BUS3ENT - Assignment 3 Tips

IMPORTANT - This document is intended to provide you an understanding of what the task requires. In no case should this be considered as an answer document. Feel free to be creative and add elements that you think can add more value. Please read the document carefully, and if you are unable to understand something, please reach out in time.

Formatting

• Must have proper Headings and Sub-Headings
• Times New Roman
• Font Size 11 - 12
• 6 pt spacing between lines
• 12 pt spacing between paragraphs

FAQ’s

1.    Can we use the same company we used for Assignment 1 and 2?

Ans: NO, you CANNOT. Please ensure that you address properly all the requirements for Assignment 3 (detailed requirements below. PLEASE READ CAREFULLY).

2.    Is it compulsory to insert the picture of our Business Model Canvas and Value Proposition?

Ans: No, it is not compulsory. But if you want you can use it, but that has to be attached in the appendix.

3.    What does “jobs to be done” means?

Ans: Jobs to be done basically means “what customers want from the business”

E.g. for Uber, customer wants - variety of travel options, on demand services therefore, Uber product and service must match customer wants i.e. it offers on demand cabs, efficient rides, rideshare etc. See this video for example https://www.youtube.com/watch?v=kiWkRiynPAo

4.    What is a brand-new business idea?

Ans – A brand-new idea here means - you need to think of a new idea that you hypothetically want to start as a business.

It can be

1. Incremental innovation e. your idea further polishes an existing business OR
2. Existing idea/new market you are trying to replicate a business from another country in Australia (considering it doesn’t exist here) OR
3. Disruptive/radical innovation e. a new business idea for a new market or one of the following

Points to note-

• Please don’t go about creating “a brand-new industry” and/or a “very very costly e.g. breeding dinosaurs, making spaceships, opening a supermarket, starting a bank etc.

·         Ideally target for something that would require around A$50,000 - A$100,000 of investment in the first year.

• Supermarkets are not considered a viable idea for this
• Think about something innovative that is simple and you can find enough details about i.e. starting a customised cosmetic range that is somehow different from the others that exist, be it in the sense of composition, service, delivery etc. OR a new sort of orthotics wear OR innovative sustainable coffee OR online customisable clothing store OR some tech app etc. You can search many such ideas

Assignment Details - Suggested Content:

Cover page (please indicate your full name, student ID, class day & time, tutor’s name, and Word count)

Executive Summary (Not included in the word count)

Table of Contents

Part 1: Critical Analysis of Existing Business’s Business Model

• Please select an existing startup venture of your interest (the venture must be set up for no more than eight years, is still operating, and from one of the following countries: New Zealand, Canada, Indonesia, and Japan)
• the firm should also be in the (same or closest to) targeted industry in which the entrepreneurial venture, which is to be developed in Part 2, is
• Please make sure you support your analyses/arguments with relevant secondary data/facts and figures, and apply/reflect on relevant (entrepreneurship) theories where possible/relevant.

-          Structure

• Brief introduction of the chosen startup venture: Half - One Page

What are the major product/service benefits, features and/or experience? Who and where are the business's targeted customers?

What customer wants, needs, problems or fears is the venture trying to address? What makes the business differentiated from current oppositions/competitive offerings in the market?

·    Critical analyses of the chosen venture’s business model and value propositions.

1. Value proposition is a part of the business model

B.    We first start with recognising the customer segment and then work out the value proposition

1. Value proposition can be assessed using the Value Proposition Canvas.

D.    So, in total you’ll need to answer all the following elements

1. Customer segment
2. Value proposition
   1. Customer(s) (from the customer segment)
      1. Jobs that need to be done
      2. Pains

• Gains

1. Product
   1. Features and benefits
   2. Pain relievers

• Gain boosters

3. Key partners
4. Key activities
5. Key resources
6. Channels
7. Customer Relationship (how you keep the relationship with your customers SMS, Newsletter, emails, survey )
8. Cost structure
9. Revenue stream

Has the research discovered any ethical issues that the firm might have to address? (Please also refer to the marking rubric in subject learning guide for more information about this criteria) – this is worth 5 marks so answer accordingly

·         Possible theories/concepts that can be used to analyse ethical concerns –

Deontological theory, Utilitarian theories, Corporate Social Responsibility etc.

Part 2:

• Introduction (to your proposed Australia-based, brand new, for-profit business venture) (please make sure to a clear introduction of the business idea, make sure that first time readers can understand your business idea)

1. Step 1 – Gaddie Pitch (link)

E.g. You know how < Target market + their key problems >

Well what we do is < solution and how you are different >

In fact < some cool fact related to your solution. could how many pre-sales you have made, how so many people have pledged to buy it or how it can do wonders etc. >

1. Step 2 - Clearly outline/summarize the business idea by integrating at a and b.
2. Explain the problem you solve (summary of customer side of value proposition canvas). g. Successful businesses create customer value by solving problems. In a rental example, one problem is cycling enthusiasts who don't--or can't--travel with bikes. Another problem is casual cyclists who can't--or choose not to--spend significant sums on their own bikes. The rental shop will solve that problem by offering a lower-cost and convenient alternative.

1. Show how you will solve that problem (summary of the products side of value proposition canvas). g. Our rental shop will offer better prices and enhanced services like remote deliveries, off-hours equipment returns, and online reservations.

C.    Step 3 - Thereafter explain shortly – discovery/creation, what type of innovation (radical, incremental etc.), and why do you think it will work (look for market research on IBIS World to find/quote facts/details. Even better if you find academic articles to quote alongside in addition)

1. Step 4 - Identify your industry: Retail, wholesale, service, manufacturing, Clearly define your type of business.
2. Step 5 - Identify your customer. You cannot market and sell to customers until you know who they are – Remember, you’ll do a full market segmentation under the Business Model Canvas. In this part you need to simply summarize

• Business Model Canvas (of your proposed venture) (please make sure to include a completed Business Model Canvas for your proposed venture at the beginning of this section, and support your analyses/arguments for the below sub-sections with relevant secondary data/facts and figures, and apply/reflect on relevant (entrepreneurship) theories where possible/relevant).

1. Value proposition is a part of the business model

F.    We first start with recognising the customer segment and then work out the value proposition

1. Value proposition can be assessed using the Value Proposition Canvas.

H.    So, in total you’ll need to answer all the following elements

1. Customer segment (start with this as it will be easier to do the value proposition afterwards)
2. Value proposition
   1. Customer(s) (from the customer segment)
      1. Jobs that need to be done
      2. Pains

• Gains

1. Product
   1. Features and benefits
   2. Pain relievers

• Gain boosters

3. Key partners
4. Key activities
5. Key resources
6. Channels
7. Customer Relationship (how you keep the relationship with your customers SMS, Newsletter, emails, survey )
8. Cost structure
9. Revenue stream

Please refer to this video to see how value proposition works https://www.youtube.com/watch?v=ReM1uqmVfP0

Please refer to this video to see how business model canvas works https://www.youtube.com/watch?v=IP0cUBWTgpY

-          Continuing from above - Has the research discovered any moral or ethical issues that you might have to address? (Please also refer to the marking rubric in subject learning guide for more information about this criteria)

Ans – Every business has one, please search it on the web and explain it. For each issue mention your strategy to mitigate it. You need to answer this for Parts A and B both to get good marks.

o Possible theories/concepts that can be used to analyse ethical concerns –

Deontological theory, Utilitarian theories, Corporate Social Responsibility etc.

Again, it carries 5 marks – Excellent recognition of the implications for their own ethical and values framework when interacting with different values-based perspectives in professional and global concerns.

• Financial projections (for your proposed venture)

1. Fill out
   1. Startup costs: estimation of the start-up costs and equipment/capital costs (see the attached Appendix 1 for the template), and specify the potential sources of finance to cover your startup
   2. Project Profit and Loss statement: prepare and include the projected Profit and Loss statement

for the first 3 years (see attached Appendix 2 for the template)

2. Summarize in a succinct manner 1a and 1b. And future financial plans of raising money from Angel Investors and Venture Capital Firms

References

(12-15 references required, at least 03 academic references needed; Harvard referencing style).

Appendices

Appendix 1

 Source: business.vic.gov.au (2017)  

Appendix 2

Profit & Loss for [Business name] as at [Financial Year]