entrepreneurship and new venture creation
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
SELF-REFLECTION ON THE ONLINE COURSE
- The course learning outcomes: What learning outcomes does the course intend to achieve? Just list the main learning outcomes. (1 paragraph)
- The course content: What are the topics covered in the course? Just list the topics. (1 paragraph)
- The skills acquired: What specific skills did you develop? Very briefly describe 3 (three) key skills (1 paragraph
BUSINESS PLAN
- KEY INFORMATION
Business and owner details
Business name:
Owner (s) Name:
Business Address
Telephone
Email:
Section One
Executive summary
1.1 Business summary:
Explain your business idea – what you are going to sell, where and to whom. Explain your business name and why you chose it. Describe what type of business you have chosen to be – sole trader, limited company etc. Explain why you have chosen that structure.
1.2 Business aims:
List three to five goals that you want to achieve through your business. For example, you might want to earn enough money to support your family or get your goods stocked in a particular store. You should divide your objectives into short-term (one year), mid-term (three years) and long-term (five+ years).
1.3 Financial summary:
Describe your financial goals for your first year – the turnover you hope to make and the amount of cash you hope to have left in the business at end of your first year of trading (these should be the amounts you worked out in your cashflow). State what money you need to start your business. Explain where you will get the money from (for example, the bank, family) and whether you are contributing any money yourself. If you are not, explain why not.
Elevator Pitch
1.4 Your business name:
1.5 Strapline:
This is a catchy phrase that goes with your business name and logo – for example, Cadbury’s Crème Egg – how do you eat yours? Not all businesses need a catchy strapline. If you decide to have one it should emphasise the key selling point of your business, the bit that makes you stand out. It should be short, simple and catchy and strike a chord with your customers.
1.6 Elevator pitch:
This is a quick two minute summary of your business. It’s the few sentences that you choose to tell potential customers when you have all but two minutes to leave an impression. Your elevator pitch should clearly state what your business does, who it’s for and why it’s different.
Section Two
Owner’s background
2.1 Why do you want to run your own business?
Why have you decided to start your own business? Why is it the right choice for you and why are you determined to make it a success? Why do you think you have the skills, knowledge and experience to make it work?
2.2 Previous work experience:
Describe any experience you have in the activity of your business or in running another business. For example, if you have worked in the field or if you have helped your family to run a business.
2.3 Qualifications and education:
Explain any qualifications you have which you think will help you to run your business.
2.4 Training:
Describe any training courses you have been on which will help you to run your business. These might be business skills courses or courses to develop industry skills, for example, in carpentry or hairdressing. Give details of any training you plan to do in the future.
2.5 Details of future training courses you want to complete:
Describe your plans to take a course (s).
2.6 Hobbies and interests:
Explain any activities you do in your spare time which will help you to make your business a success.
2.7 Additional information:
Any relevant information
Section Three
Products and services
3.1 What are you going to sell?
Is your business going to sell a product, a service or both?
☐ a product
☐ a service
☐ both
3.2 Describe the basic product/service you are going to sell:
Its functions and features. If your product is hard to explain it’s a good idea to include a picture.
3.3 Describe the different types of product/service you are going to be selling:
For example, if you were selling t-shirts, you might stock certain colours and sizes. If you were going to be a plumber you might have two services, one for commercial properties and one for domestic.
3.4 If you are not going to sell all your products/services at the start of your business, explain why not and when you will start selling them:
You may start your business after having done market research on a sample of products/services. You may want to wait until you have a regular income before expanding the range of products/ services you offer.
3.5 Additional information:
Section Four
The Market
4.1 Are your customers:
Your customers might be both individuals and businesses.
☐ Individuals
☐ Businesses
☐ Both
4.2 Describe your typical customer:
For example, if they are individuals, broadly how old they are and how much they earn. If they are businesses, what sector they are in and what size of business they are.
4.3 Where are your customers based?
For example, are they in Oman, in a particular region or worldwide.
4.4 What prompts your customers to buy your product/service?
Describe your customers’ needs.
4.5 What factors help your customers choose which brand to buy and which business to buy from?
Identify customers’ choice criteria.
4.8 Additional information:
Section Five
Marketing research
5.1 Key findings from desk research:
It involves learning what other people say about your market and finding out basic facts. When writing a description of your market, you should explain: how big the market is (for example, how many sales take place in a year?); trends in your market (for example, are sales going up or down? Are people changing how they buy the product/ service?) any important facts, statistics or events whether the market is seasonal or dependent on other external factors (for example, the weather)
5.2 Key findings from field research – customer questionnaires:
It is the best way of working out if it will be successful. You should ask potential customers to complete questionnaires. If you are selling a product, you should also carry out test trading to see whether people will buy your product. Explain how you chose the people who completed the questionnaire and how many people completed it. Describe the main results. For example how many said they would buy your product/service? How many would be new customers? How many customers would you be taking off your competitors?
Questionnaires – When designing questionnaires: keep it short – one page with about 10 questions. Ask questions answered “yes/no” or with options, such as “very happy, happy, unhappy, very unhappy”. Ask specific questions – will people buy from your business, at your prices, in your location. Ask if people buy from a similar business already and if so, which? Would they change to buy from you and if so, why? Ask if you can keep customers’ details and contact them when you start trading. Include a copy of the questionnaire in your business plan.
5.3 Key findings from field research – test trading:
The aim is to see if customers will buy your product and at what price. It doesn’t have to cost lots to do. If you complete test trading, you should explain: where you did it and how much it cost; how many products you tried to sell and at what price; how many products you did sell and at what price; the key things you learnt; the key things you will change.
5.4 Additional information:
Section Six
6.1 Competitor analysis
Find out information about your competitors. Try to do this for at least five competitors.
You need to work out: who they are; where they are; what they sell; how much it costs; how big the company is what their main strengths and weaknesses are
Table of competitors
Name, location
and business size
Product/service
Price
Strengths
Weaknesses
6.2 SWOT analysis
Each part of a SWOT analysis is explained below. Try to think of three points for each category. Make sure each point is specific to your business.
Strengths
Positive things about your business that will make it stand out against competitors. These might be specific to your product/service or more general, such as your location
Weaknesses
All the things that could mean you struggle to make your business work. For example, areas that might be affected by your lack of experience or by lack of money. For each weakness, explain what you are going to do to address it, for example, more training.
Opportunities
External factors that you and your competitors can take advantage of, for example, changes in the law or market trends
Threats
External factors that could affect how well your business and your competitors do. For example, a large shopping mall opening up that might take away your customers. Explain how you will prepare for these and how you will reduce their effect on your business.
Strengths
Weaknesses
Opportunities
Threats
Section Seven
7.2 Unique Selling Point (USP):
Your USP is the thing that makes your business different from your competitors. It might be specific to your product/service or it might relate to the way you run your business. It would be the reason that customers stopped using a different business and became your customer. Be specific and avoid clichés, such as, better quality products, better customer service or cheaper products. Consider how you will show your customers that you are the better choice.
If you can’t think of a USP you need to review and improve your business idea so that there is something that makes you different or better than your competitors.
Unique Selling Point (USP)
7.3 Marketing strategy
State your marketing action plans in terms of promotions and distribution.
What are you going to do?
Why have you chosen this marketing method?How much will it cost?
TOTAL COST Section Eight
Operations and logistics
If you are making your product, how long will it take? If you are buying it, how long will delivery take? Is there a minimum order? Do you have to pay upfront? How much stock do you really need to order?
8.1 Locations & Facilities
Where will you run your business from? Describe the space and explain why it is suitable. Working from home may be easiest and cheapest but will it work and do you have permission from the owner or the local authority? If you plan to rent premises, think about the cost, the type of contract, the facilities (for example, telephone and internet) and whether it is convenient for your customers. If you are selling on a market, when will you trade? How do you rent a stall? Is there a waiting list?
INSTRUCTIONS: Describe your company’s physical locations. This might be your office, store locations, manufacturing plants, storage facilities — whatever is relevant to your business. How much space do you have available, and how well will it meet your current and future needs?
8.2 Technology
INSTRUCTIONS: Describe any important software, hardware, or other information technology that you use now or plan to use later to operate your business. That might include a point-of-sale system to take payments, an e-commerce engine for your website, a CRM solution for managing your pipeline, marketing tools for generating leads, and so on.
8.3 Equipment & Tools
- Suppliers:
Explain who you have chosen, what they will supply and when you will pay them, for example, upfront or within 30 days. Consider how your costs and prices will differ if you are buying or selling your products wholesale. Include at least two quotes and a backup option in case they let you down.
Name and location of supplier
Items required
and prices
Payment arrangements
Reasons for choosing supplier
- Equipment
What equipment do you need – for example, a computer, a mobile phone, a sewing machine? What will you use each item for, how much will it cost and where will you buy it from or do you own it already?
If being bought
Item required
Already owned?
New or second hand?
Purchased from
Price
8.4 Transport:
How will you get about – for example, to pick up stock or to meet customers? How much will it cost? Do you need a driving license? If you do and you don’t have one, what will you do?
8.5 Legal requirements:
What laws apply to your business, for example, registering with the Council if you deal with food or with Ministry for VAT if your turnover is over the limit? Do you need a trading license? Where would you go to get legal advice?
8.6 Insurance requirements:
Insurance protects your business against risks. There are many types, for example, public liability (in case someone sues because they suffer a loss they think is your fault), contents (to protect stock and equipment), and goods in transit (to protect goods being moved in vehicles). Make sure you research which types of insurance you need and include at least two quotes for each.
8.7 Management and staff:
Instructions:
Management Team
INSTRUCTIONS: List the members of the management team, including yourself. Describe each person’s skills and experience and what they will be doing for the company. It’s OK if you don’t have everyone for a complete management team yet. In that case, make sure to identify gaps in your team that you intend to fill over time.
Advisors
INSTRUCTIONS: Describe any mentors, investors, former professors, industry or subject-matter experts, knowledgeable friends or family members, small-business counselors, or others who can help you as a business owner.
Draw an organogram
Section Nine
Costs and pricing strategy
Product/service name A Number of units in calculation B Product/service components
Components cost
C Total product/service cost D Cost per unit E Price per unit F Profit margin (£) G Profit margin (%) H Mark up (%) Section Ten
Financial Plan
Projected Profit and Loss
As the Profit and Loss table shows, JJB expects to continue its steady growth in profitability over the next three years of operations.
Pro Forma Profit and Loss Year 1 Year 2 Year 3 Sales £491,000 £567,105 £655,006 Direct Cost of Sales £76,750 £88,646 £102,386 Other £0 £0 £0 Total Cost of Sales £76,750 £88,646 £102,386 Gross Margin £414,250 £478,459 £552,620 Gross Margin % 84.37% 84.37% 84.37% Expenses Payroll £260,800 £273,840 £287,532 Sales and Marketing and Other Expenses £27,000 £35,200 £71,460 Depreciation £60,000 £69,000 £79,350 Utilities £1,200 £1,260 £1,323 Payroll Taxes £39,120 £41,076 £43,130 Other £0 £0 £0 Total Operating Expenses £388,120 £420,376 £482,795 Profit Before Interest and Taxes £26,130 £58,083 £69,825 EBITDA £86,130 £127,083 £149,175 Interest Expense £10,000 £9,500 £8,250 Taxes Incurred £3,111 £12,146 £15,650 Net Profit £13,019 £36,437 £45,925 Net Profit/Sales 2.65% 6.43% 7.01% Projected Cash Flow
The cash flow projection shows that provisions for ongoing expenses are adequate to meet JJB’s needs as the business generates cash flow sufficient to support operations.
Pro Forma Cash Flow
Year 1 Year 2 Year 3 Cash Received Cash from Operations Cash Sales £491,000 £567,105 £655,006 Subtotal Cash from Operations £491,000 £567,105 £655,006 Additional Cash Received Sales Tax, VAT, HST/GST Received £0 £0 £0 New Current Borrowing £0 £0 £0 New Other Liabilities (interest-free) £0 £0 £0 New Long-term Liabilities £0 £0 £0 Sales of Other Current Assets £0 £0 £0 Sales of Long-term Assets £0 £0 £0 New Investment Received £0 £0 £0 Subtotal Cash Received £491,000 £567,105 £655,006 Expenditures Year 1 Year 2 Year 3 Expenditures from Operations Cash Spending £260,800 £273,840 £287,532 Bill Payments £143,607 £186,964 £237,731 Subtotal Spent on Operations £404,407 £460,804 £525,263 Additional Cash Spent Sales Tax, VAT, HST/GST Paid Out £0 £0 £0 Principal Repayment of Current Borrowing £0 £0 £0 Other Liabilities Principal Repayment £0 £0 £0 Long-term Liabilities Principal Repayment £0 £10,000 £15,000 Purchase Other Current Assets £0 £0 £0 Purchase Long-term Assets £0 £20,000 £20,000 Dividends £0 £0 £0 Subtotal Cash Spent £404,407 £490,804 £560,263 Net Cash Flow £86,593 £76,301 £94,744 Cash Balance £156,593 £232,894 £327,637
Balance Sheet
The following is a projected Balance Sheet for JJB.
Pro Forma Balance Sheet Year 1 Year 2 Year 3 Assets Current Assets Cash £156,593 £232,894 £327,637 Other Current Assets £12,000 £12,000 £12,000 Total Current Assets £168,593 £244,894 £339,637 Long-term Assets Long-term Assets £65,000 £85,000 £105,000 Accumulated Depreciation £60,000 £129,000 £208,350 Total Long-term Assets £5,000 (£44,000) (£103,350) Total Assets £173,593 £200,894 £236,287 Liabilities and Capital Year 1 Year 2 Year 3 Current Liabilities Accounts Payable £14,574 £15,438 £19,907 Current Borrowing £0 £0 £0 Other Current Liabilities £0 £0 £0 Subtotal Current Liabilities £14,574 £15,438 £19,907 Long-term Liabilities £100,000 £90,000 £75,000 Total Liabilities £114,574 £105,438 £94,907 Paid-in Capital £110,000 £110,000 £110,000 Retained Earnings (£64,000) (£50,981) (£14,544) Earnings £13,019 £36,437 £45,925 Total Capital £59,019 £95,456 £141,381 Total Liabilities and Capital £173,593 £200,894 £236,287 Net Worth £59,019 £95,456 £141,381 Business Ratios
The following table represents key ratios for the retail bakery and coffee shop industry. These ratios are determined by the Standard Industry Classification (SIC) Index code 5812, Eating Places.
Ratio Analysis Year 1 Year 2 Year 3 Industry Profile Sales Growth 0.00% 15.50% 15.50% 7.60% Percent of Total Assets Other Current Assets 6.91% 5.97% 5.08% 35.60% Total Current Assets 97.12% 121.90% 143.74% 43.70% Long-term Assets 2.88% -21.90% -43.74% 56.30% Total Assets 100.00% 100.00% 100.00% 100.00% Current Liabilities 8.40% 7.68% 8.42% 32.70% Long-term Liabilities 57.61% 44.80% 31.74% 28.50% Total Liabilities 66.00% 52.48% 40.17% 61.20% Net Worth 34.00% 47.52% 59.83% 38.80% Percent of Sales Sales 100.00% 100.00% 100.00% 100.00% Gross Margin 84.37% 84.37% 84.37% 60.50% Selling, General & Administrative Expenses 74.74% 71.43% 71.39% 39.80% Advertising Expenses 0.49% 1.76% 6.87% 3.20% Profit Before Interest and Taxes 5.32% 10.24% 10.66% 0.70% Main Ratios Current 11.57 15.86 17.06 0.98 Quick 11.57 15.86 17.06 0.65 Total Debt to Total Assets 66.00% 52.48% 40.17% 61.20% Pre-tax Return on Net Worth 27.33% 50.90% 43.55% 1.70% Pre-tax Return on Assets 9.29% 24.18% 26.06% 4.30% Additional Ratios Year 1 Year 2 Year 3 Net Profit Margin 2.65% 6.43% 7.01% n.a Return on Equity 22.06% 38.17% 32.48% n.a Activity Ratios Accounts Payable Turnover 10.79 12.17 12.17 n.a Payment Days 27 29 27 n.a Total Asset Turnover 2.83 2.82 2.77 n.a Debt Ratios Debt to Net Worth 1.94 1.10 0.67 n.a Current Liab. to Liab. 0.13 0.15 0.21 n.a Liquidity Ratios Net Working Capital £154,019 £229,456 £319,731 n.a Interest Coverage 2.61 6.11 8.46 n.a Additional Ratios Assets to Sales 0.35 0.35 0.36 n.a Current Debt/Total Assets 8% 8% 8% n.a Acid Test 11.57 15.86 17.06 n.a Sales/Net Worth 8.32 5.94 4.63 n.a Dividend Payout 0.00 0.00 0.00 n.a
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
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