...MGB223 Entrepreneurship and Innovation: Assignment 1 Business concept guidelines Due: Friday of week 5, 21 August (via Assignment Minder) Weighting: 20% Length: 1000-1200 words Task: 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 entrepreneur may go on to develop a complete business plan. To help you build these skills you will be required to undertake the entrepreneurial process of opportunity recognition and concept development. You will be asked to identify possible commercial opportunities for an innovation and then articulate the opportunities into a new business concept. You will submit a 1000-1200 word business concept report that identifies and describes your innovative business idea. You will develop your business concept into a full business plan in assignment 2. Some of the issues that will help you in developing and evaluating your business idea are: * the problem or need and identification of the customer/s and market * the proposed solution and the uniqueness of the solution ...
Words: 729 - Pages: 3
...UV Fitness Watch | Business Concept | MGB223- Entrepreneurship & Innovation | ------------------------------------------------- Name: Alexis McTaggart ------------------------------------------------- Student Number: N9666176 ------------------------------------------------- Tutor’s Name: Selene Pennetta ------------------------------------------------- Word Count: 1338 ------------------------------------------------- Name: Alexis McTaggart ------------------------------------------------- Student Number: N9666176 ------------------------------------------------- Tutor’s Name: Selene Pennetta ------------------------------------------------- Word Count: 1338 | tABLE OF Contents 1.0 The Problem and Soltuion 2 1.1 Background 2 1.2 Solution 2 The computerised apps include the following features: 3 2.0 Business Opportunity 4 2.1 Feasibilty 4 • Is it novel? 4 • Is it patentable? 4 • Is it technologically feasible? 4 • Is it better than rival products? 4 • Does somebody want to buy it? 4 • Can we make it with our resources? 5 • Is there a sizeable market? 5 • Are forecasted returns greater than costs? 5 • Are the risks acceptable? 5 3.0 Business Model and Strategy 0 3.1 Business Model 0 3.2 Business Strategy 0 4.0 Reference 1 Childrens Uv & fitness watch UVFIT 1.0 The Problem and Soltuion 1.1 Background Technology has made a path into the lives of nearly every...
Words: 1720 - Pages: 7