MMM241 – Entrepreneurship and Innovation Report

MMM241  Assessment 2 – Group report

Description / Requirements

Students are required to form groups with a maximum of three members. Each member of the group MUST enrol in a group on-line to ensure everyone has been allocated to a group, and that they are able to submit their assignment. This assignment will require two submissions in Word format by the due date and time:

1. a group report (only one student from the group is required to submit the group report on behalf of the group) which includes the peer assessment done by each member of the group;
2. an individual reflection by each group member on the peer assessment evaluation (each group member will have to submit their reflection on team work individually).

Students must submit their assignment through Turnitin. Although the acceptable percentage of Turnitin depends, a rule of thumb is that it should generally be below 25%.

AIM

The aim of this assignment is to provide you with a better and practical understanding of the nature of entrepreneurship process, including the challenges and opportunities that are experienced by entrepreneurs in this twenty first century and relate theory with practice.

TASK

Develop a business proposal for a business of your choice that you would like to start in the future. The business idea could be either completely new or sufficiently different from any existing business. In order to develop your business proposal, you are required to do a secondary research on a real-life entrepreneur and his/her business venture, analyze the entrepreneur and his/her businesses and how it’s influenced by the environment and then apply these learnings to develop your own business proposal.

This assignment will require two submissions in Word format by the due date and time:

1. a) Part A – Group report (3900 words +_10 %; 30% marks). Only one student from the group is required to submit the group report on behalf of the group;
2. b) Part B- Individual report (600 words +_10 % ; 10% marks). Each group member will have to submit their own individual report, evaluating their performance and that of other group members, as well as reflecting on the group experience

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PART 1: GROUP REPORT TASK 30%

Working in groups of three, select any industry in which you want to establish your business and identify a real-life entrepreneur working in that industry. The entrepreneur needs to be established in his/her own business with a website so that you can analyse his/her business venture by doing secondary research.

Please note that for the purpose of this assignment, you are only required to do secondary research; you are not required to interview or get primary data from the entrepreneur. Students should analyze both the entrepreneur AND his/her business venture from the online information available.

Selection of the business/entrepreneur:

• The entrepreneur selected should be in business for at least three to five years;
• The entrepreneurs’ business can be home-based business, or female owner-managed firms, or technology ventures or micro entrepreneurial ventures with up to five employees, or sole owned entrepreneurial ventures; and
• The business should be growth oriented and exhibit innovation in its products or services, systems, processes, etc.

Key aspects of data collection

• The group will conduct a secondary research on the entrepreneur and his/her business. Secondary data includes: analyzing research reports, government reports, censuses, interviews, the Internet, reference books, organizational reports and journal articles.
• The research should cover aspects of the business, personal attributes, circumstances and motivations of the entrepreneur as well the challenges the entrepreneur has faced or is facing. Students should also focus on collecting information on how the business is actually performing (e.g. profitability, growth, human resource issues, products or services, and plans for future growth).

Key aspects of the report:

The word limit is 3900 +- 10%. The word limit will be strictly adhered to. The following sections are not included in the word count:

o Cover Page

o Table of Content

o Reference List

o Appendices.

Please use the Microsoft Word count before submitting your report.

The following sections should form part of the report. An approximate word count is provided for each section.

1. Executive Summary (400 words)
2. Analysis of Entrepreneur and his/her business (1200 words)

Part A: Analysis of the entrepreneur: (600 words)

• Why you chose the entrepreneur; his/her characteristics and whether these characteristics dispel any of the myths surrounding entrepreneurship
• Business vs social entrepreneur; how he/she has acted as a catalyst for economic and social development (if applicable)
• How he/she recognized the opportunity, took the risk, and innovated to create the venture; how did he/she deal with any perceived risk prior to start-up?

Part B: Analysis of the entrepreneur’s business: (600 words)

• SWOT analysis of the business
• Provide a set of recommendations in terms of how the business could take advantage of its strengths and opportunities; and counter any weaknesses or threats.

III. Your proposed business venture (1600 words)

This part requires you to reflect on your analysis of the entrepreneur and his/her business venture and draw on the learnings to develop your own business proposal. Your business idea should be either: a). a completely new and innovative; or b). based on an existing business, but sufficiently different with unique differentiating points.

1. Business and Team Description (500 words)
2. Key features of the business, its uniqueness, location, proximity to supplies, access to transportation; and how its different from existing businesses
3. Introduce you team and reflect on the strengths of each team member to carry forward the business.

Please note that as part of this report each individual MUST submit their resume as an appendix. The resume is not assessed but it’s a compulsory part of the report. For preparing resume, please refer to the following resources from DeakinTALENT:

http://deakintalent.deakin.edu.au/resume-review-services/  

1. Prepare a Lean Canvas business model (700 words)

Using the building blocks of lean canvas business model describe how your business creates value in a 1 page format (see Figure 8.5 on page 273 and 281 for details)