Assessment 1: Business Idea Generation and Evaluation of Feasibility (40%)
This assignment provides an opportunity to identify a real problem in the market or community, to create a range of ideas to solve this, and to evaluate the feasibility of which idea to take forward to Assignment 2. This is an individual assignment.
Component 1: Business Idea Generation
Guided by content of the lectures, workshop discussions, and the material outlined in the prescribed text, you are encouraged to identify a real problem in the market or community in which you live. In presenting the idea, please discuss the reason the innovation is required and provide a persuasive argument of the benefits to be generated by the new venture idea.
Component 2: Evaluation of Feasibility
Evaluation of feasibility focuses on both operational and ‘first-cut’ (high-level) financial feasibility. The lecture materials provide a guideline of what is to be considered in these evaluations.
Successful entrepreneurs and venture capitalists know that ideas are cheap. What matters to them is whether the idea solves a real problem in a feasible way.
Assessment 1 is to be written in a business report format and should not exceed 2000 words (excluding appendices and references). Please be sure to address the assessment criteria below and as they are elaborated in the marking rubric provided in the Assessment 1 folder in Moodle.
Upload assignment through Moodle by the specified due date. Guided by the principle of equity for all students, any late submissions will be penalised at the rate of 5% per day or part thereof.
Assessment Criteria (out of 100%):
BUSINESS IDEA GENERATION AND EVALUATION OF FEASIBILITY
This report focuses on the problems related with Australian market and community. It concentrates on the current context of the organizational problems that impact the organizational performances. Moreover, this report analyses the organizational performances that impact the Australian social and economic life. Regarding three alternative ideas such as 5-day program, 7 interactive skills for workshops and engagement with mentors enhance the performances of the organization. Different online skills and software skills enhance the thinking performances of venture capitalists and entrepreneurs. Moreover, the organization also concentrates on the different workshop program that enhances the success factors of the organization. These skills improve the business activities in the organization. Among them, 7+ interactive skill workshops are included in this section that enhances the performances of the organization. It also enhances the operational and financial feasibility of the employees
Australian businesses are lacking good ideas and thoughts due to which they are not able to stand out in international market. Most of the successful entrepreneurs and business capitalists understand that all the ideas that are generating nowadays are of poor quality. None of them is able to help any business to grow in sustainable manner. This report focuses on finding the reason behind that problems and recommending best solutions to overcome the problems. The problem is identified and three alternative ideas that can be used to resolve the problem are discussed well in the study. The best idea among all of them is explained well along with the operational and financial feasibility of the idea.
In the current context, it is observed that the ideas generated by the venture capitalists and successful entrepreneurs are very cheap that impacts the performances of the organization. It also reduces the strategic activity and revenue strategy of the organization. There are several problems such as immigration problems, economic issues and many more that impact the performances of the organization. In this case, immigration impact on the economic and social life of the Australian entrepreneurs enhances the organizational developmental features. It enhances the revolutionize factors of the generation. On the other hand, economical issues also impact the Australian economy and new business in a very large perspective. Moreover, there are several problems has been observed in the Australian entrepreneurs and venture capitalists. It concentrates on the pivotal elements of the organization. As opined by Salter et al. (2015), it impacts the growth and domestic environment of the employees that impact the startups' performances of the organization. It helps the venture capitalists to enhance the accounting and legal factors of the organization. The following challenges impact on the market community and business performances of venture capitalists and entrepreneurs and they are as follows:
Compromising with the capital and budget impact the performances of entrepreneurs and organizational performances. It impacts the market pitfalls factors that reduce the organizational success factors.
Funding and skill lack impact the performances of the organization. It decreases the market entering strategies. Moreover, time lack reduces the performances of the organization. Lack scaling factors of the organization reduce the organizational growth and strategies.
Lack of knowledge in the knowledge of general business concentrates on the performances of the organization. In addition, it is also perceived that lack of education among entrepreneurs and venture capitalists reduce their thinking style and activity that impact the performances and growth strategy of the organization.
Less security in the strategic relationship and business activities impact the digital conversion process of the organization. Moreover, it concentrates on the growth factors of sale of the organization (Luo & Toubia, 2015).
Intellectual legal property, lack of interaction among employees and clients, impact the performance of the organization. Moreover, it reduces the equality split factors of the organization.
Lessen in the cash flows, strategic and insight advising factors in the organization impact the performances of the organization. Moreover, it reduces the organizational performances and impacts the growth strategy of the organization.
Lack in the automation factors and nu\nurturing factors among the organization reduce the organizational performances. It reduces the organizational strategic growth and revenue activity that reduce the thinking ideas of entrepreneurs and venture capitalists.
Lack in the generation and capturing rate of the organization, less creation of the contents and website traffic impact the performances and growth strategy of the organization. Moreover, it also reduces the business activities of entrepreneurs and venture capitalists (Burns, 2016).
Three alternative ideas to resolve the problem
Entrepreneur and venture capitalists are always concentrated on the empowering factors of the employees with help of motivation. It enhances the potentiality the young employees. It impacts the struggling factors of business. Strong believer of the entrepreneur activities impact the performances and challenging factors of the organization. There are several specific alternative ideas that impact the problem resolving factors of the organization.
5-day program concentrates on the entrepreneur and venture capitalist activity performances. Regarding this, it is observed that this 5-day program improves the performances of the organization. Moreover, it provides new ideas to their employees related to low operational cost of the organization and employees, reduction of the organizational risks and enhancement of revenue that enhance the performances of the organisation. It helps the entrepreneurs to improve their organisation and their activities (Stewart, Kent & Routledge, 2015).
Figure 1: Three alternative ideas to resolve the problem
(Source: created by author)
Different online skills and software skills enhance the thinking performances of venture capitalists and entrepreneurs. Moreover, the organisation also concentrates on the different workshop program that enhances the success factors of the organization. Soft skill improves the interpersonal skills of the employees. It improves the ideas and thinking performances of the employees. Emotional intelligence factors improve the performances of the employees and maintain a healthy relationship with the employees.
Organization also concentrates on the relationship with industrial mentors that impact the performances of the organization. Successful industrial mentor provides several suggestions to the entrepreneurs that enhance the performances of the organization. It also improves the success factors of the employees and organization (Kinoshita et al. 2015).
Benefits generated by each idea
There are several benefits that impact the performances of the organization. This ideas related to business activity enhance the organizational performances and business strategies [refer to appendix 1].
5-day program impacts on the emotion and performances of the employees. On the other hand, it impacts the self controlling factors of the organization it enhances the employee and organization resilience factors of the organization. Different empathy factors of the employees improve the organizational strategy and growth (Parlakkaya et al. 2015).
Interpersonal communication skill among the employees improves the managerial skills of the employees. Moreover, employees need to concentrate on the self practicing and control factors of the employees. It flourishes the interaction factors among the employees. Moreover different soft skill factor of the employees improve the healthy performances of entrepreneurs (George et al. 2016).
Engaging with different financial mentors improve the performances of the organisation. Moreover, it impacts the organizational performances and strategic growth of the organisation. Moreover, it is also observed that they also provide different idea related to the success factors of the organisation. It enhances the strategic growth of the organisation. On the contrary, they also share their thinking style improves the activity of the organisation. Decision making factors of the successful business mentors impact the success factors of the organisation. It enhances the organizational and revenue strategy that improve the interaction skills of the employs (Gudivada et al. 2015).
Explanation of best selected idea
Three ideas are mentioned above in the study, but in between all of them, the most suitable idea in order to develop a sustainable business and better entrepreneurs is 7+ interactive skill workshops [Refer to Appendix 2]. This workshop is based on developing and improving skills of entrepreneurs as well as of the people who are working for them. According to Shiltz, Cvetković & Annaswamy (2016), this is important for every entrepreneur to believe in own skills and develop business based on that. However, the 7+ interactive workshop skills which are necessary for any person to develop a well organized business are:
Evaluation of operational feasibility of the selected idea
In Australia, every year several companies are launching and developing businesses. According to Hayek (2016), most of the companies, are not getting desired success due to unavailability of innovative ideas and inability of good implementation. Above mentioned 7+ interactive workshop skills are important not only for entrepreneurs but also for big industrialists. Having knowledge in programming language in today’s world is extremely important. For example, Woolworths, Australia has different software development team who works day and night to develop the online website as well incorporating advanced technologies in retail market. On the other hand, selecting a good location in Australia is important so that people can easily spot the company. Westpac Australia has many branches in the country and all of those are situated in prime locations that attract customers. Startups like Coinjar recruit most employees who have knowledge in programming languages. It can be seen that this company has become large in few years, and started store in Britain also.
Evaluation of financial feasibility of first cut (high level) feasibility
For every company, in Australia, it is extremely important to develop financial audit that helps the companies to keep track of financial reports and other reporting processes. Lubman et al. (2016) said First Cut is an online financial auditing application which helps several companies big or small to keep track of financial records. For example, Telstra uses First Cut in order to improve its financial reporting process and at the same time maximize the success of each project. Financial Feasibility helps each company to deliver any project in time and by keeping track of financial reports. According to Chileshe et al. (2015), Financial Feasibility also helps the companies to be realistic in revenue determination and spends on employees as they are the most important resource of the companies.
From the above study, it can be concluded that Australia is running out of good quality ideas. Several other problems are mentioned above in the study, which is stopping the country to achieve the success it deserves. Three best solutions that can be used to solve the problem including 5-day program, 7+ interactive skill workshop, and engagement with industry mentors are mentioned above in the study. Out of them, 7+ interactive skill workshops have been selected and discussed properly in the study. All the operational feasibility and financial feasibility are described properly in the report. Adopting all the skills will help the entrepreneurs as well as businessmen to stand out in market.