SOME RECOMMENDATIONS FOR MINI-BUSINESS PLAN ASSIGNMENTS
Components of a business plan: I. Executive Summary (one page max)
Clear and concise concept statement that would be effective as a stand-alone overview of your venture. A strong concept statement should describe
(a) what your venture is;
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(b) what problem you are addressing from the customer’s standpoint,
Speed, taste, variety, freshness
(c) what benefits would you solution provide and how it is unique compared to other solutions; (d) who would need this solution and why would it be needed now.
Office workers, students (anyone in a hurry)
Have central kitchen, Group reservations are available in advance
If the venture idea is advanced enough, include “a call for action” (e.g. amount of investment required to get you to the next milestone, specific expertise within the team (tech, senior advisor, etc.). If not, describe the stage you are at (e.g. “currently designing the minimum viable product with the view to validate it withing XXX…”).
II. Opportunity and Value Proposition
a. Customer Value Proposition
1. Customer’s problem / delight (briefly)
2. The proposed solution and how it resolves the customer pain / provides delight (briefly)
3. Vision and Mission
4. The products and services you plan to deliver
5. Who would be your target customer (segment)
i. target market persona and how big is this segment in a relevant market f. What value are you going to provide to your customers / customer segments
b. Markets and Industry -description of market opportunity, customer and market analyses, industry and competitive analysis. a. Is there a sizeable market gap?
i. You may refer to trends and the opportunities they generate should no concrete information be available or extrapolate from similar markets
2. Which market segments you are addressing within your overall market (quantify if data is available)
3. Who is the competition (consider including a Competitor Analysis Grid)?
4. What are your unique selling points and how would you try to develop a sustainable
competitive advantage (also consider protecting your Intellectual Propery)?
c. Marketing and Operations (N.B. in case of an assignment for Entrepreneurship module, this part will be brief)
Plans for production/delivery of product or services, product costs, required resources, potential partners, to market strategy. Please consider your opportunity’s operating complexity.
O. KORYAK, 2019
4. Management and Organization
· Backgrounds of key individuals, and their skillsets and your team’s ability to execute
· Skills gaps and how do you plan to resolve these.
N.b. Try to frame the profile of the management team in terms of the implications for business building, in particular amendments to the board and the senior management team that will be required in the future considering existing and required capability sets.
5. Business Model
Present your business model (identifying main revenue and cost drivers as well as the key other operating parameters).
6. Financial Plan
Please present a cash flow statement (monthly for the first 12 months and yearly for years 2- 5). (Please present and provide the basis for the critical operating and financial assumptions that would help the reader understand your financial plan.
Financial projections are needed to estimate your financing requirement. Focus on credible assumptions and their implications on launching, running and growing your business, as well as the logical growth milestones to be achieved. When showing the projections, show sales growth rates, margin evolution, key operating metrics relevant to your business and other relevant analytics.
7. Milestone Events, Key Risks and Strategic Options
Present realistic schedule of key events (first sales, launch in other geographical markets, funding rounds, etc.) and their anticipated timing. Identify and discuss critical risks and their impact on your plan. Do you have a contingency plan?
Viability, Brevity and Clarity
Is the plan in line with the advised word limit (excluding appendices), comprehensive and concise with minimal redundancy? Does it flow logically? Does the evidence presented in the plan lead to the conclusion? Is the plan credible? Are all sources of information duly referenced?
II. Good assignment’ characteristics:
Is your business plan:
· Clear and concise (comprehensive enough but with minimal redundancy)?
· Does it flow logically? Do the facts lead logically to the conclusion?
· Is the plan credible? Viable? (evidence-based)
· Are available sources of information used effectively?
· Are the following aspects clear:
o thestateofcurrentmarketsandtechnologies o definitionofmarketneed o customervalueproposition o targetmarketsegment o business model fundamentals (e.g. go-to-market & tech & operating model) o risksandmilestones o current stage and call to action – e.g. fundraising, recruiting team members, etc.
O. KORYAK, 2019