communicate own entrepreneurial innovation. Provide evaluation and critical reflection

Integrated project report

This
end-of-module assessment (EMA) integrates your learning from Blocks 1–4.
Specifically, it builds on your TMAs, where you applied a variety of analytical
techniques to investigate societal problems that are addressed through
entrepreneurial innovations. The EMA encourages you to bring together the
different strands of the analysis from your TMAs to develop an alternative
entrepreneurial innovation as a solution to the societal problem documented in
your TMA 01. It also encourages you to consider how the various components of
the proposed entrepreneurial innovation would operate in practice. This
includes considerations as to whether the proposed solution is best offered
through a start-up or an existing enterprise, sustainability considerations and
clear KPIs for measuring the impact of the
proposed entrepreneurial innovation.

Question 1: Communicating my
entrepreneurial innovation (20 marks)

Prepare
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:

o   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.

o   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).

o   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:

o   Set-up your
own enterprise to produce and commercialize your entrepreneurial innovation.

o   Partner
with existing enterprises to produce and commercialise your entrepreneurial
innovation.

o   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. This may include a reference back to your mission,
vision and objectives in Question 1(b) and the application of and critical
reflection on module concepts.

Additional guidance

When you prepare your answers, ensure that you apply the main
concepts provided (CONCEPTS file). Look back at each session and check whether
you have addressed key areas. Be sure to think of your entrepreneurial
innovation as a whole, including the key interactions between different
elements and links to a viable sustainable business model.

In Question 1, you need to articulate (i.e. explain) your
idea in a clear, concise and compelling way. The key to achieving this is to
step back from the detailed analysis and re-describe your idea as simply as
possible. It is not necessary to refer to specific analytical theory, concepts
or frameworks in your statement, but you should make use of the findings of
your analysis. Ask yourself ‘What is entrepreneurial innovation and why is this
the focus of my EMA?’ B327 Reader Chapter 1 introduces
the concept of entrepreneurial innovation to mean a ‘new’ product, process,
method or organisation in a ‘
context’ where none existed. Therefore,
you will be familiar with the term from Block 1. You will also have analysed
how existing enterprises use entrepreneurial innovations to address societal
problems across the module and in TMA 01, TMA 02 and TMA 03.

In Question 2(a), you need to balance your
enthusiasm for the idea with a much more critical perspective, recognising
potential weaknesses and identifying ways that they might be addressed. This
often means looking across the different functional areas to spot
inconsistencies and gaps. The Sustainable Enterprise Challenge in Block 3 and
TMA 03 would be very useful here. For example: have you taken full account of
potential strategy, production, marketing and financing challenges? Your report
should indicate clearly how you have applied specific theories or frameworks to
evaluate the sustainability of your entrepreneurial innovation and your
business model. Whenever possible and appropriate, include academic and/or
business sources to clarify and support your line of argumentation.

In Question 2(b), ask yourself ‘what enterprise
selection choices are available to you when proposing a sustainable business
model?’ If you own or manage an enterprise(s) consider whether you can build on
it (them) and identify ‘new’ opportunities for expanding/growing/scaling the
existing enterprise or activities. Those students who launched a new business
upon completion of B205 can use the B327 EMA to analyse how to scale it. This
also applies to students who studied enterprise examples in other modules or
who work in an existing enterprise. You can also try something entirely new
(especially those without relevant experience in the domain of entrepreneurship
and innovation) and think of what type of enterprise might be relevant for your
proposed business model. We use commercialisation in this EMA broadly as a
process of introducing the entrepreneurial innovation into a market, whether
for-profit through a private enterprise or not-for-profit through a social
enterprise.

Keep to the stated word limits for each question. Edit your work
several times to ensure that the text is clear and concise. Make appropriate
use of figures and tables in the main report to highlight key findings and
reduce the word count. Use appendices for your detailed supporting analysis,
including financial forecasts.

 

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