Enterprise and Entrepreneurship Assignment Help

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Qualification - OTHM Level 7 Diploma In Strategic Management And Leadership

Unit Name - Enterprise and Entrepreneurship

Unit Reference Number - M/507/2623

Unit Level - Level 7

Unit Number - Unit 07

Assignment Title - Enterprise and Entrepreneurship

Unit Credit - Credit 15

Learning Outcome 1: Critically analyse the concepts and process of entrepreneurship.

Learning Outcome 2: Evaluate innovative and entrepreneurial management processes for a project or organisation.

Learning Outcome 3: Critically assess proposals developed from new ideas.

Learning Outcome 4: Be able to develop a business plan

Aim: This unit aims to outline the basics of business processes and strategies related to enterprise and entrepreneurship; to develop knowledge in enterprise and entrepreneurship in global contexts. Also, the unit helps to develop learners' awareness, academic soundness and practical skills surrounding the process of entrepreneurship and enterprise.

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Indicative content:

» Nature, characteristics and challenges of entrepreneurship: establishing different kind of enterprise; business skills and attributes; skills envisaged for new ideas: e g. paperwork, sales, marketing, finance, production, purchasing; business law; obtaining supplies; maintaining equipment; monitoring quality; getting publicity; writing promotional materials; strategic thinking; communication; dealing with stakeholders; negotiation; decision making; problem solving; delegation; to support creative and innovative and entrepreneur management processes for a project or organisation; key factors of a successful commercial or social entrepreneur.

» Types of innovation: product development; market development; business model innovations; increasing efficiency and developing cost advantage, e g. outsourcing, changing production methods, remodelling the supply chain, electronic ordering and invoicing; improving processes; taking calculated risks; having a positive attitude; being motivated and dedicated; flexibility and adaptability; intuitiveness; the drive to succeed and grow; openness to change; having the vision and capacity to inspire;

» Selection and development of ideas: ideas - value chain; inside/outside; cross-pollination; selection; development; diffusion; role of incubation; need to be systematic; adopting appropriate style for different circumstances; influencing and motivating others - methods of rewarding staff for appropriate behaviours; effecting change management; influence of vision and mission; concept that policies and procedures are supported by a culture that reinforces consistently what the organisation is about;

» Tools for creative and innovative solutions: theory and application of lateral thinking; visioning and problem-solving techniques; theory and use of analytical tools -sources of business ideas; PESTLE (political, economic, social, technological, legal, environmental) analysis; cost-benefit analysis; decision-making processes and styles;

» Risks: risk analysis; risk management techniques;

» Sources of business ideas: process of idea development; Stage Gate Model; methods: e g. theoretical models, e g. Graham Wallas (1926) Preparation (definition of issue, observation, and study); incubation (laying the issue aside for a time); illumination (the moment when a new idea finally emerges); verification (checking it out); Anderson and West's four factor theory of group climate for innovation: vision, participative safety, task orientation and support for innovation; cultivating own imagination and curiosity; use of mind-maps; problem-solving exercises; overcoming barriers to creativity; the journalistic six (asking who, why, what, where, when, how);

» Common elements in theoretical models: preparation including use of observation; imagination and curiosity creating store of concepts; analysis of problem; generation of ideas through seeking links between concepts; harvesting of ideas; enhancing and evaluating of ideas;

» Market research: types of research as primary, secondary;

» Purposes for micro start-up business: reduce risks; convince sponsors; make first link with potential customers; use of tools to analyse production, and marketing feasibility of the new business idea business planning forecasts using financial techniques; cash flows; use different methods of evaluations of projects (accounting and time value of money based);

» The nature and purpose of intellectual property rights; patents; copy rights; trademarks; trade secrets; product vs. process patents;

» The eight categories of copyright works and the distinction between authorial and entrepreneurial works; and moral rights; infringement of copyright: the need for copying; primary and secondary infringing acts.

» The basic requirements of EU law in relation to the registration of trademarks; registerable marks; absolute and relative grounds of refusal/objection; the requirement for a mark to be used or intended to be used on particular goods or services and the significance of the description of goods or services on the register.

» The requirements for an invention to be patented: patentable subject-matter; industrial applicability; novelty and inventive step;

» An overview of patent application procedure including: the contents of a patent and the legal requirements for the specification and claims; the role of qualified patent agents in drafting patent specifications; and the options for obtaining patent protection nationally throughout Europe and worldwide;

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» Elements of a business plan: mission, vision, objectives and type of company; organization charts; sources of funds; brief feasibilities (market, competition, business, financial, production & technical, HR) and resource needs; legal business formats for small business: e g. sole trader, partnership, private limited company, social enterprise formats, partnership; private limited company, social enterprise formats;

» Business plan headings: executive summary; vision; purpose; summary of proposition;

» Outline of rewards; management: goals, risks to business, skills requirements, legal structure, professional advisors;

» Summary of finance: profit and loss forecast; cash-flow forecast; break-even analysis;

» Funding required: purpose; timing of requirements; preferred sources;

» Summary of markets and competition: local business environment; market research; marketing; promotion;

» Production or service supply: supplies of materials; accommodation; equipment;

» Market segmentation: definition; purpose; methods of segmenting a market e g. demographic, lifestyle, geographic for consumer markets, size, industry for business markets;

» Customer needs research: size of market; prices customers are prepared to pay; who customers are; customers' current and future requirements;

» Competitors research: who they are; why they are successful; why some are unsuccessful;

» Marketing plan: market definition; proposed target market segments; demand for product/service; competition; other external influences e g. trends, legislation; marketing mix; market research; method; scale; findings; conclusions; sales forecasts; promotion methods to be used; coordination with rest of marketing mix; image to be developed; costs; schedule for proposed promotion campaign;

» Marketing tactics: marketing mix e g. product or service, place or distribution, price, promotion; importance of designing marketing mix to meet customers' needs;

» Sales plan: different ways to sell products or services; different selling methods and how these will affect sales; how many sales of a product or service can be made; how, where and when sales can be made;
» Control and monitoring mechanism for the business plan: schedules and Gant Charts; organising for resources and procedures; key success factors and metrics; balance;

» Investor's needs from potential investment opportunity: compelling idea; skills, experience and knowledge; trust; business acumen; able to work with; robust assessment of risks; good potential return on investment;

» Investment Planning stage of the pitch: gather supporting evidence; identify and overcome risks; determine amount of finance needed; assess return on investment (ROI); design presentation of business and financial plan; select and become familiar with venue for meeting;

» Structure of presentation: introductions; outline of idea; main points in logical order; questions; courteous close;
» Visual aids: presentation software; handouts; selection of key parts of plan; use of graphics;

» Presentation skills: personal presentation to portray desired image as dress, professional manner; importance of appearing to be confident; importance of honesty; importance of being fluent about content of pitch; importance of practising presentation; importance of portraying energy, enthusiasm and commitment;

» Negotiation: identification of expected questions; robustness of evidence of market; own skills and expertise; security of supply; assumptions behind sales forecasts and return on investment calculations; capacity to meet high demand etc; techniques for handling challenging questions; having a bottom line for level of sponsorship.

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