By Entrepreneurship Business Planning, Homework Answers
University British Academy of Jewellery (BAJ)
Subject Unit 27: Identifying Entrepreneurial Opportunities

Unit 27 Identifying Entrepreneurial Opportunities Assignment Brief

 

Qualification Pearson BTEC (RQF) Higher National Certificate in Business: Entrepreneurship and Small Business Management
Centre British Academy of Jewellery (BAJ)
Unit number and title Unit 27: Identifying Entrepreneurial Opportunities
Assignment title Identifying Entrepreneurial Opportunities
Submission format Individual written report (ideas peer-reviewed by classmates before Turnitin submission)
Recommended word limit 4,000–10,500 words
Referencing Harvard

Unit Learning Outcomes

 

  • LO1: Explore the role of entrepreneurship and innovation in developing new entrepreneurial ideas.
  • LO2: Investigate a potential entrepreneurial idea from a gap in the market for a small to medium-sized enterprise (SME).
  • LO3: Analyse primary and secondary data to identify the market potential of an entrepreneurial idea.
  • LO4: Pitch the potential viability of an entrepreneurial idea in the context of the market and competitors.

Vocational Scenario

 

BAJ has faced many problems since the Covid-19 pandemic. The company director has hired you as an entrepreneur to help the business through this difficult period by developing entrepreneurial ideas that move the company forward.

If your ideas are strong, BAJ may launch the venture and allow you to manage and run it. As part of this role, you must also provide information that educates key stakeholders.

 

Assignment 1 Activity and Guidance (LO1–LO4)

 

Any potential idea will need investors to buy into the opportunity. The potential stakeholders want you to:

  • Discuss different sources of entrepreneurial ideas and innovation, and critically evaluate the role of innovation and entrepreneurship in sourcing new business ideas.
  • Examine the rationale for an entrepreneurial idea that fills a market gap, using different techniques for industry and competitive analysis.
  • Critically analyse primary and secondary data, using appropriate research methods, to identify and justify the market potential of the idea.
  • Pitch the potential viability of the idea in the context of the market and the identified competition, then make justified recommendations for its development, management and sustainability.

Learning Outcomes and Assessment Criteria

 

Pass Merit Distinction
LO1 Explore the role of entrepreneurship and innovation for developing new entrepreneurial ideas
P1 Discuss different sources of entrepreneurial ideas and innovation. M1 Evaluate the role of innovation and entrepreneurship for sourcing new business ideas. D1 Critically evaluate the role of innovation and entrepreneurship for sourcing new business ideas.
LO2 Investigate a potential entrepreneurial idea from a gap in the market for an SME
P2 Examine the rationale for an entrepreneurial idea, using relevant tools and techniques to support your choice. M2 Evaluate a specific entrepreneurial idea for filling a market gap, using different techniques for industry and competitive analysis. D2 Critically evaluate an entrepreneurial idea based on appropriate interpretation and investigation of the competitive marketplace.
LO3 Analyse primary and secondary data to identify the market potential of an entrepreneurial idea
P3 Analyse primary and secondary data appropriately to provide evidence of market potential. M3 Critically analyse primary and secondary data to identify market potential, drawing valid conclusions. D3 Provide justified outcomes based on analysis of primary and secondary data, using appropriate research methods to identify market potential.
LO4 Pitch the potential viability of an entrepreneurial idea in the context of the market and competitors
P4 Pitch the potential viability of an entrepreneurial idea, assessing viability within the competitive marketplace. M4 Critically evaluate an entrepreneurial idea in the context of the marketplace and identified competition. D4 Make justified recommendations for the development, management and sustainability of an entrepreneurial idea in the competitive marketplace.

Recommended Resources

 

  • Burns, P. (2016) Entrepreneurship and Small Business: Start-up, Growth and Maturity. 4th edn. Palgrave Macmillan.
  • Burns, P. (2018) New Venture Creation: A Framework for Entrepreneurial Start-ups. 2nd edn. Palgrave Macmillan.
  • Mole, K. and Ram, M. (2017) Perspectives in Entrepreneurship: A Critical Approach. Palgrave Macmillan.
  • Ridley-Duff, R. and Bull, M. (2019) Understanding Social Enterprise: Theory and Practice. Sage.
  • HN Global reading lists and student resource library.

 

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