Reference no: EM132687026
Task Description
For this assessment, you will work with a group to apply your understanding of entrepreneurship to a real-world problem and develop an investor-ready lean business plan.
To successfully complete this assessment, you will need to engage with the unit materials, tools, and templates presented throughout the study period as well as conduct primary research in the marketplace.
Lean Business Plan Sections
Your lean business plan should be based on your team's lean canvas and should include the following sections:
• High Level Concept
• Unique Value Proposition
• Problem
• Solution
• Customer Segments
• Channels
• Unfair Advantage
• Key Metrics
• Cost Structure
• Revenue Streams
• Appendices
You can adapt this basic structure to suit your own project, or use an alternative structure/template if you prefer, but you should ensure that you are covering each of the sections of the lean canvas in your written plan, in sufficient detail for the reader to fully understand and evaluate the business opportunity you're presenting.
In the appendices, you should present evidence that shows how your business concept has evolved over time. For example, you might include old versions of your lean canvas, screenshots or photos of prototypes, snippets and quotes from customer interviews, etc.
Your business plan should clearly and succinctly answer the following questions for the reader:
• Does this business idea solve a problem or address a customer pain point?
• Is there both short and long term market potential? Can the business survive long enough to reach its long term potential?
• Who are the target customers? How important is the problem this business solves to that customer group?
• How much are customers willing to pay for the proposed product? What have you done to validate your proposed revenue model?
• Is the business idea easy or difficult for others to copy if it is successful?
• Does the business or team have any unfair advantages?
• Does the proposed business model appear feasible (is it realistic enough to work in practice)?
• Have you demonstrated that you have undertaken some market validation (through customer interviews, building prototypes, evaluating a minimum viable product, etc.)?
Assessment Criteria
1. Demonstrate an understanding of key theories, concepts and tools relating to innovation and entrepreneurship.
2. Apply your knowledge of key theories, concepts and tools relating to innovation and entrepreneurship to an identified opportunity.
3. Communicate clearly and effectively.