New Venture Creation Assessment

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LUBM302- New Venture Creation Assessment

Canvas & JIRA Deadline: th November 2020 by 14.00pm

At the end of this module, you will be able to:
LO1: Demonstrate how the principles of creativity, innovation and entrepreneurship convert into new processes, products or services.
LO2: Demonstrate awareness of the requirement to understand the needs, wants and behaviour of the various types of potential customers in the marketplace and identify and delivers value proposition to target customer segments.
LO3: Develop the financial forecasts for a new venture- income statement, breakeven, cash flow statement, balance sheet and evaluate these forecasts of financial performance.
LO4: Assess the degree of competition in a market/industry and the likely effect on profitability.
LO5: Apply the concepts involved in developing a planning framework for a new venture and evaluate the key activities involved in the process of starting up a new venture.

Successful completion of the module’s learning outcomes will be evidenced by a 3500 words individual business plan.
You are asked to produce an Individual business plan, not exceeding 3,500 words and excluding appendices and references. The assessment for this module draws on your reading and learning from the lecture and workshop sessions. The business plan which will test all learning outcomes.
See below for details Guidance on Business Plan,AssessmentCriteria and Marking Rubric.
Guidance Note
The business idea can be real or imaginary. The assessment should be undertaken individually. The workshop sessions allow students to build their business plan step by step.
You are required just to submit a business plan. You are advised to write up to 3,500 words. This word limit does not include the title page, the executive summary, the contents page, tables, diagrams, appendices or references. You must include an accurate word count on your title page. Suggested assessment criteria include:
Clarity, consistency and originality of value proposition(s)
Clear identification of target market segment(s)
Comprehensiveness of market and competitor analysis
Consistency/originality of core marketing & entry and/or growth strategies  Comprehensiveness and accuracy of financial projections
Comprehensive identification of resources required and financing
Identification of material risks and their mitigation
Overall presentation, including
This is an academic piece of work therefore you are expected to link theory and practice. You should take care to ensure that the work you submit has a high standard of presentation. You must provide supporting evidence for your arguments and use a wide range of resources including academic literature from journals, textbooks and so on.
This is an individual assignment. You mustacknowledge your sources of information and evidence using the Harvard referencing system. All assignments are subject to the University’s regulations on collusion and plagiarism and must be submitted in electronic form for checking on Canvas for Turnitin.
The business plan should be submitted on …th November 2021 at 14:00.
For advice on writing skills, you are encouraged to consult the resources on the module and the following site for use of the Harvard referencing system:
https://londonlibrary.sunderland.ac.uk/studyskills/
Your attention is drawn to the university’s policy on plagiarism. Information about how to avoid plagiarism can be found by visiting the following link:
https://londonlibrary.sunderland.ac.uk/studyskills/avoidingplagiarism/
Business Plan Marking Criteria/Scheme
The assessment for this module draws on your reading and learning from the lecture and workshop sessions. You are asked to write an individual Business Plan, not exceeding 3,500 words. This word limit does not include the title page, the executive summary, the contents page, tables, diagrams, appendices or references. You must include an accurate word count on your title page.
Marking Criteria (ALL aspects detailed in each section MUST be included)
Executive Summary, Submission Format/ Layout – Provides a concise, thorough overview and effectively outlines main points of the plan. Structured, logical, well presented. (10 marks)
Business/Company Description — Business name, description of the product(s)/service(s), company’s vision, mission and objectives, unique benefits/value proposition, intellectual property details. (20 marks)
Opportunity Analysis, Research & Marketing Plan — Explanation and justification of the market chosen, market research conducted, industry analysis, evaluation of the competition. Marketing plan (4P): i.e. chosen target market, how you will reach your consumers, consumer profile and behaviour, sales process, pricing strategy, promotional strategy. (30 marks)
Financial Plan — Sources of funding identified, include Cash Flow Forecast, Profit and Loss Statement, Balance Sheet for a one-year period, explain contingency plan and growth aims and Breakeven analysis. (25 marks)
Management Team, Company Structure & Operations — Details of ownership and management of the Business, Organisational chart, roles of team members, skills, qualifications, training needs and interests that can be used to best effect for the business venture. (15 marks)
(See marking Rubric below for more detailed guidance)
LUBM302: New Venture Creation- Marking Rubric
Grade
Business/Company Description (20%)
Opportunity Analysis, Research & Marketing Plan (30%)
Financial Plan (25%)
Management Team, Company Structure & Operations (15%)
Executive Summary, Submission Format/ Layout (10%)

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70-100%
The business idea presented is creative and effective. Excellent demonstration of company’s mission, vision, and objectives; fully outlines the reasons for launching the business and describes product/service offered; clearly and convincingly articulates the company’s distinctive value proposition. (14 – 20)
The business plan provided a comprehensive analysis of industry, explanation and justification of the market chosen, and major competitors. Effectively identifies target market and consumer demographics, and fully describes niche in which the company will operate. Clearly and effectively outlined overall marketing strategy for the proposed new venture. Provided details regarding pricing, promotion, advertising, distribution, media usage, public relations, and sales process. (21 – 30)
The business plan presented an accurate, realistic, and achievable financial plan. The plan effectively identified possible sources of initial financing. The plan included fully supported cashflow forecast, profit and loss statement, balance sheet, contingency plan and growth aims. (17.50 – 25)
The business plan effectively outlined and clearly described the management team, company structure and operations; details the roles, responsibilities, qualifications, and relevant expertise of key members of the management team. (10.50- 15)
Executive summary is clear, concise, and effective; summary provides a thorough overview of the business. Well organised presentation and structure. High level of competence in the use of language, almost completely free from grammatical and typographical errors. (7 – 10)

60-69%
The business idea is clearly presented. Detailed reason for launch, description of service/ product offered, company’s vision, mission, objectives, and value proposition are clearly outlined. (12 – 14)
The business plan provided a good analysis of industry, explanation and justification of the market chosen, and major competitors. Clearly identified target market and consumer demographics and describes niche in which the company will operate. Clearly outlined overall marketing strategy for the proposed new venture. Provided some details regarding pricing, promotion, advertising, distribution, media usage, public relations, and sales process. (18 – 21)
The business plan presented an achievable financial plan. The plan clearly identified possible sources of initial financing. The plan included cashflow forecast, profit and loss statement, balance sheet, contingency plan and growth aims, but some details are not described. (15 – 17.50)
The business plan clearly outlined the management team, company structure and operations; details the roles, responsibilities, qualifications, and relevant expertise of key members of the management team. (9-10.50)
Executive summary provides a clear overview and outlines main points of the plan. Good presentation and structure. Competent use of language, and generally free from grammatical and typographical errors. (6 – 7)

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50-59%
The business idea is presented with a few minor omissions. The business plan describes the reasons for starting the business, product or service offered, the company’s value proposition is described, but is less than fully developed; business description is lacking some detail, but meets minimum standards. (10 – 12)
The business plan described major characteristics of the industry, but analysis is limited or missing few elements. Marketing plan is outlined, but less than fully described; the plan summarizes the marketing strategy, but is missing a few elements; some specifics regarding pricing, promotion, advertising, distribution, media usage, public etc. are provided, but some details are not clearly described. (15 – 18)
The business plan outlined the principal financial elements, but analysis is limited or missing a few minor components. The plan included cashflow forecast, profit and loss statement, balance sheet, contingency plan and growth aims, but some details are not clearly presented and justified. (12.50 – 15)
A management plan is outlined, but less than fully described; the plan outlines some important characteristics of members of the management team but is missing a few minor elements. (7.50-9)
Executive summary provides a satisfactory overview of the business; summary is missing a few minor points but meets expectations. Generally satisfactory structure and presentation. Competent use of language, but some grammatical and typographical errors. (5 – 6)

40-49%
The business idea is not clearly presented. Detailed reason for launch, description of service/ product offered, company’s vision, mission, objectives, and value proposition are not clearly outlined. (8 – 10)
The business plan described some characteristics of the industry, but analysis is very limited or missing many elements. Marketing plan is outlined, but less than fully developed; the plan summarizes the marketing strategy, but is missing many elements; some specifics regarding pricing, promotion, advertising, distribution, media usage, public etc. are provided, but limited details are provided. (12 – 15)
The business plan outlined some financial elements, but analysis is very limited or missing some components. The cashflow forecast, profit and loss statement, balance sheet, contingency plan and growth aims are not included, or very limited details are provided. (10 – 12.50)
A management plan is outlined, but the description provided is very limited; the plan outlines few important characteristics of members of the management team but is missing many elements.(6-7.50)
Executive summary does not present a clear overview of the business; main points are not outlined or cannot be understood. Some problems in structure and layout, with some grammatical and typographical errors. (4 – 5)

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35-39%
Plan is missing a business description, or description of the business is vague and inadequately developed; few if any details are provided regarding product/service offered; does not clearly describe the benefits of the good/service offered. (7 – 8)
Industry analysis is not provided, is inadequate, or is incomplete in significant respects; evaluation of important industry characteristics is lacking in detail. Marketing plan is not provided, or is inadequate, imprecise, or incomplete in significant respects; description of important characteristics of the marketing strategy is vague and lacking detail. (10.50 – 12)
Financial plan is not provided, or is inadequate, unrealistic, or incomplete in significant respects; analyses of and/or projections for key components of the financial plan are inaccurate, not developed, and/or lacking detail. (9 – 10)
A management plan is not provided, or is inadequate, imprecise, or incomplete in significant respects; description of important characteristics of members of the management team is vague and lacking detail. (5.5-6)
Poor executive summary: main points are not outlined or cannot be understood. Considerable problems in structure and presentation, with many grammatical and typographical errors. (3.5 – 4)

0-34%
Unsatisfactory work which does not show the required level of knowledge and understanding. To improve the work: Engage with New Venture Creation (LUBM302) materials given throughout the course. (0 – 7)
Very limited coverage of industry, market, and competitors. Little attempt made to present a structured discussion. Significant omissions and/or inaccuracies. Highly descriptive, lacking depth of analysis. The marketing plan is not provided, or is missing important elements, is unrealistic, and/or is incorrectly prepared. (0 – 10.50)
Unsatisfactory work which does not show the required level of knowledge and understanding. Financial plan is missing, or unrealistic, or incomplete in significant respects.(0 – 8.5)
Unsatisfactory work which does not show the required level of knowledge and understanding. A management plan is missing, or is inadequate, imprecise, or incomplete. (0-5.5)
Executive summary is missing in the business plan. Very considerable problems in structure and presentation, with significant number of grammatical and typographical errors. (0 – 3.5)
Business Plan Outline/Structure

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