SOLUTION: BA Program, University of Technology and Applied Sciences__________ Entrepreneurship –BSCR3001 BUSINESS IDEA

BA Program, University of Technology and Applied Sciences__________

Entrepreneurship –BSCR3001

BUSINESS IDEA GENERATION TEMPLATE & CLASSROOM ACTIVITIES

Selecting Suitable Business Plan-Assessment Rubrics (For Teacher’s Use Only)

Section No: nishi.sur@cas.edu.om Group No:

S.No

Student Name

Part A: ABC of the Business Idea Generation (5 marks)

10/2 = 5

What is to be achieved?

How was it achieved?

How Much of these and more? (1.5 +0.5+1)

A-

Opportunity Identification – Beginning with Brain Storming (Faculty to use different methods to help the students with more creative ideas.)

Method used (Recommended List: 1. Newspaper Exercise – For Environment Scanning

2. Business Opportunity Guidance Exercises etc.,

Group to describe their creative way briefly

Idea Removes hassles

Market Inefficiencies addressed

Local Idea and Solution

Challenge to Competition

Identified customer’s desire for new

Growing Sector or Industry

Product differentiation

Cash Flow Consideration

Seasonal Business

Any other (Please Mention)

B-

Identify “Hot” Ideas: based on Markets, Skills or other reasons, Research & Create Business Concepts, Prioritize Ideas, More research and Analysis, Reduce Options or combine options as well, Conduct in-depth research, Select a business to pursue

Why is the Idea HOT?

Are there clear explanations of skills or readings and analysis?

Any Supporting evidence provided for the above?

What options have been applied for combining, reducing executable ideas?

Is there a proposed next steps plan for information unavailability?

Any other (Please Mention)

(2+1+1)

C-

Opportunity Identification: Beginning with a single Idea.

Is the Project on the way to be executable?

Is the Understanding of COGS clear?

Is the Per Unit Pricing realistic?

Are the Cost and Revenue part of the model viable?

Are the number of people needed to do the job stated realistically?

Any other (Please Mention)

Total Marks 10/2= 5

BA Program, University of Technology and Applied Sciences __________

Entrepreneurship –BSCR3001

BUSINESS IDEA GENERATION TEMPLATE & CLASSROOM ACTIVITIES

Selecting Suitable Business Plan

Part B- Justifications of the selected idea (5 marks)

Section No: Group No:

S.No

Group

Student Name

The procedure for business idea generation has to follow a rigorous scientific method guided and approved by the teacher teaching the course, so that the final accepted idea will be reasonably foolproof and a product of systematic selection. Each student / group of students (four to five), work together to select the topic based on business viability, uniqueness, innovation and market gaps. Business Idea screening evaluates innovative ideas, strategies and marketing trends. It is used to determine compatibility with business environment and whether it would offer a viable return on investment (profitability). Business Idea Generation will be awarded 10 marks in total (5 marks for part A and 5 marks for part B). No two groups will be allowed to do the same topic without exception. The Business Plan proposed topics will be submitted to the college level coordinator by all teachers teaching the course to avoid duplication and overlap. Idea generation starts in Week 4 and is finalized in Week 7. This template must be completed by students in full and approved by the teacher before they embark on their Business Plan.

The Business Opportunity Decision Process should ensure the following broad areas:

(Reference: Fig 3.1, Pg.97, Entrepreneurship: Steve Mariotti et al., 3rd Edition)

A- Opportunity Identification – Beginning with Brain Storming.(Faculty to use different methods for help the students with more creative ideas.

B- Identify “Hot” Ideas: based on Markets, Skills or other reasons, Research & Create Business Concepts, Prioritize Ideas, More research and Analysis, Reduce Options or combine options as well, Conduct in-depth research, Select a business to pursue

C- Opportunity Identification: Beginning with a single Idea.

………………………………………………………………………………………………………..

A Opportunity Identification – Beginning with Brain Storming

1. Activities to be undertaken by groups: brainstorming, group discussions and finally face to face interview with the teacher by the group to get Business Plan topic approved by teacher. The students have to convince the teacher that this is a good business plan. (1 mark) (students need to write about the following points:

– Were different ideas discussed in the group?

Yes after many meeting in Google meet we discussed about individuals idea.

– How were the ideas presented in the groups? Did it reflect the variety? Were they considered for discussion by all group members?

After discussing the different ideas we decided to choose the one that missing in Oman and give entertainment and produce joy to people which is Muscat Truck Park to be as our project. We all agreed to work in this one.

– Were the Ideas prioritized? Show the list and justifications of prioritizing the ideas.

– Why eliminating other hot ideas?

Yes after many online meeting, we decided to prioritize Muscat Truck Park as our project to implement.

2. Name of proposed Business Idea & Location in Oman (justifications of the chosen location is needed):-

——————————- Muscat Trucks park in Muscat —————————————————————————————————————————————————————————————————————————————————————————————————–

0.5 marks

3. Types of Product/ Service: (write production or service activities involved and their unique features in detail)

———The purpose is to serve people with one-of-a-kind of food trucks that provides commuters and tourists with a diverse range of fresh and flavourful food, as well as a variety of other convenient services in a fun atmosphere. With a variety of choices through more than 5 food trucks with a unique design each truck contain different types of food—————————————————————————————————————————————————————————————————————————————————————————————————————————

———————————————————————————————————————

(1 mark)

Identify “Hot” Ideas

4. Justification (why choose this idea, why do you think this is a viable business plan/idea – minimum one page, using proper criteria of evaluating business ideas and opportunities?). Address issues to do with sustainability, acceptance by community and government, market supply gaps and competitions, customer needs, innovation and creativity, choice, convenience, profitability, culture and customer preference).

————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————– I chose this idea because it will be a unique also not yet implemented in the Sultanate of Oman. I believe this food truck park is a viable business idea, as people will find it entertaining and interesting. This idea will let people to change of going and sitting inside the restaurant and make them sitting outdoors with fun atmosphere. There will be provided rest areas that can accommodate 50 visitors, lake, walkway and games for children, which makes it suitable for family, friends, colleagues, tourists and so on. I believe our project will be acceptable in the community as it breaks no roles and does not make any violent. The market supply gaps will be the first food truck park in the Sultanate and people will be more entertainment in our park and enjoying our fresh, favorable food include Asian, Italian, Indian food that service in fun atmosphere in addition to that we have areas to rest outdoors and indoors for people who like conditions. I think this idea will let people to gather in the park with the fresh air to enjoy more their meals. —————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————–

marks)

C: Beginning with a Single Idea

5. Approximate Capital Required to Start Business: (write how much do you need to start your business and how you will get finance for your business-with proper justifications for using these sources of funding your propped business, try to be realistic as much as possible?. State owners’ equity/contribution, borrowings if any, from where, other investors, government grants if any and any other sources in detail- minimum one page)

– First, I will get around 50000 OMR a loan from the bank

– Second, I will buy a land that should be in a good spot that everyone can see if they driving by.

– Third, starting doing structure work like street for car, walk side, lake area. Pointing the place of the trucks, game, lake, etc. and building the indoors place as well.

– Fourth, Buy the park needs such as trucks, cooking machines, chairs and tables, cleaning tools, games, and umbrellas.

2 marks

How many jobs will be created in this business? (write number and types of jobs and justification – why do you need each job/post, what will each one do, qualifications and skills needed)

-There will be 30 jobs in the first year:

– 5 cleanses: 1 cleaner for each truck. Who wash the truck inside and outside and keep it clean.

– 14 cookers: 2 professional cookers for each truck and 4 for indoors.

– 5 food deliverers: 1 food deliverer for each truck to serve the food to the customer.

– 2 mechanic engineers: to repair or fix the truck.

– 2 security guard: keep an eye to the park and protect it.

– 2 electricity workers: checking the light and conditioning and kids games daily———————————————————————————————————————————————————————————————————————————————————————————————————————————————–

Target Customer and consumer dynamics: (write who will be the customers for this product/service). Discuss target market and market segmentation, product improvements, expectations of customers, gaps in market, marketing potential, prominent customer needs, competitor weaknesses exploited, acceptance and profitability).

——- The target customers will be all people family, friends, colleagues and kids. Our project going to increase in the future, as we will serve much nationality food. The expectations of the customers believe in our food and trust us. ————————————————————————————————————————————————————————————————————————————————————————————————————————————————————

3 marks (1 mark for 6 and 2 marks for 7)

Total marks (10/2)= 5

Date Approved by teacher:- Name of teacher: Dr. Nishita

Signature of teacher:

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