Briefly discuss one element; of the economic; one of the competitive; one of technological; one of the social and one of the global environment, your business will be operating in.

Business Idea: Recent changes in regulations follwoing development in technology has allowed new challenger banks to enter the market, competing with and posing a challenge to traditional banks who dominated this market in the past. These new start-up companies are mainly mobile application based banks mobile only. Examples in the UK include Monzo and Starling Bank, with lower overheads than traditional banks and technology built from the ground up, providing services that appeal to millennials. The Bank of England has also set up a new bank start up unit, to facilitate the emergence of new players in this space: https://www.bankofengland.co.uk/prudential-regulation/new-bank-start-up-unit. London is also becoming a hub for Financial Technology (fintech) with funding and talent available in a highly contested market. You are tasked with creating a business plan to start a new challenger (mobile only) bank based in London. For the business ideas, you are not expected to gain a deep technical knowledge of the relevant industry but rather apply the business concepts that you have learned during this course, particularly the topics relevant to the portfolio tasks below, to set up and launch a business. If you want to change the idea to something similar (POS finance fintech), you can do so if it is approved by your teacher. Task 1: Week 2 (Elevator Pitch) + A4 individual report (submit by the end of the week on Moodle). 1. 1. Briefly explain your business idea. Setting business objectives and highlighting the components of your Business Plan. Task 2: Week 3 (Group Presentation) + A4 individual report 1. 1. Briefly discuss one element; of the economic; one of the competitive; one of technological; one of the social and one of the global environment, your business will be operating in. Also, briefly highlight your business social responsibility and outline why it is important. Task 3: Week 4 (Paired Discussion) + A4 individual report 1. 2. Choosing a form of Business Ownership: Highlighting the different options available and evaluating the differences to justify your choice. You should discuss and list at least four Advantages and Disadvantages of the following: * a) Sole Proprietorship. * b) Partnership. * c) Forming a limited liability company. Also, in addition highlight the role of Small Business in the economy and significance of entrepreneurs in the future of business. Task 4: Week 5 (Group Discussion) + A4 individual report 1. 3. In assisting your decision making, an essential part that need to be mastered is the Financial Management and Accounting of the business. Highlight your financial plan and briefly discuss the different types of financing available. You are also required to create, in your group, a three months cash flow forecast summary (A4). Finalising Report & Putting everything in business plan together. Submitting a 1,000 words, individual summary report of all the above tasks using the Business Plan Template on Moodle (50% of total module mark), with a; 1. 1. Business plan summary chart. 2. 2. SWOT analysis chart. 3. 3. Three months cash flow forecast. The Portfolio Compilation, report and Presentation should demonstrate planning, research, analysis, the ability to build a coherent Business Plan and show understanding of the methods of organising business activities. You are expected to refer to your core text and other credible academic sources.