Unit 19

Pitching for a New Business

Assessment
Assignment  Hand out date: 06/03/2023 / Hand-in date: 20/03/2023

Assignment  Hand out date: 17/04/2023 / Hand-in date: 01/05/2023

Assessment (pre-assignment research)

 You need to carry out research into the potential opportunities for a new micro-business start-up. You
may work in a small group (up to 4) to generate ideas for and research ideas for potential new micro-
businesses.

Evidence of the research conducted will need to be submitted in an appendix to the report itself. When
conducting your research you will need to think carefully about:

 the different models for each business opportunity

 the internal and external factors that may influence the potential choice of business
 
Based upon the findings of the research you will need to write a report which evaluates the internal and
external factors associated with a selected micro-business start-up. The report should be individually
written.
Idea Generation
1. Technical breakthrough​
Where ideas are generated from pioneering technical areas that are generally outside the public domain, such as the military, space
exploration or Formula 1 motor racing​

2. Non-technical idea development​

Where ideas are taken from something that already exists, but with a new way of using it or taking it to market​

3. Ideas from outer environment​

Where entrepreneurs have seen items and services in other countries, cultures or areas of interest that they know would open up a whole
new market.

4. Serendipity​
Where business ideas come through unintentional routes, or even by accident​

5. Purposeful development​
This is where there is a heavy investment into developing new ideas, products and/or services. Established businesses will have
departments dedicated to producing new or improved products. 

  
Micro-business research
When conducting your research you will need to think carefully about:
 the different models for each business opportunity
 the internal and external factors that may influence the potential choice of business
 details of the activities – [product/service]
 their processes
 their organisational form
Each of the 4 potential businesses you are researching MUST have a footprint of where
you found the information (source of information)

  
Micro-business models

A business model is an outline of how your company plans to make money.

In general, a business model explains four things:

• What product or service a company will sell.

• How it intends to market that product or service.
• What kind of expenses the company will face.
• How the company expects to make a profit.

 
Internal and external factors
Internal and external factors
Business sectors
Business activities
There are six business activities undertaken by most companies
regardless of sector. These are:

1. Operations and logistics

2. Sales and marketing 
3. General administration (including human resources)
4. Customer service
5. Budgeting and forecasting
6. Accounting and auditing 
Business processes
Organisational form/structure (adapt for micro-business)