Reference no: EM13371097

You are required to provide a Portfolio of 3,000 words comprising two equal elements as follows:

Part one

This will comprise a critical appraisal of the business planning process. You are not required to present a Business Plan, but rather critique the business planning process through a critical appraisal of the contribution each element makes to the creation of a successful entrepreneurial venture. Your critique should encompass such issues as: idea generation, strategic objectives, market analysis and research, understanding the competition, cash flow, profit and loss forecasts, balance sheet projections, competitive strategy and scenario analysis.

Part two

In the second section you are required to provide a discussion on the entrepreneurial characteristics identified in the academic literature and reflect on the extent to which these characteristics are to be found within your own skills set. This discussion should include a critical reflection on the way in which you completed the market challenge element of the module.

Knowing what your skill set is can save a whole load of time, trouble and frustration. Put simply, a skill is an ability to perform a particular task in a competent manner, they are often considered as single elements that may be related to a specific job or activity. Therefore, a skill set is the combination of skills that you, in particular, have.

There are three main skill sets: transferable skills, knowledge based skills and personal attitude or aptitude based skills. Being able to identify your skill set and then relate them to a specific requirement, makes it easy on both entrepreneurs and mentors as they won't then struggle with something that is alien to them, instead they can work with their skills rather than against them.

Transferable skills are those that can be ‘applied' in many different scenarios, for instance the ability to organise or analyse something isn't only used in one particular job.

Knowledge-based skills relate to the knowledge and understanding needed to perform a particular task, such as how to complete a VAT return or how to use a social network. These types of skills are the ones that are often obtained as a result of training.

Personal Attitudes and Aptitudes are those that are innate in a person, they often relate to things that can't be quantified, such as honesty, judgement and time keeping.