Planning a New Business Venture Assessments
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Assignment Details:
- Words: 5000
Scenario
You are a young entrepreneur looking to set up your own business. You have been offered some business start-up support through your local authority. You have been assigned a business support officer, who has contacted you to arrange a series of meetings over the next few weeks.
Task 1 – Identifying your Market
In preparation for the first meeting write a series of detailed notes which:
- analyse how market conditions can affect the market potential for a new business (AC1.1)
- explain how to identify market need and target markets for a new business venture (AC1.2)
At the meeting you have an interesting discussion with your support officer. She has asked you to send your document in an email:
- Identify and justify a new business venture (AC1.3).
and for a Merit you must also
- assess the potential barriers, limitations and risks for this business venture.
LO1 AC 1.1. 1.2, 1.3.
1M1
Task 2 – Legal Considerations
A group meeting of young entrepreneurs has been planned by the business support officer and you plan to attend the meeting. You know the benefit of working with others and the importance of complying with the law. Your support officer has asked you to prepare a paper for the meeting which:
- describes the legal and regulatory requirements that you will have to consider when setting up your own business (AC2.1)
- proposes and justifies a legal form for your new business venture (AC 2.2).
LO2 AC 2.1, 2.2
Task 3 – Developing Your Business Plan
Your business support officer is impressed by your business idea and thinks that there is a market for it. She has suggested that you start putting together a business plan to help you organise and structure your thoughts and as a basis for securing funding.
You will need to
- Develop the mission, vision and business objectives for the proposed business venture (AC 3.1)
- Assess the skills, experience and other resources needed to introduce and establish the new business venture (AC3.2)
- Explain how the financial requirements needed for the new business venture (AC 3.3)
- Propose business structures and systems needed to deliver the business objectives (AC 3.4).
Merit Task
To help consolidate your thinking ahead of trying to secure funding for your business venture, produce an assessment of the strengths, weaknesses and risks inherent in your business plan. (AC3M1)
Distinction Task
Propose strategies to address the identified weaknesses and to mitigate the risks. (AC3D1)
LO3 AC 3.1, 3.2, 3.3, 3.4
3M1
3D1
Task 4 – Securing Funding
You must now try and secure funding for your new business venture. To help you organise your thoughts and narrow down your options:
- prepare an evaluation of the different approaches that you could take to securing funding for your new business venture (AC4.1)
- examine the benefits and risks associated with different sources of funding for new business ventures. (AC4.2).
Distinction Task
You have decided to seek funding for your new business venture from the bank and have arranged to see the Bank Manager in your local branch. To help you prepare, your business support officer has offered to help you develop your pitch. She has arranged to meet you next week so that you can practise pitching for funding for your new business venture. (AC4D1)
LO4 AC 4.1, 4.2
4D1
Guidelines for Assessors
The assignments submitted by learners must achieve the learning outcomes and meet the standards specified by the assessment criteria for the unit. To achieve a merit or distinction grade, the learners must demonstrate that they have achieved all the criteria set for these grades. Where work for the pass standard is marginal, assessors can take account of any extension work completed by the learners. The suggested evidence listed below is how learners can demonstrate that they have met the required standards.
| Task
number |
LOs and AC | Suggested evidence PASS |
Suggested additional evidence MERIT | Suggested additional evidence DISTINCTION
|
| 1. | LO1: AC 1.1, AC1.2, AC1M1
|
AC1.1: The learner should submit a detailed analysis that provides real insight into the prevailing political, economic, social and technological conditions examining the impact of each in turn. The learner must also consider the current competition and how this will affect the market for their proposed new products or services.
analyse the range of market conditions that might affect the potential for a new business venture, AC1.2: The learner should provide a detailed explanation of the different ways which can be used to identify market needs and target markets.
AC1.3: Based on the research which has been completed, the learner needs to identify and give a comprehensive set of reasons justifying the selection of the chosen business venture.
|
AC1M1: The learner needs to assess the potential barriers. limitations and risks associated with their business venture. The assessment needs to be informed, realistic and lead to appropriate personal judgements.
|
|
| 2. | LO2: AC 2.1, AC2.2, | AC 2.1: There needs to be a full and factual description of the legal and regulatory considerations which must be taken into account in the setting up of a new business venture. This paper must be presented in a logical way.
AC 2.2: Based on the information gathered for other tasks, the learner must propose a legal form for their chosen venture. The justification should be clearly presented and be persuasive. |
||
| 3. | LO3: AC3.1; AC3.2, AC3.3, AC3.4, AC3M1, AC3D1
|
AC3.1: The learner should develop a mission and vision that sets out a clear direction for the business. The business objectives which are set must be realistic and specific.
AC3.2: The learner should examine methodically, and in detail the skills and experience and other resources required to launch and establish the new business. The assessment needs to be balanced and related to the chosen business leading to clear judgements. AC3.3: The learner should provide a clear explanation of the financial requirements of the new business venture, including details of how these will be identified and quantified. These financial requirements should clearly relate to the vision, mission and business objectives of the business. AC 3.4 The proposed business structures and systems must be directly related to the new venture and the business objectives. The learner should clearly explain the structures and systems which will be put in place.
|
AC3M1: The learner should reflect on business plans, identifying the strengths, weaknesses and risks associated with them. The assessment produced should consider each in turn and lead to judgements | AC3D1: The learner should build on the work they have completed for AC3M1, to come up with a series of strategies and suggestions that will address identified weaknesses in business plans. The learner must also provide solutions to mitigate the potential impact of the identified risks. |
| 4. | LO4: AC4.1, 4.2 AC4D1 | AC4.1: The learner should provide a full breakdown of different approaches to securing funding evaluating their strengths and weaknesses.
AC 4.2 The examination of the benefits and risks of different sources of funding should be detailed and enable choices to be made. |
AC4D1: The learner should prepare a pitch for funding. This may be a presentation supported by a handout or speaker notes, if required. The pitch should be delivered to the Assessor and Assessor feedback should be provided as part of the submission of learner work. The pitch should draw clearly on the business plan and possible concerns of the funder should be pre-empted by a full consideration of how identified weaknesses would be addressed and risks mitigated.
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