Applied Entrepreneurship Concept Development & Validation Assignment 4 Title: Business Model Development Value: 30% End Outcome: This task is designed to bring together the learning’s of the past four tasks with the creation of a justified business model. This should be a product of your previous research, opportunity identification and validation exercises, and needs to be rationalised according to the enterprise narrative you have created. Strategic rationale and justification for decision making is required throughout, as are links to previous relevant content you have come across in this course. Format: Please submit in .doc or .docx format. Word Count: 3,000 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 the final component of your enterprise concept journey. Building on your previous three parts, you should now have a solid sense of your enterprise direction; with research and validation previously conducted. Expand on your validation process by introducing your business opportunity and providing key strategic rationale and discussion as to why you have chosen to proceed with this enterprise option. From this, you will develop a holistic business model. NOTE: Research sources are not a focus of this assignment. Please structure in a report format for a professional audience, considering the following: 1) Introduction: Please provide discussion and justification here as to why this is most viable after validation. Provide two or three sentences on what you have learnt from your previous primary research: what were the outcomes of this task? 2) Concept Pitch: Consider this your elevator pitch! What is the overall position and offering you concept is taking, and how will this be captured in a succinct value proposition? 3) Business Objectives & Goals: Define your core business purposes, and SMARTT goals 4) Development of a Business Model Canvas. Please complete a holistic overview of business operations, revenues and target markets using this tool. 5) Initial Start Up Cost Consideration: What costs will need to be incurred first? How is this budgeted and projected? Use estimates here if you are unsure. 6) Funding Sources: Where will funding be coming from? How are financial stakeholders managed? 7) A final reflection should be your conclusion. This should be a summary of your entire concept development and validation enterprise journey. Please reflect on the subject as a whole and experience from research to business model development. Think about how your concept has evolved (including major diversions and pivots). Hints : ● This assignment is an opportunity to distil your previous three assignments into a complete enterprise concept. Make sure it is justified as such, and it represents a “product” of your past three assignments. There should be clear links, consistency, and no severe surprises in terms of the concept. ● Consider a highly professional tone for this final piece. Imagine the business model development being submitted to a start-up launcher or investment program…is it complete enough to warrant further attention? Have you included some financials including a break-even analysis? Initial start-up costs? ● Would this be attractive to investors (if they are the most appropriate funding source)? ● Submit the report in a .doc or .docx format Due: Refer to Unit Milestones Calendar Length: 3, 000 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 it should not be a research exercise. However, all modules and theories 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 Considered reflection and rationalised selected alternative. Substantive use of previous assignment engagement. (10%) Undeveloped or missing rationale behind selection with lack of integration to previous assignments. Previous assignments are less well integrated. Unclear justification and rationale. Very good continuation from previous tasks with selected alternative that is well justified. Excellent and developed continuation from previous tasks, with highly appropriate rationalised of selected alternative. Outstanding continuation from previous tasks. Highly relevant and appropriate selected alternative linked closely with evidence to past discussion. Appropriate and logical SMARTT goals, value proposition and financial analysis, funding overview (30%) There is no or little integration of tools to develop or structure financials and/or concept direction Course tools and concepts are less well utilised, or incorrect application to structure financials and/or concept direction Good integration of financial and strategic tools, with mostly correct application and consistent discussion. Nuanced discussion using strategic objective and financial tools with strong links to key course concepts. Outstanding application of key course concepts with excellent rationale and consistent justification of the financial and strategic tools used. Nuanced business model canvas development, and integration of key course concepts to structure and describe activities (40%) There is no or little integration of course concepts to develop or structure business model canvas. Models and concepts are less well utilised, or incorrect application to business model canvas. Good integration of concepts into business model canvas, with mostly correct application and consistent discussion. Some originality proposed. Nuanced discussion and structure of business model canvas with strong links to key models and course concepts. Highly original proposal. Outstanding application of key course concepts with excellent rationale and consistent justification of the business model canvas described. Highly original proposal. Considered reflection on enterprise concept journey and evidence of learnings (10%) Final reflection is inadequate or missing sense of learnings. Final reflection is inadequate or undeveloped with respect to learnings and progression. Final reflection is considered in tone, with a good sense of progression and solid appreciation of learnings. A very considered final reflection with a high sense of progression and development over course. A considered and thoughtful reflection on the progression of the course and enterprise concept development. High sense of key learnings. Formatting requirements, professionalism in language and presentation (10%) Assignment has unclear expression, incorrect grammar/spelling. Requires support for improvement. Does not address a professional audience. Assignment has basic level of written expression which requires additional support to enhance written expression, grammar and spelling. Unclear consideration of professional audience. Assignment is written with good expression, grammar and spelling demonstrated. Good consideration of audience. Assignment is written with very good expression, grammar and spelling. Excellent consideration of professional audience. Assignment is written with clear and concise expression with highly consistent and accurate grammar and spelling. Highly competent professional and commercial tone.