EAE 7501-MSc Entrepreneurship & Innovation
Assignment Guidance Notes
STEP Required Outcome Useful Tools (select Useful Resources (Indicative Only)
those that you need)
1 Generate Ideas Use appropriate approaches to List of Ideas - These are for your Effectual reasoning Lecture Slides, Course Text, Canvas
generate potential ‘business’ purposes. You only need to work on Problem Solving [Link]
ideas. (See Useful Tools one of them for your assignment. Market Gaps
column) Observation
2 Explain Business Having selected one idea Clearly stated business concept in Business Concept Lecture Slides, Course Text, Canvas
Concept & prepare translate this into a very brief one paragraph, explaining: Lean Canvas
Lean Canvas Concept Statement and then the
‘Lean Canvas’. This should be • Product/Service
as realistic as possible, keep • Target Customer Video explaining the Lean Canvas:
assumptions to the minimum, • Route to Market [Link]
BUILD including about your own skills • Value to Customer R4
and abilities.
Clearly structured and presented Worked example of Lean Canvas:
Lean Canvas with the proposed [Link]
name of your business idea.
3 Test the Validity of Test your idea for, Desirability, Present your market research on: Mullins Model Lecture Slides, Course Text, Canvas
your Concept i.e. Viability and Feasibility. This will Lean Start Up
Conduct Research require Market Research • Competitive Environment Situational Analysis Blank S (2013). ‘Why the Lean Start-Up
including primary data. This (Industry) Customer Discovery Changes
includes examining the • Competitors (Market) Process Everything’. Harvard Business Review, May
weaknesses in your concept and • Customers (segment) Competitor Analysis 2013. VERY IMPORTANT TO READ AND
‘feedback’ from potential • Cost & Revenue Structure Porters UNDERSTAND
customers/clients (Customer PESTLE
MEASURE Discovery Insights). Cashflow & Break The Lean Approach – Lean Method
Even [Link]
MVP ik
Above are indicative, Validate your business idea: THE LEAN
select what you need. STARTUP by Eric Ries
Also ensure that [Link]
alongside presenting 38
any tables have some
narrative, highlighting
key aspects. ‘Mullins Model’ extract from Mullins, J. (2003).
New Business Road Test, Harlow: Pearson
Education Ltd, FT Prentice Hall
Canvas, TOWS, SWOT, 4Ps of Innovation,
Ansoff [Link]
Video: Customer Discovery: What Do You Ask,
with Justin Wilcox
[Link]
WM
4 Evaluation Re-visit your original Lean Clear and robust evaluation using Pentagon Lecture Slides, Course Text, Canvas
Canvas and evaluate its appropriate tools and justifying Hexagon
desirability, feasibility and recommendations. SWOT
viability in light of your research Individual Analysis Worked examples of MVP:
MEASURE/LEARN in Step 3. [Link]
Above are indicative, minimum-viable-product/
The evaluation of the concept select what you need.
should address the following: Also ensure that Video - Excel Breakeven Function What if
alongside presenting Analysis: [Link]
What are the strengths and any tables have some 6p3OxJxrQ
weaknesses of the idea? narrative, highlighting
Is the business idea feasible i.e. key aspects. ‘Opportunity Evaluation’, extract from Rae, D.
is it an opportunity? (2007). Entrepreneurship: from opportunity to
action. Basingstoke: Palgrave Macmillan.
Clearly state the outcome of
your evaluation. Will you ‘Selecting a Business Opportunity’, extract from
‘iterate’/‘pivot’. Specify. Would Rae, D. (2007). Entrepreneurship: from
you proceed, why or why not? opportunity to action. Basingstoke: Palgrave
Macmillan.
Table Below after this section.
6 Reflection & What have you learnt about the Based on the activity you have Timmons FORT Lecture Slides, Course Text, Canvas
Conclusion theory and practice of completed to validate your idea and Lean Start Up
successful entrepreneurship and the theory of entrepreneurship, Vogel Timmons JA and Spinelli S (2009) New Venture
innovation? What other factors personally reflect on your key Frese Creation: Entrepreneurship for the 21st Century,
are critical beyond Lean learnings and what it takes to be Barringer Chapter 3, pgs. 101 - 117, McGraw Hill 8th
LEARN Approach? successful as an entrepreneur and Edition.
implement innovation. Ensure you
cite relevant academic literature Timmons FORT Model – The Entrepreneurship
alongside your personal insights. Process: Babson
[Link]
ngtheterritory_babson/babson_entreprenuership
.pdf
‘The Entrepreneurial Mind-set’ Chapter from
‘Hisrich R.D., Peters, M.P. and Shepherd, D.A.
(2008). Entrepreneurship, Seventh edition
(International edition). New York: McGraw-Hill,
Irwin. Pages 30–47.
The following grid may help you in conducting your group evaluation. Evaluate the concept against the following eight criteria, using a score of
1 (very poor or very unattractive) to 5 (very high or very attractive).
You
Attractiveness of idea – Would you enjoy doing it?
Ability to undertake – Do you have the skills needed to do it?
Practicality – Is it something that really can be done?
Potential market demand – Will customers buy it?
Ability to combat competition – Is there competition and can you combat it in some way?
Ability to differentiate – Can you differentiate it in some way that can be sustained over a long period?
Price potential – Can you avoid competing simply on price?
Resource availability – Do you think you have, or can get, the resources you need to start up this business?
Your report may include texts, charts, diagrams, pictures, tables etc ~ it is up to you ~ please remember that in the real business world
managers expect documents to be readable and reasonably concise. Additional guidance will be provided through the course of the module.
Assessment Criteria
At the highest level there is no ‘perfect solution’. However higher marks will be awarded based on the following criteria:
• Clarity of depiction of business idea and Lean Canvas
• Range, quality and scope of research
• Effective analysis of original concept
• Clarity and evidence behind decision to pursue or not
• Quality of reflective learning from the activity about successful entrepreneurship and innovation
• Application of Theory to Practice and use of academic frameworks
• Evidence of synthesis and clarity of discussion
• Work is clearly organized, structured and presented in a cohesive style, with a logical flow
• Appropriate use of tables, diagrams and referenced correctly.
• Creativity in approach and presentation.
Please read the guidance on ‘Your assignment results and how to improve them’. At the highest level it is imperative that you demonstrate a
deeper insight of the subject through wider independent reading and authority over the subject matter.