This assessment will examine studentsâ€™ aptitude to formulate and design a feasible start-up with an
innovative value offering and to position the start-up idea in a way that can entice external investors,
industry partners or other key stakeholders. Therefore, students require taking a position of an
entrepreneur who is willing to exploit a novel opportunity in a competitive business market. This piece of
assessment focuses on studentsâ€™ capability to communicate their start-up ideas and defend them
through a written business format proposal.
This assessment examines studentsâ€™ aptitudes to build on reliable data and facts, and communicate
their start-up proposal in the form of a formal business report - MAX 2200 words excluding cover and references.
As per the definition of the entrepreneurship, it can be said that the process of the creation which have something new along with the value for devoting within necessary time and also the effort with the assumption of accompanying the financial, psychic along social risks for receiving the resulting rewards with the satisfaction and use of independence of personal as well as the monetary plan.
This report focusses on a startup business plan or proposal which includes the external investors, industry partners along with the key stakeholders’ involvement. As the mission of any business is effective this is provided with the creation of the value for the enterprise. The startup business plan should consist of suitable creative plans, preparation of strategies together with the monitoring along with the implementation of the scope which will achieve the targets. It is also a responsibility for the business proprietor which should have the decision for the portfolio services along with their pricing. That entrepreneur also can analyze the strengths or the weaknesses for each kind of product based on the financial and also non-financial indicators. The entrepreneurship has to engage in creativity along with the innovation for the order to start a small business. Again in a practical sense, for an idea of “good business” should include the idea of generating income and that consists of new marketing strategy for the new product.
The format for the start-up Business Plan is needed to develop along with refined over some years and it is not going to change by any means. A business plan is needed to be like a good recipe so that it includes certain ingredients for evaluation of workload.
Executive summary section
A business plan should follow an executive summary section. This executive section is needed to be well written so that the business would achieve the success by taking any crucial decision making with the components. It should be of the kind which will attract the attention of the audiences or the customers so that they would compulsory read this summary. Thereby, the word used is needed to be selected very carefully and tactfully.
The organization for the business will include the management team. It also includes the approach or plan for the sales along with the marketing plan (Zhang, Sun, Liu, & Ren, 2018).
This part of the proposal should include the legal name, detailed description, physical address and also the nature of the business. It is also important to keep the descriptive essay which will use the common terminology. This section will describe the way how it will serve the market in presence of the competitors.
Market Analysis section
Also, the market includes the analysis which is basically the summary of the Marketing Plan. There should be the short explanation of the demand or the product under the service. This will propose the market and their trends in the industry with the description of the pricing plan along with the packaging of the description of the company policies.
Financing Analysis section
This section should have the short distribution of the personal funds and the contribution of the key stakeholders, external investors along with the industry partner if any. This is needed to be very openly verified the amount of the capital where they are invested by the entrepreneur, also a break-even worksheet along with the projected cash flow statements as well as the balance sheet (Gutiérrez & Baquero, 2017).
Finally, it is the management section where the organizational structure and also the management team have been outlined. The legal structure of the business includes the partnership, corporation. Also, the resumes and the biographic also include the management team for the staffing with the projection data with next few years.
Also, some business plan will include the software requirements for the software packages it is very easy to use and also affordable (Altman, Iwanicz?Drozdowska, Laitinen, & Suvas, 2017).
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The commercial partner should have the reassurance about the quality of the offer which will make them. It is also needed to involve in licensing technology for seeking the commercial support at the research that id hearing for the ‘due diligence’. The future partner will consider whether there is no licensed technology for buying the share of the patent rights in the case to support the research. They also need for satisfying themselves in the case of the viable proposition. Thereby, the process of the assessment will check the viability, risk along with the potential liabilities as well as the commercial prospects for the project which is collectively known as the due diligence. In case if the potential partner has seemed as they do not interest with the kind of their issues. It also raises the questions for the commitment with the project along with the credibility within the business plan. In other ways, due diligence also involved in case of assessing the overall commercial operations along with cash flow, assets as well as liabilities for the business as it is being purchased or otherwise it is financially supported. It is also needed to consider that when a business is found to be burdened with the debts in that scenario, purchasing that business is truly risk informative (Best Practices, LLC, 2017).
Therefore, in case of the due diligence process, the commercial partner would undertake the vast ranges and thus it needs various forms of information:
First of all, it is needed to check the external record as the patent registers along with the patent databases which include the foreign patents.
The patent databases will search the conflicting technology.
The independent advice from the patent wills attorneys over the issues like the patent ownership and the validity including the scope of the patent claims.
It is also needed to check the details of the legal challenges like the reports of the examiners along with the other opinion.
The surveys of the activity for the competitors along with the owners for the competing technology and thus the possibilities for the conflict (Business and Industry Development , 2011).
It is also very helpful in the case to analysis the freedom for operating the issues: In the case of the preparation for the license the technology, it is needed to anticipate and also provide the comprehensive answers for every question of the investors as well as the key stakeholders. It thus effectively reassures the commercial partners under the position of the stronger negotiating action within the negotiating license terms.
It is very important with respect to the financial investor for taking over the financial management with respect to the firm and that is needed to directly appoint a senior manager especially in the case of the management echelons and that will directly deal with the finances for the firm.
For regulating, implementing along with supervising it in timely, full and also an accurate set of the accounting books for the firm that we reflected with all the activities within the manner for commensurate with the relevant legislation along with the regulation of the territories for operating purpose. Thus the internal guidelines are needed to be set from time to time under the Board of Directors from the firm. It is usually achieved both within the Due Diligence process and the later as the financial management when it is implemented.
For implementing the continuous financial audit along with the control systems for monitoring the performance of the organization. Thereby, the proposal should show the flow of funds, the adherence to the budget, cost of sales, expenditures, income along with the other budgetary items (Community door, 2018).
With the purpose of complying with any kind of reporting, accounting along with the audit requirements which is imposed by the capital markets for the regulatory bodies under the capital markets where the securities of the firm have been traded which is listed under the proposed conditions.
In case to collaborate along with the co-ordinate the activities of the outside suppliers with the financial services that are hired or contracted within the firm. This consists of the action of accountants, auditors, the banking system, financial consultants, and other financial venues along with underwriters as well as brokers.
It is also needed to maintain the working relationship for the development of additional relations with other banks, capital markets as well as the financial institutions with the purpose for securing the necessary operations from the firm so as to attainment with the development plans as well as the investments (Gutiérrez & Baquero, 2017).
Presentation to the Board for the annual plan of sales along with the marketing support: The plan includes the market penetration methodology, the potential along with the social profiles as well as the economic categories of the clients, sales for the promotion methods in the case to have advertising campaigns, public relations and other media campaigns. The strategic investor is responsible for implementing the plans and also supervises the implementation.
Moreover, the strategic investor also has to possess the brand name for the recognition within other countries. It is also the market leaders with certain territories. For the purpose of enhancing the brand-name, the strategic investor is needed to recognize the market awareness, collaboration, co-branding, and the factors of market penetration with the other suppliers (Office Administration and Automation, 2006).
The strategic investor also organizes the distribution along with the dealership network, the franchising for the network and also the sales network that will retain the training, pricing, accounting controls, pecuniary, inventory along with the accounting controls, sales promotion and another kind of network management.
The dissemination of the product will be preferred along with the choice among the distributors, business in the territory, vendors or individual users. The sales strategy is important for the special events, collaboration under the business, or in case of the sponsorships.
The strategic investor has to project on the “vision thinking” with the new methodology of operation along with the new marketing ploys or niches and that will be predicted for the future trends regarding the market analysis and also research (PM Study Circle, 2018).
Together with the above-mentioned points, strategic investor thus typically brings some valuable experience within the marketing along with the sales. There are numerous off for the shelf marketing plans and also the drawer sales within the promotion campaigns. It is thus necessary to develop the software and also the personnel capable in the case for the analysis the effective niches as per the creation of the right media. This plan set up also a suite for advertisement and the promotion of the products. Above them all, the strategic investor will change the marketing along with the sales promotion ideas for the purpose of the crystallized concept under the business (Project Management Institute, 2012).
The strategic planner for the project will position uniquely for the plan within the technical side for the project along with the implementation. He is needed to charge for:
The selection of the infrastructure along with the industrial processes, equipment, raw materials etc.
The planning as well as the erection of the various sites, factories, structures, premises, as well as the business etc.
The project planning, implementation along with the supervision.
It is needed to minimize the costs for the infrastructure for the reason of deploying, planning along with the proprietary components.
This planning also includes the planning and also the implementation of the line connections, solving issues for compatibility of the software or hardware, various protocols etc. (Project Management Institute, 2012)
For a start-up business to become a success within a short period of time is very much difficult. But it can be possible if the start-up can undergo licensing or the joint venture agreements.
The licensing advantages of the startup will help to improve the following points:
Licensing, tried as well as true
This will provide the resource for the future projects
Production if the head start
Vitally committed to the success
It is needed to free for view with inventions
Joint ventures agreements for the startup companies:
Other than the licensing there is the joint ventures agreement for the new corporation like the start-up or the spin-off companies.
For the purpose of attracting financial support from the prepared risk-taking technology on behalf of the angel investors or venture capitalists, in both the cases they want to take the long-term risk as the reason is that they also receive a share from the future profits under this condition.
Moreover, the joint venture agreement also involves the formal along with the legal binding of the commitment under the two or more partners in case of shared enterprise. In general, the joint venture is created under very specific purpose for the commercialization of the new technology, with the limited duration. It is also needed to check the possible commercial partners and their objectives for consistency before entering into the agreement (Zhang, Sun, Liu, & Ren, 2018).
The advantages of joint venture include:
It will allow the organizations for entering the related business or the new geographic markets for gaining the new technological knowledge.
It may be flexible and can be made the agreement within a short period of time.
It is possible to access the greater resources with some specialized staff and their technology (Best Practices, LLC, 2017).
It is thus concluded that the startup business should be planned well before the project is commencing with respect to all kind of aspects as discussed above.
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