Entrepreneurship as a mechanism for recovery in crisis- COVID-19
Identify and assess the specific characteristics new ventures starting now or in the foreseeable future will possess- You may use one of the following options:
* OPTION 1- Select an existing entrepreneurial business (a start-up) and develop your assignment based on the changes in the existing business.
* OPTION 2- Suggest a new innovative business that will be economically viable and socially sustainable in the context of the ‘new world’ as we call the current COVID-19 world.
3. Overview
This is an individual task based assessment for 3500 words approx.
- Identify an SME preferably local/regional or national and undertake a thorough analysis, using secondary data on its various aspects including business model, marketing activities, its sources of finance, the aspirations of the owner(s)/founder(s)/partner(s), its future strategies in line with COVID-19
- Using the business plan templates/Business Model Canvas, come up with an exciting idea for a new, relevant, targeted business idea for a start-up. You will need to provide details on market based data (ONLY secondary) on the economic viability and the feasibility of the business idea. Use illustrations to show how the business model/products/service would look like. Tell us where you will generate funds from, how much money will be needed, marketing plans, purpose (not just the economic bottom line) of the enterprise.
It is imperative to remember that any ideas you suggest for growth and innovation must be justified
Business viability is the key term to remember here.
The format of the report (hand-in assignment) will have the following key chapters:
total word count- 3500 approx.
Introduction Chapter (500 words)
Offering an overview of the OPTION 1 business chosen or the OPTION 2 business idea generated
Outline of the structure and content of the report
Include objectives (if you wish to)
Methodology Chapter (500 words)
Discussion of your research method (no theoretical discussion required)
How have you collected data to justify the information and/or the decisions regarding the change in current business or feasibility of new business; what type of data have you collected?
Business plan and justification (2000 words)
In-depth analysis of findings to create a viable business plan for the start-up in COVID-19 times (OPTION2)
For OPTION1, you need to provide, similarly, in-depth analysis of the current start-up, to discuss how they are meeting the challenges of COVID-19
Use relevant literature to provide academic underpinning (OPTIONS 1&2)
Conclusion (500 words)
Gives an overall discussion and conclusion of the project
4. Assessment criteria and weightings of written report:
Section Weight
1 Describe the proposed or existing business idea; provide details justifying the idea/existing business and any details on the business one needs to know including ownership, legal form; age of the business, location, market share (if information available) and much more.
2 Analyze the current context of the business- the macro and the micro environment;
3 Critically appreciate the theory of entrepreneurship, creativity and innovation and demonstrate an ability to relate this to practice. Discuss/reflect on the entrepreneurial journey; highlighting, using entrepreneurship literature, entrepreneurial orientation (be reflective).
4 Use secondary and/or market based data to generate a viable business plan and or responses to the current crisis for an existing start-up giving details and justifications relevant to the current or future business.
5 Organize your research findings in an professional presentation format (coherent structure, effective use of graphics, effective referencing, and clear English are essential)
Disclaimer: The information provided in this assignment brief (available: July 2021) is correct at time of publication.
In the unlikely event that any changes are deemed necessary, they will be communicated clearly via e-mail and/or Brightspace and a new version of this assignment brief will be circulated.