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Qualification - Pearson BTEC International Level 3 Extended Diploma in Business
Unit Name - Pitching for a New Business
Unit Number - Unit 19
Level - Level 3
Assignment Title - Exploring, developing and funding a micro-business start-up
Learning Outcome 1: Explore potential ideas for a micro-business start-up
Learning Outcome 2: Develop a business plan for a viable micro-business start-up
Learning Outcome 3: Carry out a pitch for funding for the chosen micro-business
Unlock Success: Your Ultimate Guide to Excelling in Unit 19 - Pitching for a New Business Assignment 1
Scenario:
After your graduation you've decided it is time to put into practice the knowledge, understanding and skills you have learnt by becoming your own boss and setting up your own micro business. The first step to making your dream a reality is to be able to show potential investors that you have fully explored potential ideas for a micro-business start-up.
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Task 1:
You need to write an evaluative report which demonstrates to potential investors that you have fully explored the potential ideas for a new micro-business start-up and internal and external factors associated with a selected micro-business start-up.
Before you write your report you need to carry out research into the potential opportunities for a new micro-business start-up. You may work in a small group to generate ideas for and research ideas for potential new micro-businesses. Evidence of the research conducted will need to be submitted in an appendix to the report itself. When conducting your research you will need to think carefully about:
- the different models for each business opportunity
• the internal and external factors that may influence the potential choice of business
Based upon the findings of the research you will need to write a report which evaluates the internal and external factors associated with a selected micro-business start-up. The report should be individually written.
The first part of the report needs to contain a description of a number of start-up ideas which you think potential investors are likely to look favourably on. As you are looking to set up a micro-business these should not require a more than 10 employees. For each start-up idea you should include:
» details of the activity the start-ups are involved in,
» their processes,
» their organisational form.
In the second part of the report you should choose the idea that you think has the best potential to succeed. For this idea you need to evaluate the significance of at least four factors associated with the start-up of the new microbusiness will be covered (including both internal and external factors) and the extent to which these could pose a risk to the new business.
Checklist of evidence required: A written report to potential investors including appendices of research findings.
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Task 2:
You've decided on an idea for your micro-business and are excited to get the idea off the ground. Before you can do that you need to develop a business plan and secure funding to support you in turning your idea into a successful micro-business.
In order to get enough funding for your chosen micro-business idea you need to carry out a pitch to local business angels. You will need to convince them that the idea for your micro-business is not only needed but that you have also considered the various risks that might impact on how successful your micro-business will be.
Developing the business plan
You will need to begin by developing a business plan for the start-up of your new micro-business. You may work in a small group (up to 4) to conduct the research required to inform the plan for the micro business, but the plan that you submit will be your own individual work and should demonstrate that you understand fully what is involved in setting up your micro- business. Your plan should include the following key aspects:
o Market analysis and planning
o The consideration of any legal requirements on the business
o Consideration of any financial aspects such as pricing policy, sales forecasts, projected costs, break even and cash flow forecasts, forecasted opening and closing statements of financial position and capital structure, and a forecasted income statement for the trading period
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Empower Your Entrepreneurial Journey: Excelling in Unit 19 - Pitching for a New Business Assignment 1, BTEC Business Level 3
Pitching for investment
You will then formally present a pitch in which you will evaluate the plan for the micro-business and justify your conclusions. During the pitch you will explain the idea for your micro-business and evaluate the plan for the microbusiness. The pitch should include clear conclusions of how successful you see the business being based on the analysis of both the marketing and financial planning.
You should provide the audience with documentation and materials that are detailed, appropriate and related to the individual business proposal. Throughout your pitch it should be clear that you have already considered potential questions from investors including risk, expectations for return share ownership and voting rights, as well as the percentage of shareholding and control you are willing to give up in return for investment. Therefore, you will be ready to demonstrate the ability to negotiate with potential investors to get the best deal in return for their investment.
Potential investors will also be expecting you to be professional and business-like both in terms of your presentation skills but also your behaviour and conduct.
Reviewing the pitch
As part of the pitch you should invite potential investors to give feedback on the viability of your business plan as well as the quality of your presentation of the pitch. You should use this feedback to produce a written review of both the effectiveness of your presentation and the viability of your idea.
Checklist of evidence required: A written report to potential investors including appendices of research findings.
- Individual business plan documentation for the micro-business.
- Video recording of the business pitch
- Accompanying resources used as part of the pitch (e.g. presentation slides including speaker notes, props, handouts)
- A written review of the presentation and business plan.
• Observation record produced by your assessor commenting on your ability to demonstrate individual responsibility and effective self-management in the preparation, delivery and review of the presentation of a high quality pitch.
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Assessment and Grading Criteria
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Pass
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Merit
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Distinction
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Learning aim A: Explore potential ideas for a micro-business start-up
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A.D1 Evaluate the internal and external factors associated with a selected micro-business start-up
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A.P1 Describe the potential business opportunities for a micro-business start-up
A.P2 Review the factors
that need to be considered
to start up a micro
business.
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A.M1 Analyse the internal and external factors associated with a selected micro-business start-up
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Learning aim B: Develop a business plan for a viable micro-business start-up
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B.P3 Explain your marketing plan for a selected micro-business.
B.P4 Explain how legal and financial aspects will affect the start-up of the business.
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B.M2 Analyse the financial and marketing plans for your micro-business.
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B.D2 Evaluate your plan for a micro-business and justify your conclusions.
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Learning aim C: Carry out a pitch for funding for the chosen micro-business
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C.P5 Pitch for funding to start up a micro-business.
C.P6 Review the viability and risks of the startup using audience feedback.
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C.M3 Effectively present an individual pitch to negotiate funding for a micro-business start-up, analysing audience feedback and viability issues.
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C.D3 Demonstrate individual responsibility and effective self-management in the preparation, delivery and review of the presentation of a high-quality pitch.
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Mastering Unit 19: Pitching for a New Business
Unit 19 of your BTEC Business Level 3 course throws you into the exciting world of launching your own business! This assignment equips you with the skills to not only develop a brilliant business idea but also confidently pitch it to potential investors.
Conquering Unit 19:
This unit is typically divided into two main parts:
Assignment 1: Here, you'll explore the possibilities! You'll brainstorm innovative micro-business ideas, considering factors like market demand, resources required, and potential challenges. This often involves creating a decision matrix to analyze the viability of different concepts.
Pitching for Investment: Once you've honed your business idea, it's time to shine! You'll craft a compelling pitch that convinces investors of your venture's potential. This involves creating a presentation highlighting aspects like:
Problem & Solution: Clearly define the problem your business solves and how your unique solution stands out.
Market Analysis: Demonstrate your understanding of the target market, its size, and your competitive landscape.
Marketing & Sales Strategy: Explain how you'll reach your customers and convert them into paying clients.
Financial Projections: Present a realistic forecast of your revenue, expenses, and potential profits.
Management Team: Introduce yourself and your team, showcasing the skills and experience you bring to the table.
Resources for Success:
Don't feel overwhelmed! Here are some resources to help you navigate Unit 19:
Course Materials: Utilize your course textbooks and handouts as a foundation.
Sample Business Plans: Look online for sample business plans in your chosen industry for inspiration.
Pitching Tips: Find videos or articles offering guidance on crafting a captivating and persuasive pitch.
By combining creativity with thorough research and presentation skills, you can ace Unit 19 and turn your business idea into a reality!
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