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MEC ?Entrepreneurship and Small Business Management Discussion

MEC ?Entrepreneurship and Small Business Management Discussion

Question Description

learning outcomes

A critical understanding of the entrepreneurial character, start-up and growth strategies, and business planning.

The ability to formulate and produce a comprehensive viable strategic business model and plan following a critical assessment of a market opportunity, using creativity, innovation, and an understanding of financial resource implications; implement and evaluate the strategic business plan.

Required to do in this assignment?

You are required to write a business plan either for a business idea you have. This can be a real or an imaginary business or a plan for an existing small business. Whilst you do not have to follow any precise format, a specimen format is provided in the textbook. The interactive chapter exercises on the textbook website allow you to build your plan step-by-step and place it in this format.

Specimen plans are readily available on the internet. However, be noted, do not copy the contents of on-line plans.

Marks will be awarded for the thoroughness of the plan, not for the profit-making potential of the business idea. A good plan that proves the idea to be unviable can receive full marks. A profit projection, breakeven calculation, monthly cash flow forecast, and balance sheet are required only for the first year. You must provide details of the assumptions on which these are based.

The unit leader evaluates reports based on the following criteria:

-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 and 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

-Realism and practicality of plan

-Overall presentation

There will be a formative opportunity to draft your business pitch in class where it will be reviewed by a panel of academics, entrepreneurs and each other.

Need to do:

In order to pass the assessment, you will need to:

-Evidence understanding of the planning process in developing a business idea

-Demonstrate capacity for the design, development, and through analysis explicate a business plan for an opportunistic venture

-Evidence financial planning through quantification of resource need and utilisation to implement a business venture

*** Words count = 2900 words.

*** In-Text Citations and References using Harvard style.

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