Individual report and reflection (3000 words) - 100% Module mark Due date: 14th August 2023 by 3pm

Similarly as the first-sit, you will play a new SimVenture scenario and use the data to write a detailed business report analysing your decisions and the impact they had, as well as a personal reflection on the experience. You will not be able to use the data from any previous SimVenture runs you might have done, but are required to play a new game. Once opted-in for the re- assessment please contact the module convenor ([email protected]) for your new access code.

SimVenture

SimVenture  Evolution ™  is an online  business simulation that allows you to  run a  bicycle manufacturer. You will be making decisions about all aspects of your virtual company in order to  survive  and  grow  the  business.  Just  as  in  real  life,  every  decision  you  make  has consequences in terms of time, resource, and finance. The simulation plays the role of the market (enquiries, orders and sales) and after some exercise you will be expected to run your company quarterly for 5 virtual years starting from quarter 1 (seed scenario).

You will start and run the young bike manufacturer using SimVenture Evolution. You will be expected to make a large number of decisions on the financing, product development, sales & marketing and the operations of the company, for better or worse, with a view to understanding the learning that has taken place. At the end of the simulation, each student will individually analyse a select number of key decisions they took and the impact they had on company performance, summarised in a final report.

Supporting Information

It is up to you to decide how you approach the simulation. You are strongly urged to read the supporting information however, as this information will prepare you to think through your decisions effectively.

Begin by watching the four video message under the Intro tab. Next, complete Core Skills 1-6 as well as the SimVenture Passport to check your understanding (individually). Next you will be working on 2-3 mini-cases focusing on specific aspects of the business. To help you, the cases assume the company has been running successfully for a few years, and then ask you to look into one specific decision, such as pricing. Finally you will run your own start-up bicycle manufacturing business. During this final run you only get one chance to roll back time, so use it very carefully.

Think carefully about your decisions, and keep a record of your activities. Knowledge from other modules might help you, but progress will be made most quickly, and learning enhanced most effectively, when results are critically analysed and common sense is applied. The cases and practice session you will go through will help you to learn further details.

Decisions – The simulation requires you to make decisions about all aspects of your business on a quarterly basis. The interface is divided into four main areas (Finance, Sales & Marketing,

Organisation and Operations) which cover a number of related themes and issues to consider in-depth. No part of the simulation works in isolation. Just like in a real business, every choice you make will have impact elsewhere in the game. Your job is to find the right balance between using your time effectively and ensuring enough money is flowing through the company.

Document your progress – it’s better to do this as you go along, so that you can keep an accurate record of your individual development…this is much easier than looking back at the end of the course and trying to remember how things were at a certain point in time. Your final Profit and Loss Account and Bank balance must be recorded and be included in your final coursework in the appendix. If your company went bankrupt, you have to report this also.

Using the Simulation - Each quarter, you can review each of the main areas and relevant sub- issues and then make decisions about your business in terms of how time and money is spent.

When you are happy with your choices, press the ‘Run Quarter’ button. The simulation will take you to a final check page and you can play out your decisions for that quarter. You will then be able to view and analyse the consequences of your actions (including any enquiries, orders and sales generated by the simulation) before moving onto the next quarter.

The quarterly analysis shows you how you have spent your money and time as well as showing your overall financial position to date (do take note of these).

Final report (3000 words)

Part A: Individual Analysis Report based on SimVenture  Performance - 80%  (c. 2000-2500 words)

After completing the simulation you will individually submit a business report. This report should analyse the performance and decision making within the context of the results achieved, and should incorporate key themes and concepts covered in the module. Good reports  will  seek to  apply theoretical  concepts to  explain,  understand  and/or justify  the decisions that were made and the outcomes achieved.

Exactly how you will report your SimVenture results and learning will be up to you. However, you will need to provide evidence to support your case, for example, records of the strategies and plans developed before and after running each quarter/year, etc. Your experience of setting KPIs, analysing your decisions and their effects, evaluating your financial outputs, reflecting on your learning, and noting down what you might do different next time, will all inform your final report.

You will not be able to offer an in-depth analysis of every business function/decision, so focus on your Critical Success Factors. Analyse the impact of the decisions made on the success of the business, for example in terms of your marketing strategy, sales/revenue, profitability, efficiency, costs of supply and production, cash flow analysis, staffing, recruitment and training, and other resources. Why did the business strategy succeed or fail? How did you set your KPIs and did you manage to achieve them? What problems and issues did you run into? Better reports will also be able to link their decisions and learnings back to theory.

Some key points to consider:

1) The report should clearly state what the company achieved in financial terms.

2) The report should provide a justification of the key decisions that were made and evaluate the impact they had on business performance. Better reports will also:

•  Provide evidence of reading around the topic and illustrate a good understanding of the key concepts covered on the course

•  Include relevant theory and evidence and reference sources accurately

•  Critically discuss different viewpoints with carefully developed arguments

•  Show originality of thought

•  Have good structure and clear presentation (including introductory and concluding comments).

3) You should state, where appropriate, what you have learnt from the simulated venture and what you would have done differently were you to do it all again.

What we are NOT looking for are descriptions of the decisions and a long bullet pointed list, no rational for your decisions and no evidence of analysis, no screenshots from SimVenture, and no link to theory. We are also not interested in a critique of SimVenture (don’t moan about the software) or a particular team member, but only your learning using this bicycle company case.

Speaking from experience, the more time you are willing to put into this simulation, the more rewarding will be the experience. Enjoy.

Part B: Individual Reflective Submission - 20% (c. 1000- 1500 words)

Submitted as part of the same document as Part A

Self-reflection is an important part of entrepreneurial learning, and you will be expected to look back onto the simulation and present your experiences and learning points. This is best achieved when you focus in-depth on one particular decision. It is also encouraged to take time to reflect on your overall learning from the module itself.

• Reflection on your experience with the simulation

• Individual learning points – e.g. interpersonal dynamics, handling difficult situations, self- confidence, leadership capabilities, skills development etc.

• Any individual growth points or revelations

• Future personal development plans

UG Coursework Submission Requirements:

A maximum word count will be set by the module convenor and must be adhered to (3000 words). The penalty for exceeding this limit is a five mark deduction.

.     The actual word count of the assignment must be stated by the student on the first page (cover sheet) of the assignment.

.     The overall word count does include citations and quotations.

.     The overall word count does not include the references or bibliography at the end of the coursework.

.     The word count does not include figures and tables. However, the content with tables must be within sensible limits and should not be used to deceive the overall word

count.

.     Appendices may or may not be included in the word count as specified by the Module Convenor. For this module the following applies:

Appendices are not included in the overall word count.

Students should prepare and submit their coursework assessments in the following format:

Font: Verdana 11 point

Spacing: 1.5 spaced

Margins: Normal (2.5cm)

Referencing: Harvard citation style

BUSI3020 New Venture Creation

Marking Rubric

Re-assessment (3000 words) 100%