Question Business Essential – To Develop A Business Idea

Business Essential – To Develop A Business Idea

Introduction to Task Portfolio

In your seminar groups you will be invited to develop a business idea that in some way involves the university. This can be anything at all and you are encouraged to build your idea around something you are interested in and already have some understanding of – perhaps a hobby, a family business or a business sector where you have some employment experience.

The business may be based anywhere (does NOT have to be sited on university premises) but you might, for example, wish to set up a business that targets students or perhaps supplies something of importance to the university.  As we will be looking at expanding this business idea in the second semester it is essential that your business could, if successful, be scaled up across other universities both in this country and abroad, so avoid any ideas that truly rely on something unique about your current place of study.   You are encouraged to think creatively but be realistic.

You may make any reasonable assumptions. For example, if you wanted to set up a Krispy Kreme franchise stall somewhere on the campus it would be reasonable to assume that A) you can get the franchise from Krispy Kreme and B) that the University would allow you to do so and it does not conflict with its existing catering contracts. In practice this may or may not be true but it is would be acceptable for you to assume these things for the sake of carrying out this assignment. All assumptions MUST be clearly stated in your assignment submissions.

The tasks that follow all relate to this business idea and build upon each other to produce a set of outputs that form a portfolio of structured outputs that could be of some use to someone launching this business for real.

Question Business Essential – To Develop A Business Idea

Task 1 – MANDATORY

Please note that once a business idea has been chosen, it cannot be changed. The same business ideas has to be used for all portfolio tasks that follow.

Part A

What is your business idea? Clearly state with justification the business, the sector, location, how the business is going to operate (e.g. online, high street, both). Also, briefly state the reasons you think the business is a good idea, how it is going to meet the needs of its customers in a new and innovative way that is not already met by existing businesses. Include a table that identifies some of your key competitors, explaining why you consider them competition. Note that this first part is  all about justifying WHY you want to do this and should be supported with evidence wherever possible.

Word limit: 500 (guide)

Part B

What are the four most important objectives for your new business?

  • Objectives should start with the word to. For example: To make it easier for people to find copies of older books and specialist literary novels
  • Objectives should be relevant to your business idea. Each objective needs to be briefly explained and the justification of the importance of each objective should also be given.

Out of the different forms of ownership (e.g. sole trader, partner), which ones is the most suitable for your business and why?

  • State why this form of ownership is the most suitable, giving at least two referenced examples to support your justification. Failure to do so will not score a pass mark.

Word limit: 400(guide)