Business Idea and Its Most Essential Business Model Components

Posted on August 30, 2022 by Cheapest Assignment

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HI5003 Economics for Business Tri


This is an individual assignment that students complete in consultation with their group/team. The objective of Assessment 2 is to learn how to develop a business idea by brainstorming and levering off the skillsets of others.

Thus, you will be focussing on developing a business idea of YOUR own in the first instance. However, Assessment 2 should also be seen as an opportunity to learn how to work with others to realise business ideas. It is also structured in such a way that it represents an opportunity to do work towards Assessment 3, which is when your group presents via Powerpoint a business idea jointly.

While working on Assessment 2, your group/team MUST via a consensus process identify the best idea, that is, the idea from the ideas workshopped that will get YOUR team the highest proportion possible of the pool of investment money available. N.B. All the teams will be trying to get as much as possible of a potential $100k investment from an investor.

You should also note that if you are an on-campus student you MUST attend the workshops to be assessed for your ability to work constructively and collaboratively as part of a group/team. If you are an online/flexible student, you will have a different set of challenges. Instead, of being required to cooperate in a workshop setting on-campus, online/flexible students are required to be proactive and make sure they get themselves in a virtual team and then communicate as is required with team mates to complete Assessment 2 and Assessment 3. It will also be necessary for you to schedule AT LEAST ONE conference group meeting with your lecturer. You can schedule this meeting in Week 7, 8, 9, 10 or as late as Week 11. It is your team's choice and you can also schedule more than one meeting if this suits your team. The meeting with your lecturer will be your team's opportunity to explain what you are doing to ensure successful completion of Assessment 2 but also Assessment 3. Think of the meeting as simulating what you would need to do to convince an investor or a manager at a large firm to fund your business idea realisation project. Investors think big and they want to find entrepreneurs who also think big.

NB. Online/flexible students will be given advanced instruction on the Moodle site at the commencement of the

In summary, there are two parts to Assessment 2 upon which the individual student is assessed: One involves
written assessment and the other involves the assessement of the individual's ability to work constructively with team mates to develop their own and other group mate's ideas, that is, involves being observed as having the ability to work constructively and collaboratively in either a workshop setting or by inference (as a result of what
gets done and submitted and via a reassuring conference call). Assignment 2 is an opportunity to work towards
Assignment 3's tasks in a workshop environment, drawing on the advice of your lecturer as required.

The following describes the materials individuals must submit and what is required of the group/team:


Develop the following:

  • 2-3 page (1.5 spacing, A4) summary of YOUR business idea and its most essential business model components
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