Description: the assignment is a business plan for an entrepreneurial idea or innovation. (structure of report given in word .doc). The idea/concept for the business plan is for a wearable gadget such as an arm band which uses heat generated by the body to generate energy which is stored into the gadget and is used to charge your electronic devices for a short period of time. it charges your gadget by being plugged in. the business plan will need to use real market data/figures (UK) which are quantified in percentage and currency (GBP) for the purpose of the business plan, the product is intended for UK launch and then worldwide once enough capital/market share is achieved. target is to capture 3% of market share within the first year and 5% in the second. books: Scarborough et al 2009, Effective Small Business ManagementÂ 9e, Pearson Higher Education (UK) Vaughan Evans, Financial Times Essential Guides: Writing a Business Plan Barringer, B.R., State, O., Ireland, D.R. and A,T. (2015) Entrepreneurship: Successfully launching new ventures. 5th edition Storey, D.J. and Greene, F.J. (2010) Small Business and Entrepreneurship. NOTE: Please use correct and relevant market/sector figures/data from ITC Trade Database http://www.intracen.org/
(1) Identify, and provide a justification for choosing a sector in the UK where a clear case for opportunity recognition can be made. (40% weighting)
Approx. 800 words
The main task in question (1) is to undertake a feasibility study
The answer to question (1) should demonstrate:
1.1 Identification, critical analysis and evaluation of the macroenvironmental factors Including
– Application of appropriate management frameworks in the analysis. i.e. SWOT, PESTLE, Porter’s 5 Forces.
– Evidence of innovation and entrepreneurial focus.
1.2 The breadth and relevance of primary and/or secondary research sources to support your justification.
1.3 The strength of the overall case for opportunity recognition
(2) Critically analyse the sector and draft a standard business plan that can win investors’ confidence. (60% weighting).
The main task of question (2) is to draft a standard business plan. The answer to question (2) should demonstrate:
2.1 Clarity of business objectives and strategy for growing the business in the medium term.
2.2 Business Model including management and operational detail.
2.3 Promotional and marketing planning.
2.4 Justified financial costings and forecasts and consideration of funding requirements.
2.5 E . Evidence of innovation and entrepreneurial focus.
Structure to be used
o Macro analysis (PESTLE analysis)
o Micro analysis (Porters 5 forces, SWOT) NOTE: when using porter analysis also grade each force. 0 as being neutral, positive numbers (up to 5) if good and negative numbers (up to -5) if bad. See example table at bottom of the page
o Product feasibility. NOTE: will include opportunity and Concept
o Financial feasibility. NOTE: this will also contain the Sales Plan, costs & forecast (summary). Can also include a Profit and loss.
Clarity of the business objectives
NOTE: include ROCE, ROI, EPS also a corporate direction
o Operations plan
Management and operational detail
o Marketing plan
Strategy for growing the business in the medium term (3 years). NOTE: growth strategy will use Ansoff’s Matrix excluding the Diversification.
Promotional and marketing planning
NOTE: marketing plan will need to cover the basics for market share (quantified), segmentation + targeting, growth + position strategy, marketing mix, 7 Ps.
o Consideration of funding requirements
o Justified financial costing and forecasts