You will form into groups of two or three. 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.
Your preliminary business plan is a project to be developed by your group over the whole trimester. 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.