Charles Darwin University is offering a small business grant for a deserving student’s entrepreneurial endeavour. It has been left up to the CDU representative to oversee the business case submissions and ascertain whether they are indeed viable and worthy of funding.
To receive the funding, the project must meet the following criteria:
It must benefit a community – either a community or a select segment of the population.
It must be in Australia.
It must be a unique endeavour
It must be completed within one (1) year.
It must have a budget between $50,000 and $200,000 (AUD).
It can generate income (though not necessarily break even in the first year). If it does not generate income it must provide significant benefit to a community, which must be quantified by a high score using a weighted score model
It must relate to your area of study (degree program)
All statements must have legitimate references.
Your tutor from Charles Darwin University is your project sponsor.
Business Case Proposal
Name and student number
Table of Contents
Use one of the following techniques to quantify the viability of the project:
Weighted scoring model
Identify the expected benefits.
Identify two objectives.
Develop a SWOT analysis (Minimum four in each category).
List the stakeholders
List and describe the possible assumptions for this project.
List and describe the constraints for this project.
Estimate how much it will cost.
Explain how you estimated costs.
Identify five (5) risks and quantify their potential likelihood and severity.
Indicate how each of the above-mentioned risks will be managed
How long is the estimated time to complete the project?
List and describe the major milestones.
Conclusion and references (Harvard or APA style)
CHOOSING YOUR PROJECT
Area of Study – It’s best to do something that is related to your degree program. It can also be related to your current work or profession. The reasoning behind this is that we want you to focus on Project Management and how it will relate to your area of interest.
Business case does NOT mean a business
Consider hosting an event. There are thousands of charities out there that undertake some sort of clever fundraising initiatives. Google away.
If you’re still stuck on ideas, consider
Jane is studying business and works part-time as an assistant at a law practice. Ideally, she would choose a project that incorporates her studies and takes advantage of her working knowledge of the legal system (she’s not a barrister so can’t provide actual legal advice.)
Most likely, while in that office, she has come across a few areas that she has found to be lacking in support or in need of a bit more attention. (Think, “If only we had….”). Well, besides a coffee and muffin delivery service, she’s not having any waves of inspiration.
Now, outside of work, Jane’s interests include basketball, reading and painting. She even volunteers by teaching arts and crafts classes once a week at the local senior centre. While teaching, she hears about the woes that some of the elderly attendees have encountered with legal issues related to estates, medical bills, wills, etc. Hmmm, maybe she could work with some first-year barristers to get them to come in and provide reduced fee services. It’ would be a business and she knows the legal system. “Ok”, she thinks, “There’s an idea.”
But, as she is walking around the senior centre’s craft room, she notices that a number of the students want to take their work outside, but because of their mobility scooters, it’s proving a difficult task. If only there was a device that would allow them to attach an easel to their scooters or walkers. Hmmm, there’s an idea.
Looking further, she sees that some of those scooters are looking a little worse for wear. Wouldn’t it be funny if some of them were painted like V-8 race cars?
Choosing a less than ideal project for your assignment
Jane also considers herself a pseudo-environmentalist. She recycles – but still isn’t quite sure if pizza boxes can go into the recycling bins. She understands the benefit of a compost pile, but since she’s in a city apartment, this isn’t really feasible. She had fans installed around the unit so she could do without air conditioning. She’s heard about solar farms and wonders if she could get something like that established in one of the rural senior centres she regularly visits. First though, she needs to figure out exactly what a solar farm entails.
Bottom line: Jane has great intentions, but let’s face it, in the amount of time it will take her to learn all about solar farms – the logistics, the legalities, the zoning – she could have written a business plan for something of which she already has working knowledge.
“Work smarter, not harder”
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