Dynamic Entrepreneurship: Idea Generation & Business Planning Techniques

1. L6 Entrepreneurship Assignment 2017 – 2018 Eric Flask Director, Innovation & Entrepreneurship March 2017

2. Learning Outcomes • Understand the dynamic nature of entrepreneurship and entrepreneurs and the techniques available for business idea generation and evaluation. • Examine the considerations in new business creation. • Understand the role of business planning and control in entrepreneurship. • Work as part of a team to create a working prototype of a product/service idea.

3. Required 1. As a team: • The development of one professional looking mini business plan (Tasks 3, 5, 6, 7, 8, 9) • The creation of a working prototype (product) or proof of concept (service) (Task 4, Task 10) • The delivery of a Sales pitch (Task 11) 2. As an individual: • The development of a logbook (reflective journal) (Tasks 1, 2) • The logbook is intended to allow the students to: • log in the business processes and decisions taken by the group (this should include for example meeting minutes, tools used to generate business ideas, methodologies, and results together with a brief justification of the chosen idea) ; • log in and reflect upon the entrepreneurial experience, group dynamics and self-development route from initial stage of idea generation to project completion; • log in the meeting discussions and way forward with the mentors; • The logbook should be in a written / electronic format and could be augmented with images and videos when possible; • For a complete learning experience students are expected to continue using the logbook throughout the whole process.

4. Section A: Setting up the team and coming up with a viable idea

5. Task One – Team Formation Covering part of grading criteria A&A 4

6. A&A 4 Maximum 6-7 Marks Show good team spirit when working in a group from different institutes within MCAST. • Logbook shows evidence that students worked well within the team. The students demonstrate collaboration and communication skills that could easily be transferred to the workplace. The team has shown how difficult team situations were handled and positively resolved.

7. Task Two – Idea Generation Covering grading criteria K&U 1

8. K&U 1 Maximum 4-5 marks Identify the different sources of entrepreneurial ideas. • Students presented an innovative idea. Evidence that they used multiple techniques and sources to explore different innovative ideas are well documented in their logbook.

9. Task Three – Idea Validation Covering grading criteria K&U 4, K&U 5, A&A 1 & A&A 2

10. K&U 4 Maximum 4-5 marks Explain the methods used to conduct a gap and competitor analysis. • Multiple methods explained identifying main competitors in the market.

11. K&U 5 Maximum 4-5 marks Describe the characteristics of the target market and typical customer using segmentation techniques. • Description provided including multiple segmentation variables used, highlighting the main differences in terms of needs of each segment.

12. A&A 1 Maximum 6-7 marks Use SWOT analysis to support own entrepreneurial idea objectives, and identify the areas of main risk. • A good SWOT analysis is carried out, listing the external and internal factors that will contribute to the success of the business idea. Relevant points are provided to reduce weaknesses and threats and to capitalise on the strengths and opportunities.

13. A&A 2 Maximum 6-7 marks Conduct a competitor and market analysis so as to assess the viability of own idea. • A full competitor analysis making use of management tools is provided.

14. Task Four – Initial Prototype / Concept Model Development Covering grading criteria A&A 5

15. A&A 5 Maximum 6-7 marks Produce an initial prototype or concept model of the product or service in order to sell own business idea in a sales pitch. • A professional looking prototype or concept model is provided, together with a clear understanding and projection of the features the prototype / concept model provides. A clear explanation of how these features will benefit the customer is also provided. All displays related to the prototype / concept model are included within a visual presentation to be presented during the sales pitch.

16. Section B: Getting the ball rolling

17. Task Five – Identification of Tangible and Intangible Resources Covering grading criteria K&U 6

18. K&U 6 Maximum 4-5 marks List the tangible and intangible resources including costings of the resources required to start up own venture. • Realistic list of resources identified and relevant costings provided.

19. Task Six – Identification of Legal Requirements Covering grading criteria K&U 2 & K&U 3

20. K&U 2 Maximum 4-5 marks Identify the licenses required to be able to trade. • All of the required licenses identified and explained.

21. K&U 3 Maximum 4-5 marks Recognise the different laws that will impact own business. • Implication of legislation on the business recognised and described.

22. Task Seven – Development of the Marketing Plan Covering grading criteria A&A 3

23. A&A 3 Maximum 6-7 marks Produce a basic marketing plan, including all the marketing tools available. • A good marketing plan is provided, making reference to all of the marketing tools; it is presented in a professional way, and details of its application are provided.

24. Task Eight – Preparation of Financial Workings and Projections Covering grading criteria S&E 1

25. S&E 1 Maximum 8-10 marks Prepare the required financial workings, based on primary data to calculate break-even for own business start up. • Major financial tables have been identified and relevant figures worked out. • Realistic projections for sales, expenses, budgets and profit have been calculated and BEP has been correctly calculated in both monetary value as well as in units that need to be sold.

26. Task Nine – Development of a Mini Business Plan Covering grading criteria K&U 7

27. K&U 7 Maximum 4-5 marks Outline the requirements to draw up a professional looking business plan. • Business plan provided is well structured, easy to follow, includes all the information required and is professionally written in report format.

28. Section CShowcasing the Business

29. Task Ten – Final Working Prototype/Concept Model Development Covering grading criteria S&E 3

30. S&E 3 Maximum 8-10 marks Showcase a final working prototype as a proof of concept that would be ready for the market. • Students prepared a fully working prototype. The prototype / concept is produced to such a high level that it could be sold to the market as it is. In case of a service all practical aspects were considered. Students were able to prepare for a seamless showcase for the prototype / concept during the sales pitch and all questions were answered in a professional manner.

31. Task Eleven – Sales Pitch Delivery Covering grading criteria S&E 2

32. S&E 2 Maximum 8-10 marks Develop a dynamic and creative sales pitch based upon a real product or service prototype. • A professional sales pitch is delivered. Students are confident and well prepared. Good use of visual aids and the initial prototype/ product/service concept is made to good use to explain the product benefits. The students were technical in their explanation about the product / service, but at the same time managed to explain the main benefits of the product / service to a lay audience.

33. Thank You Eric Flask Director, Innovation & Entrepreneurship Malta College of Arts, Science & Technology Administration Building, MCAST Main Campus Corradino Hill, Paola PLA 9032, MALTA Email: eric.flask@mcast.edu.mt Mob: +356 9966 7776 Tel: +356 2398 7333