BUS3ENT: Individual Business Model and Plan

1. Introduction

· A clear introduction of your NEW business idea, make sure that first time readers can understand your business idea.

· Please also don’t reuse the business idea which has already been presented in the group assessment.

2. Business Model Canvas (please make the full use of the Business Model Canvas template. Additional information/clarification can be added if necessary, but please be aware of the word limit and balance with other parts of the report)

· Customer Segments

· Value Proposition

· Customer Relationships

· Channels

· Key Activities

· Key Resources

· Key Partners

· Revenue Structure

· Cost Structure

3. Market

The following (but not limited to) major questions are to be addressed:

3.1. What is the size of the market? Is the market at full capacity?

3.2. What is the growth rate of the industry? How competitive is the industry? What keeps new competition from entering this market (barriers to entry)?

3.3. Is there any trend that is affecting positively or negatively firms in the industry?

3.4. How can the market be segmented?

3.5. Who and Where are the targeted customers?

3.6. Where are customers getting the product now? Who are the major competitors in the market and how strong are they?

3.7. Where is the location of the business? How many customers would potentially purchase from you? 

4. Operations and Technology

The following (but not limited to) major questions are to be addressed:

4.1. What are the options for developing the technology (customer, off the shelf, design by yourself, or subcontract)?

4.2. What technological changes are changing or emerging that may affect the business?

4.3. What are the options for producing the product or service? (in-house, subcontract, license, joint venture or partnership, or a combination of those options).

4.4. What are the options for sales and distribution? (in-house, whole sale, distributors or sales representatives, license, joint venture or partnership, or combination)

4.5. What resources are required for development and are they available to you (skills, raw materials, components, suppliers, facilities & equipment etc)?

4.6. What are the laws and regulation relating to the business? (e.g. industry standards or regulations,  personal certifications, intellectual property (patents, trademarks, copyrights), environmental liability, etc)

4.7. Has the research discovered any moral or ethical issues that you might have to address? (Please also refer to the marking rubric in subject learning guide for more information about this criteria)

5. Human Resources

The following (but not limited to) major questions are to be addressed:

5.1. What technical and management experience is required?

5.2. Who are the owners and what are their roles? (Entrepreneur, Manager, Technical Expert etc)

5.3. What is the ownership structure?

5.4. What are the manpower requirements?

· How many employees will you need in the 1st, 2nd and 3rd years?

· How will you find the right employees?

· How will you compensate employees (pay for time, for production, for knowledge, or a combination)?

· How will you motivate employees?

· What training will they need on an ongoing basis?

5.5. What is the company’s growth strategy?

· How will quality be managed and maintained?

· How will organizational structures change with growth?

· What career paths will employees have available?

6. Finance

The following (but not limited to) major questions are to be addressed:

6.1. What are the projected Revenues from the sale of your product or service?

· From the market research, what is the selling price per unit?

· From the market research, what is the projected sales volume in "units sold?" and in "dollars sold"?

· What is the total expected revenue?

6.2. How much is the start-up costs and equipment/capital costs (see attached Appendix 1 for the template)?

6.3. Prepare the projected Profit and Loss statements for the first 3 years (see attached Appendix 2 for the template).

6.4. What are the possible sources of financing?

· Where is the money from?

· What are the chances of getting the money?

· What will you have to give up?