Posted: April 17th, 2015

To research and convey your business idea in report form to convince your board of directors of your organization/ or potential investors.

Description and Assessment Criteria

Aim: To research and convey your business idea in report form to convince your board of directors of your organization/ or potential investors.

Task:

Once you have chosen a business idea you need to write an individual business plan.  There is no set format for this but it typically should:

• A short format business plan, containing clear objectives, strategy, action programmes and financial projections (TWO YEARS’ Profit & Loss monthly, ditto CASH FLOW quarterly and a clearly worked out break-even calculation, plus a CAPITAL REQUIREMENTS PLAN showing main capital purchases and also clearly identifying sources of finance).
• Clearly describe the product/service and its unique selling proposition (USP)
• Justify its uniqueness through a preliminary data search and competitor analysis
• Determine market attractiveness e.g. market size and potential growth through identification of potential customers, market trends
• Determine business strategy with a clear route to commercialisation e.g. technical development, licensing of intellectual property, marketing and implementing
• Identify potential risks and how they will be managed
• Justify expenditure for running the event, equipment and running costs
• Describe key operational requirements e.g. premises, IT and management systems, quality requirements
• Demonstrate credibility of management team
• Demonstrate financial rewards and loan requirements for potential investors

You will be marked on the following criteria:

Guidance on writing:

• Indicative word count: 2,500 words (does not include appendices)
• The style of the report short be ‘short and sharp’ and aimed at the business community rather than ‘essay’ style