Entrepreneurship Coursework: Developing a Technology-Based Product

Knowledge and Understanding:

• To be able to research, identify, and critically evaluate the functional and managerial competencies of an owner/manager in a new small enterprise
• To critically relate the position of a small enterprise within the economy and recognise modern trends in the business world that are impacting on business ventures

Intellectual / Professional skills & abilities:

• Plan, undertake and evaluate an investigation into the market potential for; a business product or service, e-business potential and produce a comprehensive business plan.
• Critically appraise the operation of a small enterprise in marketing, finance, supply and human resource terms

Personal Values Attributes (Global / Cultural awareness, Ethics, Curiosity):

• The importance of building effective teams and relationships to support a creative culture for the new venture creation

Coursework Overview

Entrepreneurship is essential in enhancing productivity and growth in the economy and in an era of exponential technological change, there are an infinite number of opportunities for entrepreneurs to exploit. Skills to become a successful entrepreneur go far beyond technical knowhow and innovation, it is the combination of creativity, and business know how, together with several specific interpersonal skills that defines them as a true innovator.

For the coursework you will take on the role of an Entrepreneur and engage in the development of a technology-based product. This product needs to go through a phase of Research and Development and is to be considered for a launch in the marketplace through a specially created new venture. The planning will consider all of the traditional issues expected in a full and detailed Business Model but will have a special emphasis on the Market Planning aspects. Once the Market Planning has been well thought through, most of the other sections of the Start-Up Business Model should start to fall into place using some reasonable assumptions and judgements based on market knowledge. The group activity is only to support peer learning, the work you complete will be submitted and assessed as an individual piece of coursework in the form of a business model proposition.

Coursework Task to be completed by Students

This referral coursework is a rework of the original submission.  You will take into consideration the feedback that you have been given and redo the coursework again to the standard required to award you 20 credits. Do not concern yourself with a high Turnitin similarity score as long as the similarity is associated with your previous work and not from other sources.

This coursework will require you to develop a business model for a new technological product and also reflect on the skills required to be a successful Entrepreneur in the 21st Century.  As part of this process you will

• Identify the general area in which you would like to concentrate your new product development efforts and, through creative processes, identify issues, gaps and jobs that require a solution.
• Clarify and communicate the Vision, Mission and Value of the product.
• Investigate the external environment including the market forces, key trends, industry forces and macro-economic trends and their impacts on your product
• Evaluate the value proposition of your innovation and identify the target markets and key resources that will be required as a result of this
• Analyse the financial implications of the product to the business and its market
• Identify and critically evaluate the key risks of the product, its limitations and critical success factors.
• Develop a Project Plan that will take your product to market
• Reflect on the functional and managerial skills and competencies required to bring this product to market and sustain your place as an entrepreneur in a Volatile, Uncertain, Complex and Ambiguous (VUCA) environment
• Evaluate the importance of building effective teams and relationships to support a creative culture for the new venture creation.

Whilst this business model lends itself to a very practical approach you must demonstrate research into all areas by referring to literature and documentation that you have used to inform your decisions throughout the process.