Welcome To
UNIT 28/48 Launching A New Venture
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Program: BTEC Level 5 Higher National Diploma In International Travel And Tourism Management (Aviation)
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Program: BTEC Level 5 Higher National Diploma In Business
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INTRODUCTION
This unit provides students with a practical understanding of what is required to successfully launch a new venture. It gives students an opportunity to work within a small team to fully plan the launch of a specific new venture idea. Students will learn about work through the stages of planning to launch the venture, culminating in a group presentation of a launch plan. This will include an explanation of the idea, how it will attract customers and have competitive advantage.
Students will develop a promotional plan to get it started, preparing a budget for launch and a cash flow forecast for the first 12–18 months of operation for the chosen venture. They will learn about the need for resourcefulness when starting a new venture, and will be able to identify and tap into personal networks which can offer a valuable source of knowledge, resources, advice and opportunities.
STUDENTS LEARNING OUTCOMES
LO1. By the end of module 1 you will be able to:
Investigate the range of resources required to launch a new venture
Defining the idea and the target customer:
LO2. By the end of module 2 you will be able to:
Assess the skills and capabilities required and how these might be acquired or developed
Understanding and acquiring skills and capabilities:
LO3. By the end of module 3, you will be able to:
Explain and justify appropriate promotional activities to support the launch
The marketing mix:
LO4. By the end of module 4, you will be able to:
Suggest an appropriate legal form and compile a budget for launch.
Budgeting:
This unit provides students with a practical understanding of what is required to successfully launch a new venture. It gives students an opportunity to work within a small team to fully plan the launch of a specific new venture idea. Students will learn about work through the stages of planning to launch the venture, culminating in a group presentation of a launch plan. This will include an explanation of the idea, how it will attract customers and have competitive advantage.
Students will develop a promotional plan to get it started, preparing a budget for launch and a cash flow forecast for the first 12–18 months of operation for the chosen venture. They will learn about the need for resourcefulness when starting a new venture, and will be able to identify and tap into personal networks which can offer a valuable source of knowledge, resources, advice and opportunities.
STUDENTS LEARNING OUTCOMES
LO1. By the end of module 1 you will be able to:
Investigate the range of resources required to launch a new venture
Defining the idea and the target customer:
- The venture idea and how it represents a business/social enterprise opportunity
- Analysis of the small business environment to support the venture idea
- The characteristics of the target or ‘typical’ customer, applying geographic, demographic and behavioural segmentation
- Use of competitor and industry analysis techniques such as Porter’s Five Forces analysis
- Identification of tangible and intangible features and benefits
- Achieving competitive advantage
- The different types of resources that are needed to start a new venture: tangible, intangible and human
- The three categories of ‘capital’: human, social and financial
- Identifying and planning resources for a new venture e.g. tangible (premises, equipment, IT facilities) and intangible (skills and capabilities)
LO2. By the end of module 2 you will be able to:
Assess the skills and capabilities required and how these might be acquired or developed
Understanding and acquiring skills and capabilities:
- Identifying the necessary skills and capabilities
- The importance of building credibility in a start-up venture, addressing risk factors and responding to change
- making use of free or low-cost sources of resources and skills, leasing and renting
- Low-cost/free marketing and promotion
- The principles of the ‘Lean Start-up’ method
- The importance of networks to new ventures as a source of ‘social capital’ that can bring access to knowledge, resources, advice and opportunities
- Consideration of both formal and informal networks
- Assessing and developing personal networks and ‘the strength of weak ties’
LO3. By the end of module 3, you will be able to:
Explain and justify appropriate promotional activities to support the launch
The marketing mix:
- The marketing mix in the context of a new venture/small business
- The importance of pricing strategy for a new venture and the likely response of competitors
- Developing an identity and the key promotional messages for the business
- Choosing a name and registering a domain
- Visual identity and website creation with e-commerce capabilities (e.g. virtual shopping cart and secure online payments)
- Cost-effective promotional techniques e.g. use of social media and online promotion: blogs, Twitter, podcasts, video clips, virtual tours and image captions
- The pros and cons of trademark registration
LO4. By the end of module 4, you will be able to:
Suggest an appropriate legal form and compile a budget for launch.
Budgeting:
- Compilation of an initial budget for venture launch, including identification of pre-launch costs and then a forecast of income and costs over the first 12–18 months of trading
- ‘What-if’/scenario analysis on the budget Calculation of break-even point
- The different legal forms for a business e.g. sole-trader, limited company and partnership
- Legal form options for a social enterprise e.g. Community Interest Companies (CiC)
- Franchising as a start-up opportunity
RECOMMENDED RESOURCES
Textbooks
WEBSITES
Textbooks
- BURNS, P. (2014) New Venture Creation: A Framework for Entrepreneurial Start-ups. Basingstoke: Palgrave MacMillan.
- BURNS, P. (2011) Entrepreneurship and Small Business. 3rd ed. Basingstoke: Palgrave MacMillan. RIES, E. (2011) The Lean Start-up. London: Penguin Books.
- WALL, S., CODAY, C. and MITCHELL, C. (2014) Quantitative Methods for Business and Management: An Entrepreneurial Perspective. Harlow: Pearson.
- WILLIAMS, S. (2015) Financial Times Guides: Business Start-up 2015. Harlow: Pearson.
WEBSITES
- www.een.ec.europa.eu European Commission Enterprise Europe Network (General Reference)
- www.enterprisenation.com Enterprise Nation (General Reference)
- www.icsb.org International Council for Small Business Research (General Reference)
- www.iesingapore.gov.sg International Enterprise Singapore (General Reference)
- www.isbe.org.uk The Institute for Small Business and Entrepreneurship (General Reference)
ASSESSMENT OF PRIOR LEARNING
Mandatory Survey. Rate your competency against the learning outcomes in this module
Please complete this Survey before you start the new course. You'll be asked to review your answers later in the course as part of a graded assignment. You'll be instructed to look back (reflect) and assess what you've learned on this course. PLUS! your answers will useful to the Lecturer to determine your prior knowledge in the subject and tailor the lessons and learning activities to better support your needs
Please complete this Survey before you start the new course. You'll be asked to review your answers later in the course as part of a graded assignment. You'll be instructed to look back (reflect) and assess what you've learned on this course. PLUS! your answers will useful to the Lecturer to determine your prior knowledge in the subject and tailor the lessons and learning activities to better support your needs
STUDENTS LEARNING OUTCOME 4
LO4. Demonstrate an understanding of the finance of selling
LO4. Demonstrate an understanding of the finance of selling
How familiar are you with the content covered in this module?
Rate your current competency against the learning outcomes for this module on the following scale:
1 = Novice. This subject matter is completely new to me.
2 = Partial understanding or competence. I have a basic understanding of the subject matter but still require support.
3 = Average understanding or competence. I have a fair grasp of the subject matter and its application.
4 = Above average understanding or competence. I have a strong grasp of the subject matter and could easily apply it in a variety of contexts.
5 = Expert. I have mastered this subject area, and I could teach it to others.
Read the questions provided in the Student Survey Form below and check the appropriate answers...
LEARNING OUTCOME 2
EXPECTED STUDENT LEARNING OUTCOME
After completing this module you will be able to:
LO2. Assess the skills and capabilities required and how these might be acquired or developed
ASSESSMENT CRITERIA
- P4. Assess the skills and capabilities required to launch a new venture and how they are acquired or developed.
- M3 Explore the range of skills and capabilities required for the launch and critically assess how they might be acquired or developed applying appropriate methods.
- D2. Critically discuss supporting costs and timescales required for acquiring and/or developing the skills and capabilities of a launch team.
LO 2. LEARNING CONTENT
Understand and acquire skills and capabilities:
Understand and acquire skills and capabilities:
- Identifying the necessary skills and capabilities
- The importance of building credibility in a start-up venture, addressing risk factors and responding to change
- making use of free or low-cost sources of resources and skills, leasing and renting
- Low-cost/free marketing and promotion
- The principles of the ‘Lean Start-up’ method
- The importance of networks to new ventures as a source of ‘social capital’ that can bring access to knowledge, resources, advice and opportunities
- Consideration of both formal and informal networks
- Assessing and developing personal networks and ‘the strength of weak ties’
TEACHING AND LEARNING ACTIVITIES IN THIS UNIT
- We want to make learning fun, and so we’ve included many practical and interactive elements in the program. To increase your learning and engagement, we’re using a wide variety of teaching methods and assessments: traditional lecture, powerpoint, video, audio, field study, abstract models, diagrams, case studies, concept maps and examples to help connect what we’re teaching to make the information and learning experience practical, relevant, relatable and meaningful to the students.
- For assessments and activities, we mix traditional paper methods, mandatory class discussions, short assignments, and online multiple choice quizzes to help you to memorize the vocabulary and concepts that you might be struggling to remember and retain. For the quiz, the use of testing software allow you to take the test and receive the results immediately.
- Direct engagement encourages students to take responsibility for their learning and we have research papers, essays, debates, forums, video and audio assignments, and teamwork so you can work through problems with a partner and support each other in the areas that you’re most challenged.
- We make sure we calculate all your efforts so everything count towards your grades.
THREE FACTORS WE CONSIDER WHEN SETTING THE ASSIGNMENTS:
- Your prior knowledge,
- The contents you’re learning now, and your
- Development of your cognitive abilities to undertake more complex task as you progress in the program.
How The Tasks In the Assignments Are Constructed And The Grading Criteria
- Course-related knowledge (called content knowledge);
- Correct use of the command verb
- Applying and using the content knowledge in a context and constructive way e.g. to solve problem and make decisions in the case situation/context given; solve an accounting problem; create a concept map etc.
OTHER CONSIDERATIONS:
- Competencies in the academic domain e.g. quality and breath of the discussion, use of appropriate language, vocabulary, grammar and sentence construction; comprehension of the assignment and executing the task correctly; Harvard Referencing Standards
- Attention to instructions
- Grade Achievement e.g. Pass, Merit and Distinction
- Attitudes, values, and self-awareness
USING CONSTRUCTIVE AND ACTIONABLE FEEDBACK TO MEET THE GRADING CRITERIA
Your performance on the assessment will indicate if you’re reading, memorizing, paying attention, and taking the right notes. To do well, you’ll need to apply what you’re learning to the situations presented to you in the assignment. Here are ways you can correctly use what you’re learning to improve your grades, become more confident, and contribute effectively to group work:
- The topic is the subject of the assignment. All information available on this topic is content knowledge. For example, what the topic is about, what it does, how it works, the positive and negative influences – how its impacting or being impacted by other issues (pros/benefits or cons/limitations/drawbacks). Learn all the information, so you’re ready to use this content knowledge in different ways..
- You’ll also need to show your assessor and audience the depth of your understanding. To test the level of your knowledge, you’re given specific commands, e.g. to explain, analyze, describe, compare, apply etc. These are the command verbs to tell you how to carry out the assignment correctly. You must also study what each Command Verb requires to use the content knowledge correctly. For example, comparing is not explaining, and explaining is not analyzing, and if you don’t know the difference, you’ll incorrectly execute the assignment.
- The assignments have command verbs, topic, and contexts to demonstrate that you can use content knowledge constructively and in different situations/contexts/settings, e.g. to solve a problem in a case study, accounting formula, or statistical equation, etc.
- Pay attention to further instructions given the assignment and meet academic conventions. Carefully read the instructions and assignment given then identify the critical parts of the task. You must satisfactorily demonstrate three main criteria to pass the course.
- Set up a meeting with your Success Manager to go-over the feedback and plan for the achievement of these competencies.
Module Rules And Restrictions
Learning Outcomes (LO) are called modules. There are four (4) modules to be covered on Unit 45 Sales Management. Each module has graded assignments.
Pass Grades
Assignments marked as P e.g. P1, are compulsory. You must do all all P tasks on the module. If you achieve the grade, you're award Pass for that assignment.
Referred Grade
If you do not achieve the pass grade, you're awarded the Referred Grade, and can re-sit the assignment. Resit fee is $12.00 per task. You'll only be allowed to resit a module twice. Any unit that has a referred grade is capped at a pass. This means that you cannot earn a higher grade for this unit e.g. if you earn a referred grade on P1 in module 1 of unit 35, you cannot earn a merit or distinction on unit 35.
Late Work
Your assignment must be submitted no later than 11:30 PM on the due date. Submitting late work is strongly discouraged. If an unplanned event occurs, you have a maximum of two days to submit with late fee of $5 paid with the late assignment.
Extenuating Circumstances
If you have supporting evidence of extenuating circumstances you can apply for further extension for late assignment submission. See the published list of issues considered 'extenuating'. Permission for extenuating circumstances cannot extend beyond the final day of the semester. You'll pay the late penalty of $15, when submitting the assignment on the given date.
Fail Grade
If you fail to complete and submit the 'P' tasks on the assignment, your grade is Incomplete (IC/NC), which is a fail grade. If you earn a fail grade on the unit, you must retake the assignments at the full 'per-course rate' that is published in Tuition Schedule.
If you fail to secure a pass grade after resitting twice on a module, you'll be awarded a fail, and will need to take over the class and all the assignments at the full 'per-course rate' published in the Tuition Schedule.
If you plagiarize at any point on this unit, your paper will awarded a fail. Plagiarism can be committed in a number of ways, please see the handbook. If you earn a fail grade, and will need to take over the class and all the assignments at the full 'per-course rate' published in the Tuition Schedule.
Higher Grades
You can earn a merit or distinction grade on this Module when you achieve the criteria for the tasks listed as M and D e.g. M1, D1 etc. While we'll encourage you to attempt all tasks on the assignment, it's not compulsory for you to attempt the tasks for merit and distinction in the assignments. In other words, you don't have to do the tasks listed as M and D. If you miss one M or D task, do not attempt the others, as you'll need to earn the grades for all M tasks, to earn Merit. For the distinction, you'll need to earn the grade for all the Ms and Ds.
Merit
You can achieve the merit grade only when you earn both the pass (P) and merit (M) grades on the module. If you're undertaking task on the assignment marked 'M' e.g. M1 you're attempting the merit grade. If you do not earn the merit grade, you can only be awarded the pass grade, as long as you satisfied the Pass criteria. You cannot resit a M task after you attempted it once. The grade will be capped at a pass for the unit.
Distinction
You can achieve the distinction grade only when you earn the pass (P), merit (M) and distinction (D) grades on the module. If you're undertaking the task on the assignment marked 'D' e.g. D1, you're attempting the distinction grade. If you do not achieve the grade, you can be awarded the merit grade, as long as you satisfied the criteria for the pass and merit. You cannot resit a D task after you attempted it once. The grade will be capped at a merit for the unit.
Learning Outcomes (LO) are called modules. There are four (4) modules to be covered on Unit 45 Sales Management. Each module has graded assignments.
Pass Grades
Assignments marked as P e.g. P1, are compulsory. You must do all all P tasks on the module. If you achieve the grade, you're award Pass for that assignment.
Referred Grade
If you do not achieve the pass grade, you're awarded the Referred Grade, and can re-sit the assignment. Resit fee is $12.00 per task. You'll only be allowed to resit a module twice. Any unit that has a referred grade is capped at a pass. This means that you cannot earn a higher grade for this unit e.g. if you earn a referred grade on P1 in module 1 of unit 35, you cannot earn a merit or distinction on unit 35.
Late Work
Your assignment must be submitted no later than 11:30 PM on the due date. Submitting late work is strongly discouraged. If an unplanned event occurs, you have a maximum of two days to submit with late fee of $5 paid with the late assignment.
Extenuating Circumstances
If you have supporting evidence of extenuating circumstances you can apply for further extension for late assignment submission. See the published list of issues considered 'extenuating'. Permission for extenuating circumstances cannot extend beyond the final day of the semester. You'll pay the late penalty of $15, when submitting the assignment on the given date.
Fail Grade
If you fail to complete and submit the 'P' tasks on the assignment, your grade is Incomplete (IC/NC), which is a fail grade. If you earn a fail grade on the unit, you must retake the assignments at the full 'per-course rate' that is published in Tuition Schedule.
If you fail to secure a pass grade after resitting twice on a module, you'll be awarded a fail, and will need to take over the class and all the assignments at the full 'per-course rate' published in the Tuition Schedule.
If you plagiarize at any point on this unit, your paper will awarded a fail. Plagiarism can be committed in a number of ways, please see the handbook. If you earn a fail grade, and will need to take over the class and all the assignments at the full 'per-course rate' published in the Tuition Schedule.
Higher Grades
You can earn a merit or distinction grade on this Module when you achieve the criteria for the tasks listed as M and D e.g. M1, D1 etc. While we'll encourage you to attempt all tasks on the assignment, it's not compulsory for you to attempt the tasks for merit and distinction in the assignments. In other words, you don't have to do the tasks listed as M and D. If you miss one M or D task, do not attempt the others, as you'll need to earn the grades for all M tasks, to earn Merit. For the distinction, you'll need to earn the grade for all the Ms and Ds.
Merit
You can achieve the merit grade only when you earn both the pass (P) and merit (M) grades on the module. If you're undertaking task on the assignment marked 'M' e.g. M1 you're attempting the merit grade. If you do not earn the merit grade, you can only be awarded the pass grade, as long as you satisfied the Pass criteria. You cannot resit a M task after you attempted it once. The grade will be capped at a pass for the unit.
Distinction
You can achieve the distinction grade only when you earn the pass (P), merit (M) and distinction (D) grades on the module. If you're undertaking the task on the assignment marked 'D' e.g. D1, you're attempting the distinction grade. If you do not achieve the grade, you can be awarded the merit grade, as long as you satisfied the criteria for the pass and merit. You cannot resit a D task after you attempted it once. The grade will be capped at a merit for the unit.
STUDENT EXPECTED LEARNING OUTCOME
You will be able to:
LO2: Investigate the range of resources required to launch a new venture
You will be able to:
LO2: Investigate the range of resources required to launch a new venture
ASSESSMENT CRITERIA
LESSON GOALS:
LO 1. By the end of this lesson you will be able to:
1. understand and use the seven (7) soft skills
2. differentiate between Hard Skills and Soft Skills
2. understand the skills necessary to launch a start-up
3. discuss and provide examples of how these skills can be developed
4. use role playing to demonstrate how the skills are useful when fully developed and employed
5. use role playing to demonstrate the problems and risks than can arise when these skills and competencies are not fully developed and employed
LESSON CONTENTS AND READING RESOURCES
Launching A New Venture
CONTENT OF THE LESSON
Download the lesson below and Read more: https://www.emerald.com/insight/content/doi/10.1108/APJIE-12-2016-003/full/html
- P4. Assess the skills and capabilities required to launch a new venture and how they are acquired or developed.
LESSON GOALS:
LO 1. By the end of this lesson you will be able to:
1. understand and use the seven (7) soft skills
2. differentiate between Hard Skills and Soft Skills
2. understand the skills necessary to launch a start-up
3. discuss and provide examples of how these skills can be developed
4. use role playing to demonstrate how the skills are useful when fully developed and employed
5. use role playing to demonstrate the problems and risks than can arise when these skills and competencies are not fully developed and employed
LESSON CONTENTS AND READING RESOURCES
Launching A New Venture
- Hard Skills vs Soft Skills >>>>Read Here
- The seven (7) soft skills you'll need to be successful >>>>Read Here
- 10 Skills necessary to launch a start-up >>>>Read Here
CONTENT OF THE LESSON
Download the lesson below and Read more: https://www.emerald.com/insight/content/doi/10.1108/APJIE-12-2016-003/full/html
| launching_a_new_venture__learning_outcome_1__with_assignments.pdf |
GETTING STARTED ON PLANNING AND LAUNCHING YOUR NEW VENTURE
MEDIUM STAKES ASSIGNMENT
Activity One | Business Proposal
Mandatory In-Class Team Presentation And Discussion
STEP 1: Getting Started
ASSIGNMENT INSTRUCTIONS
1) This oral activity will be conducted in-class. The students are to be organised in teams of eight (8) members. The break-away session will be 45-60 minutes.
2) The team will carry out the activities in Step 1 for the launch of a new venture.
3) The team will report their decisions to the class. This oral discussion should be no more than 10 minutes.
4) The Instructor will record a grade and communicated constructive feedback to the team at a future date.
SUBMISSION DATE: JUNE 23 | There is no late deadline
Activity One | Business Proposal
Mandatory In-Class Team Presentation And Discussion
STEP 1: Getting Started
- Do the Pre-assignment review and the instructed reading resources
- What are your interests? Brainstorm and agree on a business opportunity
- Define the idea and the target customer
- Set business goals and specific objectives
ASSIGNMENT INSTRUCTIONS
1) This oral activity will be conducted in-class. The students are to be organised in teams of eight (8) members. The break-away session will be 45-60 minutes.
2) The team will carry out the activities in Step 1 for the launch of a new venture.
3) The team will report their decisions to the class. This oral discussion should be no more than 10 minutes.
4) The Instructor will record a grade and communicated constructive feedback to the team at a future date.
SUBMISSION DATE: JUNE 23 | There is no late deadline
SUMMATIVE ASSESSMENT
High Stakes Assignment
Produce a credible portfolio to launch a new venture (required activity: graded)
Review the literature surrounding the criteria, knowledge and decision-making involved in launching a new venture, then carryout the steps in the tasks below:
LESSON AND ASSIGNMENTS
For Learning Outcome 1 you will be investigating the range of resources required to launch a new venture
INSTRUCTIONS
ASSESSMENT CRITERIA
IMPORTANT INSTRUCTIONS:
Use P3 as topic for the entire submission. Use P1, P2, M1 and M2 as headers for the different sections of your proposal. P3 and D2 are outcome-based (goals).
TASKS
GUIDELINES
1. This class requires scheduled out-of-class Team meetings.
2. Your assignment should be no more than 4,500 - 5,000 words and be completed and submitted by July 4.
3. You will review the class notes and conduct related research, investigation, and activities. Use the steps created for you and structure your activities to meet the stated requirements.
4. You should think about what you have read and apply your knowledge in a practical way, to the given task. That is, be sure to assess the existential literature and draw on organisational exemplars to validate your actions.
6. You're expected to engage completely in the assignment, attend all team meetings, and present your answers in a meaningful, realistic and constructive way.
7. Your work should be neatly typed, using Arial Font and font size 11.
8. Use your own words, plagiarism is unacceptable. If you plagiarize on any assignment, you'll be awarded a fail grade for the unit. Before starting any assignments on the semester, be sure to read the information provided on what is plagiarism and how to avoid it.
9. You will submit this assignment once: download the document that is attached to your Learn 'n Go account and complete the assignment. Save and upload the file using the upload option below.
10. The only acceptable format for the uploaded work is in PDF.
11. Read these instructions carefully before you attempt the task.
12. This assignment is mandatory for passing the course.
Recommended For Reading, Meeting, Writing and Editing: Twenty Four (24) Hours | 4,500 - 5,000 Words
Submission Date | July 4 - The assignment must be submitted before 11:30 PM
LATE ASSIGNMENT AND EXTENUATING CIRCUMSTANCES:
The assignment is to be submitted on-time. See the instructions about late submissions and special conditions for extenuating circumstances.
For Learning Outcome 1 you will be investigating the range of resources required to launch a new venture
INSTRUCTIONS
- In fulfillment of learning outcome 1, you’ll be carrying out a mix of practical and theoretical assignments in the process of launching a new venture.
- You’ll follow the given steps outlined below to conceptualize, plan, and launch a new venture.
- You will be given a range of tasks in fulfillment of the individual steps and inquiry outlined in the assessment criteria.
- You’ll submit a professional and comprehensive business proposal to launch the new venture. You’ll be making the pitch to a group of potential investors in your new venture.
ASSESSMENT CRITERIA
- P1. Investigate and explain a new venture, identifying specific target markets and undertaking competitive analysis
- P2. Determine specific tangible and intangible resources that would be required for the launch of a new venture
- P3. Produce a credible proposal to launch a new venture
- M1. Apply a range of methods and techniques for competitive analysis to justify how to achieve competitive advantage
- M2. Discuss the strengths and weaknesses of the new venture and determine areas of risk
- D1. Develop a detailed proposal that demonstrates critical analysis and reflection of the competitive environment with supporting contingency planning to minimize risk
IMPORTANT INSTRUCTIONS:
Use P3 as topic for the entire submission. Use P1, P2, M1 and M2 as headers for the different sections of your proposal. P3 and D2 are outcome-based (goals).
TASKS
- Explain a new venture idea and how it represents a business/social enterprise opportunity.
- Define the idea and the target customer.
- Carry out analysis of the small business environment to support the venture idea. Include the:
- a) Wider economy, business, and legislative environment
- b) Specific target markets and undertake competitive analysis
- c) Investigate the range of resources required to launch a new venture. What are the specific tangible and intangible resources that would be required for the launch of a new venture?
GUIDELINES
1. This class requires scheduled out-of-class Team meetings.
2. Your assignment should be no more than 4,500 - 5,000 words and be completed and submitted by July 4.
3. You will review the class notes and conduct related research, investigation, and activities. Use the steps created for you and structure your activities to meet the stated requirements.
4. You should think about what you have read and apply your knowledge in a practical way, to the given task. That is, be sure to assess the existential literature and draw on organisational exemplars to validate your actions.
6. You're expected to engage completely in the assignment, attend all team meetings, and present your answers in a meaningful, realistic and constructive way.
7. Your work should be neatly typed, using Arial Font and font size 11.
8. Use your own words, plagiarism is unacceptable. If you plagiarize on any assignment, you'll be awarded a fail grade for the unit. Before starting any assignments on the semester, be sure to read the information provided on what is plagiarism and how to avoid it.
9. You will submit this assignment once: download the document that is attached to your Learn 'n Go account and complete the assignment. Save and upload the file using the upload option below.
10. The only acceptable format for the uploaded work is in PDF.
11. Read these instructions carefully before you attempt the task.
12. This assignment is mandatory for passing the course.
Recommended For Reading, Meeting, Writing and Editing: Twenty Four (24) Hours | 4,500 - 5,000 Words
Submission Date | July 4 - The assignment must be submitted before 11:30 PM
LATE ASSIGNMENT AND EXTENUATING CIRCUMSTANCES:
The assignment is to be submitted on-time. See the instructions about late submissions and special conditions for extenuating circumstances.
STUDENT EXPECTED LEARNING OUTCOME
You will be able to:
LO1: Investigate the range of resources required to launch a new venture
You will be able to:
LO1: Investigate the range of resources required to launch a new venture
ASSESSMENT CRITERIA
LESSON GOALS:
LO 1. By the end of this lesson you will be able to:
2. Carry out analysis of the small business environment to support the venture idea
3. identify specific target markets and undertaking competitive analysis
LESSON CONTENTS AND RESOURCES
STEP 2: Investigating the opportunity
Use the following range of information, models and tools to research and investigate the opportunity.
In the study Creating New Ventures: A Review and Research Agenda, Lisa Holton provided the following course of action how to Investigate a business before buying or investing (Holton, 2020):
Linda Wray presented five Steps to Evaluating Business Opportunities (Wray, 2017):
- P1. Investigate and explain a new venture, identifying specific target markets and undertaking competitive analysis
- M1. Apply a range of methods and techniques for competitive analysis to justify how to achieve competitive advantage
LESSON GOALS:
LO 1. By the end of this lesson you will be able to:
2. Carry out analysis of the small business environment to support the venture idea
3. identify specific target markets and undertaking competitive analysis
LESSON CONTENTS AND RESOURCES
STEP 2: Investigating the opportunity
Use the following range of information, models and tools to research and investigate the opportunity.
In the study Creating New Ventures: A Review and Research Agenda, Lisa Holton provided the following course of action how to Investigate a business before buying or investing (Holton, 2020):
- Research the wider economy, business and legislative environment; and the marketing environment
- Observation of the competitive environment
- Common sense
- Listen to customers
- Watch foot traffic
- Check out the neighborhood and competing businesses.
- Diagnose the empty-storefront issue.
- Study the local power base.
- Do a news search
Linda Wray presented five Steps to Evaluating Business Opportunities (Wray, 2017):
- Self-Analysis
- Financial Components
- Market Research
- Risk Assessment
- Support
- Use competitor and industry analysis techniques such as Porter’s Five Forces analysis
- Assess the market and how to achieve competitive advantage
FORMATIVE ASSESSMENT
Medium Stakes Assignment
ASSESSMENT TOPIC:
Launching A New Venture
Launching A New Venture
Graded Activity For Lesson 2
- Mandatory In-class discussions and Oral Presentations (required: graded)
Activity Two | Business Proposal
Mandatory In-Class Team Presentation And Discussion
GETTING STARTED ON YOUR NEW VENTURE
STEP 2: Investigating the opportunity
Use the following range of information, models and tools to research and investigate the opportunity. Financial and economic components must be included.
INSTRUCTIONS FOR IN-CLASS ACTIVITY TWO
1) The teams are required to meet prior to the class submission. Meet at least three times to organize, plan, and discuss this task.
2) The work should be shared equally and the members should meet prior to the class to determine a specific plan for presenting.
3) The oral presentation will be conducted in-class. The students are to be organised in teams of 8-10 members.
4) The team will carry out the activities in Step 2 for the launch of a new venture.
5) The team will report their findings and decisions to the class. This oral discussion should be no more than 15 minutes.
6) The Instructor will record a grade and communicated constructive feedback to the team at a future date.
Due On | June 25 - There is no late deadline for this assignment
LATE ASSIGNMENT AND EXTENUATING CIRCUMSTANCES: The assignment is to be submitted on-time. See the instructions about late submissions and special conditions for extenuating circumstances.
Mandatory In-Class Team Presentation And Discussion
GETTING STARTED ON YOUR NEW VENTURE
STEP 2: Investigating the opportunity
Use the following range of information, models and tools to research and investigate the opportunity. Financial and economic components must be included.
- Summarize the extant literature used to inform the project
- Discuss the investigative methods that you're using (refer to the related guidelines in the provided literature)
- Evaluate and justify the Business Opportunity (refer to the related guidelines in the provided literature)
INSTRUCTIONS FOR IN-CLASS ACTIVITY TWO
1) The teams are required to meet prior to the class submission. Meet at least three times to organize, plan, and discuss this task.
2) The work should be shared equally and the members should meet prior to the class to determine a specific plan for presenting.
3) The oral presentation will be conducted in-class. The students are to be organised in teams of 8-10 members.
4) The team will carry out the activities in Step 2 for the launch of a new venture.
5) The team will report their findings and decisions to the class. This oral discussion should be no more than 15 minutes.
6) The Instructor will record a grade and communicated constructive feedback to the team at a future date.
Due On | June 25 - There is no late deadline for this assignment
LATE ASSIGNMENT AND EXTENUATING CIRCUMSTANCES: The assignment is to be submitted on-time. See the instructions about late submissions and special conditions for extenuating circumstances.
STUDENT EXPECTED LEARNING OUTCOME
You will be able to:
LO1: Investigate the range of resources required to launch a new venture
You will be able to:
LO1: Investigate the range of resources required to launch a new venture
ASSESSMENT CRITERIA
LESSON GOALS:
By the end of this lesson you will be able to: Understand the planning and resources requirements when launching a new venture
LESSON CONTENTS AND RESOURCES
Understanding and planning resources:
- P2. Determine specific tangible and intangible resources that would be required for the launch of a new venture
- M2. Discuss the strengths and weaknesses of the new venture and determine areas of risk
LESSON GOALS:
By the end of this lesson you will be able to: Understand the planning and resources requirements when launching a new venture
LESSON CONTENTS AND RESOURCES
Understanding and planning resources:
- The different types of resources that are needed to start a new venture: tangible, intangible and human
- Identify the tangible and intangible features and benefits
FORMATIVE ASSESSMENT
Medium Stakes Assignment
FORMATIVE ASSESSMENT
Medium Stakes Assignment
ASSIGNMENT TOPIC: P2 & M2
Activity Three | Business Proposal
Mandatory In-Class Team Presentation And Discussion
Mandatory In-Class Team Presentation And Discussion
GETTING STARTED ON YOUR NEW VENTURE
STEP 3: Decide on the type of business
INSTRUCTIONS FOR IN-CLASS ACTIVITY THREE
1) The teams are required to meet prior to the class submission. Meet at least twice to organize, plan, and discuss this task.
2) The work should be shared equally and the members should meet prior to the class to determine a specific plan for presenting.
3) The oral presentation will be conducted in-class. The students are to be organised in teams of 8-10 members.
4) The team will carry out the activities in Step 3 for the launch of a new venture.
5) The team will report their findings and decisions to the class. This oral discussion should be no more than 15-20 minutes.
6) The Instructor will record a grade and communicated constructive feedback to the team at a future date.
Due On | June 30 - There is no late deadline for this assignment
LATE ASSIGNMENT AND EXTENUATING CIRCUMSTANCES: The assignment is to be submitted on-time. See the instructions about late submissions and special conditions for extenuating circumstances.
STEP 3: Decide on the type of business
- Is the idea feasible? Provide justification by focusing on needs identification/problems.
- Do you have the experience? / Are you an expert in the field?
- What are the range of resources required to launch the new venture: Identify and plan resources for a new venture e.g. tangible (premises, equipment, IT facilities) and intangible (skills and capabilities) AND Identify the tangible and intangible features and benefits
- Is the venture lucrative? Provide supporting existential financial data and information.
INSTRUCTIONS FOR IN-CLASS ACTIVITY THREE
1) The teams are required to meet prior to the class submission. Meet at least twice to organize, plan, and discuss this task.
2) The work should be shared equally and the members should meet prior to the class to determine a specific plan for presenting.
3) The oral presentation will be conducted in-class. The students are to be organised in teams of 8-10 members.
4) The team will carry out the activities in Step 3 for the launch of a new venture.
5) The team will report their findings and decisions to the class. This oral discussion should be no more than 15-20 minutes.
6) The Instructor will record a grade and communicated constructive feedback to the team at a future date.
Due On | June 30 - There is no late deadline for this assignment
LATE ASSIGNMENT AND EXTENUATING CIRCUMSTANCES: The assignment is to be submitted on-time. See the instructions about late submissions and special conditions for extenuating circumstances.
STUDENT EXPECTED LEARNING OUTCOME
You will be able to:
LO1: Investigate the range of resources required to launch a new venture
You will be able to:
LO1: Investigate the range of resources required to launch a new venture
ASSESSMENT CRITERIA
LESSON GOALS:
LO 1. By the end of this lesson you will be able to:
1) identify specific target markets and undertake competitive analysis
2) produce a credible proposal
3) critically reflect on the competitive environment, risk and planning requirements of the venture
LESSON CONTENTS AND RESOURCES
Read here: >>>> Go to article
- P1. Investigate and explain a new venture, identifying specific target markets and undertaking competitive analysis
- M1. Apply a range of methods and techniques for competitive analysis to justify how to achieve competitive advantage
- P3. Produce a credible proposal to launch a new venture
- D1. Develop a detailed proposal that demonstrates critical analysis and reflection of the competitive environment with supporting contingency planning to minimize risk
LESSON GOALS:
LO 1. By the end of this lesson you will be able to:
1) identify specific target markets and undertake competitive analysis
2) produce a credible proposal
3) critically reflect on the competitive environment, risk and planning requirements of the venture
LESSON CONTENTS AND RESOURCES
Read here: >>>> Go to article
Activity Four | Business Proposal
Mandatory In-Class Team Presentation And Discussion
MEDIUM STAKES ASSIGNMENT
GETTING STARTED ON YOUR NEW VENTURE
STEP 4: What is the market / competition like?
INSTRUCTIONS FOR IN-CLASS ACTIVITY FOUR
1) The teams are required to meet prior to the class submission. Meet at least twice to organize, plan, and discuss this task.
2) The work should be shared equally and the members should meet prior to the class to determine a specific plan for presenting.
3) The oral presentation will be conducted in-class. The students are to be organised in teams of 8-10 members.
4) The team will carry out the activities in Step 3 for the launch of a new venture.
5) The team will report their findings and decisions to the class. This oral discussion should be no more than 15-20 minutes.
6) The Instructor will record a grade and communicated constructive feedback to the team at a future date.
Due On | July 2 - There is no late deadline for this assignment
LATE ASSIGNMENT AND EXTENUATING CIRCUMSTANCES: The assignment is to be submitted on-time. See the instructions about late submissions and special conditions for extenuating circumstances.
Mandatory In-Class Team Presentation And Discussion
MEDIUM STAKES ASSIGNMENT
GETTING STARTED ON YOUR NEW VENTURE
STEP 4: What is the market / competition like?
- Who is the customer prospect/target? Provide the characteristics of the target or ‘typical’ customer by applying geographic, demographic and behavioral segmentation.
- What are the needs and problems that you identified in the customer/target market ?
- What is the market/competition like? Conduct a competitive Analysis, using Four Corners Analysis
- Carry out an industry analysis, using Five Forces
- How can you set yourself apart from the competition? Present your differentials drawing on the different 'approaches and strategies for successful outcomes' in the literature provided. Also, produce your value proposition.
- Discuss the strengths and weaknesses of the new venture and the areas of risk
INSTRUCTIONS FOR IN-CLASS ACTIVITY FOUR
1) The teams are required to meet prior to the class submission. Meet at least twice to organize, plan, and discuss this task.
2) The work should be shared equally and the members should meet prior to the class to determine a specific plan for presenting.
3) The oral presentation will be conducted in-class. The students are to be organised in teams of 8-10 members.
4) The team will carry out the activities in Step 3 for the launch of a new venture.
5) The team will report their findings and decisions to the class. This oral discussion should be no more than 15-20 minutes.
6) The Instructor will record a grade and communicated constructive feedback to the team at a future date.
Due On | July 2 - There is no late deadline for this assignment
LATE ASSIGNMENT AND EXTENUATING CIRCUMSTANCES: The assignment is to be submitted on-time. See the instructions about late submissions and special conditions for extenuating circumstances.
