MGT602 Entrepreneurship Assignment 1 Solution Fall 2018

Entrepreneurship (MGT602)

Fall 2018 Assignment.01

Due Date: November 22, 2018

Total Marks: 10

Topic: Business Idea Presentation

Learning objectives:

 To educate students about the critical importance of a business idea for a startup business.

 To inform students about the effectiveness of NABC tool for improved pitching of a business idea. Learning Outcome:

 Students will be able to effectively use NABC tool to ink a business idea.

 Students will be able to use NABC tool to enlist actual requirements for different type of start-ups.

Business Idea: A human being needs money to meet his economic requirements. It is one’s own decision to choose between job and business to generate money. The person, who chooses business path to meet his economic requirements, must carry a business idea to do so. There are multiple sources of a business idea like day to day living, change in the surrounding environment, government policies and sometimes the literature or the discussion with the industry experts gives you a notion for a particular business. Once you have got a business idea, the very next step is to convert that raw idea into a practical and a sustainable business activity. This conversion process requires financial and human resources. It is to notice here that financial resources are the most critical in the beginning of a startup.

NABC: The entrepreneur needs to pitch his business idea efficiently in front of potential investors where from he may get required finances for the startup business. Stanford University developed Need, Approach, Benefit and Competition (NABC) tool for idea pitching. NABC is an effective tool to improve a business idea pitch. It is a template that helps you assemble, highlight and prioritize your startup plan to convince an audience of the value of your business idea.

Visit VULMS downloads section to watch the video content on NABC.

Assignment Requirements:

1. Think of a business idea and ink it using NABC tool.

2. Fill in the given template by clearly stating your business Need, Approach, Benefits and Competition. (4*2.5=10 Marks)

Entrepreneurship (MGT602)

Fall 2018

Assignment.01 Solution Template

Need Approach Benefit Competition (NABC) Template

Business Name:





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 __________  __________  __________  __________  __________

 __________  __________  __________  __________  __________

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1. You must watch the video lecture content about NABC. Two videos titled as “NABC Approach R” and “NABC Example R” have been uploaded at VULMS download section.

2. Fill in the given template to write your answer in bullet form.

3. Write precise and to the point answer and avoid unnecessary details.