You are required to write a 3000 words maximum business plan (BP) on a creative and innovative business idea that you want to set up.
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Creating a New Business |
Learning Outcomes |
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Deliver a business plan on a creative and innovative business idea that you want to set up. Cover all the main elements of a plan, as mentioned in the brief.
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Research and write on various aspects of creating a new venture.
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Include both academic and industry/market related references.
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You are required to write a 3000 words maximum business plan (BP) on a creative and innovative business idea that you want to set up. Whilst you do not have to follow the precise format for a plan recommended in the text, you are expected to cover all the main elements of a plan, including financial forecasts (cash flow projections) for 3 years.
As recommended by William Sahlman, a professor at Harvard Business School, and expert in entrepreneurial ventures, it is essential for every new venture to organize their BP around a framework that assesses four factors:
- The people: your team who will start and run the business
- The opportunity: a profile of the business itself: what it will sell and to whom, growth potential, financial situation, obstacles for success
- The context: the big picture, the uncontrollable environmental factors the company will operate it: inflation, demographic trends, rules and regulations, political environment
The risk and reward: an examination of everything that can go wrong or right, and the discussion of how the team will respond.
