Ashworth College
MB602
Entrepreneurship Class Standalone Project
STAND-ALONE PROJECT
MB602 Entrepreneurship
Stand-Alone Project: New Venture
Business Plan (200 points)
You should begin working on the Stand-Alone
Project early in the course. Each assignment provides a
benchmark for completing the Stand-Alone Project in a timely manner while
working through the course. You will find this information in the
"Stand-Alone Project Benchmark" section of each assignment.
Your Stand-Alone Project responses should be both grammatically and
mechanically correct, and formatted in the same fashion as the project
itself. If there is a Part A, your response should identify a Part A,
etc. In addition, you must appropriately cite all resources used in your
response and document in a bibliography using APA style.
The Stand-Alone Project for this course requires you to
assume the role of an entrepreneur and to create a business plan for a new
venture of your own choosing. The business plan should contain the
following major sections in the order they are shown below. The Required Readings
for each lesson can provide support for this project. Stand-Alone Project
Benchmarks are located in each assignment to allow you to pace yourself with
the completion of your Stand-Alone Project.
(A 10-page paper, plus appendices is required.) (200
points)
NOTE: Create a cover page (company name, the
words Business Plan, the name of the contact person for the
new venture, and the business' address and telephone number) and place it
before (in front of) Part A. (Do not count the cover page as part of the
total number of pages required for the Stand-Alone Project.)
Part
A Executive Summary: This section
should not exceed 2.5 pages in length. Be sure the Executive Summary
answers the following key questions and includes evidence or support for your
claims from credible sources, such as your own industry research and primary
research with potential customers.
1. What
is your business concept? Include information about your business,
customers, benefits, and distribution.
2. Does
your industry support the feasibility of the concept? Explain.
3. Is
there customer acceptance for your business and its products/services?
What is the demand?
4. What
is your entry strategy? How will you achieve initial market penetration
and obtain your first customer?
5. Who
are your key competitors, and how will you differentiate your business from the
competition?
6. What
is your pricing strategy, and how do you justify it?
7. Does
your founding team have the capabilities to implement the plan
successfully? If not, how will you find these capabilities?
8. How
will your business be designed to facilitate implementation in terms of legal
structure, organizational structure, and process?
9. In
one paragraph, what is your marketing plan?
10. Does
your financial plan support a viable business? Include a summary of key
points and capital requirements (i.e., a needs assessment).
11. How
will you fund the business?
12. Does
the market support a potential for growth? What are your key growth
plans?
Part
B Proof of Concept: This page in your
business plan condenses the Expanded Executive Summary down into one
page. Answers in this section, for questions 1, 2, 3, 4, 5, 7, and 10
from Part A, should be concise, yet complete.
NOTE:
A detailed Table of Contents for the report should be created and placed on a
separate page between Parts B and C. (Do not count the table of contents
as part of the total number of pages required for the Stand-Alone Project.)
Part
C Business Concept: Include the
following information in this section.
1. Business
Concept Statement (i.e., product/service, customer, benefit, distribution)
2. Purpose
of the Business (i.e., why you are in business)
3. Core
Values
4. Description
and Uses, Unique Features/Benefits, Business Model
5. Primary
Customer(s)
6. Spin-Offs
or Secondary Market
Part D Management
Team: Include the following information in this section.
1. Qualifications of
Key Managers (founders)
2. Management Team
Needs (or gap analysis)
Part E Market
Analysis: Include the following information in this section.
1. Industry Description
a. Industry Size
b. Industry Status
(growing, mature, in decline – overall health)
c. Growth
Potential
d. Geographic Locations
e. Trends, Patterns of
Change, and Entry Barriers
f. Profit
Potential
g. Sales Patterns and
Gross Margins
h. Target Market
1) Primary Target
Markets
2) Secondary Markets
3) Demographics
4) Results of Primary
Research
5) Customer Profile
6) Customer Needs
Analysis
2. Distribution
Channels (customer grid)
3. Entry Strategy
(initial market penetration)
4. Competitors (show a
competitive grid)
a. Description
b. Direct and Indirect
Competitor
c. Market Share
(if known)
d. Strengths/Weaknesses/Benefits/Distribution
e. Emerging Competition
f. Substitute
Products
5. Product/Service
Differentiation and Competitive Advantage
a. Unique Features
b. Potential for
Innovation
c. Proprietary
Protection (i.e., intellectual property rights)
d. Other Competitive
Advantages
6. Pricing Strategy
7. Value Chain
Part
F Operational (or Process)
Analysis: Include the following information in this section.
1. Product/Service
Technical Description
a. Uses, Design,
Prototype
b. Obsolescence Issues
2. Product/Service
Development Status and Related Costs
a. Current Status of
Development
b. Tasks Completed
(including time and cost to complete)
c. Potential
Difficulties and hesitations (include how they will be resolved)
d. Government Approvals
3. Physical
Distribution Plan (including a process grid – i.e., a graphic of the distribution
strategy)
Part
G Organizational Plan: In this
section, include the management philosophy and the company culture including
the following.
1. Legal Business
Entity
2. Organizational Chart
3. Key Management
Duties and Responsibilities
Part H Marketing Plan
1. Purpose of the
Marketing Plan (one paragraph)
2. Target
Market
3. Unique
Market Niche
4. Business
Name/Identity
5. Plan to Reach First
Customer
Part
I Technology and Intellectual
Property Plan: Include the following information in this section.
1. Role of Technology
as a Business Competitive Advantage
2. Role and management
(revenue, licensing, etc.) of intellectual property (proprietary rights,
status, etc.)
Part J
Financial Plan: Include the following information in this section.
1. Summary of Key
Points and Capital Requirements (full financials located in the
appendices)
2. Needs Assessment
Breakout (i.e., hard costs, soft costs, working capital, start-up, etc.)
3. Funding Plan
Part K Growth
Plan
1. Growth Strategy
2. Resources
Part
L Appendices: The following documents
are required in this section.
1. Financial Statements
(Supports Part J above)
a. Financial Statement
Assumptions
b. Proforma Financial
Statements
1) Cash Flow (Monthly,
Years 1, 2, 3)
2) Income (Monthly,
Year 1; Annual, Years 2, 3)
3) Balance Sheet
(Annual, Years 1, 2, 3)
2. Operational (or
Process) Analysis Plan Supporting Documents
(supports Part
F above)
a. Manufacturing or
Operating Requirements (and associated costs)
b. Manufacturing Cycle
or Service Delivery Process (process grid)
c. Materials
Requirements
d. Inventory Requirements
(also retail/wholesale business)
e. Production
Requirements (also retail/wholesale or service business)
f. Labor
Requirements (all businesses)
g. Maintenance
and Quality Control Requirements (all businesses)
h. Financial
Requirements (all businesses)
3. Marketing Plan
Supporting Documents (supports Part H above)
a. Marketing Tools
(such as advertising and promotion)
b. Media Plan
c. Marketing
Budget (use and cost of each marketing tool)
4. Organizational Plan
Supporting Documents (supports Part G above)
a. Key Management
b. Key Policies
c. Compensation
Programs and Incentives (management, other groups)
5. Contingency Plan
6. Other Supporting
Documents: These include resumes, contracts, maps, etc.
Stand-Alone Project: Helpful Hints
1. The report should be
written in a clear and concise manner utilizing proper grammar, spelling, and
punctuation. All resources used must be properly cited within the report
and documented in a bibliography using APA style. In addition, the cover
page and table of contents must be included and formatted according to the
notes addressing them above.
2. Before turning in
your new venture business plan, please do the following, as it will help you
find the "holes" in your plan and increase the grade for your plan.
a.
Determine if any information is repeated in your new venture business plan such
that reading the plan is tedious. If the information is duplicated, then
remove the duplicate material and make a note stating where the reader can find
it. Your new venture business plan should read like a story that tells
what your new venture is and how you will make it a success.
b.
Substitute your main competitor's name for your new venture's name everywhere
in the plan. Then read your plan. If your plan would work for your
competitor, then you do not have a unique selling proposition and you have not
differentiated your venture from your competition. Go back and work on
your new venture business plan. Repeat this step. When you are
satisfied with your changes, then go to the next step.
c.
Give your new venture business plan to three (3) business people, who are NOT
friends or family, and ask them if they would invest in your new venture and
buy your product or service on a regular basis. Also ask them what they
feel is missing from your new venture business plan. Use their comments
to strengthen your plan prior to submitting it.
MB602
Discussion Question 1 Entrepreneurial beginning
Discussion Question 1
1. During the course of a
relatively normal week, observe the things that you might not normally see when
you are in a hurry. Watch people – what products and services they use
and don't use. Then list ten (10) product or service opportunities,
needs, or solutions that you recognized from your observations. Include a
brief situational description for each. State what you
observed. (50 points) (A 2-page response is required.)
MB602
DISCUSSION QUESTION 1-2
DISCUSSION
QUESTION 1-2
MB602
Entrepreneurship
Lesson 1:
Entrepreneurial Beginnings
Discussion
Question 2
How could
five (5) of the ten (10) products or services observed in Question 1 be changed
or offered differently as a new business opportunity? Pick one (1) of the ten
(10) opportunities, needs, or solutions observed and state why you feel it has
the best potential to become a new business opportunity. (50 points) (A
2-page response is required.)
MB602
Activity 2 Conducting market research of a nanotechnology product
MB602 Entrepreneurship
Lesson 2: Analyses of Markets, Product Life Cycles, and
Resources
Activity 2: Market Research (100 points)
As you learned, the three "Ts" of marketing
(trade shows, trade publications, and trade associations) can be used to
research information about your competition. However, they can also be
helpful in providing information about a business concept's feasibility.
In this Activity, you will perform market research for a new nanotechnology
product using the three "Ts" of marketing. Your Activity
responses should be both grammatically and mechanically correct, and formatted
in the same fashion as the Activity itself. If there is a Part A, your
response should identify a Part A, etc. In addition, you must
appropriately cite all resources used in your response and document in a
bibliography using APA style. (100 points) (A 4-page response is required
for the combination of Parts A and B.)
Part
A Examine a nanotechnology
product by researching relevant trade shows, trade publications, and trade
associations. Create an annotated bibliography of resources that includes
a minimum of four (4) trade shows, four (4) trade publications, and two (2)
trade associations that provides useful information about the nanotech
product. Be sure to include details about each
event/activity/organization/publication (online and in print), etc.
Organize the annotated bibliography into the three (3) distinct sections
(shows, publications, and associations) and for each section, include a
statement explaining why this research is important when learning about the
nanotechnology industry and competing companies and products.
Part B
State the conclusions you have drawn after performing this market research
activity and acquiring new nanotechnology industry, company, and product
knowledge. Specifically address the following issues:
1. What else can you learn from
the trade show Web sites besides information about the trade show itself?
2. What else can you learn from
trade publications?
3. What benefits can you obtain
from trade associations?
4. From a revenue perspective, why
is researching the 3T's important?
MB602
Discussion Question 3-1 Proof of Concept (POC)
MB602 Entrepreneurship
Lesson 3: Stakeholders, Business
Structures, and Social Responsibility
Discussion Question 1
1. Describe how the Proof of
Concept (POC) differs from feasibility. Then explain the importance of POC.
Finally, briefly outline the entrepreneur's micro strategy for proof of
concept. (50 points) (A 2-page response is required.)
MB602
Discussion Question 3-2 Social Responsibility
MB602 Entrepreneurship
Lesson 3: Stakeholders, Business Structures, and Social
Responsibility
Discussion Question 2
Explain why it is important for entrepreneurs to exercise
social responsibility. (50 points) (A 2-page response is required.)
MB602
Activity 4 Designing and Planning the Operation
Activity 4: Designing and Planning the Operation (100
points)
This Activity is comprised of two (2) parts. Your
Activity responses should be both grammatically and mechanically correct, and
formatted in the same fashion as the Activity itself. If there is a Part
A, your response should identify a Part A, etc. In addition, you must
appropriately cite all resources used in your response and document in a
bibliography using APA style. (100 points) (A 4-page response is
required for the combination of Parts A and B.)
Part
A Describe
at least four (4) ways to create and manage human resources (personnel) when
beginning an entrepreneurial venture.
Part
B
Explain at least four (4) reasons why outsourcing should be considered as a
viable alternative.
MB602
Discussion Question 5-1 Crossing the chasm
MB602 Entrepreneurship
Lesson 5: Strategies for Marketing, Resources, and Funding
Discussion Question 1
1. Explain the phrase "crossing the chasm" in
product adoption. (50 points total) (A 2-page response is required.)
MB602
Discussion Question 5-2 funding a startup venture
MB602
Entrepreneurship
Lesson 5: Strategies
for Marketing, Resources, and Funding
Discussion Question 2
2. Describe different ways start-up ventures can be funded.
(50 points total) (A 2-page response is required.)
MB602
Activity #6 Funding Sources
Activity 6: Funding Sources (100 points)
This Activity is comprised of three (3)
parts. Your Activity responses should be both grammatically and
mechanically correct, and formatted in the same fashion as the Activity
itself. If there is a Part A, your response should identify a Part A,
etc. In addition, you must appropriately cite all resources used in your
response and document in a bibliography using APA style. (100
points) (A 4-page response is required for the combination of Parts A, B,
and C.)
Part
A The most popular source of capital
for new ventures is private investors; these investors are called angels and
are typically people the entrepreneur knows or has met through business
acquaintances. Today many angels have joined forces to create large pools
of capital called angel networks.
1. Perform research to find at least four (4) angel networks
that exist in your state; if your state does not have four networks, then find
networks by looking at bordering states. (If you live outside the United
States, change "state" to "province" or "region"
in the above instructions.)
2. Provide a general description of each angel network, its
investment criteria, and the contact information in your response.
Part
B Many areas of the United States
offer access to venture capital through institutes or organizations established
on the campuses of major universities. The university acts as a conduit
through which the entrepreneurs and investors are matched and assumes no
liability for, nor has any ownership interest in, either the new venture or the
investor's company.
1. Perform research to find one (1) major university offering
access to venture capital that is geographically close to you. If you
live outside the United States, first perform this research within your
country. If none exists, then you should research major universities in
the United States.
2. Provide a general description of an institute's or
university's offering, its investment criteria, and the contact information in
your response. Discuss if the institute or organization targets a
specific industry.
Part
C Many states provide venture capital
funds or a loan program to help new and growing ventures.
1. Perform research to find out if your state offers any
venture capital funds or loan programs to help new and growing ventures. If
your state does not provide this type of funding, investigate and describe a
neighboring state's funding. (If you live outside the United States,
change "state" to "province" or "region" in the
above instructions.)
2. Provide a general description of your state's offering, its
investment criteria, and the contact information (i.e., address, phone, Web
site, etc.) in your response.
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