Planning a New-Venture Know Yourself

Planning a New-Venture Know Yourself
Students Name
Institution
Date

2.1 Planning a new venture – Know yourself
Personal objectives
Write down what you want in your life in the short, medium and long term:
1 YEAR 3 YEARS 10 YEARS
What do I want to be? I would like to be a successful employee in my workplace. I would like to rise to a higher rank like that of a manager. I would like to be the chairman of the employee’s board.
What do I want to do? I would like to be a partner in any available business I would like to be well established in business to a level where I am known. I would like to expand my business worldwide in order to reach out to the global market.
What do I want to have? I would want to own a small property to serve the purpose of investment in future in case of any eventuality. I want a land where I can build my future home. My home with a big house enough to accommodate my family.

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Assess where you are now. Summarize what you have to offer (strengths) and what you need to learn or minimize (weaknesses):
STRENGTHS WEAKNESSES
Technical skills • Enthusiasm
• Trustworthy
• Respectful
• Honesty
• Patience • Attempting to please everyone
• Self-criticism
Management competencies • Good in communication
• Goal oriented
• Am good in decision making • The never-ending search for favorite people to join my team.
• Expecting everyone to be accountable for their own actions
Personal attributes I am very kind, cooperative and patient with the situations around me. • I do not tolerate extremists
• I sometimes become rebellious

Entrepreneurial management behaviors • Vision and influence
• Able to assemble and motivate a business team
• Able to stir up efficient decision making in an organization. • Uncomfortable with possible future uncertainties.
• Preference for a structure which has already been established.

Clues from the past
Review your past life, and write down some specific moments when you felt purposeful and focused in a way that gave you satisfaction at the time and in retrospect. Also look at times when you felt less directed and adrift.
NOTES
Personal qualities used or misused • I have the ability to work with my coworkers in harmony.
• I always feel the urge and will to share my knowledge base and skills with them
• I have good communication skills
Satisfying moments • I am satisfied when I see my family around me in good health and stature.
Dissatisfying moments • I feel dissatisfied when my family is not around or when they feel low and inadequate about themselves.
Clues to what you want and what you have to offer… • My coworkers like it when am around because of my knowledge base and skills that I share with them. This is a sign that I can be able to rise to a higher rank in an organization since I can be able to influence the activities positively within the workplace.
• I am also goal oriented following the successes I have had in the business plans I have formulated in the past.

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Your specialty:
Use the following table to record your notes:
MY SPECIAL TALENTS ARE
1. Positivity- I always believe that everyone can be done successfully when you have a mindset that is positive. When you surround yourself with the like-minded individuals who are positive and inspiring, then it is easier to achieve set goals
2. Persistence and Determination- I strongly believe that bigger goals do not require people who give up easily. It is therefore important to press harder to reach your personal objectives.
3. Patience- I also believe in the power of waiting. The fruits of our labor cannot be received now, and now, we have to wait a little bit or more.
4. Resilience ¬–I do not listen to negative opinions coming from individuals who are trying hard to push me out of my path. I am not a quitter since I believe in positively pushing through.
5. Adaptability- I am always open to adjustments that may come along. I allow more room for learning new concepts by being free to ask individuals who have traveled along the same path.
6. I also learn people very easily- this makes me be at a position to discover people’s intentions whether positive or negative.

3.1 Planning a new venture need- Identifying the new venture need or problem
DEFINITION
My new venture idea is to start a personal training business

3.2Assessing the new venture idea
ASSESSMENT CRITERIA COMMENTS
Underlying trends in the environment There are a lot of upcoming trends in the market.
Supporting trends in social, technological, economic, political or legal developments still needs a lot of improvement
Why may these provide a market opportunity? Because the current market require new technology oriented ideas

3.3 Market needs or problem areas
IDEAS OF NEW PRODUCTS OR SERVICES
1. Geographical or cultural elements
2. Unavailability of after-sales services
3. Gaining competitive advantage

4.1 Find solutions to the identified problem
IDEAS OF NEW PRODUCTS OR SERVICES (from worksheet 3.2) EXPAND ON IDEAS PUT FORWARD BY BRAINSTORMING
1) Geographical or cultural elements a. providing the customer with the exact taste of product required
b. analyzing taste and preferences
c. bridging the consumer gap
2) unavailability of after-sale services Provide consumers with after sales services

4.2 Review of potential solutions
Review your top three shortlisted solutions against the following key criteria:
SHORTLISTED PRODUCT OR SERVICE IDEAS (from Worksheet 4.1) IDEA 1 IDEA 2 IDEA 3
Personal requirements: (Scale 1-10) 7 6 8
Personal qualities
(Scale 1-10) 7 8 9
Innovation
(Scale 1-10) 8 8 9
Viability
(Scale 1-10) 7 6 8

4.3 Domestic markets checklist N/A
Use this sheet if you are selling to domestic or consumer markets (B2C)
Checklist
Domestic markets: target customers
Sex both male and female are targeted
Age group Under 15
15-25
25-40
40-65
Over 65
Type of employment
Type of employment in this case is managerial.
Other (specify)
General
Income range
Householder or rented accommodation mostly rented
Area of residence upcountry
Lifestyle/personal type middle class
Interests and hobbies travelling, nature experience and skiing
Socio-economic grouping proletarian
Benefits target customer seeks
from my product or service Existing product or service
Provision
1 they get to enjoy the quality of goods and services they buy
2 they are able to be discounted making them save some money
3 transportation cost is slashed off depending on the average amount of goods bought
4 warranty period is extended in case of eventualities
5 after sale services is also guaranteed
*For each benefit stated, how do you rate existing products or services available to the target customer? Use a scale of 0 to 10 where 0= benefit not provided and 10= benefits fully provided.

4.4 Planning a new venture- identifying the solution
Checklist
Industrial markets: target customers
Sector/industry type: ART AND CRAFT
Legal identity: Limited Partnership Charity
Size of organization: Turnover range 80%
Number of employees more than 1000
Location of companies: Geographic area: UK majorly located here
Oversees here we have only some few branches
Job title of decision-maker(s) for my product or service: Marketing Executive
Frequency of purchase: Very frequent
Benefits target customer seeks Existing product or
From my product or service service provision
1. quality
2.quantity
3.wider range of varieties
4. discount
5. transportation for those staying around
*For each benefit stated, how do you rate existing products or services available to the target customer? Use a scale of 0 to 10 where 0= benefit not provided and 10= benefits provided

4.5 Features and benefits
FEATURE BENEFIT
1. Quality
Consumers do not get harmed
2. Quantity The customers receives what worth their money
3. Discount Saves consumers some cash
4. Transportation Saves consumers some money
5. Wider range of products Customers can easily choose what they want

4.6 Competitive edge
MY COMPETITIVE EDGE IS …
1. Discount
2. Transportation cut-off
3. A longer warranty period

5.1 Research objectives
FIRST THOUGHTS
Opportunities and threats in the marketplace and in the future The market is very wide and selling might boom.
The competition is very stiff.
How much will the customer buy from me in the first three years of trading? Almost 80% of my products

5.2 Researching the customer
QUESTIONS/ISSUES EVALUATION
Size of total market The market is very wide
Number of individual customers Roughly 10,000+
How many customer segments? Depends with the products required
How often do they buy? Frequently
How much do they buy? A lot of stuff
When do they buy? When need arises
Are some customer more important than others? Nope. ..they are equally treated
What percentage of the market can I expect in Year 1? 80%
What percentage of the market can I expect in year 3? 97%
What are the existing distribution channels? So far 10
Other questions n/a

5.3 Researching competition
Who are the competitors? The competitors deal in the same products in the same industry
What percentage of the market do they have? Almost 70%
What is their estimated sales turnover? 65%
How long have they be in business? Over 10 years
Is the market stable or changing? Changing with each coming year
What is the competitive edge of the principal competitors? The fact that they have stayed in the market longer.
How profitable and efficient are they? They are nearly excellent
How do customers rate the principal competitors? They rate them well and compliment them big.
Are they active in the marketplace? Yes
If yes… in what ways? They have maintained constant product and service distribution.
Other questions

5.3 Researching the environment
QUESTION/ISSUES EVALUATION
What are the boundaries of your target market? Global
What are the social trends? Newer cultures and races
What are the economic factors? Financial capabilities
What are the political factors? Free-markets and adjusted tariffs
What are the technological trends? Emergence of eMobile
What are the demographics of the market? Covers a very wide range.
What will be the key external influences over the next three years? Stiff competition as a result of many entering the market.
How will these influences affect you? I may lose some market share
Other questions n/a

5.5 Initial evaluation of the opportunity
LIKELY TURNOVER YEAR 1 YEAR 2 YEAR 3
Pessimistic forecast $4445 $5555 $7859
Optimistic forecast $6000 $9000 $12000
Most likely $4500 $4999 $6300

6.1 Planning your business
BUSINESS PLANNING YOUR COMMENTS
Outline heading for your plan To have a very wide market
What you have liked about example plans you have read It offers a competitive advantage
What you don’t like about example you’ve read n/a
Main messages you wish to convey Availability of favorable after-sales services

7.1 Confirming personal motives
KEY QUESTIONS YOUR ANSWERS
1. Are your personal motivations still valid Yes
2. Are there new, or additional factors which you should now consider? Yes

7.2 Setting general objectives
GENERAL OBJECTIVES
1. To outdo other in the market
2. To expand the enterprise and venture in some other favorable businesses
3. To receive global acclamation for god work
4. To fully maximize profits

7.3 Setting specific objectives
SPECIFIC OBJECTIVES
1. Profitability
2. Productivity
3. Employee retention
4. Long term growth
5 Maintaining positive core values

7.4 Defining policy
TYPE IF POLICY POLICIES
Financial policies 1 general fund reserves
2 operating budget
3 long-term financial planning
Management policies 1 code of conduct
2 internal and email policy
3 drug and alcohol policy
Marketing policies 1 bring in new customers
2 introduce a new product or service
3 improve customer loyalty

7.5 Timetable of key activities
DATE/MONTH ACTIVITIES
28-10-2018 Advertisement
22-11-2018 Product promotion
5-01-2019 Launching of a new product
6-03-2019 Seminars
27-07-2019 Bench marking with other companies

8.1 Route to market entry
ROUTE TO MARKET ADVANTAGES DISADVANTAGES
New business start-up You get to know the market well Risks such as failure
Franchisor Orientates you to the market Offer invalid license at times
Franchisee n/a n/a
Buying an existing business Availability of customers Fear of unknown

10.1 Legal form
LEGAL FORM CHOSEN REASONS FOR CHOSE
No legal form chosen so far n/a

10.2Protection of intellectual property
IP IDENTIFIED MEANS OF IP PROTECTION
Patents Copyrights Inventions and product
Trademarks Product names, logos, jingles
Designs Appearance of product e.g. color, decorations etc.
Domain names Logos

10.3Elevator pitch
ELEVATOR PITCH
I will sell stationery
My customers will be all offices willing to buy
The unique benefit id the quality of the products dealt in
Main aim and objective is to provide customer with satisfaction and on the other hand maximize profits

10.4 Financial details
KEY FINANCIAL ISSUES COMMENTS
Financial benefits and rewards in the short term Enter values:
6 months:
$240
1 year:
$500
Financial benefits and rewards in the medium term Enter values
2 years:
$480
3 years
$720
5 years
$1200
What are the financial risks? n/a
n/a
n/a
What is the break-even point n/a
n/a
n/a

10.5 Management
1. FEASIBILITY SUMMARY- MANAGEMENT
10.3 Elevator pitch
Perfectly excellent
2.1-
2.4,
7.1 Personal strengths and weaknesses
As clearly stated but am striving to improve

Influences of small enterprise environment
They increase the competition, sometimes unfavorably
Market entry and legal form
No Comments
Protection of ideas
Should be top-notch

10.6 Market
2.
Opportunities and threats of chosen market place
Larger market
Competition
Who is the intended customer and what is your competitive edge
After sales services and discount
What are the competitive threats
Change in value chain

10.7 Money
3. FEASIBILITYV SUMMARY- MARKET
5.5 Sales turnover forecast
The turnover is encouragingly amazing.
10.4 Financials:
There should be considerable improvement

10.8 Decide on the modifications to the opportunity
FEASIBILITY SUMMARY-MODIFICATIONS
My business is doing well. With the set targets and effort put it will do better.

11.1 Summary of your operations plan
OPERATIONS PLAN
Enter your detailed plans here
Managing the value chain: By increasing discount
Premises: Making expansions
Materials: Quality preference
Equipment: Laying a foundation for a wider variety to choose from
Insurance: Preferring a stable one which is helpful in case of eventualities
Information and communication systems: Being up to date on the emerging issues
Website: Creating a reliable website that can reach to a wider populace all over the world.

12.1 The marketing environment
Refer above

Summarize your people plan
PEOPLE PLAN
Details of entrepreneurial team (include CVs for your team where appropriate)
N/A
Future requirements (how gaps will be filled):
N/A
Enter your plan here (for section 3.i of the business plan)
Managing people: harmony in workplace
Recruitment policy: fair without discrimination
Strategy for promoting motivation: rewards

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