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MS70091E - New Venture Development Assignment, Level: 7, University of West London, UK

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Learning Outcomes -

LO 1. Critically evaluate key issues related to the identification process of entrepreneurial opportunities.

LO 2. Demonstrate evidences of understanding of the role of creativity in the process of creating and developing business ideas.

LO 3. Show evidences of understanding of the main elements of a business model and its coherency.

LO 4. Construct coherent business models around a specific business idea.

LO 5. Create and evaluate appealing and feasible business plans.

Assessment Task 1 - Presentation Business Model (CANVAS)

After an initial briefing, students will be asked to undertake some research and to apply some creative techniques that will enable them to develop their business idea. The students need to then develop a business model using the CANVAS scheme for the proposed business idea. Your business model should clearly show how the business idea can be sustainable and how it can generate income.

These are the elements to be included in CANVAS business model:

1. Customer Segmentation - Who do you sell to? Who do you help?

i. What groups of customers are you providing value for?

ii. What are your customers' characteristics and personas?

iii. How would you describe your different customer groups?

2. Value Propositions - What are you offering to your customers?

i. What problems do your customers have and how are you solving them?

ii. How does your product or service meet the needs of your customers?

iii. What value do you deliver to your customer segments?

iv. What do you offer that is unique, and why will your customers prefer your solutions to alternatives that might be available?

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3. Distribution Channels - How do you reach your customers?

i. What are the most effective methods to reach your customers?

ii. What are the channels you use to communicate, sell and service your customers?

iii. How do you manage the customer journey from awareness raising to completing a sale?

4. Customer Relationships - How do you interact with your customers?

i. How will communicate with your customers (face-to-face or remotely)?

ii. How will you manage customer acquisition, convincing your customers to select your products or services over that of others available?

iii. Can you retain customers and how will you do this?

iv. Can you offer added value and upsell to your customers?

5. Revenue Streams - How much income will your customers generate?

i. What sources of income do you have?

ii. What's your pricing strategy?

iii. Do different customer segments generate various levels of income?

iv. Do you have a mix of customer segments that drive different revenues for your business?

6. Key Resources - What resources do you need to create and deliver your value proposition?

i. What physical resources will you need now and in the future?

ii. What IP do you own?

iii. What human resources do you need now and in the future?

iv. What financial resources will you need? This might include lines of credit, working capital, and access to finance?

7. Key Activities - What tasks are key to the success of your business?

i. What are the key actions and activities that will enable you to deliver your value proposition?

ii. What processes will ensure your business runs efficiently?

iii. How will you manage research and development, production, marketing, sales, customer service, finance and administration?

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8. Key Partnership - What partnership are critical to your business?

i. Who are your key partners, suppliers or collaborators?

ii. What key activities do they perform?

iii. What key resources do they provide/deliver?

iv. How will you manage these relationships?

9. Cost Structure - What will it cost to launch and maintain your business?

i. What costs will you incur at each stage of the business; for example, creating marketing collateral, acquiring users/customers, building a team, managing partnerships, fulfilling distribution?

ii. Which key activities represent the biggest cost to your business?

iii. Are these costs fixed or variable?

iv. What economies of scale can you hope to achieve?

You are required to prepare and deliver a presentation on your business model, which should cover all the elements of the CANVAS model described above together with an introduction describing the outline of the business and a conclusion summarising your findings and proposal. The presentation should be 10-15 minutes.

Assessment Task 2 - Business Plan Report

The business idea developed as part of the course activities needs to be presented in a business plan and should be based on the model developed in assignment 1. The output should be a full professional plan and contain information on all aspects of the proposed business. In your written proposal, you should ensure that all the information is fully supported by primary research or from secondary sources such as Mintel, Keynote, UK census data as well as academic sources.

Your business plan should minimum cover the following elements:

1. The Business Detail: A summary, clearly identify the customers' need(s), or problem(s) that your product or service addresses. Clearly identify the target market and specify its' characteristics, i.e. size, value, geographic location and any demographic details. You should also indicate whether you expect this market to grow, remain stable, or shrink.

Provide an outline of the product/service and how it meets the identified need(s). How does it work? What are its key features and how does it benefit the target market?

2. Economic overview: Assumptions about current and future economic conditions are essential for planning and strategic decisions. Economic forecasts must be relevant to the needs of the business, and clearly understood and utilized. Consider the macro-economic environment and the implications of the economic outlook for your business.

3. Market & Industry analysis: Clearly identify the customer need, or problem that your product or service addresses. Clearly identify the target market and specify its' characteristics, i.e. size, value, geographic location and any demographic details. You should also indicate whether you expect this market to grow, remain stable, or shrink. You should consult sources like the ONS as well and Mintel and Keynote to inform your writing. Outline the characteristics of the industry that your business will compete in. Who are the dominant competitors? Is the industry fragmented, or consolidated? Is the industry growing, or in decline? You may use the FAME database to build up a picture of your industry.

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4. Competitor analysis: Provide an overview of the competitive environment. Who are your main competitors and what are their strengths and weaknesses in relation to your proposed business? You should consider both direct and indirect competitors. The FAME database should provide a lot of the information that you need, but you should also conduct primary research into your competitors, for example, if appropriate, you might visit their premises.

You should certainly understand how their products are pitched in relation to yours, who their customers are, the strengths and weaknesses of their location, etc.

5. Marketing & Pricing Strategies: The marketing strategy focuses on how the business will market its products or services. It defines how the business is positioned within the market and emphasises the points of differentiation, i.e. the specific strengths of the business. Most importantly the marketing strategy will clearly describe how the business will reach and interact with its target market. Explain your pricing strategy based on target customer segment, market and competitor analysis from other elements.

6. Operations Plan: The operations plan describes how the business will work. Here you need to describe how the product/service will be produced and what facilities or equipment are needed. Give details on the location of the premises, transport links (this is how your customers will get to you, or will facilitate the distribution of your products), general site information, external considerations, building, parks and premises details. You also need to mention any legal considerations with respect to the business or premises, e.g. if you need to apply for a change of use. You also need to consider who the suppliers for the business are going to be.

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7. SWOT Analysis: Include a SWOT analysis here which shows the reader what your strengths and weaknesses are as well as the perceived opportunities and threats to the business. Information in the SWOT analysis should be drawn from other sections such as competitor, economic, market analysis, etc

i. Strengths: why will customers buy from you instead of your competitors? What does your business do better than your rivals? What makes you stand out from the competition - your unique selling point (USP)?

ii. Weaknesses: why would your customers buy from your competitors rather than you? What do your competitors do better than you do?

iii. Opportunities: What are the opportunities for you and how are you taking advantage of them?

iv. Threats: what are the potential changes that could threaten your business?

8. Financial requirements: Provide a detailed breakdown of the financial requirements for your business. This should include the following:

v. The start-up costs of the business to include costs such as any equipment; furniture; premises costs (including any building works); opening stock, etc.

vi. Your estimated cost of sales & Your expected selling price.

vii. Fixed & Running Costs of the Business.

viii. Profitability & Break-Even-Point analysis.

Begin with a forecast of the projected sales and costs of the business. Information from your market analysis and competitor analysis will help you here. If you are writing a plan for a business that is already up and running you can also use historic data, or where this is not available, try to use information from other, similar businesses.

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