MGB223 Entrepreneurship and Innovation:
Assignment 1 Business concept guidelines
Due: Friday of week 5, 21 August (via Assignment Minder)
Length: 1000-1200 words
In developing a new business venture, the process begins with recognising an opportunity from a business problem and creating a business concept that articulates it. For the first steps, the entrepreneur (1) builds a concept to solve the business challenge; (2) fashions a story that conveys the meaning of the new venture, and (3) prepares a presentation that tells the story and explains the concept to potential customers, investors and partners. After testing the concept with stakeholders, the ...view middle of the document...
* Identify and explain the business model/strategy, based on the assessment of the business opportunity (see textbook pp.161-172 for guidance).
Your business concept report may be structured around all three elements above or you can devise your own approach. See below for a suggested approach:
1. The business opportunity: The problem and solution
(Identify the ‘problem’ and discuss the business opportunity that may address it, showing an understanding of the particular market and potential customers.)
2. Business opportunity assessment
(This is your feasibility analysis. In this section, assess the feasibility of the business idea in relation to the following: industry/market, product/service, and the organisation and its management.)
3. Business model/strategy
(Based on your assessment of the business opportunity, explain the business model/strategy that you will use to realise the opportunity.)
Here are some questions to help GUIDE you in developing your business concept (and later when expanding it into a full business plan). Remember that your concept report is only 1000-1200 words so you don’t need to consider ALL of these questions.
* What are the key factors in determining if your idea is a viable business opportunity? Is this just an idea or a real business opportunity? Can the new product or service work?