This assessment allows you to gain‘first-hand’ experience of activities that successful entrepreneurs are required to carry out: selecting an effective business model and writing a business plan for the business idea you developed in Assessment 1. This is an individual assessment.
The Business Model and Plan
Developing an idea into a successful business requires entrepreneurs to develop a robust business model and synthesise this into a well-enunciated business plan. In essence, the business model is the operational framework around which a business plan is written,and presents a clear, realistic and articulate explanation of how you plan to start and grow your business.
In accordance with the material outlined in the prescribed text, you are encouraged to take the business idea you developed in Assessment 1. If you have chosen to progress another idea due to lack of feasibility, or improve on it due to feedback, please discuss with your lecturer prior to starting Assessment 2.
Assessment 2 should be no longer than 3000 words, excluding appendices and references. Please be sure to address the assessment criteria below and as they are elaborated in the marking rubric provided in the Assessment 2 folder in Moodle.
Upload assignment through Moodle by the specified due date. As with Assessment 1, any late submission will penalisedat the rate of 5% per day or part thereof unless an extension has been approved by the unit coordinator.
Assessment Criteria (out of 100%):
1. Compelling explanation of the need for the new venture (10%)
2. Clear enunciation of proposed business model (20%)
3. Clear explanation of how the business model aligns with and informs relevant business plan components (20%)
4. Application of business plan structure and components (10%)
5. Project Plan for launch of new venture (10%)
6. Enunciation of critical risks, problems and assumptions associated with the business model and plan (10%)
7. Supporting evidence (Appendices that provide appropriate summaries of desk research, business model canvas, and other relevant materials (10%)
8. Quality of document evidenced by no spelling or grammatical errors, and correct use of APA referencing format (10%)
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