(Solution) MGMT13151 Assessment 1 New enterprise idea and feasibility study

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MGMT13151 – Assessment 1 New enterprise idea and feasibility study

 Written Assessment

Assessment Title
Assessment 1: New enterprise idea and feasibility study

Task Description

This is an individual assignment that requires you to write an essay of 1800 words +/- 10%.

Purpose

This assessment item provides you the opportunity to learn how to identify and analyze an idea or opportunity for a social or commercial enterprise using your understanding of theoretical concepts covered in this Unit. The assessment aims to develop your critical thinking, research and written communication skills. You can choose to develop an idea or opportunity and feasibility analysis for a social enterprise or a commercial enterprise. Overall, the purpose of this assignment is to appreciate the importance of entrepreneurship and innovation within society.

Task details

This assignment requires you to identify a new social or commercial enterprise Idea that has potential to be launched as a successful social or commercial enterprise in-future. You are required to:

  1. Provide a brief description of your idea or opportunity
  2. Identify the process you followed to develop your idea or opportunity
  3. Discuss the skills needed to be a successful entrepreneur
  4. Evaluate the viability of your social or commercial enterprise through a feasibility study
  5. Explain the importance of your social or commercial enterprise within society

Assessment Due Date

Week 5 Friday (14 Aug. 2020) 11:55 pm AEST

All submissions must be uploaded through the Submit Assessment 1 link on the unit Moodle page. The assessment should be uploaded as a word document. Penalties for late submission are applied as per CQU policy.


Return Date to Students

Week 7 Friday (4 Sep. 2020)

Your marks and feedback will be available in Feedback Studio on Moodle.


Weighting
40%

Assessment Criteria
  1. Provision of a description of the idea or opportunity (6 marks)
  2. Identification of the process followed to develop the idea or opportunity (6 marks)
  3. Discussion of the skills needed to be a successful entrepreneur (6 marks)
  4. Evaluation of the viability of the social or commercial enterprise through a feasibility study (10 marks)
  5. Explanation of the importance of the social or commercial enterprise within society (6 marks)
  6. Demonstrated depth and quality of research by using a minimum of 12-15 academic sources (2 marks)
  7. Correct use of the APA referencing system in-text and in the reference list of the assignment (2 marks)
  8. Correct use of the essay structure and appropriate conventions of academic writing (2 marks)

Referencing Style

Submission
Online

Submission Instructions
online as Word file

Learning Outcomes Assessed
  • Demonstrate an understanding of entrepreneurship, innovation and new start-ups through critical review and synthesis of knowledge and current developments in the field
  • Synthesise knowledge and exercise critical thinking to appreciate the importance of entrepreneurship and innovation within society
  • Critically analyse and synthesise the knowledge, qualities and skills needed to become a successful entrepreneur in start-up ventures
  • Demonstrate creative skills and critical thinking to identify a new start-up opportunity and evaluate its feasibility

Graduate Attributes
  • Problem Solving
  • Critical Thinking
  • Information Literacy
  • Ethical practice
  • Social Innovation

Example

Business opportunity-‘Techno’ parking solution

Introduction

The business idea for this essay is a technological parking solution for Brisbane city residents.  Brisbane is the capital city of Queensland. It is also the most populated city in the state of Queensland and the Australia’s 3rd populous city after Sydney and Melbourne (WikiTravel, 2019). Being among the most populous city in Australia comes with its own set of social problem and one of them in parking problems across the city of Brisbane. The city has among the lowest parking spaces to motorists’ ratio in the country. With the little parking spaces across the city, it is difficult for the residents to get around the city with their cars (Goget, 2017). Additionally, because of the limited parking spaces in the city, the available parking spaces, including the off-street parking have become extremely expensive making Brisbane the most expensive city for parking in the country. An hour’s parking costs 28.71 dollars whilst a 30 minutes off-street parking space costs approximately 16.98 dollars (Stone, 2018).

In light to these parking problems, the entrepreneurs propose use of technology (parking app) as a business idea to help motorists across the city find and share parking space with an aim of reducing congestion in the city and reduce the high parking fee which is attributed to lack of space. This essay provides an explanation of the business idea development process, the skills that one should possess to be a successful entrepreneur, the viability and feasibility of the business idea and the importance of the business idea.

Explanation of the business idea

A business idea/opportunity can be either a commercial or a social idea. A social idea refer to the business idea that has the potential to cause positive social changes which justify the energy, time and money invested into the venture (Barringer and Ireland, 2019).  Commercial business idea, on the other hand, refers to attractive business venture that has the potential to yield positive return on investments in terms of profits. The current business idea is a social idea.  The entrepreneurs proposes the development and use of a parking sharing app as a parking solution for Brisbane city residents with an aim of reducing congestion in the city and reduce the high parking fee which is attributed to lack of space. The app will be called ‘Techno-park’ short for Technology and parking. This business idea will allow anyone who have a smartphone to share a parking space through leasing. The idea is to connect motorists, space owners such as garage, piece of undeveloped land, driveways, parking spaces outside the businesses and virtually anyone who can rent out their parking spots. The Technopark app will be able to list more than 500 parking spaces across Brisbane including spaces in areas such as the Royal Brisbane and Women hospital, Lady Cilento Children Hospital and other institutions that often have parking spots across the city. By downloading the app into their smartphones including android and iOS, users will be able to see the available parking spots which will have been provided car park space owners.

Idea development process

This business idea was developed in line with Guclu et al. (2002)’ opportunity creation process model. The model outlines three steps involved the business idea/opportunity creation, including personal experiences, development of an idea to overcome experienced problems and finally causing social impact (see appendix 1 below)….Click the purchase icon ABOVE to purchase full solution at $15