Entrepreneurship: A critical analysis of the process of developing your business plan

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For the semester B assessment there are two elements:
1) The formation of a business idea for which every group member needs to complete a 1000 word business plan; focusing on the business idea and financial, marketing elements. This must relate to the group exercise conducted during the term.
2) The second part of the assessment is a critical analysis of your business plan, focusing on the viability, sector and opportunity elements of your business idea. These can be drawn from your entrepreneurial theory element from semester A. (Max 3,000 words)
For the group exercise, we have assigned groups of 4 or 5. There are a number of distinct areas of work in the business planning stage:
– Identifying and evaluating opportunities
– Financial Planning, including procedural issues of forming a business
– Market research, evidencing demand for your product
– An assessment of skills and resource needs knowledge requirements, networks and resources available to the group to make the plan a business reality.
– The relationship of key entrepreneurial theory to your idea e.g. does it relate to some of Schumpeter’s areas of innovation, (technical, Social or political) etc
The group presentation
You are entrepreneurs pitching your business idea to potential investors. The aim of the assessment is for you to demonstrate that your business idea has a potential market, is financially viable and that you as individuals have, or have access to, the capabilities to deliver. You will be NOT BE MARKED for this component, but there will be a cash prize.
The groups will present their ideas in 5 minute presentations during the seminars in the week commencing March 24th. From these, a combined score from student votes and the seminar leader’s scoring (a bit like Strictly Come Dancing!) will determine the best 9 groups to go forward to the exhibition taking place between 12-2pm on 4th April.
Your aim in the seminar is to convince the group of the innovative and creative nature of the idea, the feasibility in terms of the market potential and financial (or social) returns and your own abilities to drive the business concept forward if you were to do it for real.
For the exhibition, the task is to produce a professional presentation of the business concept in the exhibition space provided. This may include a poster, handouts, computer animations (using your own equipment), a mock-up of the product or any other methods to showcase the idea in a convincing and attention-grabbing manner. This will be attended by a number of our guest lecturers and other senior members of the Business School and hopefully a number of external business people.
In addition to the display, we expect the group to provide a 5 year financial projection with a rational justification for the future costs and revenue. Evidence of appropriate market research, strategic planning and resource evaluation are also expected.
The individual assignment: A critical analysis of the process of developing your business plan

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