Assessment 2 – This will be worth 70% of the total module mark (Max 3,000 words)
You will produce a comprehensive and professional plan based on a realistic scenario for setting up a new enterprise or to start up as a freelancer. The plan should present your ideas professionally. The plan should be intended for a named reader which could be a bank, a venture capitalist or an appropriate funding body. The plan will be complimented by a reflective report which will evaluate your progress and your learning. This can form part of the summary of the plan and is aimed a lecturer (to explain your learning) and you (to help you understand your progress). In this section you should reflect critically on the potential of your enterprise concept including the challenges and likely difficulties. You will identify areas of weakness and strength in your entrepreneurial practice which might include your networking skills, your planning, your understanding of the market and your (or the team’s) skills in delivering the plan. You will discuss your personal reflections on the idea of being an entrepreneur including the potential benefits and risks.
The plan will include sections on (indicative word count: between 2,000-2,500 words)
• A realistic enterprise concept including your background and experience (or the team if it includes more than one person);
• A convincing assessment of the market place (market research and competition);
• A marketing strategy including your brand identity, prototypes for websites and other marketing tactics (online and offline);
• Operational issues (equipment, premises, suppliers etc.)
• Finance (start-up budget, pricing your service or products, including describing if this is a freemium model or other new business model)
Summary and reflection (indicative word count: between 12,000- 500 words)
• Comment on your entrepreneurial development and learning
• Critical evaluation including strengths and weaknesses
• Next steps for your idea
• Any comments on the nature of entrepreneurship / developing entrepreneurial approaches to working in the creative and media industries.
Key elements for assignment 2:
Part one: The Enterprise Plan should be professional. Use visuals and make sure you design the plan. Make it business-like in style and content. You might find the Prince’s Trust Business Plan template useful as a source of inspiration – but don’t follow it exactly (you do NOT need to do all elements included in the template).
Part two: The evaluation & reflection should be more like an essay. Think about referencing academic writing about enterprise and being entrepreneurial such as Davis Rae’s Chapter 3 on Personal Enterprise (Entrepreneurship: From Opportunity to Action) available as an e-book from the library.