Assessment -
Devise an idea for an innovative project. 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, along with 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.
Sections of the business should be guided by the structure and content advised in Chapters 9. 10 and 11 of Kuratko's book.
A well-written preliminary business plan should be no more than 10 pages (excluding the appendices).