Writing a Business Plan for a Startup with an Innovative Technology-based Product or Service

Rationale for Launching the Business and Its Vision and Mission

You are an inventor who has come up with a new idea for a technology based product or service. You are keen to take this idea forward into a startup business. For this product or service, write a business plan to set up the business in the future. The product or service must be innovative (a new product or an improvement to an existing product) and you are expected to develop this idea into a viable business model. It is important that you demonstrate that you understand the market in which you are operating.

The structure of the business plan will be as follows:

1. The rationale for launching the business and its vision and mission (approximately 200 words)

2. Review of the industry and market with a clear demonstration of an understanding of the variables in the external environment including a macro/micro analysis of the market place (approximately 400 words, with the macro/micro analysis being placed in the appendix)

3. Competitor analysis and highlight the competitive advantage of your product or service. Explain the reasons why you think your product/service will be successful in this market. (approximately 400 words)

4. Segmentation analysis, providing market statistics (size and growth) to support your selection of the target segment/s. Who will buy this product/service and why? (approximately 400 words)

5. Marketing strategy, using the 4P’s (if it is a product) or 7P’s (if it is a service). (approximately 500 words, with the marketing mix analysis being placed in the appendix) 

6. Market growth strategy (approximately 400 words)

7. Resources required for the venture including the source of finance (approximately 300 words)

8. Risk analysis (using any model that you deem appopriate) and how those risks will be treated. (approximately 400 words)

Please be aware that all the word counts mentioned for the individual sections of your plan are provided as guidelines, which could vary depending on the individual plan The use of a range of information sources is expected – academic books, peer reviewed journal articles, professional articles, press releases and newspaper articles, reliable statistics, company annual reports and other company information. All referencing should be in Harvard style

LO1: Understand and evaluate the concept of entrepreneurship, inter-relationship between entrepreneurship and innovation in business management, and the nature of the macro-environmental context for entrepreneurial activity Explain the rationale for launching the business

LO2: Critically understand the nature of innovation and appreciate its role in entrepreneurial activity Review the industry and market with a clear demonstration of an understanding of the variables at work here including a macro/micro analysis of the market place. An STP analysis (Segmentation, targeting and positioning) , providing market statistics (size and growth) to support your selection of the target segment/s. Who will buy this product and why? Vision and mission of business.

LO3: Assess and critically comment upon the factors that influence entrepreneurial activity in a range of different contexts; analyse on how entrepreneurial capacity can be developed, and evaluate the role that the development of a robust creative approach to learning capability has in the successful identification and implementation of entrepreneurial strategies Provide a competitor analysis and highlight your competitive advantage

LO4: Analyse the responses of entrepreneurial organisations as opposed to more predictable strategic approaches; Marketing strategy and market growth strategy

LO5: Evaluate different strategies that are used by entrepreneurial organisations at start up, and during periods of growth, consolidation and underperformance; Financial plan, risk and mitigation strategies

LO6: Critically evaluate and reflect discursively upon the thinking and analytical techniques that can be used to identify opportunities, and recognise the alternative commercial approaches to exploiting an opportunity.