Business Plan for new idea, product or service
You are an inventor who has come up with a new idea for a product or service. You are keen to take this idea forward into a startup business. For this product or service, write a business plan to set up the business in the future. The product or service must be innovative (a new product or an improvement to an existing product) and you are expected to develop this idea into a viable technology-based business model. It is important that you demonstrate that you understand the market in which you are operating.
The structure of the business plan will be as follows:
(LO1 & LO2)
1. Drawing on the concept of causation and effectuation, conduct a feasibility study of your New Venture Concept, and explore the relationship between innovation and entrepreneurship (Approximately 500 words).
(LO3 & LO4)
2. Conduct a competitive and STP analysis to evaluate the opportunity gap in the market and discuss why you are confident that this new business is feasible (Approximately 500 words).
(LO5)
3. Drawing on relevant frameworks and concepts, discuss your proposed business model and explain how the new venture will work. (Approximately 400 words)
(LO5)
4. What kind of business and marketing strategies should entrepreneurs follow to find success? In particular, evaluate the different strategies that are used by entrepreneurial organisations at the start up phase, and during periods of growth, consolidation and underperformance. (Approximately 400 words)
(LO6)
5. What are the quantitative and qualitative planning tools that entrepreneurs could use to assess and mitigate their risks? What are the common mistakes that first time entrepreneurs make? (Approximately 700 words)
