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Fundamentals of Entrepreneurship Assignment

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Added on: 2023-02-17 13:50:11
Order Code: MAS3969
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    Australia

 Part A - Opportunity Analysis

The characteristics of seeking opportunities, taking risks beyond security and having the tenacity to push an idea through to reality combine into a special perspective that permeates entrepreneurs.

In Module 1, you learnt that entrepreneurs are individuals who recognise opportunities where others see chaos or confusion. They challenge the unknown and continuously create the future. In addition, potential entrepreneurs are always looking for unique opportunities to fill needs or wants. They sense economic potential in business problems by continually asking' if only they...', "what if...?" or ' Why not...?" They develop an ability to see, recognise and create opportunity where others find only problems.

Think about the following areas to get a sense of ideation and initial concept:

1) Look for new niches. Your next business idea doesn't have to reinvent the wheel. Can you build a better mousetrap?

2) Apply your skills to an entirely new field. Think about your skills and whether they might be useful in a new area?

3) Find a category lacking recent innovations. Revisit Module 2 on Innovations.

4) Make a cheaper version of an existing product. Companies often get their start by offering customers an existing product at a lower price.

5) Have an idea quota; write ideas down. You need to be as tenacious as you can with this. Every day, set out an idea quota within a period of roughly 45 minutes to an hour, where you do nothing but write down ideas about the area that interests you.

6) Creative Mind Tools such as brainstorming - a method for obtaining new ideas focusing on the parameters.

7) OR, Reverse Brainstorming - A group method for obtaining new ideas focusing on the negative.

After you come up with a promising insight, there is no guarantee that success will follow, of course. You need to turn a great insight into a thriving business, which is incredibly challenging. You will need to write up a 2,000 word summary of your key findings, critique and insight in your evaluation. The following structure is best suggested for this document:

1. Introduction
In your introduction, you must address which methods you employed from the processes above that lead to your insight of your idea. You will also use these questions as a guide to your elevator pitch, in part B of the assessment.

2. Problem & Need Analysis
What problem are you trying to solve? In other words, what do your customers need and how do you know for sure? Look and apply from every angle. Applying this rule means an entrepreneur will analyse a problem from every possible angle: What is the problem? Whom does it affect? How does it affect them? What costs are involved? Can it be solved? Would the marketplace pay for a solution? For bonus points, what type of need is it? (continuing need, declining need, emerging need, future need)

3. Consumer Analysis
Think about how much is it or how much are customers willing to pay? What are the perceived benefits and risks? Think of appeal characteristics, utility to customer, customer taste and preferences, buying motives, consumption habits).

4. Market Analysis
How well do you know your competitors? What is the position in the life cycle? What is the market size and potential?

5. Internal Capabilities
Who are you (what experience, expertise, and talent do you have to offer) and who is on your winning team?

6. Commercial Viability
What is your unique selling point or value proposition? Is it scalable? What is the return on investment (need to determine the value of the product idea with cash flow, cash inflow, profit, relative return)?

Note: You do not need to do a rigorous screening or evaluation of the business idea. This guide is to give you a taste of what is expected of you on your entrepreneurial educational journey. The guide is enough for you to eliminate those ideas that are impractical and ones that show potential to move toward the concept stage, the product development stage, the test marketing stage, and finally into commercialisation.

Part B - Concept Development Pitch (Video Recording)

As your module 8 & 9 has taught you what an Elevator pitch is, the question is why would we need to do it? Simply put, to be successful within the world of work, entrepreneurship and to succeed in the face of these challenges such as the Sharks, Dragon, Tiger or Venture capitalists, the Elevator pitch is the single most important thing that you must master to succeed.

You must produce a 1 minute elevator pitch video** using the opportunity identified in Part A to generate interest, intrigue, and commitment of financial investment from a Venture Capitalist. Pitches must frame the value proposition of the opportunity specific to your start-up entrepreneurial firm.

**This presentation needs to be uploaded to YouTube, and the link must be included along with your assessment. You can paste the link in the comments box when you submit your assessment.

Feel free to make the link to this video public or private, but if you do so do not forget to post the the passcode required to access the video. A guide on how to upload videos is available at (requires UC student login): https://www.lynda.com/YouTube-tutorials/Uploading-videos-YouTube/181240/196512-4.html (Other tutorials on how to do this can be found on YouTube itself).

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  • Uploaded By : Katthy Wills
  • Posted on : February 17th, 2023
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