Entrepreneurship and Innovation – Business Case Portfolio Assignment

Business Case Portfolio Assignment

Assignment Brief

As part of the formal assessment for the programme you are required to submit a Entrepreneurship and Innovation assignment. Please refer to your Student Handbook for full details of the programme assessment scheme and general information on preparing and submitting assignments.

Learning Outcomes:

After completing the module, you should be able to:

Critically evaluate entrepreneurship, success factors, the characteristics and motivations of entrepreneurs.
Apply theories of idea generation, creativity and innovation in practice
Use appropriate market and industry analysis tools to research, analyse, synthesise and evaluate the competitive business environment
Develop a structured business case.
Digitally literate to show confident and critical use of information and digital technologies across a range of contexts. (This may include but is not limited to computer literacy, digital information, digital media, digital communication, and collaboration competencies).

All learning outcomes must be met to pass the module.

Guidance

Your assignment should include: a title page containing your student number, the module name, the submission deadline and the exact word count of your submitted document; the appendices if relevant; and a reference list in AU Harvard system(s).

You should address all the elements of the assignment task listed below. Please note that tutors will use the assessment criteria set out below in assessing your work.

You must not include your name in your submission because Arden University operates anonymous marking, which means that markers should not be aware of the identity of the student. However, please do not forget to include your STU number.

Maximum word count: 3,000 words

Please refer to the full word count policy which can be found in the Student Policies section here: Arden University | Regulatory Framework

The word count includes everything in the main body of the assessment (including in text citations and references). The word count excludes numerical data in tables, figures, diagrams, footnotes, reference list and appendices. All other printed words ARE included in the word count.

Students who exceed the wordcount up to a 10% margin will not be penalised.

Students should note that no marks will be assigned to work exceeding the specified limit once the maximum assessment size limit has been reached.

Assignment Task

You are an aspiring entrepreneur/intrapreneur keen to discover an exciting new original, creative and innovative business idea to fill a gap or solve a problem in the market. You are excited and raring to assess your new ideas and exploit the opportunity in the market. Your excitement is heightened by your desire to practice sustainable entrepreneurship. In this context, you can choose to assume the role of either an entrepreneur or an intrapreneur as follows:

Option 1: Acting as an Independent Entrepreneur:

As an entrepreneur, you aspire to generate a new business idea and establish a new independent start-up business venture.

Option 2: Acting as an Intrapreneur working within an existing Corporate Organisation:

As an intrapreneur, you wish to generate and propose a new intrapreneurial business project idea that will transform and improve an existing real corporate organisation/company, preferably one you work for. If you select an organisation you work for, please do not disclose any sensitive information about the organisation in your assignment.

Assignment Notes:

You are required to state your chosen option in your assignment introduction statement. Please note that in both options, you must conceive and generate a new unique and original potential future business idea of your choice. You are not permitted to use an idea that has already started or finished or base your assignment on published case studies. Your work should be underpinned by well cited and referenced academic literature. Operating within your selected option, you are required to address the following tasks:

Task 1:

Idea Conception and Development Reflective Account.

Conceive and generate a creative and innovative business idea for a new unique service or product of your choice. Write a reflective statement outlining and justifying the processes that you undertook to generate and refine your business idea. Your reflective account should demonstrate the following:

A critical evaluation and application of theories and processes of idea generation and screening, creativity and innovation leading to a convincing business opportunity with clearly stated idea for the product or service.
Coherent application of research/ environmental scanning techniques to refine the business idea.
A brief justification of your suitability to lead the venture based on your entrepreneurial characteristics and motivations. Outline your professional profile to justify why you are the right person to lead the launch of this new venture?
An informative executive summary containing concise and succinct summaries of: the problem, the solution, the target market, point of differentiation, sales forecast, financial projections and amount of financing sought.
Application of an appropriate reflective model to provide an insightful reflective account.

Task 2:

7-minute narrated PowerPoint business case presentation for investors or corporate financial decision makers:

Assuming that your business idea Executive Summary that you produced in in Task 1 has thoroughly convinced potential investors/ corporate decision-makers that your proposed new product or service is feasible, they have requested a structured business case in the form of a narrated PowerPoint presentation.

Effectively and persuasively communicate your business case to investors in a 7-minute narrated PowerPoint presentation using a minimum of 5 and a maximum of 12 appropriately headed slides. Remember to use less text and more visuals in your slides to make them attractive. If your slides need further explanation, include brief notes in the speaker notes section of your slides. You must deliver a verbal audio[1]recording (voiceover) of your business case in PowerPoint. You do not need to produce a video recording as video files are often too large, cannot be read by the Turnitin software and may not upload on iLearn.

Your business case presentation must concisely and succinctly communicate the following elements:

The problem/gap in the market worth solving and your proposed solution.
The business opportunity/model. Use a Business Model Canvas template to summarise revenue generating plans. Make a case for innovation and sustainability. How will you innovate and incorporate sustainability.
The overall go to market marketing plan. Including market segmentation, targeting, positioning and marketing mix (4Ps/ 7Ps) strategies.
Financing, sources of risk and appropriate mitigation strategies

Solution: Entrepreneurship and Innovation Assignment – Business case portifolio

Every year millions of electrical devices and electronic items are disposed, leading to high levels of electronic waste (e-waste). Environmental concerns have increased regarding the electronic waste problem and the challenges in managing this waste, which has become more difficult (Liu et al., 2023). The research investigates business operations that can generate revenue by collecting e-waste, disassembling electronic components, and subsequently reassembling electronic components from the discarded materials. The business process tackles environmental sustainability issues through waste reduction and electronic component recovery to create a profitable business opportunity. The approach differentiates from standard electronic recycling methods which handle refurbishment of electronic devices or retrieval of materials from electrical parts, since it focuses on keeping the components intact.

Idea Generation and Screening

The business concept to rebuild electronic components from e-waste emerged from my observation of e-waste dumped illegally. The initial step of observation helped me recognize electronic waste as an important factor that contributes significantly to accumulation of solid waste. I found that items like computers, mobile phones, household appliances, and other electronic equipment are usually dumped in landfills, in water bodies, or burned, leading to environmental pollution. Electronic waste generates toxic substances that release lead, mercury, and dioxins,, and these substanceshavee adverse health impacts on humans (Liu et al., 2023). According to the World Health Organization, about 62 million tonnes of electronic waste were produced globally in 2022, and only 22.3% of that waste was recorded to have been formally collected or recycled. This amount of e-waste has been increasing by about two million tonnes, yet there has been minimal effort to reduce the informal activities used in recycling, storing, and dumping electronic waste (WHO, 2024). I found that the majority of this waste usually contains disassembled electronic components that are still functioning or could be repaired. This gap created an opportunity for a sustainable business model utilising these electronic parts.
Using the divergent thinking approach, I applied techniques like brainstorming and mind mapping to look at various potential solutions that would solve the issue of electronic waste. This helped me visualise the lifecycle of electronic components and how they could be recycled in a sustainable manner to reduce e-waste. The idea of reassembling disassembled electronic components stood out because it provided sustainable solutions that meet the principles of the circular economy and minimise environmental impact (Schumacher & Green, 2021). It would help reduce waste and conserve resources by ensuring that electronic components are kept in use for as long as possible. Through creative problem-solving, I found that this offered an innovative solution where the lifespan of most electronic components could be extended through reassembly. Conducting a feasibility analysis helped evaluate whether the idea of reassembling electronic components would be successful. This involved examining how the process would be done, who would be the suppliers for the disassembled components, and what equipment and technologies would be needed.

Environmental Scanning

I conducted environmental scanning to understand industry trends and refine the business idea. This involved conducting research with potential customers, environmental experts, electronic manufacturers, and companies recycling electronic waste to understand market needs for reassembled electronic components (Andreasson & Bolvede, 2022). Analysing industry reports and market trends helped understand the business environment, and examining the regulatory environment helped identify regulations regarding recycling and sustainable practices. The research also included a competitor analysis of current electronic waste management companies, where I identified a gap since most companies solely focus on recycling materials rather than reassembling functional parts.
Utilising a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis helped me evaluate the market potential for sustainable solutions that will address the issue of electronic waste and offer more affordable electronic parts. Assessing technologies in testing, refurbishment, robotics, and automation demonstrated how the assembly process could be enhanced to improve efficiency and quality (Turkbay Romano et al., 2024). Overall, this research helped refine the business model, providing insights that showed it as a potentially viable business idea that provides a better, more efficient product compared to other competitors in the industry.

Suitability and Professional Profile

My professional profile and entrepreneurial characteristics make me suited to lead this business initiative. My educational background has given me the essential skills and knowledge to successfully launch, lead, and grow a business on reassembling disassembled electronic components from e-waste. These include strategic planning, operational management, effective decision-making, leadership and team management, and risk management.
Some of my top entrepreneurial characteristics that make me suitable to lead this business venture include
Innovation: Proven ability to think creatively, identify gaps for new products or services, come up with new ideas, and find more efficient ways to solve problems.
Leadership: Experience managing teams in several projects both in school and at work that were successful and demonstrated strong leadership in inspiring and guiding teams to achieve shared goals.
Passion for sustainability: Concern for the environment and a commitment to have a positive environmental impact by creating a more sustainable way of life. His drives my determination to find sustainable practices like reducing electronic waste.
Flexibility: Strong ability to deal with changing circumstances and make changes when facing challenges to find new solutions that will help achieve the goal for the business.

Executive Summary

Problem
The amount of electronic waste generated has increased in the last few years, which continues to be a problem with the new release of more electronic devices and equipment. These electronic equipment is usually discarded, leading to environmental pollution and depletion of resources, while also wasting the opportunity for a profitable business (Liu et al., 2023).
Solution
A business for reassembling disassembled electronic components from e-waste will help minimise the waste and make good use of the components by converting electronic parts into more valuable products that are ready for market. The business will provide cheaper electronic products which reduces both the cost and environmental damage caused by e-waste disposal in landfills (Romano et al., 2024).
Target market
The business focuses its market strategy on small to medium businesses from electronics manufacturing and repair industries looking for sustainable and affordable electronic components. The business will aim for both cost-sensitive customers seeking high-quality electronics at reasonable prices and environmentally oriented consumers who select items based on sustainability factors and favor products built from reassembled electronic parts.
Point of differentiation
The business will engage in reassembly of electronic components unlike other companies that concentrate on repairing electronics and reusing e-waste materials for new products. This extends the lifecycle of electronic parts and offers a more sustainable alternative that helps minimise waste and conserve resources as compared to sourcing new components (Tian et al., 2023).
Sales Forecast and Financial projections
Projected sales revenue of $1 million during the first year, expected to grow up to $5 million by the third year. The initial investments will be spent on equipment, facilities, technology, and cost of operations, which is expected to break even within 18 months.
Amount of financing sought
Seeking an initial investment of $500,000 to cover costs for initial set-up, research and development, staffing, and other operational expenses.
Reflective Account
I applied Gibb’s reflective model to reflect on the process of generating and refining this business idea (Galli & New, 2022).
Description: For this business venture, I identified a significant environmental problem of electronic waste accumulating in landfills. This led me to explore potential solutions by first looking at what is currently being done to address this problem and what more could be done to address the problem more effectively. Through brainstorming and conducting research, I found a market opportunity in reassembling electronic components, which would be a more sustainable solution.
Feelings: I initially felt frustrated trying to find a unique solution that would effectively solve the problem, but as I conducted more research and found more information on the issue, I felt hopeful that I would find a solution which made me more motivated. I was very excited to eventually find a potential solution that would lead to a sustainable business model.
Evaluation: The process of coming up with a viable business idea was challenging, but in the end, it was rewarding to find a good solution. Remaining determined in the process contributed positively to my research skills and knowledge of sustainability, giving me insights into both the benefits and potential challenges of reassembling electronic components.
Analysis: This process went well because I conducted a lot of research on the issue and used techniques like environmental scanning and SWOT analysis to understand the issue, potential solutions, and market needs. However, there were still challenges in finding information on the solution because I had failed to plan my research process, which led me to be overwhelmed by too much information. By following a structured process and learning how to conduct research effectively, I was able to get back on track and eventually find a solution. Having a more structured plan would be helpful in future when trying to research a new topic.
Conclusion: I learned that following a structured approach when generating and refining an idea is important when trying to develop a viable business opportunity. Doing this would have made the research process easier, and therefore, I will work on improving my research skills.
Action plan: When researching a business idea next time, I will focus on improving my professional skills and working with others who have knowledge on the topic to make the process easier and find better solutions (Galli & New, 2022).

References

Andreasson, E. and Bolvede, N., 2022. Keeping up with the environment: A method for environmental scanning towards sustainability strategies for construction clients.

Galli, F. and New, K.J., 2022. Gibbs’ cycle review. Emotions as a part of the cycle. e-Motion: Revista de Educación, Motricidad e Investigación, (19), pp.92-101.

Liu, K., Tan, Q., Yu, J. and Wang, M., 2023. A global perspective on e-waste recycling. Circular Economy, 2(1), p.100028.

Romano, T.T., Fang, L., Alix, T., Rio, M., Mélot, J., Serrano, F., Lefranc, P., Lembeye, Y., Perry, N. and Crebier, J.C., 2024. Disassemblability Assessment of Power Electronic Converters for Improved Circularity. Sustainability, 16(11), p.4712.

Schumacher, K. and Green, M.L., 2021. Circular economy in the high-tech world workshop report. NIST Special Publication, 1500, p.204.

Tian, W., Ding, Y., Du, X., Li, K., Wang, Z., Wang, C., Deng, C. and Liao, W., 2023. A review of intelligent assembly technology of small electronic equipment. Micromachines, 14(6), p.1126.

Turkbay Romano, T., Fang, L., Alix, T., Rio, M., Mélot, J., Serrano, F., Lefranc, P., Lembeye, Y., Perry, N. and Crébier, J.C., 2024. Disassemblability Assessment of Power Electronic Converters for Improved Circularity. Sustainability, 16(11), p.4712.

World Health Organization, 2024, October, 1. Electronic waste (e-waste). https://www.who.int/news-room/fact-sheets/detail/electronic-waste-(e-waste)