Question 1: Communicating my entrepreneurial innovation (20 marks)
Prepare a 500-word written statement, presenting your entrepreneurial innovation as a viable opportunity for addressing a defined societal problem. The statement must address the following issues, which should be linked together as a continuous argument using the sub-headings below:
⦁ a.What is my entrepreneurial innovation (i.e. a concise description of the idea that you suggest)?
⦁ b.What are my mission, vision and strategic objectives?
⦁ c.How will my entrepreneurial innovation operate in practice (i.e. your sustainable business model)?
⦁ d.How will my entrepreneurial innovation achieve sustainability?
This exercise is similar to that of preparing a short presentation, or a ‘pitch’, to a potential investor. Your main aim is to provide your audience with a clear, concise, coherent and convincing explanation of your entrepreneurial innovation.
Thus, please keep in mind that your argumentation must clarify your unique selling proposition. With regard to sub-heading (a), you may explain why your idea is both innovative and entrepreneurial. Referring to (b), you may clearly distinguish between mission, vision and strategic objectives. Sub-heading (c) requires reflections on how your entrepreneurial innovation aims to solve the societal problem that you address. Sub-heading (d) requires reflections on the long-term effect of your entrepreneurial innovation and/or potential future developments.
The markers recognise that some students may have decided to defer or abandon their entrepreneurial innovation, based on their analysis and/or the current economic climate. However, for the purposes of Question 1, you should present your entrepreneurial innovation in a constructive way (i.e. imagine you were taking part in a debate and try to set out the strongest available case for your entrepreneurial innovation). There are opportunities to provide a more critical reﬂection on your entrepreneurial innovation in Question 2.
Question 2: Evaluation and critical reﬂection (80 marks)
Write a 2500-word report evaluating your entrepreneurial innovation in an objective way (i.e. in contrast to Question 1, your main aim here is to provide the reader with a detailed and comprehensive assessment of the entrepreneurial innovation and its potential, it is NOT to persuade a potential investor). The report must address the following issues and should be set out in the same order, with the words in bold text being used to indicate the main headings and sub-headings:
a.How entrepreneurial innovations can address societal problems (50 marks)
Use appropriate analysis techniques to evaluate how and why the societal problem(s) can be solved through the entrepreneurial innovation you have identiﬁed. The application of and critical reflection on the usefulness of module concepts for the purposes of your analysis are strongly encouraged. Your evaluation should address the following inter-related topics:
Inherent appeal of the entrepreneurial innovation, including the societal problem(s) it addresses, the main beneﬁts offered, operational aspects (including its requirements in terms of functional areas of management) and innovative features.
Estimate the demand for your entrepreneurial innovation, including distribution of customer size, an indication of its capacity to become ﬁnancially viable (e.g. in terms of pricing and having a marketing strategy capable of attracting a sufﬁcient number of target customers), the main competitive challenges, and overall growth potential over a speciﬁed time (i.e. the ﬁrst 18 months of operations).
Financing requirements including production and marketing costs, forecast of ﬁnancial and/or social returns to be generated by the entrepreneurial innovation over a speciﬁed time (i.e. the ﬁrst 18 months of operations), which should be related to the mission, vision and objectives.
⦁ b.Developing a sustainable business model (30 marks)
Use appropriate analysis techniques to evaluate and select the most feasible sustainable business model for commercialising your entrepreneurial innovation. You are required to select one of three options:
- Set-up your own enterprise to produce and commercialize your entrepreneurial innovation.
- Partner with existing enterprises to produce and commercialise your entrepreneurial innovation.
- Defer or abandon the entrepreneurial innovation.
If you intend to proceed with either of the first two models, make this clear and indicate how each of the factors in a) above might be addressed so that you could achieve your objective of addressing societal problems through entrepreneurial innovation in a sustainable manner. If you intend to defer or abandon the entrepreneurial innovation, make this clear and explain why you ultimately decided not to proceed with it. In either case, your critical reﬂection should highlight any signiﬁcant modiﬁcations to your entrepreneurial innovation during the module, citing specific study activities that informed these changes.