Student Assignment Brief

Transcription

1 1 A FRAMEWORK FOR ENTERPRISE DEVELOPMENT AND ENTREPRENEURSHIP Student Assignment Brief Introduction: This is your reference guide to assessment of this module. This module is run rather differently to most of your other modules. There is NO examination. You are required to provide: 3 pieces of assessed work (two team reports and a personal learning log) 1 brief team presentation Throughout the module there is a need for both teamworking and individual work. Before you start What is expected of you: Read through and make sure you understand the requirements. Feel free to ask lecturers if you are not sure and need clarification. Ensure that you are allocated to a team for assessment. This is vital for completion of this module. Max team size = 4 Ensure that you are aware of and meet hand in dates for all pieces of work. Extensions cannot be provided in retrospect. Please arrange them with the lecturer before the deadline date if you anticipate a delay in submitting your work. Retain your receipt and always keep a copy of your work on disk or keep a photocopy. Please keep receipts and copies until your mark appears on your transcript. Observe dates for return of work and provision of feedback. This will be a useful guide to your ongoing progress in the module. We will provide you with feedback on your work. Learning outcomes tested: Understand and reflect on entrepreneurial activity and personal aptitude (LO1) Identify and evaluate potential business ideas in the bioscience sector (LO2) Construct and present a business case for the exploitation of their own business idea (LO3) Develop and practice teamworking and project management skills (LO4) Assignment components:

2 2 Assignment Nature of Assessment Learning Outcome Requirements Assignment 1: Group report LO2 Develop a range of potential business ideas and select one further development and report on that outcome and rationale for choice Assignment 2: Group report LO3 Develop a business plan to secure seed funding/venture capital funding for developing your group s chosen idea Max. Mark 10% 40% Assignment 3: Group presentation LO3 Present that business plan to an assessment panel Assignment 4: Individual learning log LO1 LO4 Reflect on personal competencies and aptitude towards entrepreneurship and business planning 30% Demonstrate and reflect on use of project management techniques

3 3 Part 1: Selection and rational for choice of business plan Aim: To select and briefly justify a choice of business idea by carrying out a preliminary rough cut evaluation of business ideas. Process: 1. Use the frameworks introduced in class and brainstorming methods to generate a series of business ideas 2. Choose 3 or 4 ideas to examine in detail 3. Select a range of success criteria against which to evaluate your business idea 4. Evaluate each business idea against each of the chosen criteria using the suggested methodology (Kepner-Tregoe) 5. Select your chosen idea 6. Briefly justify your chosen idea in a short report You will be marked on the following criteria: Component: Marks awarded for: Maximu m mark: Presentation Use of a clear report structure Accurate spelling and grammar Visual appealing presentation Selection rational Clear and effective relational for selection of business ideas i.e. Why you selected that idea 30% Accurate representation of selection method i.e. 30% How you selected your idea Research Effective use of supporting literature All members of the group will receive the same mark Indicative word limit 1000

4 4 Part 2: Develop a business plan Aim: To research and convey your business idea in report form to attract potential investors Task: Once your group has chosen its business idea you need to write a business plan. There is no set format for this but it typically should: Clearly describe the product/service and its unique selling proposition (USP) Justify its uniqueness through a preliminary patent search data and competitor analysis Determine market attractiveness e.g. market size and potential growth through identification of potential customers, market trends Determine business strategy with a clear route to commercialisation e.g. technical development, licensing of intellectual property, marketing and manufacture Identify potential risks and how they will be managed Justify expenditure for patenting, equipment and running costs Describe key operational requirements e.g. premises, IT and management systems, quality requirements Demonstrate credibility of management team Demonstrate financial rewards and loan requirements for potential investors A particularly useful guide that you should consider using here is the Bioscience Exploitation Guide by the BBSRC (available at You will be marked on the following criteria: Component Marks awarded for: Maximum mark: Presentation: Use of a clear report structure 10% Accurate spelling and grammar written in business style Visual appealing presentation Summary: Clear, effective and succinct summary 10% Proposal: Clarity and accuracy of proposal 30% Feasibility of business proposition Effective primary and secondary research in support of proposal 30% Guidance on writing:

5 5 Each member of the group will be assigned an equal mark based on the criteria Indicative word count: 3,000 words (does not include appendices) The style of the report short be 'short and sharp' and aimed at the business community rather than 'essay' style

6 6 Grade Descriptors for your business plan: The following information can be used as a guide to determine how best to achieve satisfactory results: 40 and below: A shallow piece of work, no evidence of research, analysis or teamwork Summary may be neglected or read like an introduction. Business idea may be ill founded, unjustified and naive Marketing data is shallow and anecdotal Financial projections are weak and unjustified Little reference is made to operational aspects, legal aspects or human resources of the business Marketing plan is largely neglected Report is ill structured with a large number of spelling and grammatical errors Superficial work, with little or ineffective evidence of research, analysis The summary may be very brief, neglecting key pieces of information useful for potential investors. Business idea may not be attractive or feasible having over looked vital pieces of information Market information is lacking in key areas and will be largely based on secondary data Financial projections are incomplete and may be unrealistic Marketing plan addresses some key areas but some aspects are overlooked Operational issues, legal and human resources are considered but some aspects are overlooked Structure jumbled, frequent spelling and grammatical errors Shows reasonable research, critical analysis The summary is reasonably effective drawing on key pieces of information from the report that would be useful for investors. It may neglect some key aspects of the business idea. The idea is feasible but may overlook a key aspect affecting its attractiveness Market data is based on secondary data. Some aspects of the market research may be overlooked. Financial projections will be feasible but lack justification in some cases A reasonable attempt is made at the marketing plan Operational, human resource and legal aspects are reasonably detailed. Little support evidence found in appendices. Structure of report is in clearly defined sections Few errors in spelling and grammar Shows evidence of good research and critical analysis

7 7 The summary is effective. It draws from key information generated in the report and can stand-alone. However, it may suffer by being rather long winded or neglect key information that would be needed to explain the idea to potential investors. Business idea is attractive to investors and is clearly justified in terms of finance and markets. Marketing data is both primary and secondary. These are largely complete and consider both qualitative and quantitative data to support the business idea. Marketing plan is well thought out but may lack supporting evidence Financial projections are feasible and accurate but may lack clarity Clear guidance is given as to the operational, legal and human resource aspects of the business No errors in spelling or grammar. Structure of report is in clearly defined sections 70 and above Demonstrates excellent research, critical analysis, report writing The summary is clear, accurate and succinct. It draws from key information generated in the report and can stand-alone. It works as an effective means of explaining the attractiveness of your business to potential investors. Business idea is attractive to investors and is clearly justified in terms of finance and markets. It is likely to have elements of originality. Market is justified through clear and valid analysis of the competition, selection of the target market and positioning. Marketing data uses both primary and secondary data effectively and makes an attempt to quantify market size and growth for relevant sectors and solicit the views of potential customers where appropriate. Market plan shows imaginative composition of the elements of the marketing mix including service elements where appropriate. Business strategy shows a clear route to market and considers the role of exploiting IP where appropriate Operational aspects of the business are covered in some depth giving investors a good view of how the start-up organisation will conduct its business using outsourcing and incubators appropriately The management team are considered in depth and include evidence such as CVs Financial projections, costing etc. are accurate and feasible showing good evidence of research. Diagrams are clear. All assumptions are clearly stated. Funding sources are clearly identified and appropriate to the proposed business Structure is clearly defined and sections of the report are cross referenced where appropriate The style is short and sharp. Any large bodies of support data are placed in the appendices. No errors in spelling or grammar.

8 8 A suggested structure for your business plan is as follows. You will find this in the BBSRC business planning guide. 1. Executive summary 2. Background 3. The business opportunity 4. The product/service 4.1. Description 4.2. Novel features and benefits for users 4.3. Achievement to date 4.4. Technology development mile stones 4.5. Intellectual property 4.6. Opportunities for further development/expansion 5. The Market 5.1. Market structure 5.2. Market trends and drivers 5.3. Market segmentation 5.4. Target markets Key characteristics Size and future growth estimates 6. The competition 6.1. Key competitors 6.2. Barriers to entry 6.3. Our competitive advantage 7. Commercialisation Plan 7.1. Business objectives 7.2. Overall Business Strategy 7.3. Key commercialisation mile stones 7.4. Marketing strategy 7.5. Production and operations 7.6. Risk analysis 8. Management 8.1. The current team and their roles 8.2. Future management needs 9. Financial projections 9.1. Key revenue assumptions 9.2. Key expenditure assumptions 9.3. Summary projections 9.4. Sensitivity analysis 9.5. Funding requirements and Phasing 9.6. Sources of finance 9.7. Exit for investors 10. Appendices Cash flow forecast Profit and Loss Source: BBSRC Bioscience Exploitation Guide (2006),

9 9 Part 3: Present the business plan You are required to present your business plan to a panel of potential investors. You have 15 minutes to present your case and five minutes for questions: You will be marked on the following criteria. Component: Criteria: Mark Presentation: Clarity and structure of content Clear and effective oral communication Attractiveness of business proposition Supporting materials: Suitability and clarity of any supporting handouts, slides or artefacts Response to questions: Ability to respond accurately and with depth Students are invited to attend the presentations. We will be assessing the attractiveness of each of the business ideas using the following criteria: Were the product/service benefits clearly communicated? Is the technology feasible? Is there a market for the product/service? o Is it growing? o Is it of a reasonable size? Does the business provide a good return on investment? o Does it provide it quickly? Is the management team credible? Each of these elements will be marked (1-5) 1=Poor 5=Excellent Highest score wins. The marking panel will be using this approach to evaluate your business idea and your scores against these criteria will provide the basis for questions.

10 10 Part 4: Reflective Learning Log You are required to keep a learning log of your experience in developing your business plan to assist in your own learning and development. By reflecting on the knowledge and skills in this activity you will be able to identify what you have learned and how to apply it to your future studies. There is no set format for producing your learning account however, the following headings will give you some guidance on structuring your thoughts: Component: Criteria: Mark Summary of new learning Honest, self critical review of learning with respect to all aspects of the module including critical incidences (include dates) 25% Use of supporting Literature Conclusion and plans Presentation Personal account that is informed insights from reading/theory Accurately referenced Effectiveness of conclusion highlighting further development required to direct further entrepreneurial work and personal development Effective and achievable plan to achieve personal objective including time scales Logical structure including use of headings and sub headings Evidence of cumulative learning i.e. evidence that personal account was developed during the module rather than produced at the end. 30% 30% 15% Indicative word count 1500 words