What opportunity do you recognise

Assignment Help Business Management

Reference no: EM133644157

Homework: Business Start-up- Management, Leadership & Organizations- Individual Challenge

Assessment Aims

Students are required to construct a business plan using relevant theory, research and analysis to start a feasible micro or small business. Completing a business plan forces students to assess all aspects of a business, especially the difficulties in resource availability to start a micro or small business. Each student will have the opportunity to pursue an idea and create a business using that idea. Ultimately, after the completion of this assessment students would have a professional document that could be presented to funding agencies.

Intended Learning Outcomes

A. Understand specific entrepreneurship types, and what category of entrepreneur they belong to.

B. Build research skills to critically evaluate industry and market opportunities in business creation, including a self-analysis on the development of students' awareness on entrepreneurship.

C. Evaluate key start-up strategies to problems most nascent entrepreneurs encounter before starting a venture.

D. Evaluate relevant start-up and exit strategies for a specific venture type.

E. Provide evidence of a feasible and clearly articulated business plan.

Assessment Scheme

Formative Assessment

Students will have the opportunity to receive informal feedback prior to submitting their assessment during the surgery week and when scheduling an appointment during office hours. The formative assessment consists of discussions and feedback to help guide students on their work not to provide them with answers. It is the sole responsibility of the student(s)/group to ask for formative feedback.

Summative Assessment

Individual Business Plan. Each student is required to construct a business plan using relevant theory, research and analysis to start a feasible micro or small business. This will address learning outcomes.

Research Ethics

The teaching, learning, assessment and research activities undertaken in this module have been considered and are not likely to require ethical approval.

Business Plan Contents

I. Business Details:

A. What kind of entrepreneur are you? Innovator? Lifestyle? Income-replacement

B. What kind of business are you?

1. Disruptive Innovation? New-to-the-world Industries? Incremental Product/Service? Innovation? Copy-cat? Market Development Market Paradigm Shift?

2. Sole Proprietorship? Partnership? Corporation? S-Corporation? Non-Profit?

C. Is your business part-time or full-time work?

D. Why do you want to start this business?

E. Have you not added your entrepreneurial characteristics quizzes to talk about/discuss yourself in the business details? Remember YOU are your business, and the business identity is shaped in YOUR vision.

II. Industry & Market Analysis:

There is no analysis of the market or display of understanding the market.

A. Market/Industry Lifecycle: New Market? Emerging? Growing? Mature? Declining?

B. Market/Industry Concentration: Fragmented? Consolidated?

C. Market/Industry Geographic Extent: Local, regional or national? Global?

D. Competitors: Direct? Indirect? Future Competitors?

E. Market Size: Potential Market? Total Available Market? Served Available Market? Penetrated Market?

F. Market Analysis Techniques/Tools: Brainstorming; Mind Maps; Industry Futures: PESTEL Analysis; Attribute Analysis; Gap Analysis; SWOT Analysis;

G. Identifying gaps in the market: Value Chain: Porter's 5 Forces - inbound logistics; operations; outbound logistics; marketing and sales; after-sales service; procurement; human resource management; technology development; firm infrastructure.

H. Page 97: The screening process ahead of the go/no-go decision.

I. Why do you think this will work? What opportunity do you recognise? Is there a gap in the market? Are you bringing a totally new innovation?

III. Customers & Value Proposition:

A. Business Model: Low price (low cost); high differentiation; high customer focus or intimacy; Internet-based model?

B. How are you ensuring that your business has a competitive advantage?

1. What IS your competitive advantage?

C. CHARACTERISTICS OF A GOOD BUSINESS MODEL: Pg 134-135.

D. VALUE PROPOSITION SHOULD STATE THREE THINGS: Pg 146.

1. How your product or service will solve a problem for your target customers.

2. The benefits they can expect - tangible and intangible.

3. Why they should buy from you rather than from your competitors.

E. CREATE VALUE BY: Pg 148

1. Establish an identity

2. Help build a reputation

3. Help develop a relationship

IV. Marketing Strategy:

A. Marketing Mix

1. Product/service: Quality; Performance; Design; Newness or novelty; Colours; Sizes; Specifications; Customization; Packaging; Convenience.

2. Price: List Price; Discounts (volume, loyalty, etc); Auction; Negotiated; Payment Terms; Sales and Specific Offers; Differential or Segment Pricing; Reduction in cost of other products/services.

3. Promotion: Communication; Advertising; PR; Word-of-mouth; Fairs and exhibitions; Sponsorship; Competitions; Point of Sale Displays; Brand.

4. Place: Location; Layout; Distribution Channels; Retail/Wholesale; Internet; Telephone; Face-to-face selling; Accessibility.

5. People: Relationships; Service; Advice; Support; Partnerships; Convenience of use.

B. Launch Strategy;

C. Sales Tactics;

D. Communication Tools;

1. Word of mouth; Relationships and Networks; Social Networks and Media; Blogging; Guerrilla Marketing; Publicity and Public Relations; Newspaper Advertising; Radio Advertising; TV Advertising; Internet Advertising; Sponsorship; Telephone; Posters; Flyers; Billboards; Direct Mail; Email; Texting/Tweeting.

E. Minimum Viability;

1. Customer Feedback and Evaluation

F. Brand Development;

G. Competitive Reaction;

H. Product and Market Development;

1. Product Modification; Product Expansion; Product Extension; Completely New Products.

2. Star; Problem Child; Cash Cow; Cash Dog.

3. Acquisition for product and market development.

I. Growth Potential and Scale-up Plans.

1. Market Penetration; Product/Service Development; Diversification (horizontal integration, backwards vertical integration, forwards vertical integration); Market Development; Franchising.

V. Operations Plan:

A. Key Operating Activities (i.e. Manufacturing Processes; Business Model; etc.)

1. Sole Proprietorship; Partnership; Limited Liability or Corporation; Social Enterprise: Not-for-profit, Charities.

B. Safeguarding your business;

1. Intellectual Property Law: Patent; Trademark; Registered Design; Copyright.

C. Partnerships;

D. Business Controls;

E. IP Issues;

F. Scalability.

G. Operations Plan.

1. Gantt Chart

VI. Risk Assessment (see Page 9 below for the template to use for this section)

H. Identified Risks;

1. Pre-launch activities; Post-launch Operations.

I. Risk Monitoring and Mitigation;

1. Pre-launch Delays; Competitors; Competitive Advantage; Market; Customer Value Proposition; Product/Service quality; Customer Service; Cash Flow; Sales; Profits; Operations; Productivity; Administration; Brand Identity; IP; Technology; Investment; Stocks/Inventory; Merchandising; Debtors/Receivables; Interest rates; Exchange Rates; Management.

J. Critical Success Factors;

1. Things that are essential to get right if the business is to achieve its mission.

2. Assessing Risk: Impact; Probability; Control;

K. Strategic Options

1. Affordable loss and lean start-up; Borrowing and bootstrapping; Compartmentalizing risk; High margins and low fixed costs;

VII. Management Team:

A. Key People; their functions and background;

1. Culture

a. Organizational processes

i. Leadership Styles: Authoritarian; Democratic; Laissez-faire;
ii. Structures;
iii. Controls and rewards;
iv. Empowerment;
v. Routines; Rituals; Rites and Taboos
vi. Stories; Symbols and Myths.

b. Cognitive Processes

i. Ethics; Beliefs; Assumptions and Attitudes;
ii. Norms and Rules of Conduct.

c. Behaviours

i. How things actually get done: Rational v. Politicking; Following v. Bending.
ii. Vocabulary: Job Titles; Slogans; Metaphors; Signals; Gossip.

B. Business Organization or Structure;

1. Spider's Web Structure?

2. Hierarchical Structure?

3. Matrix and Teamworking Structure?

C. Directors, Advisors or Other Key Partners;

D. Skills, Gaps and Plans for filling them.

VIII. Resources:

A. Human Capital;

1. Staff

a. Recruiting people:

b. Job description?

c. Where do you find them?

d. What kind of people do you need? What skills/education?

e. Full-time? Part-time? Contract?

f. Salary? Hourly? Piecework? Commission?

B. Social Resources;

1. Accountants?

2. Lawyers?

3. Business Consultants?

4. Mentors?

5. Emotional Support?

C. Financial Resources;

1. Premises and Facilities;

2. Machinery and equipment;

IX. Financing:

A. Founder's contribution;

B. Loan and/or equity finance requirements;

C. Gearing/leverage;

D. Timescale and exit routes for equity investors;

E. Financial Projections:

1. Income Projections;

2. Cash Flow Projections;

3. Balance Sheet Projections;

4. Key Ratios;

5. The assumptions on which your projections are based.

Reference no: EM133644157

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