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Explain the key elements of your business concept, encompassing the concept statement`s vital components such as the product, target market, distinctive attributes, core values, scale of the proposed business, location, and the individuals involved

Assessment brief/s:

You are a startup entrepreneur who has come up with a unique idea for a technological device. You are looking for potential investors who could support you financially. They are expecting a comprehensive business plan d=from you to assess the viability of your business idea. Your responsibility is to compile a report outlining your innovative business concept. This entails:

Elaborating on Your Business Concept:

Explain the key elements of your business concept, encompassing the concept statement`s vital components such as the product, target market, distinctive attributes, core values, scale of the proposed business, location, and the individuals involved.

Conducting Feasibility Assessments:

Undertake a thorough assessment of Industry, Market, Organisational, and financial feasibility to ensure a well-rounded understanding of the business landscape.

Critical Evaluation of Value Chain and Business Model Canvas:

Critically evaluate how you intend to market the business. You would also have to look at an operations plan and a supporting human resource plan for the employees who are likely to be working with you in the business.

Identification and Discussion of Risk Management:

Utilise relevant models and concepts to identify potential risks associated with your business. Engage in a critical discussion on how these risks could be effectively managed to safeguard the sustainability and growth of your startup.

Formatting, Citation, and Referencing:

Ensure that your report adheres to appropriate formatting standards. Employ proper citation and referencing methods to acknowledge sources and maintain academic integrity throughout your submission.

This multifaceted assessment requires a strategic and analytical approach, drawing on both qualitative and quantitative aspects to present a comprehensive understanding of your startup concept and its potential challenges and opportunities.

Structure of the assignment

  1. Title Page

  2. Table of Contents

  3. Introduction

  4. Body

  5. Conclusion

Task 1 - Elaborating on Your Business Concept:

Task 2 - Conducting Feasibility Assessments:

Task 3 - Critical Evaluation of Value Chain and Business Model Canvas:

Task 4 - Identification and Discussion of Risk Management:

List of References

Please be aware that all the word counts mentioned for the individual sections of your plan are provided as guidelines, which could vary depending on the individual plan.

LENGTH REQUIRED

4,000 words (+/- 10%)

FORMATTING AND LAYOUT

Please note the following when completing your written assignment:

  1. Writing: Written in English in an appropriate business/academic style

  2. Focus: Focus only on the tasks set in the assignment.

  3. Document format: Report

  4. Ensure a clear title, course, and name or ID number is on a cover sheet and a reference using Harvard referencing throughout is also provided.

  5. Research: Research should use reliable and relevant sources of information e.g. academic books and journals that have been peer reviewed. The research should be extensive.

The use of a range of information sources is expected – academic books, peer reviewed journal articles, professional articles, press releases and newspaper articles, reliable statistics, company annual reports and other company information. All referencing should be in Harvard style.

Guidance on how to use independent study time: Allocate dedicated time in your schedule for independent study, setting clear goals and creating a distraction-free environment. Break down the material into manageable chunks, engage actively with various resources, and regularly review and reflect on your progress to optimise your independent study sessions.

Referencing system: Harvard system of Referencing.

Learning Materials/Resources:

  • Barringer, BR & Ireland, RD (2015), Entrepreneurship: Successful launching new ventures, 5th edn, Pearson Prentice Hall, New Jersey.

  • Burns, P. (2016) Entrepreneurship and Small Business: Start-up, Growth and Maturity 4th edn. Palgrave

  • Hisrich, RD, Peters, MP & Shepherd, DA (2012), Entrepreneurship, 9th edn, Irwin McGraw Hill.

  • Kuratko DF, Frederick HH & Hodgetts RM (2016), Entrepreneurship: Theory, process, practice, Asia-Pacific edn, Thomson

  • Mariotti, S. and Glackin, C. (2015) Entrepreneurship: Starting and operating a small business 4th edn. Pearson

  • Westhead, P., McElwee, G. and Wright, M. (2011) Entrepreneurship: Perspectives and Cases 1st edn. Financial Times/Prentice Hall

Other:

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Sample Answer

Explain the key elements of your business concept, encompassing the concept statement`s vital components such as the product, target market, distinctive attributes, core values, scale of the proposed business, location, and the individuals involved.

Business Concept: SmartLens – The Future of Vision

Product

SmartLens is an innovative wearable device: a lightweight, stylish pair of smart contact lenses that combine vision correction with augmented reality (AR) capabilities. Users can receive real-time information, navigation prompts, fitness tracking data, and even live translations directly within their field of vision, without the need for bulky headsets or handheld devices.

Each lens is equipped with nano-displays, secure wireless connectivity, and biometric sensors, ensuring seamless interaction with smartphones and other smart devices.

Target Market

Our primary target market includes tech-savvy professionals, frequent travellers, athletes, and individuals who require corrective vision aids. Geographically, we will initially target the United Kingdom’s major urban centres such as London, Manchester, and Birmingham, expanding into Europe within two years.

Demographically, we are focusing on individuals aged between 20 and 45, who value technology, convenience, and innovation, and who are comfortable adopting early-stage tech products.

Distinctive Attributes

SmartLens stands apart in several ways:

  • Ultra-Light Design: No heavy frames, discreet and natural.

  • Dual Functionality: Combines corrective vision and AR technology.

  • Biometric Tracking: Monitors health metrics like heart rate and oxygen levels.

  • Data Security: Strong encryption to protect user data.

  • User-Friendly App: Control and customise the experience through a simple, intuitive smartphone application.

No other product currently merges these functions into a contact lens platform with such ease of use and comfort.

You need to create a full business plan for a new tech startup idea, explaining your concept, feasibility, market approach, and risk management strategy.

Yes, as long as it is innovative, clearly explained, and backed by feasibility research. Technology-based concepts often work best for this task.

You should apply models such as the Business Model Canvas, Value Chain Analysis, and risk management frameworks to structure your plan effectively.

Yes. At Assignments Experts, we guide students in structuring business plans, applying academic models, and ensuring Harvard-style accuracy and flow.

Benjamin Cook

They explained how to use the Business Model Canvas so clearly. My report finally made sense, and I scored higher than expected.

United Kingdom

★★★★☆
Claire Jordan

Their support made my startup proposal feel professional. I actually used parts of it in a real pitch.

United Kingdom

★★★★★
Leslie Martin

The team made the feasibility analysis so easy to understand. My lecturer said the financial section was well developed.

United Kingdom

★★★★★
Jill West

Assignments Experts are brilliant. They helped me present my innovation logically and meet every marking criterion.

United Kingdom

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