Assignment 1: Your Business Idea
What is your dream business? Here’s a chance for you think about (and plan) it!
In this assignment you should write about business you would like to start. A list of questions will be provided to guide you, but you should write your report as a narrative, or essay.
REQUIRED TASK – Read these instructions carefully
Think about a business that you would like to start. It might be something you have wanted to do for a long time, or something you have just thought of. You might be making a product that has been around for a long time, or it might be something completely new. Be imaginative. It might be a product that is not yet on the market.
There are many different types of businesses. Some businesses manufacture products, while others provide services. The concepts covered in this subject are applicable to businesses generally, but in order to give practical examples we are going to focus on manufacturing businesses – businesses that make a physical product and sell it. Therefore, in order for this Assignment to be relevant to the rest of the subject, you must choose a manufacturing business for this assignment. I.e. Your business must manufacture a physical product.
You are to write a report about your proposed business. You should address the following questions in your report, but you should not structure the report as a series of questions and answers. That will achieve low marks for presentation. This is more like a short essay. You are telling a story. You want the reader to get an overall picture of the business you would like to start and why you think this business is a good idea.
- What will the trading name of the business be?
- What kind of organisational structure will you use – a sole trader, a partnership or a company – and why? You should refer to the Week 2 materials to tackle this question.
- What will the business do? What products will it manufacture? Why have you chosen this?
- Who is your target market? Who will use these products? This includes the demographic (e.g. age, gender, type of person) as well as the geographic target market (e.g. your city, your state, other countries, global).
- What are the first steps you will need to undertake in order to set up this business?
- Why do you want to start this business? Why do you think it will be a success?
The suggestion of 500 words is merely a guideline. You won’t be explicitly penalised for exceeding it, so don’t count the words and chop out words to get down to 500, but it is important to remember that good business writing is concise. You need to communicate without being unnecessarily verbose. Your mark will be affected if the essay is unnecessarily wordy. Impart the information clearly and concisely.
The file format for your submission must be MS Word or PDF. If you use a different word-processing program, other than Word, to prepare your submission you will need to convert it to a PDF file to ensure that the file can be opened by the person marking your assignment.
- Due Date: Sunday of Week 2 (11:55pm Saturday 17 March)
- Suggested Length:500 words
- Format: Written report
- Marks Allocated: 10%