Assignment Problem: Entrepreneurship
Project: Conduct background research (using available and reliable information sources such as EBSCOhost and other research journals dedicated to business, society, technology, and innovation, and identify:
- Unsatisfied needs/wants/desires of customers, problems in society in Australia/overseas
- Emerging trends in various sectors (e.g. financial; energy; industrial; telecommunication; food and hospitality; real estate; retail, etc.)
- New technologies, inventions and innovations (e.g. digital technology and media, communication technology, entertainment, agriculture / alternative farming, etc.)
Brainstorm and come up with an idea how you could satisfy currently unsatisfied needs / wants / desires of customers, or problems in society (whether in Australia or in any overseas country) with new technologies / inventions / innovations. Propose a business you would like to start up and write an overarching Business Plan for it. Your Business Plan should be written for a new start-up venture; any (for-profit, not-for-profit, social, environmental, charitable) type (e.g. creator, distributor, landlord, broker of any type of asset - financial, physical, intellectual, human) and any size (small, medium, large) of business. Business plan should contain detailed discussions of the following:
1. Executive Summary. At this stage only a draft of executive summary needs to be written, but it already needs to be clearly summarized: What the business going to do or produce; How the business is going to deliver value for its customers and other stakeholders; Why the business will exist (purpose) and Why you are starting the business; and Where the business will operate. (100) words)
2. Business Description. Provide name of your business and background, and briefly describe the industry your business will operate in. Explain, in sufficient details, any uniqueness or distinctive features of your business; how different your business is going to be compared to competitors; and why customers would buy from you and not from competitors. (350 words)
3. Marketing Research and Analysis. Using secondary or primary data, conduct extensive marketing research and analysis and identify potential target market for your products/services; trends and buying habits of customers buying similar products / services; existing competition and potential competitors; and estimated market share your business is aiming to capture. (350 words)
4. Marketing Plan. Develop a detailed marketing plan - describe, in sufficient details, the products / services / experiences your business will offer; prices of your products / services compared to competitors, pricing strategies, discounts and loyalty rewards; place where your customers are going to buy your products and services; advertising and promotion you are going to use to promote your products / services and how much it will cost. You need to conduct some research and analysis to provide data supporting your marketing plan. (350 words)
5. Operations. Identify specific location where your business is going to operate and briefly describe advantages of the location; describe, in sufficient details, operational procedures of your business - how the business will operate - relate it to the business model of your business; briefly describe personnel requirements working in your business, qualification and experience that are required, wage rates; list suppliers of your business with a brief characteristics, and proximity to your suppliers. (350 words)
6. Management. Briefly describe management team and the key personnel of your business (qualification, skills and experience, contribution to the business); legal structure of your business; stock and employment agreements (if applicable), ownership percentage of the business; division of responsibility and accountability, division of workload and profit, etc. (100 words)
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