BMA6103 Enterprise: Creating your business Assignment 1: individual concept document

Module Code: BMA6103

Module Title: Enterprise – Creating your business

Individual Project: 3000 words

Assignment 1: individual concept document

1. What do I have to do?

1. Ideate. You will produce a ‘first iteration’ of a New Venture Proposal (NVP). The NVP must involve an original business concept of your own (so not merely ripping off existing products) and should evidence entrepreneurial thinking: address an attractive market opportunity, provide differential value to users, and define a consistent business model.
2. Test. In this stage, you will share your idea and obtain feedback from your peers and from potential users. In order to do that, you will need to:
   1. Prototype: Produce a short video (approx. 2 minutes) describing the key elements of your NVP, you can use a voice over PPT or something similar. These elements should be prepared early ready to be uploaded to an online space by
   2. Collect: You will gather detailed feedback on your NVP. You will share and discuss the video and the description of your business with your peer students, as well as potential users, collecting their feedback and suggestions for improvement.
   3. Analyse: Capture and evaluate your findings. It is essential that you document the process and findings rigorously to allow them to be referenced in other students’ assignments.
3. Iterate: You will reflect on the feedback received, evaluate your original idea, and come up with a second (and improved) iteration of your NVP.

2. How will I work?

This is an individual assessment. However, it requires that you engage with others as you will communicate, discuss, and review your business concept. You are expected to seek feedback purposefully, systematically, and proactively. We will facilitate the process in two different ways:

First, we will be working on your ideas in class, where you will be able to share and discuss them with your classmates (either face-to-face or online sessions). Therefore, we expect you to attend your seminar group (physically or remotely) on a regular basis, as it will provide you with invaluable input for your assignment.

Second, you will be randomly allocated in FSB connect to an online discussion group with some of your fellow students. This will provide a space where you can share thoughts, discuss your ideas, and engage in an extended on-line discussion of concepts. The ultimate goal is to provide valuable feedback on your NVP.

We suggest that you try to make the most of these opportunities for discussing your business concept (for example, giving thoughtful feedback on your classmates’ ideas as a way to encourage them to reciprocate). However, you can complement them and fill any gaps with any methods of your choice that will allow you to obtain valuable insights into your idea (e.g. online forums, blog, social media, interviews, focus groups). Think creatively! (hint: you are mainly looking for in-depth qualitative feedback).

Please note that you will be marked on your efforts to test your business concept, among other criteria (see assessment rubric below for more details).

3. What do I have to submit?

You will upload to FSB connect a three-section report (3,000 words, +/- 10%):

SECTION 1: Present an original business concept. This should include a short text (approx. 300-500 words) describing the rationale behind the business concept, along with the diagram and a working link to the video used to capture feedback on the first iteration on the idea (see above).

SECTION 2: Discuss how you tested the original business concept and what you did in order to capture and analyse meaningful feedback (approx. 1,400-1,600 words). Evaluate and reflect on your approach and the feedback you received. Reflect on how the process has helped in creating a concept that fits market needs, and how you would apply it in a real entrepreneurial setting. This section must also include a working link to all the documents containing evidence of your primary research (e.g. shareable link to Google Drive folder).

SECTION 3: Present a second iteration of the business concept (approx. 800-1,000 words), highlighting how it has developed from the original idea, how this meaningfully reflects the feedback obtained, and how the final idea has improved in terms of desirability, feasibility, and viability. This section may also include a short future research and steps statement.

Additionally, you should include, at the beginning of the document, an executive summary (approx. 200 words)

You may also insert (not included in the word count) relevant scans and screen shots providing evidence of feedback, and reference list (use references sparingly and only if relevant, as this is not an academic essay).

Your report account will be a discussion (discursive rather than descriptive) about your concept, your journey and decision-making, and the developments inspired by feedback, either directly or indirectly. You are encouraged to freely acknowledge any improvements, inspirational ‘Eureka moments’ or motivation gained through the peer group interactions and research process.

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