Assessment 3: Business Plan & Reflection
LO2 – Research, identify and critically assess the funding options available for a new venture and make informed judgements and recommendations on the most appropriate options for the business opportunity identified.
LO3 – Apply a range of principal skills and practices associated with new venture development to develop a convincing business plan for the business opportunity identified.
Format: Report format
Word Count: 4,000
Weighting: 50% of module
Assessment Brief
Following the evaluation of your business idea and recommendations to ensure the idea is viable (Report 1) you are now required to prepare a full business plan to show how that idea could be fully implemented. The business plan should include, as a minimum, the sections indicated below:
Executive Summary
Description of the business opportunity, the overall vision, the company, finance required, financial projections, business differentiators, credibility (achievements so far). This should not be longer than A4 and you will not write this till you have finished your business plan.
Section 1: The Business Description and its Mission, Values and Vision
This section should cover any history of the business and the position to date. It should detail the business mission statement, vision and values. It should introduce the key management team briefly and explain the current status. The legal structure should be explained.
Section 2: The Products and/or Services Description
This section should describe the main product and/or services proposed, evaluate readiness for the market and the proprietary position (if there is a need for any licences or patents). It should give an indication of any distinct advantages or unique elements of the product features and benefits and how these compare with the competition. Any guarantees and/or warranties should be described. Any future potential in terms of product or service developments should also be discussed.
