Applied Entrepreneurship Concept Development & Validation Assignment 3 Title: Validation Research Exercise Value: 15% End Outcome: Thistaskisspecificallydesignedtotestyourselectedbusinessconceptandvalidatethis idea using primary research and survey techniques. Format: Please submit in .doc or .docx format. Word Count: 1,500 words (+/- 10%) Due Date: Refer to Unit Milestones Calendar On successful completion of this unit, students will be able to: 1.Apply information and data from real market situations to identify venture opportunities; 2.Apply creative thinking skills to develop potential response opportunities to identified scenarios, taking into account key customer markets and segments; 3. Apply business theories to develop a draft business model for a venture. Related graduate attributes: • UC graduates are professional – employ up-to-date and relevant knowledge and skills (1.); • UC graduates are professional – take pride in their professional and personal integrity (1.); • UC graduates are professional – use creativity, critical thinking, analysis and research skills to solve theoretical and real-world problems (1.); • UC graduates are global citizens – display initiative and drive, and use their organisation skills to plan and manage their workload (1.); • UC graduates are global citizens – understand issues in their profession from the perspective of other cultures (2.); • UC graduates are global citizens – behave ethically and sustainably in their professional and personal lives (2.); • UC graduates are global citizens – make creative use of technology in their learning and professional lives (2.);This task is Part 3 of your enterprise concept journey. From Part 2, you should now have a solid sense of your key business problems, market size and clear overview of key target markets, consumer segments and competitors. This assessment builds upon this foundation and requires you to put into practice some validation techniques in order to understand the viability of your business concept. You will need to demonstrate ONE KEY primary research method to collect data and information, and justify the rationale behind your approach. Within the task you need: 1) Explanation of primary research method selection and approach. How are you designing your validation exercise? To whom? With what timing? Using what technology? How was this audience selected? Remember who your target market is, and ensure that you gather feedback from them. 2) Evidence of your validation technique (i.e. link to an online survey, interview transcripts, focus group questions) 3) Summary of your findings, with clear links to the market research you’ve undertaken. Was your idea validated as you expected? How did potential customers react to your concept? 4) As always, a concise “Pivot Point” should be your conclusion. A summary of where your enterprise concept is situated. Perhaps you felt the need to change your concept here in this final step, this is okay! If your idea was not validated, you should go back and reconsider your primary business concept - maybe an alternative is more appropriate. Do you need to consider an alternative concept or a different target market? Why? If you are to pivot your concept, what steps are you going to take? If you aren’t pivoting your concept, reflect on what went well in the validation process, and what you may change in the future if you had more resources and time. Hints : ●This assignment is a chance to utilise some insightful primary research methods. Try to develop some methods that test some of the gaps and opportunities you identified in Part 2. ●Utilise a variety of primary research methods: online surveys (Surveymonkey or typeform), asking people in the streets, personal data collection, social media campaign with a call-to-action etc. ●Don’t feel scared of pivoting your concept if something was uncovered in your interviews and validation: perhaps you want to go after a different target market, or a new product concept. Outline this discussion and expand on why you are making these decisions. ●How you integrate your primary research insights into your report is up to – but get creative not only with your methodology, but also how you present these findings. Show directly how this has informed your validation process. Give solid rationale for all decisions. And, if struggling to elaborate, provide rationale on that rationale! ●Submit the report in a .doc or .docx format Suggested Structure: The structure of Task 3 should be the following: ●Title Page ●Overview of Primary Research Approach ●1. Evidence of your research ●2. Outline of your validation techniques ●3. Summary of your validation findings ●4. Pivot Point Discussion and Any Conclusions ●List of references ●AppendixDue: Refer to Unit Milestones Calendar Length: 1, 500 words (+/- 10%) Title: Full title of paper, single spaced on the first page. Identification: Full name and student number, single spaced on the first page. Journal Articles: No minimum for this task, as emphasis is on primary research methods. However, all modules and approaches you use must still be referenced. Page Numbers: Pages numbers placed on top right hand corner of each page, without brackets or full stops. Presentation and Format: Report type- written or word processed in 12-point font, double spaced, with margins of at least 25mm. Appropriate subheadings to provide structure to your assignment. Referencing: Harvard or APA system of referencing is used. Full reference list – not bibliography – included at end of plan. Library and Resources: Full reference list – not bibliography – included at end of slides. Marking Sheet for Assignment Assessment Criteria Less than 50 Pass 50-64 Credit 65-74 Distinction 75-84 High Distinction 85 plus Clear outline of methodology and appropriate use of primary research methods for validation. (40%) No use of concepts/frameworks from course to approach primary research, or research is missing. Little use of concepts/frameworks to assist methodology and to form research-based insights. Frameworks and models are used well to assist primary research and solid attempt at validation using these approaches. High competency and confident application of primary research approaches. They are used very well to assist validation. Outstanding use of primary research approaches from course. Confident and considered application of these for validation. Appropriately summarised and described conclusions drawn from research insights. (20%) There is no link between primary research and conclusions included. Unclear link between primary research conclusions outlined. Lack of insightful discussion provided Nicely summarised research findings. Links consistent Nuanced discussion of findings and links to primary research insights. Highly nuanced discussion of key research insights with excellent rationale and insightful conclusion Substantive use of previous assignment engagement. Narrative is reflective, rationale is provided on all pivots and decisions. (20%) Assignment does not integrate previous opportunity identification task. Previous assignment is less well integrated. Unclear justification to previous opportunity identification task. Good continuation from previous task with solid narrative. Excellent and developed continuation from previous task, with highly appropriate links to previous niche and gaps discussed. Outstanding continuation from previous task. Highly relevant and appropriate links closely to opportunities identified from previous task. Formatting requirements, professionalism in language and presentation (10%) Undeveloped grasp of commercial or professional language or presentation. Developing grasp of professional presentation ability and commercial language use. Good understanding and application of commercial language and concepts with solid presentation. Very good application and use of professional language and presentation. High enthusiasm and commercial relevance. Outstanding application and confidence of commercial language with high regard for professional presentation. Accuracy of sourcing, citation and referencing (10%) Paper includes mostly incorrect citing and referencing using APA/Harvard referencing system. Paper includes consistent errors and/or inconsistencies with citations and referencing using the APA/Harvard referencing system. Paper includes very good citations and referencing using the APA/Harvard referencing system with some errors and/or inconsistencies. Paper includes accurate citations and referencing using APA/Harvard referencing system with some minor errors. Paper includes highly accurate citations and referencing using the APA/Harvard referencing system.