Referencing Styles : Open MGT – 3206 - Entrepreneurship Assignment no. & title: Assignment 2 - Entrepreneurship and New ventures learning outcome : los: LO:3 explain the influence of key factors on entrepreneurship student name and id: date: 5/12/15 LO:4 discuss the need for innovation and risk taking in entrepreneurship LO:5 determine appropriate solutions to entrepreneurship problem situations Overview The primary reason for developing a formal business plan for a new venture is to attract external funding. A business plan can provide a formal agreement between founders regarding the basis and future development of the venture. A business plan can help reduce self-delusion on the part of the founder and avoid subsequent argument concerning responsibilities and reward Task 1 Identify an idea for new venture, and make a power point presentation of business plan to attract external funding. Business Plan should include – 1. Mission / statement and details of product/service 2. assessment of the market opportunity ( market summary) 3. identifying target customers 4. barrier to entry and competitors analysis 5. experience, expertise and commitment of the management team 6. strategy for pricing, distribution and sales 7. identification for key risks 8. financial and other resources requirement of the business STUDENTS ARE NOT ALLOWED TO MEET ANY COMPANY TO GET INFORMATION TO WORK ON THIS ASSIGNMENT. Additional Notes  The work submitted must be original. You must acknowledge the sources of your information using the Harvard referencing style.  This assignment is to be done on an INDIVIDUAL basis. (They are not GROUP assignments).  The assignment must be typed, and well presented, it must be written in report format/style. You may, however, incorporate graphs, tables, diagrams and figures into the body of the report if you wish. (If lengthy, materials of this kind may be attached as appendices).  You must include a bibliography as per APA style. This should be on a separate page.