Assessment 2: Your Business Idea and Constructive Workshopping of Ideas

Scope:

This is an individual assignment that students complete in consultation with their group/team. The objective of Assessment 2 is to learn how to develop a business idea by brainstorming and levering off the skillsets of others.

Thus, you will be focussing on developing a business idea of YOUR own in the first instance. However, Assessment 2 should also be seen as an opportunity to learn how to work with others to realise business ideas. It is also structured in such a way that it represents an opportunity to do work towards Assessment 3, which is when your group presents via Powerpoint a business idea jointly.

While working on Assessment 2, your group/team MUST via a consensus process identify the best idea, that is, the idea from the ideas workshopped that will get YOUR team the highest proportion possible of the pool of investment money available. N.B. All the teams will be trying to get as much as possible of a potential $100k investment from an investor.

You should also note that if you are an on-campus student you MUST attend the workshops to be assessed for your ability to work constructively and collaboratively as part of a group/team.

If you are an online/flexible student, you will have a different set of challenges. Instead, of being required to cooperate in a workshop setting on-campus, online/flexible students are required to be proactive and make sure they get themselves in a virtual team and then communicate as is required with team mates to complete Assessment 2 and Assessment 3. It will also be necessary for you to schedule AT LEAST ONE conference group meeting with your lecturer. You can schedule this meeting in Week 7, 8, 9, 10 or as late as Week 11. It is your team’s choice and you can also schedule more than one meeting if this suits your team. The meeting with your lecturer will be your team’s opportunity to explain what you are doing to ensure successful completion of Assessment 2 but also Assessment 3. Think of the meeting as simulating what you would need to do to convince an investor or a manager at a large firm to fund your business idea realisation project. Investors think big and they want to find entrepreneurs who also think big.

NB. Online/flexible students will be given advanced instruction on the Moodle site at the commencement of the semester.

In summary, there are two parts to Assessment 2 upon which the individual student is assessed: One involves written assessment and the other involves the assessement of the individual’s ability to work constructively with team mates to develop their own and other group mate’s ideas, that is, involves being observed as having the ability to work constructively and collaboratively in either a workshop setting or by inference (as a result of what gets done and submitted and via a reassuring conference call). Assignment 2 is an opportunity to work towards Assignment 3’s tasks in a workshop environment, drawing on the advice of your lecturer as required.

The following describes the materials individuals must submit and what is required of the group/team:

INDIVDIUAL SUBMISSION

Develop the following:

  • 2-3 page (1.5 spacing, A4) summary of YOUR business idea and its most essential business model components

GROUP ASSESSMENT

The individual as part of a group must be observed as having the ability to work constructively and collaboratively in a workshop setting with others or, if an online/flexible student, working constructively and collaboratively by inference. The objective is to successfully develop any three of the following as part of a portfolio of materials:

  • description of the innovation process to be used
  • cashflow projections, including profit & loss, balanced sheet estimates for the first two years
  • short videos or animated Powerpoint communications that are focussed on explaining and selling an aspect of the business to potential investors and customers
  • a draft website (maximum 6 pages) that is focussed on explaining and selling the business to potential investors and customers
  • an example of a blog or newsletter or other such communication that is focussed on explaining and selling the business to potential investors and customers
  • a 2 page plan/outline (A4, 1.5 spacing) that explains how social media will be used
  • a related application software
  • a short brochure in pdf
  • a prototype of the product
  • a schematic or simulation or other such representation of the planned service offering
  • another such item that positively demonstrates some aspect of the product/service you want to develop and which will persuade investors to fund your project.

Do note that the assignments that have got the highest marks in previous terms produced an extremely creative and informative portfolio of materials. Assignment 2 involves you working on these items together so that you are all in a position by the end of the term to produce something that is truly impressive when you present your group business ideas as part of Assessment 3.

 

Sample Answer:

Introduction

Landlords and other property owners, just like other investors look for opportunities to maximize their profits without incurring too many risks. They additionally have the mindset of an entrepreneur, aimed at not only profiting from their property but also providing their clients with the best experiences. However, management of one’s properties may become a different kind of work on its own, taking up the owner’s time as their amount of properties grow. They may find that they have limited time to concentrate on finding new investments, fail to effectively manage the property they already own or even lack time to live their lives as they concentrate on the day to day operation of their investments.

An ideal alternative for this strenuous task of property management is letting a third party handle the management of properties, giving the owners peace of mind to concentrate on finding other investment opportunities. Roper (2011) noted that while being self-efficient and organized are desirable qualities, micro-managing every aspect of leadership is ultimately counterproductive.  This paper presents a property management business idea that aims at eliminating the problems encountered by self-managing one’s properties for the benefit of both the owner and their tenants. The company will be focused on generating passive income from management of properties and finding appropriate tenants for short and long-term leases.

Property Management Business

            The company will be fully committed to ensuring the property under its management is of high quality and is well maintained, and that it is priced appropriately depending on the local market range. Additionally, the business will invest in locating tenants who have the desire to lease and are suitable for the property, ensuring the facilities being managed are well cared for. While it will deal with long-term and short-term tenants, the company will try to prioritize a large proportion of their efforts in finding long-term individuals and businesses to increase the stability of income to the renters.

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