Benefits and risks involved in starting up a new business

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Reference no: EM133021708

GRM3002 Entrepreneurship (Creativity and Innovation)

Business Idea

This course is an introductory course in Entrepreneurship and Innovation. The course aims to expose undergraduate students of various academic backgrounds of business venturing and entrepreneurial activity. Students will apply themselves through developing their own business ideas and assessing them using knowledge and skills acquired during the course in a form of a business plan.

Learning Outcomes

• Demonstrate basic skills, understanding and appreciation of entrepreneurship and business venturing.
• Demonstrate a clear appreciation of innovation and entrepreneurship and their importance on the economy.
• Identify the support systems available to new business ventures.
• Articulate and write up a basic Business Plan.
• Appreciate the benefits and risks involved in starting up a new business.

It contains one component assignment. These will develop the following skills:
• Analytical skills. The assignment in business idea enables the students to analyse and evaluate the inputs from seminar and varied activities in the class. The module objectives, relevant ideas, concepts, and subject matter of the assessment material can be met by the students through the key points of the assessment tasks. The skills can be practically applied in students' real life and business interest.
• Skills in generating business idea. The Business idea generation focuses on developing innovative business concepts and interest based on the student's preferred sources or innate talents. This enhances the students' critical thinking and allows feedback as to which business idea stage will continue the business plan stage.

In addition, the assessment will test the following learning outcomes:

- LO1 - Develop some basic skills, understanding and appreciation of entrepreneurship and business venturing; and
- LO2 - Appreciate the benefits and risks involved in starting up a new business.

Assessment Task

Complete the following tasks:

1. Think of two consumer products that you are currently using and analyse them by justifying how you could modify and change them to better products. (200 words)

2. Select one of the products that you have analysed and evaluate the possibility of turning this product into a business. (200 words)

3. Layout the basic background of business idea including name of the products, price, location, and target customers. (200 words)

4. Back up your answers with references - Minimum of 3 and maximum of 5 varied references.

Attachment:- Entrepreneurship.rar

Reference no: EM133021708

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