A critical analysis of the process of developing your business plan

| April 29, 2014

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For the semester B assessment there are two elements:
1) The formation of a business idea for which every group member needs to complete a 1000 word business plan; focusing on the business idea and financial, marketing elements.
2) The second part of the assessment is a critical analysis of your business plan, focusing on the viability, sector and opportunity elements of your business idea. These can be drawn from your entrepreneurial theory element from semester A. (Max 3,000 words)
For the group exercise, you should work together to get the best from the following elements of the business planning stage:
– Identifying and evaluating opportunities;
– Financial Planning, including procedural issues of forming a business;
– Market research, evidencing demand for your product;
– An assessment of skills and resource needs knowledge requirements, networks and resources available to the group to make the plan a business reality.
It wouldn’t hurt if you discussed, as a group, the relationship of key entrepreneurial theory to your idea, e.g. does it relate to some of Schumpeter’s areas of innovation, (technical, social or political), etc.
Points to keep in mind
You are entrepreneurs pitching your business idea to potential investors or creditors (make it clear to the reader who you’re pitching your financing to). The aim of the assessment is for you to demonstrate that your business idea has a potential market, is financially viable and that you as individuals have, or have access to, the capabilities to deliver.
The individual assignment: A critical analysis of the process of developing your business plan
A 3000 word assignment (ideally in essay format), to be presented alongside a 1000 word report (abbreviated business plan) on the business idea as developed by the group. Hand in date: 08 May 2014
In this assessment, we will be looking to see evidence of your understanding of the process of evaluating a business idea and the value of the theories and techniques that you have used in that process. The stronger answers will evaluate different theories that are introduced throughout the course in relation to their relevance and practical value to your business idea. You also need to evaluate how your group applied these techniques and critically analyse the efficacy of the group’s work. This needs to be written as per your semester essay in 3rd person. The assignment needs to start with underpinning foundation knowledge based on key entrepreneurial aspects, these are further developed throughout the assignment utilising key author theories.
You might also consider the entrepreneurial abilities and characteristics that the group employed/developed through the process and relate this to the theories learned in Semester A.
The following questions will help to guide your writing:
– In what ways is your business idea/venture entrepreneurial?
– What growth potential does your business have?
– How did you select and evaluate the initial business opportunity?
– How effective and how valuable was the market research that you carried out?
– How effective and how valuable was your financial planning?
– Do you have the necessary skills, networks, resources to run the business?
– What are the main risks/limitations that you perceive in developing the business?
In answering these questions, you will both present the output of the group efforts and, more importantly provide an evaluation of the theories that you employed and the process which you followed in developing the initial idea into a detailed plan. These areas need to be related to the theory you learned in semester A.
A suggested layout:
1) Introduce the business idea
2) Explain the merits of the opportunity (and why other opportunities were rejected; only discuss a maximum of three)
– entrepreneurial?
– opportunity recognition theories used – useful?
– discuss as to what stage they progressed
3) Market research
– what approach(es) did you use and why did you choose them?
– effective approach? useful results?
– what else do you need to know to take it further forward?
– justify your target market
4) Financial Planning
– illustrate the group’s financial plan first (one off start-up costs)
– discuss the viability and robustness of the plan based on financial theory
– discuss the usefulness of the financial theories
– does it explain the feasibility of the idea?
5) Skills, resources, personal networks, limitations
– what theory says is valuable – do you agree?
6) Overall conclusion
– is it still a good idea?
– what have you learned from the process?
Given that you will have different responsibilities within the group, we would expect to see greater detail in some areas than in others, but we expect you to refer to each of the three key areas to some extent.
In terms of your personal learning, you might reflect on the experience of working in groups to develop your ideas as well as reflecting on the value of entrepreneurship and business start-up theories. If you have a future business opportunity, what would you do the same or differently?
As well I will upload my business plan just need numbers and calculations please.
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