MGT607 Innovation Creativity & Entrepreneurship
Assessment 2: Business Concept Plan
Learning Objectives:
- Critically evaluate and justify the perspective of the user and the unique value proposition aimed at them in the development of the enterprise.
- Design and deliver an impactful business solution that is underpinned by the objectives of the business case.
- Analyse the viability of the business model and solution developed.
- Critically reflect on key elements that influence the success of the business case and personal journey.
Context:
Identifying an opportunity is great! For example, before Uber became a global icon the idea of a technologically based journey service was just an embryonic idea by Garrett Camp and Travis Kalanick. However, before any idea or opportunity can proceed you need to be able to articulate some key things to obtain buy-in to continue before significant time and investment is spent developing a product /service/process innovation that may require some adjustments and/or other considerations if you want it to be successful.
This assessment requires students to develop a Business Concept Plan that articulates what your idea is and what you would like to do with your idea to exploit the opportunity you have identified. This clarity of your vision will serve as evidence that you have thought critically about the idea. When investors and other business people see this, they will have a better sense of the risk they would take by working or investing with you just by reading this document.
You will need to incorporate the theory, which you have learnt in Modules 1 to Modules 3 to provide you with the tools and structure for the components that you need to address in your plan.
Instructions:
You are required to develop a Business Concept Plan which provides a business solution to an opportunity which you have identified. You need to ensure that the plan demonstrates that your idea is a feasible and viable solution and something that will obtain support from an executive or management team to develop in to a business case, ultimately seeking funding and approval to develop/implement (This will be Assessment 3!).
- Consider what it is that will attract approval and funding of your idea. What it is that makes this a great opportunity and something worth developing or progressing?
Whilst the format may vary for your plan, it must include the following:
- Cover Page
- Industry Background [1-2 paragraphs]
- Problem / Opportunity – description of your idea [1-2 paragraphs]
- High-level Solution [1-2 paragraphs]
- Business Model – how will you make money? [1-2 paragraphs]
- Gap Analysis
- Competitor Analysis [use a 2-axis matrix]
- Unique value proposition – what makes you unique, better and different from your competition
- Ideal Customer Profile – before using your product / after
- Total Addressable Market [use a diagram to illustrate]
- Business Model Canvas
- Value Proposition Canvas
- References
Your report will be assessed based on the Rubric below and is limited to a word count of 1500 excluding the cover page.