Sample BUSN3003 Entrepreneurship and Innovation Assignment

BUSN3003 Entrepreneurship and Innovation Assignment Sample

Assignment Brief

All students are required to submit their assignments via the BUSN3003 SCU Blackboard learning site. Hard copies and email submissions will NOT be accepted and late submission penalties will apply to assignments that are not submitted on time via the specified Blackboard site.

Note that this is a guide only. Students may create a different structure or add particular sub- headings which they think are more appropriate for their entrepreneurial venture. Details of each individual section can be found in the text book. The marking criteria will also identify specific content that should be featured.

• Cover page
• Table of contents

1. Executive Summary
2. Introduction (what is the purpose of your report?)
3. Description of the Entrepreneurial Venture (in most cases this is based on the early sections of your PP presentation).
4. Management (style and structure)
5. Marketing (to be covered only very briefly. This is not a marketing unit).
6. Competitor analysis (most importantly, address how your venture will be positioned in relation to direct and indirect competitors).
7. Financial Analysis
8. Key risks and challenges
9. Reference list
10. Appendix

The Unit Information Guide indicates that the report should be no more than 2,000 words.
Given the range of topics to be covered, this is going to be extremely difficult to achieve but like Assignment 1, you need to get your information across quickly and succinctly. Do not include the executive summary, bibliography and appendix in the word count.

Solution

1. Introduction

The purpose of this report is to develop a business idea that will create an information system to enhance the safety of a car. “Adelaide Engineering Solutions” will design and sell the car to the customers where the customers will be able to execute a full checkup of their cars. Besides that, this information system will help the car user to detect internal faults and send notifications to the mobile phone of the user. Therefore, through the mobile application, the user of the car can book a mechanic to repair the car. “Adelaide Engineering Solutions” had decided to introduce this concept in Australia due to the increasing number of car accidents. Today, in Australia, travel by car has become extremely important for the citizens and they need to remind themselves to repair their car in spite of being in a busy schedule. The mechanics have to detect the faults in the vehicle in a traditional or manual way but now the time has come to do smart work and that is why this business idea is significant to make people’s lives better. It will be efficient for the engineering company to install an “Automated Intelligent System” into the cars.

2. Venture Description

2.1 Background to the Venture

Figure 1: Road Deaths in Australia
(Source: bitre.gov.au, 2021)

According to figure 1, it can be stated that Australian drivers went through major fatal accidents and even death by car. It was estimated that over 600 car drivers meet fatal accidents by road over 12 months. The number of fatal accidents in the year 2019 was 1187 and 2010 was measured as the highest number of accidents. These accidents occur due to the on-road negligence and malfunctioning of car parts (bitre.gov.au, 2021). The venture was created by “Adelaide Engineering Solutions” to deal with the accident issues and keep the drivers safe. This system will work only when a user will start the car. After the car starts, the entire system will run a diagnosis of the car parts and find any issues. After finding any issues, SMS or email will be sent to the user's phone.

2.2 Description of the Venture

Figure 2: The Program Flowchart Design of the Information System
(Source: Obodoeze et al., 2018)

Figure 2 represents a flowchart diagram of the information system that is displaying the basic working of the system. As per the flowchart, after the starting of the car, the system will automatically search for any faulty car parts. If found, then a notification will be sent to the user's mobile phone through the application the user is using for detecting faulty car parts (Obodoeze et al., 2018). If no faults are found, then the entire system will stop and display a message that the car is ready to go. This venture will bring safety and security to the car users of Australia.

3. Management

3.1 Legal Structure Implemented

“Adelaide Engineering Solutions” have to follow some legal regulations of the Australian automobile industry to carry out the business concept. In Australia, the engineering company has to implement an "Automated Vehicle Program". The “Automated Vehicle Program Approach” in Australia outlines the current automated vehicle reform program that incorporates the purpose, deadline of the project, and further planned interactions & reforms with other agencies (ntc.gov.au, 2022). Moreover, the current reforms of this legal structure consist of on-road enforcement for automated cars, key accident injury insurance & automated car, and government access to vehicle-generated data. This legal framework will help “Adelaide Engineering Solutions” to get a safety assurance tagline for this information system on the car from the Australian government.

3.2 Strategic Planning Approach

The strategic planning approach of an automobile manufacturing company is different from a normal consumer product manufacturing company. The strategic plan is made as per the business idea of “Adelaide Engineering Solutions.” The strategic plans are discussed below:

? The engineering company has to develop the information system without any errors and connect it with the mechanical parts of the car. With the development of this complex process in today's complex & fast-changing market, technology, and competitive forces becomes a major challenge to organizations (King & Zmud, 2022).

? Once, the information system is developed, the entire system will be sent for testing purposes. If the testing fails then the developers have to find faults in the system and then repair them before the launch date.

? The automated information system will be launched in the Australian automobile market after complete testing of the system for assignment help.

4. Marketing Plan

4.1 Target Audience

The initial target market is car users from South Australia. Besides that, this specific product will be marketed towards people of legal ages that are owners of the car. The product will be marketed towards people of high & medium social wealth and status. The South Australians have been selected as the initial target market for the organization for retailing the information system because of the increased fatalities in the south region of Australia due to road accidents in recent years. Moreover, the distributors and dealers of the Australian South region are also targeted. The dealers will be provided with inbuilt safety features that will help the company to improve its public reputation.

4.2 Brief Description of Communication Strategy and its link to the target audience.

Communication strategy can be referred to as the plan through which an organization can accomplish the objectives of communication. Besides that, this strategy consists of different components like the setting of objectives for communication, selection of the target market, and finally formulation of the plan. This strategy will empower “Adelaide Engineering Solutions” to have a scheme of planning to share information efficiently (Bhasin, 2021). The engineering company has to use social media platforms to communicate with the target audiences. The organization has to upload posts of preliminary promotion regarding the business concept on Facebook or Instagram pages and promote all over the world. In this way, the company can reach its target audiences and gain the competitive advantage of executing this unique idea in the automobile business.

5. Competitive Analysis

5.1 Brief Analysis of the Australian Automobile Market

Figure 3: Sales Analysis of Australian New Vehicles
(Source: Richter, 2020)

Figure 3 represents the sales analysis of Australian new cars. According to figure 3, the sales of Australian new vehicles had started to reduce from the year 2017 and it continued to reduce upto the year 2019. It has been found from the above graph, that the new vehicles had experienced a loss of ten percent in the year 2017. The new vehicles are unable to generate profits throughout the year due to the Covid-19 issue or lack of safety systems in the vehicles. Therefore, it is a big opportunity for “Adelaide Engineering Solutions” to penetrate the market with a unique concept of securing the passengers and the drivers through an automated repairing system (Richter, 2020). According to the research, Toyota was the market leader with a market share of 19.4%. From 2019, the market share of Toyota fell by 5.2%.

5.2 Uniqueness of the Venture from the Competitors

The competitors like Toyota or Hyundai will use HUD or “Head-Up Display”, ABS or “Anti-Lock Braking System”, TPMS or “The Pressure Monitoring System” and ACC or “Adaptive Cruise Control” as a safety system in their manufactured cars. The competitor vehicle manufacturing companies implement VST or “Vehicle Safety Technology” in their cars to ensure the security and safety of automobiles. On the other hand, “Adelaide Engineering Solutions” will execute AI or “Artificial Intelligence” to facilitate the testing procedure. Besides that, the information system in the car will include a “Collision Warning Systems” that will help the car user to detect obstacles in the road. Moreover, the company will use “Touchsceen Graphical Interface” to display any faulty parts in the screen to be repaired. The execution of this unique information system will help the engineering company to decrease the number of mishaps on South Australian roads.

6. Financial Analysis

6.1 Type of Funding Implemented

“Adelaide Engineering Solutions” will need funding to carry out the project. The type of funding available to carry out a specific project is crowdfunding, bootstrapping, venture capital, and business angels. The appropriate funding model for this project is venture capital. VC or “Venture Capital” can be referred to as the form of private equity & a type of financing system that the investors provide to the entrepreneur companies & small organizations that are believed to have long-term development potential (HAYES, 2021). Besides that, the engineering company can collect venture capital from investment banks, well-off investors, and other financial institutions. The execution of venture capital will ring expertise and wealth to the organization and a large amount of equity finance. On the other hand, the implementation of venture capital will provide valuable information, technical assistance, and resources to make this project successful.

6.2 Financial Statements

Cash flow statement

Table 1: Predicted Cash Flow Statement of “Adelaide Engineering Solutions”
(Source: As Developed by the Author)

Table 1 represents a predicted cash flow statement of the company. The venture had developed a cash flow statement for the project. The use of a cash flow statement will help the company to manage its cash position and gain an understanding of how an organization produces cash to pay its debt obligations & provide funding as operating expenses. Moreover, the CFS will allow the investors to understand the operating position of the company (MURPHY, 2022). The implementation of this financial statement in the company is significant as it will help the investors to determine whether the engineering organization is on a strong financial footing.

7. Risks & Challenges

The execution of a fault detection project from “Adelaide Engineering Solutions” involves risks and challenges. The risks and challenges are based on the Australian automotive industry. The risks associated with the manufacture of an information system are discussed below:

? During the development of the information system inside the car, the company may experience security threats from hackers. A hacker may hack the system of the user who is using the modified car and create accidents. On the other hand, the information system can become exposed to malware or virus (business.qld.gov.au, 2022).

? “Adelaide Engineering Solutions" can experience human resource supply issues from the automation field. Research says that automation is taking over the vehicle manufacturing industry. When the organization will grow, it will need more human resources but the increase in demand for human resources in the automation field may give rise to the lack of human resources in the automation field. Besides that, most of the manufacturing jobs are in the automotive industry, thus, the car manufacturers should be concerned about how automation can impact plant closures and worker layoffs.

? Technical failures like computer crash, software bugs, and the complete failure of the computer components is considered other IT risks associated with the new concept of information system (Nibusinessinfo.co.uk, 2022). However, a technical failure can be disastrous if the organization cannot retrieve information on a corrupted hard drive & no backup was being taken by the management.
 

8. References