BMGT30340 New Venture Creation & Development Assignment Example UCD Ireland

This module aims to critically evaluate the development paths and resource assembly junctures that innovators face as they create their ventures. The module introduces a Venture Creation and Development Framework, which guides students through the development path of a company from early stages to market-ready. The module also aims to develop a critical understanding of the processes involved in creating or developing new ventures.

Get Assessment Answers of BMGT30340 New Venture Creation & Development

In this course, there are many types of assignments given to students like group projects, individual assignments, continuous assessments, reports, business plans, business proposals, executive summaries, and other solutions given by us.

On completion of this module, students should be able to:

Assignment Activity 1: Demonstrate an analytical ability to explore the interaction of entrepreneurship with the economy and society

Entrepreneurship is the process of creating something new, which often involves risk. It can be manifested in the launch of a new business or the development of a new product or service. The economy is constantly changing and evolving and with it the needs of consumers and businesses. Entrepreneurship is necessary for businesses to innovate and stay ahead of the competition, and for people to have the opportunity for creativity and personal development.

Societies encourage or discourage entrepreneurship based on their attitudes to change, risk, and reward as well as the stability of their economic climate. Many countries actively support entrepreneurial activity through schemes such as funding programs and business incubators.

Assignment Activity 2: Understand the cognitive characteristics associated with creativity and the entrepreneurial mindset

Creativity is the resource that enables entrepreneurs to conceive of something new and original. It can be simply defined as ‘the generation of novel ideas that have value.’

Creative thinking is often seen in a positive light, partly because it facilitates change and innovation – two things we see as valuable. However, there is debate over whether creative thought is a skill that can be learned, or whether it is a natural ability that some people are born with.

The entrepreneurial mindset is characterized by a willingness to take risks, think outside the box, and persevere in the face of difficulties. It is essential for entrepreneurs because starting and running a business is not easy. The majority of businesses fail within a few years, and not all ideas can become successful products or services.

The entrepreneurial mindset is also associated with positive psychological characteristics such as self-efficacy, confidence, creativity, and tolerance of ambiguity.

Assignment Activity 3: Demonstrate independent thinking and critical reasoning skills in assessing the attractiveness, feasibility, and viability of new venture ideas

The assessment of a new venture idea is critical for two reasons. Firstly, it is important to determine whether the idea is feasible – that is, whether it is possible to create a business or product based on the proposed concept. Secondly, it is important to assess the viability of the venture, which refers to its ability to become successful and profitable.

There are several factors to consider when assessing the feasibility and viability of a new venture idea. Some of the key considerations are outlined below.

Feasibility

When assessing the feasibility of a new venture, it is important to consider the following:

• The business concept: Is it a good idea? Will it be interesting and exciting for the entrepreneur to work on?
• The market: Is there a market for this product or service? How much demand is there within the target market? What are the barriers to gaining access to customers?
• Competition: Will it be easy for competitors to copy this idea or will the entrepreneur’s intellectual property (IP) create a barrier to entry?
• Capital: How much will it cost to get started? What resources are available (for example, in the family or the community)?

Viability

When assessing the viability of a new venture idea, entrepreneurs need to consider issues such as:

• Can this business or product be successfully established and run, considering my skills and abilities?
• How much money will it cost to get started and maintain the company or product over its lifetime, and how much revenue is likely to be generated at this time?
• What risks are involved with starting this business or product? What might go wrong, and how easy will it be for me to recover if this happens?
• What are the potential problems with this venture and how likely am I to be able to solve them?
• Who are the key stakeholders in this business, and what is their level of engagement/support likely to be?
• What are the major challenges that I will face in establishing and running this business or product?

Independent thinking and critical reasoning skills are essential when assessing the feasibility and viability of a new venture idea. Entrepreneurs need to be able to think outside the box and consider all potential outcomes before making a decision. They also need to be able to critically assess the attractiveness, feasibility, and viability of an idea in order to make an informed judgment.

Assignment Activity 4: Utilize and apply knowledge of tools and methods used by investors to make investment decisions about new ventures

When assessing the feasibility and viability of a new venture, entrepreneurs may find it helpful to utilize knowledge of tools and methods used by investors to make investment decisions. This will give them a better understanding of what investors are looking for when assessing a new venture.

Some of the key factors that investors typically consider include:

• The idea: Is it unique and different from the status quo? How much demand is there for this product or service in the market? What barriers to entry exist, and how easy will it be for competitors to copy the idea?
• The entrepreneur/ owner: Does s/he have experience in running a similar business or product before? How committed is s/he to this business? What is their track record in terms of success and leadership?
• The people: How strong is the team that will be building this business or product? Do they have the relevant skills, experience, knowledge-base, and attitude required for success in this venture?
• The market: What is the size of the market opportunity for this product or service? How fast is the market growing? What are the trends in this industry?
• The financials: What is the estimated revenue and profit potential for this business or product? What are the associated costs of starting and running this venture? How much capital will be required to get it off the ground?

By understanding and considering these factors when assessing the viability of a new venture idea, entrepreneurs can be better prepared to discuss their ideas with investors and other key stakeholders.

Assignment Activity 5: Critically analyze the stages involved in discovering, evaluating, and scaling opportunities in the context of the venture lifecycle process

 The venture lifecycle process involves a series of stages that entrepreneurs go through when starting and running a new business or product. The stages are as follows:

1. Idea generation/discovery: This is the initial phase where entrepreneurs come up with new ideas for businesses or products. They may brainstorm and develop ideas on their own, or seek expert advice. This is where new venture ideas are initially conceived.
2. Venture planning: Once an idea has been formulated, entrepreneurs can begin to prepare a business plan that outlines the objectives of the new venture, who will be responsible for what roles, potential costs involved, and how profits will be generated. A financial forecast may also be prepared at this stage.
3. Launch: This is the point at which the new venture is officially established and begins operations. It can be a very exciting time, but also stressful as there are many things to get organized and set up correctly in order for the business to be successful.
4. Growth: This phase is all about scaling the business and increasing profits. The key challenges of this stage are to identify the right products or services that consumers want, develop a marketing plan that includes a pricing strategy, and successfully distribute the new product or service.
5. Maturation: In this phase, competitors begin to emerge and products become more standardized in order for them to be interchangeable from brand to brand. The main challenge of this stage is to maintain and grow market share and keep ahead of competitors.
6. Decline: Although the decline stage is inevitable, entrepreneurs may be able to extend it by taking steps such as cutting costs or further differentiating their products or services from competitors’. At this point, the entrepreneur needs to begin preparing for closure and making plans to either sell the business or shut it down.

Assignment Activity 6: Communicate, in a professional and informed manner, an elevator pitch of a venture idea

The elevator pitch is a brief description of a new business or product that captures the interest of potential investors and other key stakeholders and persuades them that it is worth further investigation. It should be clear, concise, and to the point. A good elevator pitch should include the following:

• The problem that the business or product is trying to solve
• The solution that the business or product provides
• The size of the market opportunity
• The financials (e.g. revenue potential, profit margins, capital requirements, etc.)
• The stage of the venture lifecycle that the business or product is currently in

If an entrepreneur can effectively communicate all of this information in a brief and compelling manner, they will likely pique the interest of potential investors and other key stakeholders.

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