Assignment Brief Starting A Small Business

ASSIGNMENT BRIEF QUALIFICATION

UNIT NUMBER AND TITLE

PEARSON BTEC EXTENDED DIPLOMA IN BUSINESS (QCF)

36. Starting a Small Business (LEVEL 3)

INTERNAL VERIFIER

ASSESSOR

Abroo Asad DATE ISSUED

SUBMISSION DATE

Monday,4th May ,2020 ASSIGNMENT TITLE

RESUBMISSION DATE

Monday,1st June 2020 THE FIRST OF ITS KIND ENTREPRENEURIAL VENTURE

LEARNING OUTCOME AND ASSESSMENT CRITERIA PASS

MERIT

DISTINCTION

LO1 Be able to present the initial business idea using relevant criteria P1 present the initial business idea using relevant criteria P2 explain how to identify the target market

M1 explain methods used to identify the target market for the proposed business

LO2 Understand the skills and personal development needed to run the business successfully P3 describe the skills needed to run the M2 analyse the personal development needed to run the business successfully business successfully and what areas require further personal development

LO1/P1 D1 present a comprehensive business proposal that addresses all relevant aspects of business startup.

LO3 Know the legal and financial aspects that will affect the startup of the business P4 describe the legal and financial aspects that will affect the start-up of the M3 assess the implications of the legal business and financial aspects that will affect the startup of the business LO4 Be able to produce an outline business start-up proposal P5 produce a proposal containing the essential information for the startup of a business

SUBMISSION FORMAT THE SUBMISSION IS IN THE FORM Of TWO REPORTS AND A PRESENTATION. THE REPORTS SHOULD BE WRITTEN IN A CONCISE, FORMAL BUSINESS STYLE USING SINGLE SPACING AND FONT STYLE CALIBRI AND SIZE 11. YOU ARE REQUIRED TO MAKE USE OF HEADINGS, PARAGRAPHS AND SUBSECTIONS AS APPROPRIATE, AND ALL WORK MUST BE SUPPORTED WITH RESEARCH AND REFERENCED USING THE HARVARD REFERENCING SYSTEM. PLEASE ALSO PROVIDE A BIBLIOGRAPHY USING THE HARVARD REFERENCING SYSTEM. Plagiarism will be penalised and is never acceptable.

ASSIGNMENT SCENARIO AND GUIDANCE SCENARIO 1 Starting a small business is an ambition for many people. The business idea could be almost anything such as a coffee shop, a courier service, a hairdresser, a motor vehicle repair workshop, a DJ service, a painting and decorating business, an equipment hire operation, or an organic smallholding producing fruit and vegetables. Suppose you are working for a business management consultancy firm, and given a project to produce a report on base of generating a new business idea, look into legal and financial aspects, and demonstrate what essential skills are required to run this proposed business successfully.

TASK 1 - (LO1: P1,P2; LO2: P3) (M1 AND M2) (SCENARIO 1) P1/P2) You are required to present the initial business idea through a presentation and written report using following relevant criteria. Your business idea must include (but not limited to): a. The type of business, b. attractiveness of idea eg unique selling point, demand for new business, c. external influences (eg commercial, political, local, national, international and location), d. business planning, e. competitive edge, f. checking profitability, business trends, g. Self-esteem (eg work for self, independence, power, achievement), h. Identification of the target market; methods (eg market research, published research, sales forecasts) and the method best for your choice of business. P3) Any business idea can be not successful until essential skills and personality is not developed. You are required to explain such essential skills and personal traits to make a business successful. There are some ways to enhance development of personalities and professional skills, explain different ways to develop personal skills realistically for your choice of business and analyze which way is most appropriate and why? Your analysis must include identification of skills gap/shortages; professional help; training; planning; cost implications; accessibility; timescales etc. For M1, explain analytically different methods such as market research used to identify the target market for the proposed business. Select a method for your business with justification. For M2, analyse areas of development and skills/attributes needed to run the business and explain how you would pursue each in order to strengthen your ability to start a business. Analysis should include sources of training with appropriate timelines that fit with the business launch dates. TASK 2 - (LO3:P4,LO4:P5) (M3,D1) (SCENARIO 1)

You are required to produce a proposal in report form which describes the legal and financial aspects that will affect the start-up of the business, this may include registration of business, any license or permits required, survival budget, breakeven point, revenue and capitals expenditures and more. In addition, explain what are positive impacts or benefits of such legal and financial aspects on your proposed business. At the end students need to draw all their evidence together into a comprehensive business proposal that addresses all relevant aspects of business start-up. You should also assess and evaluate the teams overall effectiveness in your own words. P4) Presuming your idea can become reality, produce a proposal which describes the legal and financial aspects that will affect the startup of the business. P5) The outline business plan should be a formal comprehensive document. This should reflect legal aspects relating to the startup of a new business especially monetary aspect which will need critical thinking. TO ACHIEVE M3, consider the impact of legal and financial aspects. Also describe systems that you have in place for addressing such issues, such as recording systems for tax and VAT liabilities. You can include a summary of how these will be embedded within the overall business plan. TO ACHIEVE D1, draw all your evidence together into a comprehensive business proposal that addresses all relevant aspects of business startup.

EVIDENCE CHECKLIST

SUMMARY OF EVIDENCE REQUIRED BY STUDENT

TASK 1

Report and Presentation

TASK 2

Report