MGN585 Entrepreneur Leadership

What do I need to do?

You will apply the tools and techniques covered in weeks 1 and 2 to identify and evaluate a real-world business idea. You are required to write up and submit your findings in a Validation Report.  Following on from your findings, reflect on whether or not you think the business idea is a viable business opportunity to pursue. Sometimes a good idea is not a good business opportunity – and that’s okay. Your mark will not be influenced by whether the initially identified business idea turns out to be a viable business opportunity.

How do I need to do it?

Your report should be no longer than 1,500 words and contain the following elements:

• A clear description of a business idea;
• Explicit assumptions about potential customers and markets that would make this business idea to a viable business opportunity;
• An evaluation of the assumptions based on gathered evidence (this may not be possible for all assumptions); and
• A reflection on whether the initially identified business idea presents a business opportunity in light of the gathered evidence (or not).

How do I present this information?

Your report should enable yourself and others — such as potential future team members — to make an informed decision around the viability of the identified business idea. Therefore, it is important to communicate your findings coherently, consistently and cohesively in a professional manner. This means that your report needs to be:

• Precise and logically structured;
• Identify trustworthy sources that others could use to validate or reject your assumptions independently; and be
• Professionally presented, which includes consistent referencing of sources in APA style. See http:/www.citewrite.qut.edu.au

Why do I need to Reflect?

The act of reflection provides us with signposted moments to STOP, think about the bigger picture and make informed decisions. When you reflect on your evaluation, establish whether you think the business idea provides a viable business opportunity (or not).

It is important that you put everything into a wider perspective. That is, you need to demonstrate your understanding of the business idea, the business environment, and how the business environment influences the business idea.