Feasibility Study and Business Plan Development:
One vehicle for acquiring an understanding of the entrepreneurial process is through the preparation of a start-up business plan. The focus of this experience is to select a concept and create a complete and persuasive business plan. Writing a business plan requires you to ask tough questions about the nature of the business.
What are the benefits of your product or service?
What is the target market and how will you penetrate it?
How will you develop and produce the product or service?
What is required from the management team?
What are the risks of the venture and what can you do to reduce them?
What are the financial implications of the plan?
What resources, including funding, are required to successfully create the business plan?
To understand the related entrepreneurial process, students will take a hands-on approach. Students will decide upon a concept and develop a feasibility study after being approved. Based on that work, you will develop a comprehensive business plan. In most cases, the primary objective of your business plan will be to receive funding if you want to become an entrepreneur. Your plan will be prepared in three phases and you will submit the plan as a written and soft document and present it to the class.
Phase 1: Concept Approval – The initial task is to select and propose a business idea to the instructor for approval. ( Project type is Beauty Salon ).
Phase 2: The Feasibility Plan – This experience begins with the creation of a feasibility plan. This will evolve into a business plan that will be a tool to assist you to put the concepts we have addressed in class in action. Resources will be provided to help you with the plan, including software that can assist you through the process. After you propose and select the type of business and begin the process of assessing its feasibility and potential, the objective is to make this a positive, obtainable, and valuable experience.
Phase 3: The Business Plan – The course is designed to provide resources to assist you throughout the development of the plan. This includes the opportunity to review previous plans. You can “approach” a mentor that will be an industry or subject matter expert to assist you with the planning process.
The Written Plan: The body of the written business plan should be no more than 25 pages including the executive summary and all financial statements. The business plan’s financial section will include a complete set of financial statements (income statement, balance sheet, cash flow) for the initial three to five years of the venture. An assumption list will accompany the statements. Detailed spreadsheets and appendices can follow the text; however, the total plan should not exceed 30 pages.
Plans must include an explanation of the offering to investors that indicate the investment required, expected ROI, deal structure, marketing plan, operations plan, and management team description. Potential exit or company sustainability strategies also must be included.
Business Plan Presentation: Strong written and oral skills greatly facilitate success in the business world. Those individuals that can effectively communicate their ideas will have an advantage over those that cannot.
( Will be Project type is Beauty Salon ). Use an assumption list the statements
