Assignment Task
Task
You are an inventor who has come up with a new idea for a product or service. You are keen to take this idea forward into a startup business. For this product or service, write a business plan to set up the business in the future. The product or service must be innovative (a new product or an improvement to an existing product) and you are expected to develop this idea into a viable technology-based business model. It is important that you demonstrate that you understand the market in which you are operating.
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Get Help Now!The structure of the business plan will be as follows:
1. Drawing on the concept of causation and effectuation, conduct a feasibility study of your New Venture Concept, and explore the relationship between innovation and entrepreneurship
2. Conduct a competitive and STP analysis to evaluate the opportunity gap in the market and discuss why you are confident that this new business is feasible
3. Drawing on relevant frameworks and concepts, discuss your proposed business model and explain how the new venture will work
4. What kind of business and marketing strategies should entrepreneurs follow to find success? In particular, evaluate the different strategies that are used by entrepreneurial organisations at the start up phase, and during periods of growth, consolidation and underperformance
5. What are the quantitative and qualitative planning tools that entrepreneurs could use to assess and mitigate their risks? What are the common mistakes that first time entrepreneurs make?
Assessment Task :
1. Research-informed Literature Extent of research and/or own reading, selection of credible sources, application of appropriate referencing conventions.
2. Knowledge and Understanding of Subject Extent of knowledge and understanding of concepts and underlying principles associated with the discipline.
3. Practical Application and Deployment Deployment of methods, materials, tools and techniques; application of concepts; formulation of innovative and creative solutions to solve problems.
5. Skills for Professional Practice Attributes in professional practice: individual and collaborative working; deployment of appropriate media; presentation and organisation.
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