Assessment 3 Consider an Entrepreneur using the Business Model Canvas for a start-up business in the Australian Tourism and Hospitality Industry Impact Report Type:Outcomes assessed 1, 2, 3 & 4...

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Assessment 3 Consider an Entrepreneur using the Business Model Canvas for a start-up business in the Australian Tourism and Hospitality Industry Impact Report Type:Outcomes assessed 1, 2, 3 & 4 Weight: 40% Length: Report should be 2,000 – 2,500 words Submission: Report - Turnitin Assignment description: When Covid-19 struck, it devastated economies around the world and brought the Tourism and Hospitality Industry to its knees. The UNWTO estimates that the international tourism industry will see a 60-80% decline. Nearly overnight, international travel restrictions meant that there were no international tourist arrivals to Australia. Except for essential services, all businesses had to shut. The people-driven Tourism and Hospitality sector was the hardest hit and since March 2020, many of these businesses closed their doors forever. Those that survived had to reinvent their business models to cope with the new conditions in order to compete and survive. Many think that applying new health protocols, market diversification, creating clean labels, promotion campaigns, and information apps, etc will build-up traveller confidence. Governments and organizations have to devise comprehensive recovery plans, rebuild destinations, and encourage innovation and investment to re-energize the entire tourism eco-system. Global warming and climate change are the focus of all the nations in the world. Many countries have committed to achieving carbon neutral status by the year 2050. The negative impact of climate change is the impending crisis to the food supplies to feed a growing global population of 7.9 billion people (2021). This assessment task will focus on the Food & Beverage sector and the Hospitality sector. Your task is to select one of the case studies as the basis of this assessment task. From your analysis of the contents in the article, you are to consider yourself as an Entrepreneur with the objective of commencing a start-up business. A key success factor for your business is to identify your Competitive Advantage. Case Study 1: Is humanity on the brink of retiring farming forever? These 11 innovations in food technology could be the future of food production. Copy and paste this link to the URL to access the article. https://interestingengineering.com/11-innovations-that-could-build-the-food-of-the-future Case Study 2: Top 10 innovation in the hospitality Industry Copy and paste this link to the URL to access the article. https://www.soegjobs.com/top-10-innovation-hospitality-industry/ You may make use of any of the strategic management tools that had been covered during this semester. For example: · Refer to the ‘Writing a Case Study Report’ and address as many of the points stated in the article. To be successful in analysing the topics related to the topic, you need to demonstrate academic curiosity and critical analytical skills by reading and making references to at least 5 related articles. · You may apply any of the strategic management tools (SWOT, PASTEL, Porter’s 5 Forces, etc) that were covered in this semester. · Where applicable, explore and explain the role of Digital Transformation and other Technology in the plans for the future. · Where relevant, use the Business Model Canvas, by addressing the 9 components, to plan your business. · Where applicable, make references to elements of the Company’s Business Plan. Outline of the assessment task - Approach and Requirement: Warning and advice: There are many sources of information available on the internet. You need to avoid plagiarising other people’s materials – do not exceed the cut-off limit of a 20% similar score. If you do not understand the requirements of the assessment task, please ask the lecturer for clarification. If you need help with paraphrasing, please seek help at student services. If you have issues with time management, the best approach is to have a note book and list down the due dates of all Assessment task and start working on the tasks from the first day be adding snippets of content into the outline of your report. The approach to this task is as follows: Step 1: Select either case study 1 or case study 2. Step 2: Depending on your choice of the Food & Beverage case or the hospitality case, you can either start a new business or analyse an existing business that is in Australia. Step 3: Analyse the article that you have chosen in the context of identifying the opportunities that you can capitalise on to develop and grow your business. A key success factor is to identify your Competitive Advantage. You also need to read at least 5 related articles in order to have sufficient information to put together your business. Step 4: Use the Business Model Canvas as the basis of analysing your business. You will critically consider each of the 9 components in the planning process. You will be graded favourably when you demonstrate your skill in utilising any of the strategic management tools that had been covered and discussed this semester. 1. Introduction a. Identify the key opportunities and issues in the case study. b. Formulate and include a thesis statement, summarizing the outcome of your analysis in one paragraph. (estimate 2 - 4 hours) 2. Evaluation of your proposed business a. Apply the 9 components of the Business Model Canvass. b. State why these parts of the BMC are significant to the development of your business. (estimate 3 - 4 hours) 3. Proposed Solution/Changes a. Provide specific and realistic solution(s) or changes needed. b. Explain why this solution was chosen. c. Support this solution with solid evidence, such as: i. Strategic management concepts from class (text readings, discussions, lectures) ii. Outside research iii. Personal experience (anecdotes) (estimate 3 - 4 hours) 4. Summary of your experience when you planned this start-up business a. Discuss your mindset as an entrepreneur when you were researching and planning the business. b. If applicable, recommend further action that you could do to improve your skill set as an entrepreneur. (estimate 1 - 2 hours) Criteria used to grade the report: 1. Introduction: Your formulation and thesis statement is excellent. You have identified the key opportunities and issues which were highlighted in the case and you have ideas to capitalise on these opportunities. (8 marks) 2. Evaluation of the proposed business: Your evaluation of the 9 components of the BMC demonstrates an excellent understanding of the micro elements that are significant to development of the business. (12 marks) 3. Proposed solution/changes: You have provided excellent solutions or changes that are needed with clear explanations of why you have chosen this business strategy. Your application of the strategic management tools and other material shows excellent understanding of its application. (10 marks) 4. Summary of your experience: You have discussed your mindset as an entrepreneur which are relevant and you have demonstrated excellent academic critical thinking and curiosity with your recommendation of further actions that can be undertaken to improve your entrepreneurial skill set. (6 marks) 5. Evidence of Appropriate Research: Outside sources are incorporated logically, insightfully, and elegantly. APA referencing used throughout is consistent and accurate and demonstrated ability to reference a range of both primary and secondary sources both in-text and using a reference list of at least 3 relevant references. (4 marks)