Creating & Starting a New Business Venture

Begin each new section of the report on a new page. The content of each section will address the relevant issues identified in the guidance notes below. Whilst the report is written for the purposes of assessment, you should also the contents from the perspective of a potential investor who may be prepared to give financial backing to your venture. ACADEMIC REFERENCES.

Guidance on Content of each section:

Section One: The Business idea

• A brief description/ explanation of the business idea? What is the problem your business solves? How will the business deliver this solution? How is this different or better to what is currently available?

• A more detailed explanation of your value proposition.

• A Brief identification of Key staff and skills required to run the business.

• The Vision and business goals (turnover/ market coverage) for the first 12 months & for next 2-3 years?

Section Two: Market research / Target Market(s) and Competitors

• An analysis (quantitative & qualitative) of the market/ sector you intend to compete in (including reference to Market research from MINTEL & other reports.) Is this a growing market? What is changing in the market? What are the key trends? This will most likely be based on national rather than regional data – but use regional/ local data if applicable and if available.

• You need to undertake some primary market research to substantiate demand for your business idea and present the findings of this in your report. This can be in the form of a survey and or more in-depth interview(s) These can be completed either face to face (if possible) or undertaken through an online survey using Google Docs or Survey Monkey (Max 10 questions).

• A clear description of the target market(s) – provide a brief profile/ description of each of these.

• Identify and undertake a competitor analysis: Who are the three most significant competitors in the market/ geographical area you are targeting (You should identify and comment on your competitor’s key strengths & weaknesses?)

Section Three: Marketing Strategy

• Launching your business (creating an identity, building awareness with your target market(s))
How will you do this? Launch event? Pop up shop? Social media? Introductory offers? Endorsement from influencers/ bloggers?

• Developing a marketing communication plan for your business. Online and offline – Targeted Promotional activity/publicity/ Events/Shows/ Selling activity/ Provide an explanation of your social media marketing strategy: How you will use and combine Instagram/ You Tube/ Facebook etc? and links to your web site.

• How will you sell and distribute your products or services? Through social media? Website? Direct to customers or through intermediaries? Selling to commercial buyers? (other businesses?)

• State your pricing strategy, competitive pricing? Value based pricing? (avoid simply competing on price). Use of a customer subscription model? Single unit vs. bulk purchases? (Your pricing strategy should relate to section FOUR in terms of expected profit margins)

• Identify the business premises/ location (unit to work from or high street presence?)

Section Four: Finance

• Identify start-up costs- capital items/ monthly materials or stock/ overheads – This should be as realistic as possible. How much start-up capital will you need to start the business? Where will the start-up capital come from?

• 12 Month cash-flow forecast (Your figures will be projections based on realistic monthly sales & expenses.) You should provide some commentary in your report to explain key figures in the cash flow forecast eg: the monthly sales figures – how did you reach this figure?

• A Projected Profit & Loss Statement for your first 12 months of trading.

Section Five: Essay on contemporary forms of entrepreneurship (1000 words)

This is an academic essay that requires you to compare and contrast different forms of contemporary entrepreneurship, such as eco-preneurs, intra-preneurs, social entrepreneurs, techno-preneurs etc.

You need to select TWO different types of entrepreneurship (eg: as mentioned above) and COMPARE AND CONTRAST them, drawing from the academic literature concerning these different forms of entrepreneurship. YOU MUST INCLUDE ALL YOUR REFERENCES AT THE END OF THE ESSAY.

Section SIX: Appendices
You should Include in this section any relevant appendices which support your Business Plan. YOU SHOULD INCLUDE SUPPORTING MATERIAL SUCH AS:

• Equipment lists
• A map showing the location of the business premises
• Identification of the different suppliers
• Price lists
• Staffing requirements for the business – over next 12 months
• Regulations/ Licences required for your business
• Cash flow forecast
• A Projected Profit & Loss Statement for your first 12 months