i. Relate the concept of entrepreneurship, opportunism, creativity and commercialization;
ii. Able to describe the stages of planning for new business venture;
iii. Appreciate the issues and challenges in planning for new business venture;
iv. Demonstrate the technical knowledge and skills to perform feasibility analyses and design business plans;
v. Identify the issues involved in planning for change;
vi. Demonstrate skills to design, prepare and present a business plan;
Section A – TASK 1: 40%
Title: Business Plan Proposal
Your task is to produce a business plan prospectus for an original concept/duplication of concept.
Elements of the Business Plan Prospectus
Front Page/Introduction Page:
1. Cover Page with company name and logo
2. Title Page with name of company, name of participants, course title and lecturer name, and date of produced
3. Table of Contents (The best format is to follow subject headings, labelled 1.0, 1.2, 1.3, 2.0, 2.1, 2.2, etc)
4. Table of Figures (For all graphics)
5. Executive Summary (2-4 pages, exceptionally written): This is the resume of your business plan, highlighting the key selling points about your business opportunity. It should have elements of each of the sections, but is not a formal “summary” of each. This section should sell the concept as a whole, with the hope that the reader will be interested enough to read further.
Every business plan is different, so if this section may or may not be appropriate, but these are common:
1. Company Description, Products and Services:
- Company history
- Mission statement
- Current status
- Ownership – sole/ partnership
A clear, concise, and compelling description of your business concept as well as the products or services it provides. In describing the company and products it can be useful to describe the market for the products, who would purchase the product and why.
2. Industry and Competitive Analysis: This section provides analysis of the trends of the industry, noting strengths and weaknesses (e.g. is it growing?), as well as analysis of the current and potential competition, noting competitive advantages or disadvantages for specific competition.
- PESTEL ANALYSIS
- PORTER 5 ANALYSIS
- VRIO ANALYSIS – COMPETIVE ADVANTAGE ANALYSIS
3. Market Analysis and Marketing Plan: This section describes the potential market for your products or services, identifying potential for sales within the target demographics. The “marketing plan” describes how your company with reach the target audience, what kinds of advertising, where, and what kinds of marketing themes may be appealing.
- BUYER ANALYSIS/CONSUMER ANALYSIS
- 4P IS A MUST
- describes how your company with reach the target audience, what kinds of advertising, where, and what kinds of marketing themes may be appealing.
4. Financial Risks and Opportunities. This section puts in writing and charts or spread sheets an explanation of the financial costs vs potential rewards. This should describe the start-up costs necessary, the expected revenue, and the time to profitability. Analysis should be made of the potential financial risks involved in the venture.
- START-UP CAPITAL
- BREAKEVEN ANALYSIS
5. Management and Personnel: Summarizes the backgrounds and qualifications of the members of your business group.