MCBS – BTEC Centre – 91177 BTEC LEARNER ASSESSMENT SUBMISSION AND DECLARATION When submitting evidence for assessment, each learner must sign a declaration confirming that the work is their own. Learner Name: Assessor Name: Mr. Muhammad Jehanzeb Khan BTEC Programme Title: BTEC International Level 3 Extended Diploma in Business Unit or Component Number and Title: Unit 36: Starting a Small Business Assignment Title: Date Assignment Submitted: Assignment 1: Starting a Small Business Please list the evidence submitted for each task. Indicate the page numbers where the evidence can be found or describe the nature of the evidence (e.g. video, illustration). Assignment task reference Task 1 Evidence submitted Report Task 2 Report Task 3 Proposal Task 4 Proposal Learner declaration I certify that the work submitted for this assignment is my own. I have clearly referenced any sources used in the work. I understand that false declaration is a form of malpractice. Learner signature: 2019_20 BTEC Assignment Brief Version 1.0 Date: 1st March 2021 1 MCBS – BTEC Centre – 91177 BTEC Assignment Brief Qualification BTEC International Level 3 Extended Diploma in Business Unit or Component number and title Unit 36: Starting a Small Business A. Be able to present the initial business idea using the relevant criteria. Learning aim(s) (For NQF/RQF only) B. Understand the skills and personal development needed to run the business successfully C. Know the legal and financial aspects that will affect the startup of the business D. Be able to produce an outline business start-up proposal Assignment title Assessor Hand out date Hand in deadline Assignment 1: Starting a Small Business Mr. Muhammad Jehanzeb Khan 01st March 2021 06th April 2021 You are frustrated with the routine nature of your current job as your boss is not flexible and does not encourage creativity, so you decided to quit and start your own business. However, you should present a detailed report on a business idea using the relevant criteria learned during the course, describe the target market, and demonstrate an understanding of the research method used for the proposed business. Vocational Scenario or Context Starting a small business is an ambition for many people. As you have already highlighted and explained the initial idea for developing a small business. Taking it further, for the second part of your assignment you will: • Evaluate the findings from the analysis of the skills and personal development needed to run the business • Give a complete explanation of the legal and financial aspects that will affect the start-up of your business • Outline a business proposal / plan for starting up a new small business 2019_20 BTEC Assignment Brief Version 1.0 2 MCBS – BTEC Centre – 91177 The first part of the report you are preparing for your business should present a full description of your business idea as a report using the criteria learned in the course that includes the following: • Type of business • Aim and objectives (SMART) • Unique selling point (USP) • The need / demand for your product / service • Balancing your personal and business life Then you will provide a full description of your target market (potential customers) and how you will identify your target market. You need to carefully consider factors such as market research, published research, sales forecast, customers’ actions & choices, competition, SWOT, and PESTLE… Task 1 You will demonstrate your understanding of the methods used to identify the target market for the proposed business (for instance; surveys and feasibility study). This will require you to consider a range of methods that could be used and provide reasons for your choice. You should come up with justifiable explanation / reasoning for the method you may adopt. You need to demonstrate your understanding of the methods used to identify the target market for your proposed business. This will require you to consider a range of methods that could be used and to provide reasons for their choice. Market research will almost certainly be included but you need to explain why. Other methods may prove more challenging, but the selection and justification should contribute to a possible business launch, rather than just being a descriptive account of how they could be applied. Checklist of evidence Report required Criteria covered by this task: Unit/Criteria To achieve the criteria, you must show that you are able to: reference A. P1 A. P2 A.M1 Present the initial business idea using relevant criteria Explain how to identify the target market Explain methods used to identify the target market for the proposed business 2019_20 BTEC Assignment Brief Version 1.0 3 MCBS – BTEC Centre – 91177 In this part you will describe essential skills / expertise you need to run your business. You may consider the following skill sets and reflect how you may be able to brush up your knowledge, skills, and personal development. Skills: your own contribution; technical / operational expertise – relating to product / services, management, recording and checking business performance, interpersonal skills (multitasking / team player), administration, experience, and your strengths Development: Identifying skill gap / shortages, professional help, training, planning and time-management Then, you will need to analyse personal development if you were to launch a business. Task 2 Previously, you have already highlighted relevant areas requiring personal development. Now, you need to ensure you have competency and confidence within yourself to manage your business setup. Learners need to analyse these areas of development and explain how they would pursue each to strengthen their ability to start a business. Examples could include sources of training with appropriate timelines that fit with the business launch dates. Checklist of evidence required Report Criteria covered by this task: Unit/Criteria reference B. P3 B. M2 To achieve the criteria, you must show that you are able to: Describe the skills needed to run the business successfully and what areas require further personal development Analyse the personal development needed to run the business successfully As you continue with your business start-up research, you need to make a proposal describing the legal and financial aspects that will affect the start-up of the business. Task 3 Hint: Legal aspects: legal status (sole trader, partnership, limited company, co-operative, legal liabilities, trading terms & conditions, trading standards, licenses, record keeping, resolving problems, national / local laws, regulations / bylaws, health & safety, fire regulations, licensing, liabilities, planning permission, contracts, duties & responsibilities Financial aspects: personal survival budget, cost of premises, equipment & supplies, running costs, employing staff, pricing policy, breakeven, cash flow, forecasting; profit & loss, sources of finance (grants, loans, borrowing, sponsorship). 2019_20 BTEC Assignment Brief Version 1.0 4 MCBS – BTEC Centre – 91177 Checklist of evidence required Proposal Criteria covered by this task: Unit/Criteria reference C. P4 To achieve the criteria, you must show that you are able to: Describe the legal and financial aspects that will affect the start-up of the business Once you can highlight the relevant financial and legal aspects, then you need to form a business plan that should follow a formal report format and can be developed into a comprehensive document. This should reflect legal aspects relating to the start-up of a new business, but monetary aspects will need to involve some simulation. The report should be supported by an oral discussion, which may be undertaken with a specialist such as a bank manager / a financial analyst at a consultancy. Hint: Business Proposal: reviewing information & ideas, setting up target & goals, purpose of the plan, components (types of businesses / market scenario / resources, financial feasibility, profit forecasts, business growth & development, contingencies. Task 4 Proceeding ahead with your proposal you need to consider the impact of legal and financial aspects. This may require you to describe systems you will have in place for addressing such issues, such as recording systems for tax and VAT liabilities. You need to include a summary of how these will be embedded within the overall business plan. Lastly, you need to draw all your evidence together into a comprehensive proposal that addresses all relevant aspects of business start-up. Checklist of evidence required Proposal Criteria covered by this task: Unit/Criteria reference C. P5 C. M3 D. D1 To achieve the criteria, you must show that you are able to: Produce a proposal containing the essential information for the start-up of a business Assess the implications of the legal and financial aspects that will affect the start-up of the business Present a comprehensive business proposal that address all relevant aspects of business start-up 2019_20 BTEC Assignment Brief Version 1.0 5 MCBS – BTEC Centre – 91177 Sources of information to support you with this Assignment • • • • • • Other assessment materials attached to this Assignment Brief BTEC Business Level 3 Handout (Unit 36 portion) PowerPoint slides – (Class Lecture Slides) Class Activities and Notes Barrow C and Barrow P – The Business Plan Workbook, 3rd Edition (Kogan Page, 1998) ISBN 0749426969 Deakins D – Entrepreneurship and Small Firms (McGraw-Hill Publishing Company, 1999) ISBN 0077094522 https://smallbusiness.co.uk/ None FOR 2012 L1/2 FIRSTS ONLY: If you have not achieved the Level 2 criteria, your work will be assessed to determine if the following Level 1 criteria have been met. To achieve the criteria, you must show that you are able to: Unit Criterion reference N/A 2019_20 BTEC Assignment Brief Version 1.0 6
