1. Critically identify, analyse, evaluate, model and make informed judgements on the complexity of factors which may contribute to the success or failure of a new venture including: – human resources and management; management knowledge; entrepreneurial skills, and development contexts which may contribute to new venture success or repositioning/change/turnaround.
• Students should be able to critically evaluate the business opportunities and to develop a lucrative business plan.
2. Determine, identify and evaluate the critical tasks, resources and management planning within new venture life cycles, including the challenges and opportunities faced at each stage in the life cycle of the venture.
• Students should be able to analyse the key requirements and challenges to come out with relevant strategies for the success of the business venture.
TASK DESCRIPTION – ASSIGNMENT 1: Report – worth 50% (3000 words)
In your role as a first time entrepreneur, you have to plan your new business start-up.
In particular, you are expected to do the following:
• Explain the proposed business idea covering the key areas such as the product or service you wish to offer, target customers, special features of the product / service, location and the scale of the business. (approx. 400 words)
• With the application of relevant models; critically evaluate the related Macro environment, Industry environment and the Micro environment to identify the opportunities available for the proposed business idea. (approx. 1200 words)
• Critically analyse the Human Resource requirements and the HR strategies required for the proposed new business start-up. (Proposed HR strategies should cover the key areas such as recruitment, selection, training, performance management and motivation) (approx. 1200 words)
• Conduct a risk assessment with the identification of potential risks for the proposed business and proposed actions for risk elimination / mitigation. (approx. 400 words)