Unit 4.10 Planning a New Business Venture
Level 4 15 Credits
You have been offered the chance to set up your own business! An anonymous backer has seen your potential and has offered you financial backing. Your backer does not mind how the money is used as long as the following conditions are met:
· you must present a coherent business case for your enterprise. He does not mind whether you develop your own enterprise or use the backing to develop a venture within an existing company
· you must demonstrate a good understanding of business organisations and the markets in which they operate
· you must meet your backer to pitch your business proposal and present supporting documentation.
You must decide how to use the money. What type of business organisation are you going to operate? What is the current market in which your organisation/venture will be operating?
Write a formal report to support you pitch (AC 4.2 part). It should include:
a) different types of business organisations that you could set up and an analysis of the potential benefits, limitations and risks associated with each (AC 1.1)
b) an analysis of the sources of finance for each type of business organisation (AC1.2) analysed in (a)
c) an evaluation of the legal considerations relevant to planning a business venture (AC 1.3)
d) an analysis of the market conditions that will impact on setting up your new business venture (AC 2.1)
Prepare a business plan for your chosen venture (AC 4.2 part). You should include as a minimum sections about:
a) The organisation
o You will need to develop the mission, vision, aims and objectives of the business (AC 3.1)
o Propose business structures and systems that will deliver the business aims and objectives (AC 3.4)
b) The product
You need to justify the need for your business product. To do this you will need to
o analyse gaps in the market for potential products (AC 2.2)
o analyse target markets for your business venture (AC 2.3)
o interpret the external factors and market conditions you analysed in your report to justify the need for your product (AC 3.2)
o specify your business products to meet the needs of the target market (AC 3.3)
Your backer will want to know the return on his money!
o Produce business planning forecasts based on targets (AC 3.5)
o Identify your business responses if these targets are not met (AC 3.6)
You must now meet with you backer to:
o pitch for his funding of your business proposal (AC 4.1) and
o provide him with the documentation you have produced (AC 4.2) to support your pitch i.e. your report and business plan, including forecasts
The assignments submitted by students must achieve the learning outcomes and meet the standards specified by the assessment criteria for the unit. The suggested evidence listed below is how students can demonstrate that they have met the required standard.
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