Assignment 3 by shuifanglj


									Business, Administration and Finance Diploma Level 2   Business Enterprise in Action

                            Unit F268

      Business Enterprise in


Business, Administration and Finance Diploma Level 2    Business Enterprise in Action

Assignment Launch Date:

Final Assignment Deadline:

Use the table below to chart your progress through the assignment.

     TASK                   DEADLINE                   COMPLETED?
     Part A
     Part B
     Part C

This chart shows you which task will help you to achieve each of the learning

         1.1      1.2      1.3      1.4      2.1       2.2      3.1      3.2       3.3
A2         ●
A3                   ●
A4                            ●
A5                   ●
A6                                     ●
B1                                              ●        ●
B2                                              ●        ●
B3                                              ●        ●
B4                                              ●        ●
C1                                                                 ●
C2                                                                          ●
C3                                                                                      ●
Business, Administration and Finance Diploma Level 2         Business Enterprise in Action

Unit overview

Fancy being your own boss?
Successful businesses often start with an innovative idea. James Dyson took an
existing product, the vacuum cleaner, and adapted it in a number of ways (eg no
dustbag, to pick up animal hair) to meet a gap in the market. Apple created the iPod
which, although similar to an MP3 player, was innovative in that it was tiny and had a
large storage capacity. This new and exciting product appealed to a huge market, eg
teenagers, gym users, and tube commuters and proved to be an overnight global
success. Social networking sites and home delivery services are all examples of
innovative ideas turning into successful business services.
In this unit learners will examine questions such as: What characteristics do I need to
be an entrepreneur? How does innovation and creativity benefit business? What
makes a product or service viable? What idea do I have for a business venture? How
do I develop and implement my business venture? How do I persuade people to
invest in my business venture?
In this practical unit, learners will have the opportunity to develop entrepreneurial
skills by carrying out activities that allow to be creative and to generate ideas that
they can develop into a business venture. They will draw up a business plan and an
implementation plan and identify the key personnel required to run a business
enterprise. They will communicate the merits of their idea for a business venture to
prospective investors.
Recent television programmes such as Dragon’s Den have provided opportunities for
budding entrepreneurs to present their business ideas to successfully established
entrepreneurs. Learners will be provided with the same opportunity in this unit and
will therefore need to know the merits of their own idea for a business venture in
order to get backing from investors.

Learning Outcomes

The learner will:

1 Know what makes a business venture successful by;

1.1 describing the characteristics of an entrepreneur and why entrepreneurship is important

1.2 describing how innovation and creativity benefit business and society

1.3 describing what makes a product or service viable

1.4 describing the implications of relevant legislation and regulation for a business venture
Business, Administration and Finance Diploma Level 2       Business Enterprise in Action

2 Be able to plan a business venture by;

2.1 identifying viable ideas for development

2.2 collaborating with others to plan a business venture

3 To be able to implement a business venture by;

3.1 collaborating with others to implement a business venture

3.2 reviewing the implementation of a business venture

3.3 communicating the merits of a business venture to potential investors, presenting a
persuasive case for action


Lucy has been working for a large organisation for the past 8 years and is about to be
made redundant. For several years she has had a burning desire to run her own
business but felt that it was too much of a risk to give up her monthly salary and step
into the unknown.

Since Lucy has worked for the organisation for 8 years she is entitled to a redundancy
payment. This has spurred Lucy to investigate the possibility of realising her dream
of becoming an entrepreneur. However, Lucy has no idea what is involved.

Lucy has asked you and some of your friends to consider going into business with her
and bring together skills, experience and expertise that may prove invaluable in
making the business a success.

You have told Lucy that you agree in principle but need to investigate and gather
information on what is involved in becoming an entrepreneur.
Business, Administration and Finance Diploma Level 2   Business Enterprise in Action

Part A Entrepreneur Research

Entrepreneurs have the potential to develop their own ideas into real products that
appeal to people across the world. The financial rewards for successfully developing
new products can be huge, but many entrepreneurs will be motivated by others items
aside from money.

Before you start your business venture, you must conduct research into what makes a
business venture successful. You will then feedback your results by creating a display.

Task One

Identify your strengths and weaknesses by creating a SWOT analysis for yourself.
Create a table similar to the example below and write down your strengths,
weaknesses, opportunities and threats. Some example shave been given for you.

      STRENGTHS                              WEAKNESSES
      A good leader                          Not experienced using ICT

      OPPORTUNITIES                          THREATS
      To achieve good GCSE results           Peer pressure

From this SWOT Analysis, you will form groups, ensuring that each group member has
different strengths.

Task Two (1.1)

Within your groups, research a well-known entrepreneur and create a display, which
you will later explain to the rest of the class. Examples of entrepreneurs you could
research include;

Richard Branson       James Dyson        Anita Roddick

Each team member should be responsible for researching a particular area. Your
display must include;

A definition of an entrepreneur
Who your entrepreneur is and the products/services that they have developed
How long they have been developing their products or services
Business, Administration and Finance Diploma Level 2   Business Enterprise in Action

Problems they may have experienced, such as product failures or lack of financial
The key attributes that have made them successful

Now, discuss the research you have done and create a list of characteristics that you
think an entrepreneur has to have.

Task Three (1.2)

Individually, give three examples of products that have been innovative and how they
have benefited society and the business that has produced them.

Task Four (1.3)

Describe and give two examples of what makes a product or service viable to a
market. Think about;

How achievable the design is
Demand for the product
Unique Selling Point
The price

Task Five (1.2)

Using examples from a particular business, explain how innovation benefits society.

(Teachers note – pupils should use specific input from businesses that are
involved with this unit.)

Task Six (1.4)

Identify the relevant legislation that affects new business set up. You must give
examples of how a real local business is affected by these laws. You must cover;

      Health and safety
      Employment rights and regulations
      Data protection

Well done! You have completed Part A of the assignment!
Business, Administration and Finance Diploma Level 2   Business Enterprise in Action

Part B Planning a Business Venture

You and your team now have a chance to become entrepreneurs. All successful
entrepreneurs plan their ventures beforehand. You will need to refer back to the
research you completed in Part A to make your venture as successful as you can.

Task 1 (2.1, 2.2)

Working in groups of 5/6 come up with a range of possible ideas for your business
venture. You must think of as many ideas as there are people in your group. Record
all your ideas as a mind map.

Now, allocate one idea to each person in your group. Each person must produce a
short summary which explains their idea and why they think it will work. This will be
presented to the rest of the group.

As a whole group you must now decide on the best two ideas – if you can, choose
one product and one service idea. You must record how your group arrived at its

Task 3 (2.1 ,2.2)

Divide your group into two with each smaller group taking responsibility for one idea.
Each group must produce a viability study. The areas that should be covered are:
    Costs
    Timescales
    Resources
    Uniqueness
    Market demand (Market research)
    Internal and external factors

You must also keep a record of how your group worked as a team. Try to include
minutes of discussions, meetings and any action plans that are drawn up.

Task 3 (2.1, 2.2)

Each group must now present the findings of their viability study and as a whole
group you must come to a decision to choose one idea. This idea will be your
business venture – you will actually run this idea as a real business!

Each person must produce a written summary of how and why this idea has been
Business, Administration and Finance Diploma Level 2   Business Enterprise in Action

Task 4 (2.1, 2.2)

Working as a whole group and using the template provided, produce a business plan
for your business venture. You must also produce an implementation plan. This plan
should cover:

      Who will do each job
      How you will organise your time and resources
      Which jobs need doing and in which order
      The technology you will use
      Back ups in case anything goes wrong – a contingency plan

The implementation plan will be a ‘live’ document. It is expected that things will
change! You must keep a record of any changes, discussions and decisions.

Well done! You have completed Part B of the assignment!

Part C Implementing Your Business Venture

Your planning and research are now complete. It is time to put your plans into action.
As a starting point your group will meet with Company X and work out together how
to run your business activity.
To make your meeting as productive as possible, use the pointers below.

Refer back to your business plan
Consider: Location of the business
The times and dates when the Business will run
What materials and resources will you need besides the products or
services you are offering
How will you monitor the progress of the business e.g. keep a Work log.

Task 1 (3.1)

You need to run your business for two weeks. During this time, you need produce and
sell products, and record all activities undertaken by your group.

Ideas for providing evidence of your business in action could be taking photographs,
videoing your business in action, interviewing customers, group members and tutors
and recording these interviews.
Business, Administration and Finance Diploma Level 2    Business Enterprise in Action

Task 2 (3.2)

Now that your business activity is up and running, your group needs to review how it
is progressing. Use the guidance below and record your findings in a written

      Compare the progress you have made against what you set out in the business

      Use 360 feedback – self assessment (how you have done), peer assessment
       (how the group has done), tutor assessment (how your tutor rates the groups

      Explain the successes of the business and problems that you have come

Task 3 (3.3)

As you have run your business successfully, you now need to persuade a panel of
business people to invest in your business.

Your group will need to create a presentation (you don’t have to use ICT) to explain;

The unique selling point
Financial success
Market demand
Market share
Why your venture is worthy of investment

Whichever method you choose to attract new investors, you will be assessed on the

Persuasiveness of your case to invest in the business
Knowledge of your business
Professionalism of your group and presentation

Well done! You have completed Part C and so the whole assignment!
Check back over all your work to highlight any areas for improvement.
Business, Administration and Finance Diploma Level 2   Business Enterprise in Action

PLTs Grid

< To be created by Rachel Lambert >

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