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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.

Answer: The identification process of entrepreneurial opportunities is a multifaceted and complex phenomenon that poses several key issues. Firstly, the ability to recognize opportunities is highly dependent on individual cognitive heuristics and biases, which can lead to subjective and potentially flawed decision-making. Additionally, the process is often influenced by external factors such as market trends, societal needs and technological advancements, making it challenging to pinpoint and capitalize on opportunities. Moreover, the identification process requires a delicate balance between rational analysis and creativity, as well as the ability to navigate uncertainty and ambiguity. Furthermore, opportunities can be context-dependent, and entrepreneurs must consider factors like resources, capabilities, and networks when evaluating potential opportunities. Finally, the process is often iterative, requiring entrepreneurs to adapt and pivot in response to changing circumstances, making it essential to foster a mindset of continuous exploration and learning. By acknowledging and addressing these concerns, entrepreneurs can improve their ability to identify and capitalize on entrepreneurial opportunities effectively.

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

Answer: Creativity plays a vital role in the process of creating and developing business ideas, as it enables entrepreneurs to generate innovative solutions, classify new opportunities, and differentiate their offerings from existing ones. Evidence of this understanding includes recognizing the importance of brainstorming, mind mapping, and design thinking in idea generation. Moreover, understanding the value of divergent thinking, which allows for the exploration of multiple possibilities and ideas, and convergent thinking, which helps to refine and select the most promising ideas. Furthermore, acknowledging the role of creativity in challenging and identifying assumptions, as well as in developing unique value propositions and business models. Effective creativity also involves embracing experimentation, learning from failure, and continuously iterating and refining ideas. By harnessing creativity, entrepreneurs can develop novel business ideas that meet unmet needs, create new markets, and drive innovation, ultimately leading to sustainable competitive advantage and business success.

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

Answer: A business model consists of key elements that work together in an interconnected and coherent way to deliver value to customers and create a sustainable competitive advantage. These elements include a clear value proposition, a well-defined target market, effective channels for serving and reaching customers, a viable revenue model, and a cost structure that ensures profitability. Additionally, a business model must also consider key resources, activities, and partnerships that support its operation. Coherency is achieved when these elements align and reinforce each other, creating a consistent and logical framework for the business. For instance, a company's value proposition should resonate with its target market, and its revenue model should be aligned with its cost structure. By understanding and effectively integrating these elements, a business can create a cohesive and robust business model that drives success and adaptability in a rapidly changing market environment.

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

Answer:

To construct a coherent business model around a specific business idea, follow these steps:
1. Define the value proposition: Clearly articulate the unique benefits and solutions offered by your business idea.
2. Identify the target market: Determine the specific customer segment your business will serve.
3. Outline the revenue model: Decide how your business will generate revenue (e.g., sales, subscriptions, advertising).
4. Determine the cost structure: Establish the key cost elements, such as production, marketing, and distribution expenses.
5. Specify key resources and activities: Identify the essential resources (e.g., personnel, equipment) and activities (e.g., manufacturing, marketing) required to operate the business.
6. Establish key partnerships: Determine strategic partnerships that will support your business (e.g., suppliers, distributors).
7. Define the customer relationship: Outline how your business will interact with customers (e.g., sales channels, support services).
8. Specify the channels: Determine the most effective channels for reaching and serving your target market.
Example:
Business Idea: Eco-friendly meal kit delivery service
- Value Proposition: Healthy, sustainable meals with minimal environmental impact
- Target Market: Health-conscious urban professionals
- Revenue Model: Subscription-based meal kit delivery
- Cost Structure: Food sourcing, meal preparation, delivery logistics
- Key Resources: Chef expertise, kitchen facilities, delivery vehicles
- Key Activities: Meal planning, food sourcing, marketing
- Key Partnerships: Local farmers, food suppliers
- Customer Relationship: Online ordering, customer support
- Channels: Social media, influencer marketing, online advertising
By following these steps, you can construct a coherent business model that effectively brings your business idea to life.

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

Answer: Creating and evaluating appealing and feasible business plans involves a comprehensive approach that considers market demand, operational efficiency, and financial viability and strategic alignment. A well-crafted business plan should:
1. Clearly articulate the business mission, vision, and objectives
2. Conduct thorough market research and analysis
3. Define a unique value proposition and competitive advantage
4. Outline a robust marketing and sales strategy
5. Establish realistic financial projections and funding requirements
6. Describe operational processes and management structure
7. Identify potential risks and mitigation strategies
Evaluation criteria include:
1. Market potential and growth prospects
2. Competitive landscape and differentiation
3. Financial viability and return on investment
4. Operational feasibility and scalability
5. Management team expertise and experience
6. Adaptability to changing market conditions
7. Alignment with industry trends and customer needs
By carefully considering these factors, entrepreneurs and business leaders can create and evaluate appealing and feasible business plans that drive success and sustainable growth.

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.

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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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