BAA539 FUNDAMENTALS OF INNOVATION AND ENTREPRENEURSHIP Assessment Task 3: Report Task Description This is an individual assignment, worth 45% of your final grade. This assignment builds on the work...

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BAA539 FUNDAMENTALS OF INNOVATION AND ENTREPRENEURSHIP

Assessment Task 3: Report

Task

Description

This is an individual assignment, worth 45% of your final grade.

This assignment builds on the work you completed in Assessment Task 2.

To complete this assessment, students are required to produce a 4500-word report. The report has two parts.

PART 1 (word limit XXXXXXXXXX):

The first part of the report should describe the current status of the organisation. Your description should include an explanation of:

• how individuals of the organisation developed new products and/or services, and

• how this compares/contrasts with processes outlined in the learning materials for this unit (related to how opportunities are and/or should be created and evaluated).

PART 2 (word limit XXXXXXXXXX):

The second part of the report requires you to further develop the idea/opportunity your group identified in Assessment Task 2, including:

• description of the changes the organisation needs to implement to incorporate your idea

• critically evaluate why and how your team (or yourself if you changed the original idea) developed this new product/service (use entrepreneurial identity literature here)

• map potential competitors for this newly proposed product/service

• complete a business model canvas for your proposed solution.



Resources to help you complete this assessment will be made available on MyLO around Week 7 of the semester.

Criterion

Number

Criterion Description

Measures ILO:

1

Explain entrepreneurial theories and practices related to business opportunities.

LO1

2

Explain and apply techniques for discovery/creation, and evaluation of entrepreneurial opportunities.

LO1

3

Evaluate the techniques used to a pursue business opportunities.

LO1

4

Assess the feasibility of exploiting an entrepreneurial opportunity.

LO2

5

Examine models and techniques for exploiting new entrepreneurial opportunities.

LO2

6

Analyse the processes used to exploit entrepreneurial opportunities, identify problems and recommend solutions.

LO2

7

Make and justify a strategy relating to a new opportunity.

LO3

Task Length

4500 words (+/- 10%) excluding the title page, table of contents, reference list and appendix.

Due by date

23 May 11:59 pm (AEST), Friday Week 13

Format

Assessment 3 Question:

PART 1 (word limit XXXXXXXXXX):

The first part of the report should describe the current status of the organisation. Your description should include an explanation of:

• how individuals of the organisation developed new products and/or services, and

• how this compares/contrasts with processes outlined in the learning materials for this unit (related to how opportunities are and/or should be created and evaluated).

PART 2 (word limit XXXXXXXXXX):

The second part of the report requires you to further develop the idea/opportunity your group identified in Assessment Task 2, including:

• description of the changes the organisation needs to implement to incorporate your idea

• critically evaluate why and how your team (or yourself if you changed the original idea) developed this new product/service (use entrepreneurial identity literature here)

• map potential competitors for this newly proposed product/service

• complete a business model canvas for your proposed solution

--------------------------------------------------------------

Introduction(around 300 words)

What should I add in the Introduction? Is it a summary of the assignment?

The introduction is not a summary. In a summary, you need to mention all the key points in your assignment, you will not be able to understand what consists in the assignment just by reading the Introduction.

You are using the introduction to set the scene for the marker. You can include:

- Which organisation did you choose and why?

- What change(s) is/are you proposing and why?

- How will you structure the assignment and why?

The above is just a recommendation, you can modify the above suggestions.

You are addressing the past, current, and future (proposed idea) position of your chosen organisation.

Your chosen organisation has to be one of the four businesses provided on MyLO.

Opportunity recognition - You have to discuss how the firm identifiedcurrent opportunity. This is about what is happening now.(around 1200 words)

In this section, you can discuss Opportunity recognition and/or causation/effectuation. Addressing theories/framework is very important here.

In week 2, I have talked about Baron's article.

Recognition of opportunities depends on multiple factors, such as life experience, changes in government policies, and changing environmental conditions. Entrepreneurs connect various external factors into patterns to create a new business opportunity (Baron, XXXXXXXXXXWhen you have an idea for a new business, you need to develop prototypes to test your product/service (you can search for articles related to Lean start-up to expand on this). The prototype is beneficial to test the viability of the business before entering the market. Knowledge and alertness to opportunities will help entrepreneurs to identify merging patterns. Analysis of emerging patterns will help the entrepreneur to decide whether to pursue the business opportunity or not.

Review lecture 4 to understand causation and effectuation.

Causation is about the identification of opportunities in the market and followed by the exploitation of the market. This is similar to the opportunity recognition mentioned above. Whereas Effectuation/Effectuators start withwho they are,what they know, andwhom they know, and begin acting upon whatever they can afford to do (Sarasvathy and Dew, 2005: pg XXXXXXXXXXEffectuation goes against the basic principles of opportunity recognition. Successful businesses use both causation and effectuation.

Image 1: The effectual cycle

Source: https://www.effectuation.org/sites/default/files/documents/effectuation-3-pager.pdf

If you want good marks, do not rely on thematerialsmentioned above. Look for other academic sources.

Proposed changes to the start-up company (around200 words)

This section is about your proposed idea. You are not expected to refer to theories here. This is a very important section. This section lays the foundation for the marker to get a clear understanding of the subsequent sections of your assignment.

Entrepreneurial Identity(around 800 words)

Review Entrepreneurial Identity discussed in the week 7 lecture. Use the model and other academic sources to critically evaluate your identity journey. You have mentioned a few points in week 7 discussion forum, try to expand them.



Source:

Wagenschwanz, AM 2020, ‘The Identity of Entrepreneurs: Providing Conceptual Clarity and Future Directions’,International Journal of Management Reviews, vol. 00, pp. 1-21.

If you want good marks, do not rely on thematerialsmentioned above. Look for other academic sources.

Analyse the potential competitor(this section should be based on your new potential idea)(around 700 words)

You need to add in-text references here. You need to clearly highlight the source of the information here.

You need to mainly address whetherthe new product or service you are suggesting capture the market and provide the company an advantage over its competitors?

Integrate academic sources/in this section you can draw in on non-academic sources. Do not use Wikipedia.

Reconstruct the business model canvas (around 1100 words)

In assessment 3 (final assignment), you are developing a business model based on the new product/service you are proposing. Keep the word count in mind, (foreg. Do not address four or five customer segments. Select one or two important customer segments and provide an in-depth discussion of the key points).

Please do not mention terms such as 'mapping data', you need to clearly explain what it is.

I will list some of the important points from the bookOsterwalder, A., & Pigneur, Y. (2010).Business model generation: a handbook for visionaries, game changers, and challengers. John Wiley & Sons. (This is an important book, which is available in the ebook section in our library). You need to mention all the below points in your assignment.

  • Customer Segment
  • Value Proposition
  • Channels
  • Customer Relationships
  • RevenuesStreams
  • KeyResources
  • Key Activities
  • Key Partnerships
  • Cost Structure

Conclusion (around200 words)

What you could consider including in the conclusion?

  • Wrap-up your assignment with key points.
  • It demonstrates to the reader why your proposed change will benefit the organisation.
  • It starts with some specific statements and concludes with some generic statements
  • Generally, there is no need to add in-text references or academic sources here, as this section consists of your opinion.

*** WORD counts are just estimates

Answered 4 days AfterMay 16, 2021

Solution

Shalini answered on May 21 2021
27 Votes

ROBO INVENTION
Executive Summary
This report takes into consideration the changes and the innovations in one of the growing company ROBO Invention. The modification and innovation is the basic...

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