Unit 27 Identifying Entrepreneurial Opportunities: British Academy of Jewellery HNC Assignment

Unit 27 Identifying Entrepreneurial Opportunities Assignment Brief

• Centre: British Academy of Jewellery
• Qualification: BTEC (RQF) Higher National Certificate in Business: Entrepreneurship and Small Business Management
• Unit Number and Title: Unit 27 – Identifying Entrepreneurial Opportunities
• Assignment Title: Identifying Entrepreneurial Opportunities

Submission Format

This submission is in the form of an individual written report. However, you would be required to share your entrepreneurial ideas in your report with your classmates prior to the submission of the report.

The peer review feedback from your class would help you to improve upon those ideas in terms of their viability if you have to implement them in order to set up your project.

All your work must be supported with research and referenced using the Harvard referencing system (or an alternative system). You will need to provide a bibliography using the Harvard referencing system (or an alternative system).

The recommended word limit is 4,000–10,500 words, although you will not be penalised for going under or exceeding the total word limit.

Unit Learning Outcomes

• LO1: Explore the role of entrepreneurship and innovation for developing new entrepreneurial ideas
• LO2: Investigate a potential entrepreneurial idea from a gap in the market for a small to medium-sized (SME) enterprise
• LO3: Analyse primary and secondary data to identify the market potential of an entrepreneurial idea
• LO4: Pitch the potential viability of an entrepreneurial idea in the context of the market and competitors.

Transferable Skills and Competencies Developed

• Articulating and explaining information effectively.
• Communication and listening, including the ability to produce clear, structured business communications with a variety of media.
• Ability to carry out an individual independent report and provide findings.
• Ability to pitch entrepreneurial ideas to determine their viability.
• Ability to carry out research and source ideas from secondary data and primary data.

Vocational Scenario

BAJ has been facing many problems since the covid pandemic. The director Jon has hired you as an entrepreneur to help the company through this difficult time. Your job will be to develop entrepreneurial ideas to help the company move forward.

If the ideas are good, BAJ may launch it and allow you to manage and run that venture. As part of this role, you are required to provide information to educate some of the stakeholders.

Assignment 1 Activity and Guidance (LO1, LO2, LO3 and LO4)

Any potential ideas will need investors to buy into the opportunity. As a result, you are required to provide some answers to the below questions; the potential stakeholders want you to:

1. Discuss different sources of entrepreneurial ideas and innovation and critically evaluate the role of innovation and entrepreneurship in sourcing new business ideas.
2. Examine the rationale for an entrepreneurial idea for filling a market gap, using different techniques for industry and competitive analysis.
3. Critically analyse primary and secondary data, using appropriate research methods, to identify the market potential of a potential entrepreneurial idea with justification.
4. Pitch the potential viability of the entrepreneurial idea in the context of the market and the identified competition. Then make justified recommendations for the development, management and sustainability of an entrepreneurial idea in the competitive marketplace.

Learning Outcomes and Assessment Criteria

LO1 Explore the role of entrepreneurship and innovation for developing new entrepreneurial ideas

• P1: Discuss different sources of entrepreneurial ideas and innovation.
• M1: Evaluate the role of innovation and entrepreneurship for sourcing new business ideas.
• D1: Critically evaluate the role of innovation and entrepreneurship for sourcing new business ideas.

LO2 Investigate a potential entrepreneurial idea from a gap in the market for a small to medium-sized enterprise (SME)

• P2: Examine the rationale for an entrepreneurial idea, using relevant tools and techniques to support your choice.
• M2: Evaluate a specific entrepreneurial idea for filling a market gap, using different techniques for industry and competitive analysis.
• D2: Critically evaluate an entrepreneurial idea based on appropriate interpretation and investigation of the competitive marketplace.

LO3 Analyse primary and secondary data to identify the market potential of an entrepreneurial idea

• P3: Analyse primary and secondary data appropriately to provide evidence of market potential.
• M3: Critically analyse primary and secondary data to identify market potential, drawing valid conclusions.
• D3: Provide justified outcomes based on analysis of primary and secondary data, using appropriate research methods to identify market potential.

LO4 Pitch the potential viability of an entrepreneurial idea in the context of the market and competitors

• P4: Pitch the potential viability of an entrepreneurial idea, assessing viability within the competitive marketplace.
• M4: Critically evaluate an entrepreneurial idea in the context of the marketplace and identified competition.
• D4: Make justified recommendations for development, management and sustainability of an entrepreneurial idea in the competitive marketplace.

Answer

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