Assignment title UNIT 36 Starting a Small Business (Y/502/5487) Learning Outcome Learning Outcome Assessment Criteria In this assessment you will have the opportunity to present evidence that shows you are able to: Task no. Evidence (Page no) LO1 Be able to present the initial business idea using relevant criteria P1 Present the initial business idea using relevant criteria 1 P2 Explain how to identify the target market 2 M1 Explain methods used to identify the target market for the proposed business 2 LO2 Understand the skills and personal development needed to run the business successfully P3 Describe the skills needed to run the business successfully and what areas require further personal development 3 M2 Analyse the personal development needed to run the business successfully. 3 LO3 Know the legal and financial aspects that will affect the start up of the business P4 Describe the legal and financial aspects that will affect the start-up of the business 4 M3 Assess the implications of the legal and financial aspects that will affect the startup of the business. 4 LO4 Be able to produce an outline business start-up proposal P5 Produce a proposal containing the essential information for the startup of a business. 5 D1 Present a comprehensive business proposal that addresses all relevant aspects of business startup. 6 Learner declaration I certify that the work submitted for this assignment is my own and research sources are fully acknowledged. Student signature: Date: Assignment brief Unit number and title Y/502/5411 Qualification BTEC NATIONAL LEVEL 3 DIPLOMA IN BUSINESS Start date Deadline/hand-in Assessor Assignment title UNIT 3 Introduction to Marketing (Y/502/5411) Purpose of this assignment The purpose of the assignment to help learners to build on their knowledge and ambition of starting a business. The business idea could be anything such as a coffee shop, restaurant, takeaway, cleaning or any other business. Learner will get an opportunity to consider a business idea within the parameters of marketing, finance, market and will focus on studying the legal and financial aspects of the startup business. Also, the need to balance personal and business needs. The learners in this assignment will develop their knowledge and understanding of the legal status, trading terms and conditions in doing this assignment. The assignment involves creating a business proposal and the components of business like types, resources, financial information, and forward planning. Scenario You have recently completed your business diploma and now fully conversant with entrepreneurial skills. You have decided to start your own business. Starting a business can be fraught with difficulties and the idea may not always be realised. You need to consider business idea, funding, potential market and competition amongst the host of other issues to make the start up business successful. Task 1 (LO1) P1 (Presentation) P1 - present the initial business idea using relevant criteria Guidance to achieve P1, Learners must present The learner is required to create a PowerPoint presentation about a business idea. In this presentation you should include the following aspects • an explanation of what the business does; • the type of business e.g. new, purchase an existing business, franchise; • the aims of the business; • business planning - how you arrived at your idea, what ideas you considered and rejected; • the attractiveness of idea e.g. unique selling point, demand for new business, competitive edge; • how you intend to balance your personal and business needs; • your expectations about the profitability of your business; • business trends that could impact your business; • external influences e.g. commercial, political, local, national, international; • your reasons for wanting to set up your own business rather than working for another business self-esteem e.g. work for self, independence, power, achievement Task 2 (LO1) – (P2 & M1) (Presentation) P2- explain how to identify the target market Scenario Now building on to the task P1, you need to add a few slides to the existing presentation explaining how to identify the target market. Which will be informed by the business idea. You need to demonstrate their understanding of the methods used to identify the target market for the proposed business. You should consider a range of methods that could actually be used and to provide reasons for their choice. To achieve P2 & M1, the learner will need to discuss the following aspects with relation to how you selected your target market: • market research • published research • sales forecasts • customers’ actions and choices • competition • strengths and weaknesses • market trends • environmental issues • Link this to any evidence you have from the event, so make sure you include it. [Photos, questionnaires, feedback Task 3 (P3 & M2) (Factsheet or Table) P3 - Describe the skills needed to run the business successfully and what areas require further personal development M2 - Analyse the personal development needed to run the business successfully. Scenario: Undertake a personal “skills audit”, highlighting the business skills you already possess and identifying those skills that you need but currently lack. To achieve P3, the learner is required • The skills might include any technical/operational knowledge you have relating to products/services, management skills, recording and checking performance of business, personal selling, administration, previous experience, strengths and weaknesses etc. To achieve M2, the learner needs to • Analyse these areas of development and explain how you would pursue each in order to strengthen your ability to start a business. You could include examples of training with appropriate timelines. Consider the cost implication of any training or development Task 4 (LO3) (P4, M3) (Factsheet) P4 - Describe the legal and financial aspects that will affect the start-up of the business. To achieve P4, the learner will need to create a table or report that describes the legal and financial aspects that will affect the start-up of the business. These can include- Guidance to achieve P4, • You will need to consider the impact of these legal and financial aspects. • You will describe system they will have in place for addressing such issues such tax and liabilities. Guidance to achieve M3, • You will need to assess the implications of legal and financial aspects on the business Task 5 (LO4) (P5) (Report) P5- Produce a proposal containing the essential information for the startup of a business. Scenario In a word document, prepare a outline business plan for your chosen business and create a formal report. This should be related to a business event which is intended for the launch of your business In order to achieve P5, the learner has to • Describe the business you’re running and create a launch event for it. • The launch event will be for 2-3 hours duration and describe the following Guidance to achieve P5, memo should include • Target group • Where it will take place • What types of activities are expected. • The outline plan should include basic financial and legal information, as well as a specific job roles, market research and other factors. Task 6 (LO4) (D1) Report (250-300 words) D1- Present a comprehensive business proposal that addresses all relevant aspects of business startup. In order to achieve D1, the learner will have to • Expand the outline of your business plan, drawing all your evidence together into a comprehensive business proposal that addresses all relevant aspects of the startup Evidence checklist Summary of evidence required by student Evidence presented Task 1 Presentation Task 2 Presentation Task 3 Fact sheet Task 4 Fact sheet Task 5 Report Task 6 Report Achievement Summary Qualification BTEC NATIONAL LEVEL 3 DIPLOMA IN BUSINESS Assessor name Unit Number and title UNIT 3 Introduction to Marketing (Y/502/5411) Student name Criteria Reference To achieve the criteria the evidence must show that the student is able to: Achieved? (tick) P1 Present the initial business idea using relevant criteria P2 Explain how to identify the target market M1 Explain methods used to identify the target market for the proposed business P3 Describe the skills needed to run the business successfully and what areas require further personal development M2 Analyse the personal development needed to run the business successfully. P4 Describe the legal and financial aspects that will affect the start-up of the business M3 Assess the implications of the legal and financial aspects that will affect the startup of the business. P5 Produce a proposal containing the essential information for the startup of a business. D1 Present a comprehensive business proposal that addresses all relevant aspects of business startup. Higher Grade achievements (where applicable) Grade descriptor Achieved? (tick) Grade descriptor Achieved? (tick) M1: Identify and apply strategies to find appropriate solutions D1: Use critical reflection to evaluate own work and justify valid conclusions M2: Select / design and apply appropriate methods / techniques M3: Present and communicate appropriate findings Indicative reading for learners Textbooks Materials that illustrate the level of learning required and that are particularly relevant. Barrow C and Barrow P – The Business Plan Workbook, 3rd Edition (Kogan Page, 1998) ISBN 0749426969 Barrow C – Financial Management for the Small Business (Kogan Page, 1998) ISBN 0749426454 Deakins D – Entrepreneurship and Small Firms (McGraw-Hill Publishing Company, 1999) ISBN 0077094522 Wisdom J – Checklists and Operating Forms for Small Businesses (John Wiley and Sons, 1997) ISBN 0471138401 Wolinski J – AQA AS Business Studies: Unit 1: Planning and Financing a Business (Student Unit Guides) (Paperback) Websites https://startupnation.com/ https://www.gov.uk/write-business-plan https://en.wikipedia.org/wiki/SMART_criteria https://en.wikipedia.org/wiki/Unique_selling_proposition