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Strategic Exploration of Entrepreneurial Directions
An opportunity to explore entrepreneurial opportunities and
create a viable business plan
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The Task• Appraise the Opportunities• Plan the Enterprise• Explore the Planning Process• Explore Knowledge Needs & Research• Explore Financial Issues & Strategy• Explore Marketing & Customer Strategy• Explore Operational & Resourcing Strategy• Fund the Enterprise
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The Simulation
Initial Familiarisation
Appraising the Opportunities
Plan the Enterprise
Ratify your business plan
Compare and discuss
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Prologue
A cross faculty project
Involving:– An engineering student– A mathematics student– A medical student
The product
The Cuddl-MD
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A glorious failure!
Unfortunately it proved impossible to
• Sterilise the Cuddl-MD between children
And, even worse!
• Retrieve it after use
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The opportunitiesThree opportunities were identified1. Early Learning
2. Companions
3. Autistic Children
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The Business Situation
• Funding
• Clicks & Mortar Distribution
• Product & Manufacturing
• Marketing & Promotion
• Human Resources
• Physical Resources
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FundingThe Students
Venture Capital• Aunt-E• Retired Business Person• Source of Advice
The Bank • Overdrafts & Loans
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Clicks & Mortar
Via the web– Basic Information Only Site– Basic Credit Card Sales Site– Full Shopping Cart Site
Via retail outlets
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Product & Manufacturing
Components– Soft toy– Electronics– Software– Instructions– Packaging
Manufacture
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Marketing & Promotion• Direct Selling
• Advertising
• Public Relations
• Web Design
• Point of Sale Display
• Packaging
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Human Resources• Executive
• Administrative
• Accounting
• Selling
• Production
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Physical Resources
• Office Equipment• Production Equipment• Transportation• Accommodation
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Learning ProcessPC there to:
– Provide opportunity research– Provide (if needed) business advice– Allow you to prepare plans– Provide comments about the plans
While you– Think, discuss and argue
The Tutor’s Role– Answer questions
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Opportunity Research
Select what you wish to research from a listE.G. Market Potentials
Web Pricing
Outlet Pricing
When you do this you will be provide some information and research details will be provided to the planning models.
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Policy Advice
To support you and if necessary you can ask for business policy advice:
E.G. Promotion Policy Advice
Selling Policy Advice
Product Range Advice
But, on the other hand, you may know all about this!
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Creating Plans
You can create several plans that cover:– Market to Serve– Finance– Marketing– Resources
These will be analysed and several reports produced forecasting the outcomes.
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Comments
Besides your own analysis and appraisal of your plans you can ask “Aunt-E” to comment on elements of your plans:
E.G. Pricing Decisions
Promotion Decisions
Staffing Decisions
These comments are perceptions and not prescriptive.
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Using the Computer
1. Choose a team name
2. Research & Plan
3. Simulate (get research and forecasts)
4. Repeat stages 2 & 3 (the planning cycle) until you are happy with the plan or time runs out!
Each planning cycle takes one month of simulated time.
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Observations• it takes time to understand• but the opportunity must be analysed & planned• therefore your decisions will not be perfect• time will be a constraint
• by the end you may (just) have created a viable plan• your business skills will be challenged
• remember the purpose is to learn!• so, take time to reflect & review
(and consider your priorities and work)• and have fun!