OTHM Level 7 Entrepreneurship and Innovation Assignment Questions

Unit Aims

The aim of this unit aim is to introduce learners to the basics of business processes and strategies related to enterprise and entrepreneurship, developing knowledge of enterprise and entrepreneurship in global contexts.

Learning Outcomes and Assessment Criteria

Learning Outcomes – the learner will:	Assessment Criteria – the learner can:
1. Be able to critically analyse the concepts and process of entrepreneurship.	1.1 Critically analyse the nature, characteristics and challenges of establishing different kinds of enterprise. 1.2 Critically assess own entrepreneurial skills and attributes. 1.3 Evaluate what makes a successful commercial or social entrepreneur.
2. Be able to evaluate innovative and entrepreneurial management processes for a project or organisation.	2.1 Evaluate methods for encouraging creativity and innovation in organisations. 2.2 Evaluate potential creative and innovative management ideas. 2.3 Critically explore how to lead others to positively embrace innovation and change.
3. Be able to critically assess proposals developed from new ideas.	3.1 Analyse business ideas. 3.2 Evaluate production, and marketing feasibility of new business ideas. 3.3 Produce business planning forecasts using financial techniques.
4. Be able to develop a business plan.	4.1 Develop a business plan for a new business. 4.2 Develop a control and monitoring mechanism for the business plan.

Task 1 of 3 – Business Idea Pitch and Report

Instructions:

You are to propose three business ideas for this assignment which could then be explored further in a presentation and report to your class or tutor. To develop this pitch and report you must apply relevant theoretical concepts, models, relate with real world example of your chosen context and critically analyze your arguments and arrive at justifiable recommendations.

• Review what make a successful commercial or social entrepreneur and evaluate your own skills and attributes in that area.
• Propose the three business ideas and assess the challenges that goes with each of them.

Task 2 of 3 – Business plan

Instructions:

Analyse the three business ideas and select the one that is most likely to succeed and create a business plan (including marketing and financing). . To develop this report you must apply relevant theoretical concepts, models, relate with real world example of your chosen context and critically analyze your arguments and arrive at justifiable recommendations.

You should produce a business plan in which you should:

• Summarise and analyse the selected business idea.
• Analyse the production and marketing feasibility for the selected idea.
• Produce business planning forecast using financial techniques.
• Produce a marketing plan.
• Develop a control and monitoring mechanism for the business plan.

Task 3 of 3 – Reflections

Instructions:

You should now reflect on entrepreneurship based on this experience and using the appropriate literature.

Your reflections should:

• Critically analyse the nature, characteristic and challenges of establishing different kind of enterprise and how you individually as a future manager could encourage creativity, innovation and changes.

• With reference to one or more organisations, identify potential creative and innovative management ideas that could contribute to encourage creativity in the organisation.

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