Micro venture execution and SimVenture 

Foundation work for assessments: a) Micro venture execution and b) SimVenture (2500 words REFLECTION TOTAL)

After completing the simulation and having traded as a micro venture, each student will individually submit a business report on the two venture creation activities. 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.

Self-reflection is an important part of entrepreneurial learning, and you will be expected to look back on the group-based simulation and real live micro venture, and present your experiences and learning points.  This is best achieved when you take time after each group exercise and reflect back on it, but your submission will be one coherent reflection which can take an overview of learning throughout the entire process or 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
• Reflection on group dynamics
• Individual learning points – e.g. interpersonal dynamics, handing difficult situations, self-confidence, leadership capabilities, skills development etc.
• Any individual growth points or revelations
• Future personal development plans

Some key points to consider:

1)       The report should clearly state what the group achieved in financial terms on both projects.
2)      The report should provide a justification of the key decisions that were made, making reference to

• key themes discussed during lectures
• academic literature suggested on the module
• further reading where appropriate

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

A good report 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, e.g. the different roles that were taken with the group
• Show originality of thought
• Have good structure and clear presentation (including introductory and concluding comments)

Word Count: NO 10% allowance, a penalty will be applied if this is not adhered to.

• 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 doesinclude citations and quotations.
• The overall word count does notinclude the references or bibliography at the end of the coursework.
• The word count does notinclude figures and tables. However, the content with tables must be within sensible limits and should not be used to deceive the overall word count.
• Appendixes are notincluded in the word count. For this module the following applies:

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

Font:                                Verdana 11 point
Spacing:                          1.5 spaced
Margins:                          Normal (2.5 cm)
Referencing:                  Harvard citation style

You must put the profit and loss account, balance sheet, Cash Flow and Targets into the appendix for the Sim Venture task in the reflection report.

50. a)    MICRO VENTURE TASK 1 COMPLETED –  All students must join a group. These groups represent entrepreneurial founding teams and, as a group, you will develop a business idea for a real live micro venture. The start-up costs for the venture cannot exceed £50. The business must only trading between the Tuesday the 8^th-15^thof February 2022. All turnover must be generated within this timeframe. No proceedings can be collected before or after this date. All execution of the idea has to be within this timeframe. The business must not be selling any food or beverages (for health and safety reasons). Selling raffles or participating in any type of gambling is not allowed. You can not participate in any illegal activity. Trading can be online and/or offline. All sales must be recorded and profits/losses must be reported. All profits must go to a charity chosen by your group. Losses will not be compensated for by NUBS.
51. b)    SIM VENTURE TASK 2 COMPLETED –  In the same teams, you will run a business on SimVenture’s Evolution platform – a business simulation that enables participants to set up and run their own virtual bike company whilst learning about launching a new venture and being an entrepreneur. You must spend time individually learning how to use the software. Groups will run Simventure Evolution and will actively engage in and analyse the group’s decision making, for better or worse, with a view to understanding the learning that has taken place. At the end of the simulation, each student will individuallyanalyse the outcomes and identify key decisions.

Final report

Your final individual coursework (2500 words) will be a reflective analysis of your entire year on this NVC module. The SimVenture simulation will only form one part of this report. However, your experience of working in a team, dividing roles, 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.

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 the final Profit and Loss Account and Bank balance, the Team Decision Making Sheets, records of the strategies and plans developed before and after running each quarter/year, etc.

You will not be able to offer an in-depth analysis of every business function, so focus on your specific role within your team. Analyse the impact of the decisions made on the success of the business, for example in terms of your Marketing Strategy, Business Plan, Sales/revenue, Profitability, 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.

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 critic 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.

Mini Venture

Group Name – Group 30

Micro venture idea – We are selling Valentines Day cards between 8^th Feb to 14^th Feb at Nottingham University to other students.

1. How much did you make in sales (£)?
2. How much did you make in profits(loss)?

Reflect on at least 1 key take away you had as a group – Some group members did not attend or contribute to the event. In future, it is wise to assign roles to everyone so that we can ensure that everyone takes part in the event.

List all your group members and divide 100% equity depending on everyone’s contribution to the micro-venture.