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Assignment aim
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 to:
• identify, develop and evaluate a business idea and distinguish an ‘idea’ from an ‘opportunity (opportunity is defined as an idea which beats favourable set of circumstances by demand, market push/pull, degree of innovation, desirable, feasible, viable )’
• analyse the entrepreneurial process the role of the entrepreneur and entrepreneurial outcomes.
Assignment task
There are two tasks, you are required to complete BOTH tasks:
Task A. This will require you to generate a potential business idea ‘opportunity’ (social or business enterprise), present it in the form of a ‘Lean Canvas of no more than 1 page in a simplified way (by Ash Maurya)’ and conduct research. Based on your research you will evaluate your original Lean Canvas and clearly indicate, whether you will be pursuing it, with rationale for your decision. You may consider models such as pentagon model; opportunity selection model; pestle; porters to support your feasibility/competitor analysis.
The first half of the opening paragraph should explain the idea, then move onto the canvas with no assumptions being made ; include your research; make decision to either stay with idea or leave idea.
Task B. Critically discuss, using academic literature, what other factors ‘i.e. Timmons model, mullens 7 domains, personality traits etc’ impact successful entrepreneurship, beyond the ‘Lean Approach’. In doing so, relate your response to an entrepreneur of your own choosing. What do you conclude about successful entrepreneurship?
This will require you to understand and discuss elements of entrepreneurial success, based on frameworks presented in the module and wider reading, to reach a coherent conclusion.
Assignment guidelines
Task A is very much about applying the concepts to determine if there is an opportunity, whereas Task B requires you to utilise academic literature to discuss the factors beyond a ‘lean-approach’. Higher marks will be awarded based on the following criteria:
• Clarity of depiction of business idea and Lean Canvas.
• Quality and scope of research of ‘idea’.
• Effective analysis, of original Lean Canvas, based on research carried out.
• Clear indication of decision and rationale to pursue or not, using appropriate ‘tools i.e. porters, pestle etc’.
• Discuss the competitive environment, competitors, customers, cash flow
• Application of theory to practice and use of academic frameworks in discussing factors constituting entrepreneurial success.
• Evidence of wider reading.
• Evidence of synthesis and clarity of discussion
• Work is clearly organised, structured, presented in a cohesive style, with a logical flow and critical manner.
• Appropriate use of tables, diagrams and referenced correctly.
Please note: your appendices should not exceed six pages.
