Assessment Type                        Individual

Assessment Number                  2 and 3

Assessment Name                      Report and Presentation

Unit Learning Outcomes

Assessed                                       1,2,3,4,5 and 6

Due Date and Time                     Assessment 2 : 8/February/2019, Upload report on Moodle

Assessment 3 : 7/February/2019, In class presentation

Weighting                                     Assessment 2 Report 25%, Assessment 3 Presentation 10%

Assessment Description            Assessment 2 : Opportunity Analysis and Development Report (Around 2000 words, Turnitin submission)

 

In the unit, you learnt that entrepreneurs are individuals who recognize 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, recognize and create opportunity where others find only problems.

 

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

 

• Look for new Your next business idea doesn’t have to reinvent the

wheel. Can you build a better mousetrap?

 

• Apply your skills to an entirely new Think about your skills and whether they might be useful in a new area?

 

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

 

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

 

• 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

 

• 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

 

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 around 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 commercialization.

 

Assessment 3 : Opportunity Analysis and Development Pitch (10 minutes, in class)

 

You will produce a maximum 5 minutes (followed by 5 minutes of questions and answer) in class using the opportunity identified in part A to generate interest, intrigue and commitment of financial investment from a venture capitalist. Pitch must frame the value proposition of the opportunity specific to your start-up entrepreneurial firm.

 

Lecturer and students will ask you questions after the pitch like and investor would. Although it will not be as rigorous as in the case of Shark Tank

                                                          (https://tenplay.com.au/channel-ten/shark-tank) it may be toned down             

 

 

 

 

version of it. J

 

Try and be as innovative as you can and want.

 

 

 

 

 

Detailed Submission Requirements

Assessment 2 should be in the format of a report of around 2000 words while assessment 3 will be a 10 minute pitch in class.

 

 

 

 

 

 

 

 

Assessment
Section Requirements	Weight 10%	HIGH DISTINCTION 100-85%	DISTINCTION 84-75%	CREDIT 74-65%	PASS 64-50%	FAIL 49-0%
Clear and methodical identification and	Mark
rationale/ justification of entrepreneurial	10	Excellent outlined	Well-articulated	Some good insight	Developing	No consideration of
opportunities (needs/wants canvassed		identification and	identification and	uncovered through	consideration of	opportunities or
thoroughly as well as market analysis)		justification. Excellent	justification of	analysis of emergent	opportunities and	problems faced by
		Market analysis with	emergent	opportunities and	challenges faced by	entrepreneurs.
		consideration of	opportunities. Analysis	challenges faced by	entrepreneurs.
		anticipatory problems,	is forward thinking and	entrepreneurs. Some
		entire evaluation is	anticipatory	basic critical
		nuanced and		interpretation from
		considered.		analysis.
Demonstration and application of key	Mark
processes towards successful new-venture	10	Excellent outline and	Well-articulated	Good reflection on	Developing	No consideration of
creation; including development		critical analysis of new	analysis of new market	the process of	consideration of	new venture or
practicalities and viability assessment.		market selection,	selection, opportunity	innovation and new	process of new	innovative practices
		opportunity	identification and value	market or opportunity	product development	employed by
		identification and value	creation tactics and	analysis processes	and opportunity	entrepreneurs.
		creation tactics and	processes	entrepreneurs	analysis and value
		processes	entrepreneurs employ.	employ. Some basic	creation by
		entrepreneurs employ.	Linked well to	critical interpretation	entrepreneurs.
		Analysis is nuanced	research.	of this and
		and well supported by		crosscomparison on
		research and highly		methods.
		comparative in terms of
		various approaches
		featured in the unit.
Considered outline of target markets,
stakeholders and industries involved	5	Highly nuanced	Nuanced profiling of	Nicely summarized	Irrelevant profiling of	Unclear or missing
		overview of key	key stakeholders and	stakeholders. Key	key stakeholders and	outline of key
		stakeholders and	industries with some	operating industries	involved industries.	stakeholders involved
		industries with	developed rationale.	outlined well.	Lack of rationale
		excellent rationale and			provided

 

 

 

 

 

		consistent justification .
Substantive evidence of preparation; including professionalism in pitch presentation.   Supporting documentation reflects Harvard citation and referencing guidelines.	10	Outstanding preparation and confidence of commercial language with high regard for professional audience. Enthusiastic, engaged, and prepared, with correct citations throughout.	Very good preparation and use of professional language in presentation. High enthusiasm and commercial relevance. Report includes highly accurate citations and correct referencing.	Good demonstration of professionalism in presentation and report preparation. Report includes very good citations and correct referencing using APA/Harvard referencing style	Developing grasp of professional presentation and preparation. Report includes mostly accurate citations and referencing with some errors.	Lacking preparation for task. Developing citation and reference ability not conforming to APA/Harvard referencing style.
TOTAL MARK	35	Overall comments: