ASSIGNMENT

ECONOMICS AND
SOCIETY
BAFD1003
(30%)
An Apprenticeship Student-Entrepreneur Project

PURPOSE OF THIS ASSIGNMENT:

This assignment provides students with learning opportunities in a range of core

competencies in economics and society theory to apply the theoretical
framework of economics covered in the course to the analysis of current
economics, investigate and explain the economics and society issue behind an
environmental issue to a lay audience.

In-line with the university’s aspiration to produce holistic graduates, elements of

collaboration (C), adaptation to market demands and changes (A), reflection on
knowledge gained (R) and entrepreneurship (E) are embedded in this project.

THEORETICAL STUDIES
As an apprenticeship student-entrepreneur provides student with the practical
experience, new skills, networks, procedures and competency how to start-up
and manage their small business’s. Apprenticeship is essential in an
entrepreneur’s journey.

Some of the value propositions that short apprenticeship project can

offers are:
1) To boost adoption of apprenticeships in the segment such as:
a) create a positive perception around the adoption of apprenticeship
b) encourage more entrepreneurs to embark on this journey

2) Deploying apprentices can create a strong pipeline of capable productive

people who are essential for the growth of the enterprise

3) An idea creates a venture, but it’s the people who lead it to success - Build
people and then people build the business ~Zig Ziglar

PROBLEM STATEMENT

How do we encourage entrepreneurship for a generation that is burdened by

student loans, has low levels of work experience, and is frequently turned down
by banks for start-up business loans?

According to Census data, approximately 22% of young adults today have a

college degree. However, entering the labor market at the time of the Great
Recession has taken a toll on this generation. Data from Pew show that more
than 30% of millennials say they depend on financial support from their family.

1
The real issue is that millennial's very often lack the necessary expertise and
experience to start and run a business. Work skills can be earned while still in
college through apprenticeship programs, or can be obtained after college
through work and on-the-job training. For millennials, the recession and
subsequent unemployment has resulted in fewer opportunities to gain these
skills after college. At the same time, they regret that they did not get enough
work experience while still in college.

In many cases entrepreneurs often end up spending heavily to get talent.

Another concern is the high attrition that they have to face. Major stumbling
block that entrepreneurs often come across is low productivity. Apprenticeship
can be a game changer for entrepreneur’s to address the aforementioned issues.
It is one of the most accepted ways of nurturing skill talent pool.

Entrepreneurship is a career path which is being pursued not only by fresh

graduates but also by seasoned professionals who wants to realize an idea or a
dream. However, in the entrepreneurial journey, apart from ensuring
profitability, operational efficiency, lack of skilled talent is a big challenge. Lack
of brand power, jumbled structure and role, and risk of failure are the factors
affecting the talent acquisition process.

ASSIGNMENT OUTCOME:

LO1: Enhancement of the student’s educational experience from real-world life in

economics and society perspective thus, prepare this younger generation
for the job market and allows shorter periods of unemployment before the
first job.

LO2: Helps students develop the information literacy skills and problem-solving
skills which will help to impart relevant knowledge and the current economy
trend thus, encouraging students to learn new skills, gain work experience
and boost earnings.

LO3: Improve productivity, allow apprentices to achieve better job matches and
as a pathway to lower student debt, better labor market outcomes and
more entrepreneurship opportunities.

OUTPUT:

1) CD: submit your completed video file to your instructor on a CD

2) For Regional Centre student: upload your completed video to YouTube and
submit the URL to your instructor and course leader. YouTube videos can
be set to public video. Public videos are publicly viewable and findable by
anyone. (not private)

INSTRUCTION:

2
 EVERY JOURNEY STARTS WITH A STEP. CONGRATULATIONS ON
DECIDING WHERE THAT NEXT STEP IS HEADING

This is a GROUP assignment. Your task is to form a group of maximum 10

people. Each group need to create a 20 to 30 minutes video that explores the
initial process of entrepreneurial journey until your contribution to the society.

To have an entrepreneurial journey, therefore the initial step to gain your real
entrepreneur experience;

1) You need to choose only ONE well known product that have strong
international brand name and have good reputation as your start up
small business as this project is for you to have the real and first
experience before you have your own business.

2) Then build a venture that reaches and serves thousands of customers.

The job of the entrepreneur is no longer making and selling the product
only but in educating the buyer and validating the on-demand model
which may sound viable.

3) Next you should determine your sales goals. These provide a starting
point to determine how to develop your sales plan and set a team goal,
determine how many sales you need to attain your goal and how much
each group member must sell to make it. (Need to discuss with your
instructor to have a standardize sales goal for all group)

4) Select the selling system most effective in meeting your goal. (Based on
your own creativity) example: Biz network (build people first then people
will build business)

5) Define your target market and develop a sales plan for those customers.
Determine how your product best meets their needs and how you can
demonstrate that convincingly. This might be done through networking,
advertising via social media.

6) Set a daily target for the number of potential customers you must engage
to meet your sales goals. Sales is a numbers game. You can meet your
sales goals by consistently finding the required number of prospects. For
example, if the average closing rate is one out of five, then you’ll need to
work with 10 customers each day to close two sales a day.

7) Chart your progress and keep careful records to maintain motivation.

Having the goal in writing and reviewing it daily will keep you focused as
you move toward it.

8) Last step, as for the contribution to the society or reward yourself for
reaching your goals, the outcomes from your small business can be
allocate through corporate social responsibility (CSR) or etc. For example,
the donation to the orphanage or celebration of your accomplishment.

Remember!

3
The more creative your business strategic, with the GOOD implementation of
the C.A.R.E elements, the high probability you can success in this an
apprenticeship student-entrepreneur project.

Please refer to the detail below for the execution of task.

The video presentation should include appropriate photographs, video, music,

graphs (optional), and other visual aids. The final assignment should be burned
to a CD format together with the cover.

Make your video entertaining and fun to watch by putting a strong effort into
compositions of shots, editing, narration and use of music. At the same time,
your video is educational and informative in nature.

FORMAT OF THE COVER OF YOUR CD:

The cover of your CD must have the following standard layout:

a) The Front Cover
Use your creativity to design your front cover.

b) The Back Cover

i) Centered top: Name of the university, follows by Course name,
Course code, Semester (e.g. January 2020) and Section (e.g.
Section 2)
ii) Centered middle:

1 Name Matric No. % of Signature

contribution
2
3

iii) Centered bottom: Lecturer name (spell correctly) and Actual date of
submission

Make sure you use a combination of methods/means for different

concept for better video output. Always remember to use your
creativity!

FORMAT OF YOUR VIDEO PRESENTATION:

Part 1: Introduction of your group members

Part 2: Main content of your video (Diary of your entrepreneurial journey)
Part 3: Conclusion + knowledge gained + Acknowledgement + Project’s
Picture.

GUIDELINE FOR GRADING:

Please refer to the Rubric attached below.

4
VIDEO ASSIGNMENT RUBRIC

Partially Proficient Proficient Exemplary

CONTENT 1 2 3
Overall Video was not visually Video was effective or Video was effective,
effectiveness of interesting. Did not show appealing, but not both. informative and appealing.
video much imagination. Did not
convey information or
compelling message.

Effectiveness of Viewer had little good reason Viewer was fairly well interested Viewer was hooked from the
Introduction to keep watching by the introduction beginning of the video and kept
interest throughout.
Concept No clear focus has emerged Has fairly clear picture of what Has a clear picture of what they
they are trying to achieve. are trying to achieve. Concepts
Concepts are fairly explained are excellently explained.
Assignment Many elements of the video Most elements of the video were All elements of the video were
Clarity were irrelevant to the overall relevant to the overall theme. relevant to the overall theme.
message. Viewer was not sure Events and messages were Events and messages were in a
what the message was. mostly clear and in order. clear and sensible order.

Completion of Few elements of the Most of the elements of the All elements of the assignment
assignment assignment were addressed assignment were addressed were addressed satisfactorily.
satisfactorily. satisfactorily.
Indication of There was little indication of Video showed a basic command Video showed creativity,
Thinking and imagination, creativity, of the subject, but lacked motivation, and critical-
Learning research, and thoughtfulness creativity and thoughtfulness. thinking. The presenters
in the video. clearly had an understanding of
the topic, and did the necessary
research.

5
 MEDIA Partially Proficient Proficient Exemplary
1 2 3
Good audio and Transitions from shot to shot Video sometimes moved Video moved smoothly from
visual were choppy. Effects were smoothly from shot to shot. Use shot to shot. Good but not
continuity either missing or excessive. of effects not always worthwhile. excessive use of effects.
Sound was cut-off and/or Sound was well-placed and Sound was well-placed and
inconsistent. reasonably consistent. consistent.
Use of Media Little use was made of media Media resources were present Media resources were well-
Resources: resources. Video would have but not always balanced. Most balanced. All media was
(music, text, benefited from more diverse media was relevant to the relevant to the purpose of the
voice-over, media. purpose of the video. video. All available resources
pictures, video) were used when effective.
Others Partially Proficient Proficient Exemplary
1 2 3
Front Cover of Failed to show any creativity Moderately creative Very creative
the CD
Back Cover of Failed to follow the given Moderately follow the given Strictly follow the given
the CD guidelines guidelines guidelines
Conclusion Conclusion is abrupt. Conclusion is fairly ended. Conclusion is well-ended.

Timeliness Deadline was not met. Output was submitted on time. Output was submitted earlier
than the deadline.