Entrepreneurship

Employability and Entrepreneurial Skills

TASK 1 - INDIVIDUAL TASK

Question 1 (5 Marks)

Keeping in mind the 4th Industrial Revolution, choose a job opportunity and describe at least three (3) different transversal skills that an employer would look for when choosing candidates to fill the post. (5 Marks)

Assessment Rubric:

• 1-2 Marks for description of job opportunity and how it is impacted by 4th Industrial Revolution, and 
• 1 mark for each transversal skill including description of why it is relevant for the job opportunity (Max. 3 Marks)

Question 2 (7 Marks)

Reflect on any skills that you currently possess that might help you to find employment. Analyse what skills you need in order to make yourself more employable and stand out from the rest of the potential candidates for a job opportunity.

Assessment Rubric:

• 1 mark per skill that student currently possesses, including description of why it is relevant to job opportunity (Max 3 Marks) 
• 1 mark for each skill that needs to be acquired (Max 2 Marks)
• 1 mark (per skill) for detail of how skill will be gained/improved (Max 2 Marks) 

Transversal Skills - UNESCO

https://unevoc.unesco.org/go.php?q=TVETipedia+Glossary+A-Z&id=577

Transversal skills are those typically considered as not specifically related to a particular job, task, academic discipline or area of knowledge but as skills that can be used in a wide variety of situations and work settings (IBE 2013). These skills are increasingly in high demand for learners to successfully adapt to changes and to lead meaningful and productive lives. Examples include:
• Critical and innovative thinking
• Inter-personal skills (e.g. presentation and communication skills, organizational skills, teamwork, etc.)
• Intra-personal skills (e.g. self-discipline, enthusiasm, perseverance, self-motivation, etc.)
• Global citizenship (e.g. tolerance, openness, respect for diversity, intercultural understanding, etc.)
• Media and information literacy such as the ability to locate and access information, as well as to analyse and
   evaluate media content (UNESCO 2014c)

TASK 2 - GROUP TASK

Q3: Idea Generation Techniques

Question 3 (10 Marks)

As a Team, you are required to come up with entrepreneurial ideas. Use an idea generation technique to come up with a number of (minimum three) business ideas. Your answer should include:

• An explanation of the process through which ideas were generated.
• A description of three Business ideas.
• The market sector relating to each business idea.
• Diagrams, table etc. that might help you explain better the idea generation process can be included in your answer.

• Max 6 Marks for explanation of the idea generation process.  Refer to Marking scheme for details of the 6 marks.
• 1 Mark for each business idea described (Max 3 Marks)
• 1 mark for mentioning market sector of all business ideas (Max 1 Mark)

Idea Generation Techniques

 - Brainstorming
 - Mind-Map
 - SCAMPER
 - Delphi Method

Q4: Selecting the Best Idea

Question 4 - (6 Marks)

From the pool of ideas identified in Question 3, choose an idea that fits best for your team in order to take the idea a step further and write up a proposal. Write down the chosen idea and include:

EITHER

• A matrix scoring system showing three (3) ideas and minimum three (3) factors. Include a description of your thought process

OR

 - An Originality Pane matrix

OR

Any type of analysis to show how evaluation of the ideas was done, in order to choose the idea you want to take forward (e.g. SCAMPER or Delphi Method - see videos above)

Assessment Rubric:

• If a matrix scoring system, originality pane etc. is used, allocate between 0 and 3 marks for the table/diagram etc., based on proper use of tool.  [For the matrix scoring system, 3 ideas with 3 factors are required.]
• and
• Allocate between 0 and 3 marks for the description of the thought process, using the marking scheme (Max 6 Marks)

Example of a Matrix Scoring system - The Product Demand Matrix


Business Evaluation matrix




The 'Originality Pane' matrix

Example of a Business Evaluation Matrix System (3x3)

Q5: SWOT Analysis of Chosen Idea

Question 5 (8 Marks)

Analyse your internal and external environment and list Strengths, Weaknesses, Opportunities and Threats (SWOT) related to your chosen idea.

Assessment Rubric:

• 2 Marks for each of S, W, O and T (Max 8 Marks) each using marking scheme. 
• For Maximum 8 marks - Four (4) or more valid points are presented/listed in each 'quadrant'.

A SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis looks at internal and external factors that can affect your business. 
Internal factors are your strengths and weaknesses. 
External factors are the threats and opportunities.

SWOT is an acronym used to describe the particular Strengths, Weaknesses, Opportunities, and Threats that are strategic factors for a specific company. A SWOT should represent an organization’s core competencies while also identifying opportunities it cannot currently use to its advantage due to a gap in resources.

The SWOT analysis framework has gained widespread acceptance because of its simplicity and power in developing strategy. Just like any planning tool, a SWOT analysis is only as good as the information that makes it up. Research and accurate data is vital to identify key issues in an organization’s environment.

For even more of a deep dive on the subject, you can watch our video on How to Perform a SWOT Analysis.

Assess your market:

• What is happening externally and internally that will affect our company?
• Who are our customers?
• What are the strengths and weaknesses of each competitor? (Think Competitive Advantage)
• What are the driving forces behind sales trends?
• What are important and potentially important markets?
• What is happening in the world that might affect our company?
• What does it take to be successful in this market? (List the strengths all companies need to compete successfully in this market.)

Assess your company:

• What do we do best?
• What are our company resources – assets, intellectual property, and people?
• What are our company capabilities (functions)?

Assess your competition:

• How are we different from the competition?
• What are the general market conditions of our business?
• What needs are there for our products and services?
• What are the customer-market-technology opportunities?
• What are the customer’s problems and complaints with the current products and services in the industry?
• What “If only….” statements does a customer make?

Opportunity is an area of “need” in which a company can perform profitably.

Q6 (Part a): Primary Research (11 Marks)

Question 6a and 6b (11 Marks) 

Part A

Use primary research to identify your target market. This could be in the form of questionnaires (minimum 50) or interviews (minimum 6) etc. One blank copy of the questionnaire or any other material gathered, together with a summary of results (eg. through charts, transcripts, etc.) obtained should be included in the Appendices.

Part B

Design a fan-fold brochure in order to promote your product/service. Keep in mind the information gathered from the primary research when creating your brochure. Make sure that the design is relevant to your product/service and appealing to your target audience. Necessary permissions need to be obtained for pictures that will be included in your brochure. To present the brochure as part of the assignment document, you are advised to use two pages in landscape layout each split into three (3) sections. The structure could be similar to the diagrams shown in Figure 1 and Figure 2 of the assignment brief.

• Business idea is described clearly and in detail through a Problem-Solution-Benefits format. (4 Marks).
  
• Description shows a clear identification of the target market, which corroborates with primary research results.  Primary research was conducted with a range of possible target customers.  Minimum of 50 questionnaire results or 6 interviews were used. (3 Marks).
  
• Design of brochure is valid, includes an element of pleasant aesthetics that is designed to attract the target audience's attention.  Brochure includes all necessary sections indicated in assignment brief (About the business/company, contact details, front page [name-logo-tagline], problem-solution-benefits, target market, pricing). (4 Marks).
  

http://smallbusiness.chron.com/explain-profit-negative-cash-flow-same-accounting-period-55224.html

The Marketing Mix

Recognize the broad operational, legal structures and financial aspects that affect a new enterprise.

Operational Structures

• Type of business structure and the reasons behind choosing the type of structure.

Customer Benefits and Unique Selling Propositions (USPs)