BU035_A1 Innovation & Entrepreneurship
Assessment # 1
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Assessment Code:
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BU035_A1 |
Assessment Type: | Individual Assignment |
Subject Code: | BU035 |
Subject Name: | Innovation & Entrepreneurship |
Briefing Date: | Week 1 |
Submission Date: | Week 3 |
Weighting: | 20% |
Aims: | Demonstrate understanding of the phenomenon of entrepreneurship and discuss entrepreneurship in the light of empirical case data using the task questions below |
Overview: | This assessment requires you to explore the phenomenon of entrepreneurship in real life situations and analyse and evaluate opportunities and challenges involved in such situations. Scott and Venkataraman (2000) propose a framework for viewing entrepreneurship from the perspective of opportunities: creation, discovery, exploitation. (Not more than 2,000 words) |
Submission Format: | The submission will be in the form of a type-written document. A final soft copy of the assessment must be submitted via Turnitin on NZSE-Moodlerooms online by the due date. |
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Standard of English for Level 7 Business Assessments
- All student work that is submitted for assessment must meet the English requirements for Level 7 business writing.
- Any submitted assessment or part of an assessment that falls below the acceptable standard of the English requirements for Level 7 business writing will not be marked.
- If you have any questions regarding the English requirements for Level 7 business writing, please talk to your tutor.
Referencing
You must correctly reference all submitted assessments according to APA 6th ed. conventions for both in-text citations and in your reference list.
- You are required to reference because it is important to acknowledge the original source of other people’s ideas, research and opinions, as well as providing evidence of having undertaken independent research to support your own opinion/point of view/hypothesis/argument.
- Your tutor can provide further information and guidance on referencing and also direct you to referencing guides and resources.
- Wikipedia is not considered an acceptable source of reference.
Plagiarism
- Plagiarism is where you use another person’s words, ideas, diagrams or other original creations without acknowledging or giving credit to that person.
- Any submitted assessment or part of an assessment which has plagiarised content will not be marked.
- All cases of plagiarism and/or cheating will be investigated and dealt with according to A08: Misconduct in Assessment Policy.
- If you have any questions regarding plagiarism, please talk to your tutor.
Learning Outcomes:
The learning outcomes associated with this assessment are:
- Explain the phenomenon of entrepreneurship.
- Analyse potential business opportunities for a range of innovations.
- Evaluate the opportunities and challenges involved in realising the market potential of a creative idea.
- Distinguish between the natures of entrepreneurship in the contexts of small business versus larger corporations.
ASSIGNMENT OUTLINE
There are 4 tasks in Assignment 1. Read each task carefully and follow the instructions carefully.
Ecostore – Malcolm Rands
BRIEF
This assessment requires you to explore the phenomenon of entrepreneurship in real life situations and analyse and evaluate opportunities and challenges involved in such situations. Shane and Venkataraman (2000) propose a framework for viewing entrepreneurship from the perspective of opportunities: creation, discovery, exploitation.
Using the facts given in the readings on Ecostore case study, and with the experience of Malcolm Rands, you are expected to:
- demonstrate your understanding of the phenomenon of entrepreneurship and
- discuss entrepreneurship in the light of empirical case data using the task questions below
ASSIGNMEMENT TASKS
- How, and why did opportunities for the creation of Ecostore goods and services become a reality? (LO1)
In order to answer this question, remember to apply the theoretical perspectives to the case study to show your understanding of the definitions of entrepreneurship and other aspects of the entrepreneurship phenomenon.
You must do research on the internet / read case studies & articles provided in Moodlerooms about the ‘green movement’ (towards more environmentally friendly cleaning products). Identify and explain the factors that have created a demand in eco-friendly cleaning products, leading to consumer interest in eco-friendly products.
Cite your references using APA 6th edition in-text referencing.
(Total = 25 marks)
- Why Malcom and Melanie Rands and not others discover and exploit these opportunities. How, and why were the opportunities discovered? (LO2)
In answering this question discuss why Malcolm and Melanie Rands were the ideal persons to take advantage of this opportunity in the market place. You must analyse and evaluate these opportunities and show how and why Malcolm Rands was able to discover/create business opportunities for a range of new eco-friendly products. Support your answer with specific data from the case(s)/articles.
Cite your references using APA 6th edition in-text referencing.
(Total = 25 marks)
- How, and why the opportunity was exploited (taken advantage of)? (LO3)
Your answers for the points raised below, must analyse and evaluate at least two of the opportunities and two of the challenges involved in realizing the market potential of an eco-friendly product by Ecostore. (10 marks)
- You must explain and analyse the initial mode of exploitation that was attempted. (5 marks);
- Was it successful? (5 marks);
- Then you must explain and analyse the second/ final mode of exploitation (5 marks), and
- The recent innovation introduced by Ecostore (5 marks).
Cite your references using APA 6th edition in-text referencing.
(Total = 30 marks)
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- When Ecostore was founded in 1994 it was nothing more than a humble mail-order business (small business). The company is now a leading New Zealand manufacturer/seller of sustainable household and personal care products (Malcom and Melanie Rands have now have sold out of Ecostore to pursue their own personal project).
Compare and contrast the nature of entrepreneurship when Ecostore was founded to what it is now. (LO4)
Cite your references using APA 6th edition in-text referencing. Refer to the attached Marking Guide for more details marking criteria.
(Total = 20 marks)
MARKING GUIDE
- How, and why did opportunities for the creation of Ecostore goods and services become a reality? 15 marks
CRITERIA | MARKS | |
1a | Theoretical aspects applied to the case study including Two reasons for interest in eco-products. | 15 marks max |
1b | Explain the concept of information asymmetry and how it that creates an opportunity in the context of the Eco-store case. Explain any “isolating mechanism” that will prevent others from imitating Eco-store | 10 marks max |
- Why Malcom Rands and not others discover and exploit these opportunities. How, and why were the opportunities discovered? 15 marks
CRITERIA | MARKS | |
2a | Analysis of business opportunities in realizing the market potential for a range of Ecostore innovations | 10 marks max |
2b | Explain the nature of prior information that enabled Malcolm to recognize an opportunity.Explain the cognitive properties that enabled Malcolm to recognize the value of the opportunity.
Explain the new “means-end” relationship that Eco-Store have in providing eco-friendly products |
15 marks max |
- How and why the opportunity was exploited? 18 marks
CRITERIA | MARKS | |
3a | Analysis and evaluation of at least two opportunities and two challenges encountered by Ecostore | 10 marks max |
3b | Analyse and explain initial mode of exploitation. Was this initial mode of exploitation ‘successful’? Analyse and explain second/final mode of exploitation. | 15 marks max |
3c | What important innovation was recently introduced by Ecostore? | 5 marks max |
- When Ecostore was founded in 1994 it was nothing more than a humble mail-order business (small business). The company is now a leading New Zealand manufacturer/seller of sustainable household and personal care products (Malcom and Melanie Rands have now sold out of Ecostore to pursue their personal project).
Compare and contrast the nature of entrepreneurship when Ecostore was founded to what it is now. 12 marks
CRITERIA | MARKS | |
4 | Provide at least 3 – 4 points to distinguish between SME entrepreneurship and corporate entrepreneurship | 20 marks max |
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CRITERIA | Excellent (%) | Very good (%) | Good (%) | Satisfactory (%) | Poor (%) | Unacceptable (%) |
Task 1a: Theoretical aspects applied to the case study including two reasons for interest in eco-products (maximum 15 marks) | Excellent description of the theoretical aspects including two reasons – 15 marks | Very good description of the theoretical aspects including two reasons – 12 marks | Good description of the theoretical aspects including two reasons – 9 marks | Satisfactory description of the theoretical aspects including two reasons – 6 marks | Poor description of the theoretical aspects including two reasons – 3 marks | Unacceptable description of the theoretical aspects including two reasons – 0 marks |
Task 1b: Explain the concept of information asymmetry and how it that creates an opportunity in the context of the Eco-store case and; Explain any “isolating mechanism” that will prevent others from imitating Eco-store (maximum 10 marks) | Excellent explanation on Information asymmetry and isolating mechanism applied to case study – 10 marks | Very good explanation on Information asymmetry and isolating mechanism applied to case study – 8 marks | Good explanation on Information asymmetry and isolating mechanism applied to case study – 6 marks | Satisfactory explanation on Information asymmetry and isolating mechanism applied to case study – 4 marks | Poor explanation on Information asymmetry and isolating mechanism applied to case study – 2 marks | Unacceptable explanation on Information asymmetry and isolating mechanism applied to case study – 0 marks |
Task 2a: Analysis of business opportunities in realizing the market potential for a range of Ecostore innovations (Maximum 10 marks) | Excellent analysis of business opportunities in realisng the market potential for the product range at Ecostore – 10 marks | Very good analysis of business opportunities in realisng the market potential for the product range at Ecostore – 8 marks | Good analysis of business opportunities in realisng the market potential for the product range at Ecostore – 6 marks | Satisfactory analysis of business opportunities in realisng the market potential for the product range at Ecostore – 4 marks | Poor analysis of business opportunities in realisng the market potential for the product range at Ecostore – 2 marks | Unacceptable analysis of business opportunities in realisng the market potential for the product range at Ecostore – 0 marks |
Task 2b: Explain the nature of prior information that enabled Malcolm to recognize an opportunity. Explain the cognitive properties that enabled Malcolm to recognize the value of the opportunity. Explain the new “means-end” relationship that Eco-Store have in providing eco-friendly products (Maximum 15 marks) | Excellent explanation of the nature of prior information and cognitive properties including “means-ends” relationships – 15 marks | Very good explanation of the nature of prior information and cognitive properties including “means-ends” relationships – 12 marks | Good explanation of the nature of prior information and cognitive properties including “means-ends” relationships – 9 marks | Satisfactory explanation of the nature of prior information and cognitive properties including “means-ends” relationships – 6 marks | Poor explanation of the nature of prior information and cognitive properties including “means-ends” relationships – 3 marks | Unacceptable explanation of the nature of prior information and cognitive properties including “means-ends” relationships – 0 marks |
Task 3a: Analysis and evaluation of at least two opportunities and two challenges encountered by Ecostore (Maximum 10 marks) | Excellent analysis and evaluation of two opportunities and two challenges encountered by Ecostore – 10 marks | Very good analysis and evaluation of two opportunities and two challenges encountered by Ecostore – 8 marks | Good analysis and evaluation of two opportunities and two challenges encountered by Ecostore – 6 marks | Satisfactory analysis and evaluation of two opportunities and two challenges encountered by Ecostore – 4 marks | Poor analysis and evaluation of two opportunities and two challenges encountered by Ecostore – 2 marks | Unacceptable analysis and evaluation of two opportunities and two challenges encountered by Ecostore – 0 marks |
Task 3b: Analyse and explain initial mode of exploitation. Was this initial mode of exploitation ‘successful’? Analyse and explain second/final mode of exploitation (Maximum 15 marks) | Excellent analysis and explanation of the initial mode of exploitation its success and second/final mode of exploitation – 15 marks | Very good analysis and explanation of the initial mode of exploitation its success and second/final mode of exploitation – 12 marks | Good analysis and explanation of the initial mode of exploitation its success and second/final mode of exploitation – 9 marks | Satisfactory analysis and explanation of the initial mode of exploitation its success and second/final mode of exploitation – 6 marks | Poor analysis and explanation of the initial mode of exploitation its success and second/final mode of exploitation – 3 marks | Unacceptable analysis and explanation of the initial mode of exploitation its success and second/final mode of exploitation – 0 marks |
Task 3c: What important innovation was recently introduced by Ecostore? (Maximum 5 marks) | Excellent account of the recently introduced products and services by Ecostore – 5 marks | Very good account of the recently introduced products and services by Ecostore – 4 marks | Good account of the recently introduced products and services by Ecostore – 3 marks | Satisfactory account of the recently introduced products and services by Ecostore – 2 marks | Poor account of the recently introduced products and services by Ecostore – 1 mark | Unacceptable account of the recently introduced products and services by Ecostore – 0 marks |
Task 4: Provide at least 5 points to distinguish between SME entrepreneurship and corporate entrepreneurship (Maximum 20 marks) | Excellent account of the differences between Strategic and Corporate entrepreneurship – 20 marks | Very good account of the differences between Strategic and Corporate entrepreneurship – 16 marks | Good account of the differences between Strategic and Corporate entrepreneurship – 12 marks | Satisfactory account of the differences between Strategic and Corporate entrepreneurship – 8 marks | Poor account of the differences between Strategic and Corporate entrepreneurship – 4 marks | Unacceptable account of the differences between Strategic and Corporate entrepreneurship – 0 marks |
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