MNGT2002 Business Venturing Online Tutoring

MNGT2002: Business Venturing Online Tutoring

PURPOSE: The purpose of the assessment on MNGT2002 Business Venturing is to provide you with an opportunity to conduct a preliminary evaluation of your individual new innovation/business idea, to determine whether the idea will be feasible and warrant the development of a business plan. IndivThe task requires an outline of the core business statement and evaluation of the market and technical and commercial feasibility of your initial concept.

PARAMETERS: Feasibility analysis is the process of determining if a business concept is viable. It is the preliminary evaluation of a business idea, following opportunity recognition, conducted for the purpose of determining whether the idea is worth pursuing providing an entrepreneur with a more secure notion of feasibility before the development of a business plan.

OBJECTIVE: The objective is to evaluate the initial concept of a new business venture opportunity by conducting a feasibility study.

Preparatory Details

It is suggested that you undertake secondary research to answer the following in preparation for writing the feasibility report.

▪ Research what is the need for your new product/service. Where is the gap in the market? What are the benefits of your offering? To whom? How can it be differentiated from existing products/services in the market?

▪ Who & what resources are needed?

▪ Research specific considerations including:

Potential external constraints including logistics, environmental or legal.
Similar or substitute existing offerings.

▪ What are the risks? What crucial issues might prevent the project from being successful in the marketplace?

Detailed Instructions & Feasibility Structure Guidelines:

Title Page: Table of Contents:

Introduction:

In this section, it is important that you explain your new business concept. Outline and describe the following two sets of analyses you will be using to conduct your new venture feasibility analysis: Market and Technical Product/Service analyses.

Remember, the idea should be novel, but this does not necessarily mean a ‘New to the World’ concept. For example, it might be a combination of ideas already in the marketplace or an improved offering. However, you will need to justify that your business idea doesn’t already exist in the marketplace.

Market Feasibility

This section assesses the Strategic Competitive Advantage (SCA) within the industry, determines competitors and the target market. Aim to justify and support your proposed new venture idea and chosen markets etc with secondary evidence and research, such as government and industry reports, market trends, relevant News items etc. Address the following:

Who is the customer/target market?
What value are you adding for the proposed customer/s?
What is the market size and trends?
What needs will the initial SCA (strategic competitive advantage) satisfy?
Identify competitors and compare SCA.
How will it be priced?
Determine channel(s) of distribution?
What is the estimated market share you can capture in years 1, 2, and 3?

Technical Product/Service Feasibility

This section assesses the technical resources available to the business to produce to the product/ service/ experience. It will help you determine whether you have the resources and capabilities to convert the idea into working business. Address the following:

What is to be produced & how? Technological or facility requirements?
What is the Product, Service, and Experience specifications?
What are the required skills and capabilities?
Who will perform these functions?

Conclusion:

When all areas have been examined, use your feasibility analyses to identify any constraints the proposed project may face. Evaluate and determine if the business venture is feasible – viable for further development – or not.

Whilst this assessment has not focused on commercial feasibility, based on the outcome of your initial feasibility study, ensure you state whether you believe your proposed new venture idea has the potential to be successfully commercialized i.e. Discuss and support why/why not your new venture has the capacity to generate revenue, in addition to any associated risks identified.

The assessment help students evaluate their new innovative business ideas, and to determine if it warrants or is feasible to development of this plan. The task comprises of four parts: introduction, market feasibility, technical product/service feasibility and conclusion. Each part is addressed depending on what it requires in terms of business plan.

A new business venture is an entrepreneurial enterprise that has limited resources and high risk factors to make money. It could be anything from restaurants to multimillion-dollar tech startups to even a fresh juice stand run by any person around. Many ventures are set up with an expectation to bring financial gains, whereas others are created on the basis of supply and demand in the market. Consumer needs are identified for a service or product and the entrepreneur or investor proceeds to develop an idea to redefine or initiate the product in the market. To start, the foremost thing is to come up with a well-designed plan and then secondly with hiring human resources. An effective management skill is in demand to meet various business needs. For instance, an IT firm would need highly developed infrastructures, computer systems, software and employees with technical skill to work on it. The idea calls for a person to manage changes and cater queries if any faced. The other common element to business venture is finance. It is the key source to set a new start-up that comes with a possibility of risk. A new venture fails to sustain in the market in long-run if it is not able to get industrial funding. At time the revenue is not earned in early years and it takes time to build huge customer base, therefore funding in appropriate manner is a crucial factor in business venture. Hence, the subject understanding is sufficient enough to train a business student on both theoretical and practical level.

The course emphasize on applying and amalgamating techniques and key concepts from functional areas of entrepreneurship, managerial economics, marketing, organizational behaviors and finance in the framework of new venture development. It is meaningful for those, who have business minds. Studying business venture helps an individual to experience the process; identifying and pursuing business opportunity incorporate or through an independent setting. Businesses often struggle with unforeseen circumstances; therefore one should have a problem-solving skills and creativity to deal with highly unstructured situations. Businesses fail if there is any significant aspect neglected, therefore the totality of business proposal work great rather than the focus on single aspects such as financial feasibility or marketing issue.

Will Experts At MyAssignmentHelp.Com Do My Business Venturing Online Tutoring Following The University Guidelines?

Students often have an idea to set up a business, but they lack the ability to place evaluation and analysis to gather important information on development of their plan. Conducting secondary research and identifying potential constraints (legal, environment, logistic) to regulate business activities is not easy as it sounds. That’s the reason; many students come up with business plan and hire the management and entrepreneurial professional for MNGT2002 Business Venturing Online Tutoring to create a report that addresses all imperative aspects to support the idea. To meet students’ demands, Online Tutoring Australia has team of experts from the business fields that come up with innovative business ideas which can hold competitive stand in the market. Being from similar background, they have current knowledge on business structure and operations, the demand of products and services, technical advancements and market research. Using all these elements, they are best at incorporating relevant information in reports and conduct analysis to scenarios using academic conventions and university guidelines.