LO1: Demonstrate how the principles of creativity, innovation and entrepreneurship convert into new processes, products or services.
LO2: Demonstrate awareness of the requirement to understand the needs, wants and behaviour of the various types of potential customers in the marketplace and identify and delivers value proposition to target customer segments.
LO3: Develop the financial forecasts for a new venture- income statement, breakeven, cash flow statement, balance sheet and evaluate these forecasts of financial performance.
LO4: Assess the degree of competition in a market/industry and the likely effect on profitability.
LO5: Apply the concepts involved in developing a planning framework for a new venture and evaluate the key activities involved in the process of starting up a new venture.
Option One Successful completion of the module’s learning outcomes will be evidenced by a 3500 words individual business plan. You are asked to produce an Individual business plan, not exceeding 3,500 words and excluding appendices and references.
The assessment for this module draws on your reading and learning from the lecture and workshop sessions. The business plan which will test all learning outcomes. See below for details Guidance on Business Plan, Assessment Criteria and Marking
The business idea can be real or imaginary. You are not allowed to use existing business idea/business plan to complete the assessment. The assessment should be undertaken individually. The workshop sessions allow students to build their business plan step by step. You are required just to submit a business plan. You are advised to write up to 3,500 words.
This word limit does not include the title page, the executive summary, the contents page, tables, diagrams, appendices, or references. You must include an accurate word count on your title page. Suggested assessment criteria include:
Clarity, consistency, and originality of value proposition(s)
Clear identification of target market segment(s)
Comprehensiveness of market and competitor analysis
Consistency/originality of core marketing & entry and/or growth strategies
Comprehensiveness and accuracy of financial projections
Comprehensive identification of resources required and financing
Identification of material risks and their mitigation
This is an academic piece of work therefore you are expected to link theory and practice. You should take care to ensure that the work you submit has a high standard of presentation. You must provide supporting evidence for your arguments and use a wide range of resources including academic literature from journals, textbooks and so on.
This is an individual assignment. You must acknowledge your sources of information and evidence using the Harvard referencing system. All assignments are subject to the University’s regulations on collusion and plagiarism and must be submitted in electronic form for checking on Canvas for Turnitin.
The assessment for this module draws on your reading and learning from the lecture and workshop sessions. You are asked to write an individual Business Plan, not exceeding 3,500 words. This word limit does not include the title page, the executive summary, the contents page, tables, diagrams, appendices or references. You must include an accurate word count on your title page
Marking Criteria (ALL aspects detailed in each section MUST be included)
Executive Summary, Submission Format/ Layout – Provides a concise, thorough overview and effectively outlines main points of the plan. Structured, logical, well presented. (10 marks)
Business/Company Description -- Business name, description of the product(s)/service(s), company’s vision, mission and objectives, unique benefits/value proposition, intellectual property details. (20 marks)
Opportunity Analysis, Research & Marketing Plan -- Explanation and justification of the market chosen, market research conducted, industry analysis, evaluation of the competition. Marketing plan (4P): i.e. chosen target market, how you will reach your consumers, consumer profile and behaviour, sales process, pricing strategy, promotional strategy. (30 marks)
Financial Plan -- Sources of funding identified, include Cash Flow Forecast, Profit and Loss Statement, Balance Sheet for a one-year period, explain contingency plan and growth aims and Breakeven analysis. (25 marks)
Management Team, Company Structure & Operations -- Details of ownership and management of the Business, Organisational chart, roles of team members, skills, qualifications, training needs and interests that can be used to best effect for the business venture. (15 marks)
Assessment Method: Option Two
You are asked to produce an Individual business plan, not exceeding 2,000 words and a 20-minute Business Plan Pitch using a maximum of 15 annotated PowerPoint slides and present in class/online summarizing the business plan.