Posted: July 28th, 2022
Business planning assignment aims max 1500 words
The aim of the assignment is to show your understanding of a number of entrepreneurship concepts from the module and your ability to apply these in a meaningful, insightful and balanced way. The assignment emphasises an understanding and application of concepts you have studied in the module to identify, develop and evaluate a business idea and distinguish an ‘idea’ from an ‘opportunity’.
Business planning assignment task
Identify a potential business idea, translate this into a ‘business concept’ and test your assumptions to evaluate whether they are feasible. This will require you to conduct basic primary and secondary market research.
Identify a potential ‘new’ venture idea and present it in the form of a lean canvas or via the business planning template.
‘Test’ your assumptions through research and evaluation.
Re-evaluate your initial assumptions (lean canvas) and determine whether your idea is a feasible business opportunity.
Reflect on what you have learnt.
Lean Canvas by Ash Maurya: (Links to an external site.)
Your business plan or notes section of your power point if using lean canvas will include:
Business Concept Description
Market Research (Industry, Competitors, Customers)
Basic Financial projections (Simple Cash flow)
Evaluation of the feasibility of the business concept (not essential but useful).
The business concept should be as realistic as possible, keep assumptions to the minimum, including about your own skills and abilities.
Or you can use the business planning template listed on Canvas, regardless of tool used the evaluation of the concept should address the following:
What are the strengths and weaknesses of the concept?
Is the business concept feasible?
Would you pursue this venture? Why or why not?
What you have learnt from the exercise?
You have to make your word count, those of you preparing the lean canvas must include this within your power point notes section. Those preparing the business plan it is likely that this word count will be included in the plan.
The power point is not included in word count as this merely summarises your ideas.
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