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Planning a New Business Venture Assignment

Assignment Task

ATHE Unit Name & Code : Planning a new Business venture

ATHE Level :  Level 5

Assignment

 

Scenario

You have been offered the opportunity to set up your own business!   An anonymous backer has seen your potential and has provided you financial backing.  Your sponsor does not mind how the money is handled as long as the following conditions are met:

  • You need a coherent business case for your enterprise. He does not care whether you develop your enterprise or use the backing to create a venture in an existing company
  • you must demonstrate a good knowledge of business organizations and the markets in which they operate
  • You must meet your backer to pitch your business proposal and present supporting documentation.

Task 1 – Research and report

You must decide how to use the money.  What type of business organization are you going to operate? What is the current market in which your organization/venture will be operating?

Write a formal report to support your pitch (AC 4.2 part).  It should include:

a) Different types of business organizations that you could set up and an analysis of the potential profits, limitations, and risks associated with each (AC 1.1)

b) A review of the sources of finance for each type of business organization (AC1.2) analyzed in (a)

c) An evaluation of the legal problems relevant to planning a business venture (AC 1.3)

d) An examination of the market requirements that will impact on setting up your new business venture (AC 2.1)

Task 2 Business Planning

Prepare a business plan for your preferred venture (AC 4.2 part).  You should include as a minimum section about:

A)  The organisation

  • You will require developing the mission, vision, aims, and objectives of the business (AC 3.1)
  • Propose business structures and methods that will deliver the business aims and objectives (AC 3.4)

B)  The Product

You need to explain the need for your business product.  To do this, you will want to:

  • analyze gaps in the market for potential products (AC 2.2)
  • analyze target markets for your business venture (AC 2.3)
  • interpret the external factors and market requirements you explained in your report to justify the need for your product (AC 3.2)
  • define your business products to meet the requirements of the target market (AC 3.3)

C)  Forecasts

Your backer will want to know the return on his money!

  • Produce business planning forecasts based on targets (AC 3.5)
  • Identify your business responses if these targets are not met (AC 3.6)

Task 3 – Your pitch

You must now meet with you backer to:

  • pitch for his funding of your business project (AC 4.1) and
  • provide him with the documentation you have provided (AC 4.2) to help your pitch, i.e., your statement and business plan, including forecasts
4.10 Planning a New Business Venture
Unit aims The aim of the unit is to develop business planning skills. These skills can be applied to either a small micro enterprise or a new venture within an existing company. To use these skills effectively learners will need to develop an understanding of business types and those factors that determine the success or otherwise of any new venture, including research of the market, how to develop the business case and how to pitch it.
Unit level 4
Unit code  R/503/7072
GLH 60
Credit value 15
Unit grading structure Pass
Assessment guidance Assignments in accordance with awarding organisation guidance.
Learning outcomes  The learner will: Assessment criteria  The learner can:
1 Understand  the different types of   business organisations   1.1  Analyse the potential benefits, limitations and risks associated with different types of business organisations1.2  Analyse sources of finance for different types of business organisations1.3  Evaluate the legal considerations relevant to     planning a business venture
2 Understand factors that determine market potential 2.1  Analyse market conditions  that impact on setting  up a new business venture2.2  Analyse gaps in the market for potential products2.3  Analyse target markets for a business venture
3 Be able to develop a business case 3.1  Develop the mission, vision, aims and objectives of the business3.2  Interpret external factors to justify need for your business product3.3  Specify the business product to meet needs3.3  Propose business structures and systems that will deliver business aims and objectives

3.4  Produce business planning forecasts based on targets

3.5 Identify business responses if targets not met

4 Be able to pitch a business proposal 4.1  Pitch for funding for a business proposal4.2  Present documentation to support your pitch

 

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