58. Entrepreneurship and the SME
From the lectures on ?Sources of Innovative
Opportunity? your group must identify a business opportunity and develop a
preliminary business model defining how it will operate and prosper.
All such business opportunities need to be defined by a business plan, for two reasons:
1. To prove to a potential financier that the business venture is financially viable.
2. To act as a blueprint for the management team in establishing the business and developing it for the next three years.
Though not a full Business Plan (Industry Analysis, for instance in not required), your Preliminary Business Plan should include:
- an executive summary;
– a description of your proposed business and its product or service- also
mention the source of your innovative opportunity;
- a list of key personnel and their roles;
- an operation and production plan;
- financial forecasts and identification of need for venture capital
- a timeline of how the business will be operated; and
- any risks to the business as well as ways to overcome them.
Students will complete sections of the business plan one-by-one over the course of the trimester guided by the structure and content advised in Chapters 9, 10 and 11 of Kuratko?s book. While some time is put aside during the class to work on
the plan and monitor your group?s progress on the plan, it is expected that most of the
project will be developed outside the classroom.
The product that I will need to present is the new kind of bicycle helmet developed by Hovding. here is the link related to the product. pls do the business plan accordingly.