to guide students towards assignment.
Important Information on Dishonesty & Plagiarism:
University of Lincoln Regulations define plagiarism as ‘the passing off of another person’s thoughts, ideas, writings or images as one’s own…Examples of plagiarism include the unacknowledged use of another person’s material whether in original or summary form. Plagiarism also includes the copying of another student’s work’.
Plagiarism is a serious offence and is treated by the University as a form of academic dishonesty. Students are directed to the University Regulations for details of the procedures and penalties involved. For further information, see plagiarism.org