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Introduction:
Course Description:
The business planning process turns a vague idea into a focused business opportunity
that can be successfully implemented. Most business plans are produced to justify a significant
investment in a new product or strategic business unit within a company,
or in a new company formed specifically to profit from the opportunity promised by a
new idea or innovation.
There are many reasons for writing a business plan. It forces the planner to consider what
factors are critical for the plan’s success. It helps determine performance standards for judging
progress during implementation. Finally, the business plan provides an overall road map for
implementation. However, two major reasons for writing a business plan outweigh all others: 1) It
is used to substantiate a market or business opportunity, which justifies the proposed investment
and 2) it is a valuable communication tool for motivating employees, management, or investors to
support the proposed project.
This course is designed to train students to address the complex challenges of developing a plan
for a new or innovative business opportunity. The course is practical in nature, applying concepts
learned in other courses, including marketing, finance, and management. Students, working in
teams, screen potentially feasible business opportunities, research them to determine market
potential, write the business plan, and present the plan as if seeking actual funding.
Two key skills will be emphasized throughout the course: justifying the market opportunity that the
business plan seeks to address, and communicating and defending the ideas and assumptions
presented in the business plan. These skills are necessary regardless of whether the plan is
used to describe a new business, or a proposed investment within an existing business.
Text:
Assessment:
Group 45%
Write-up 5-questions about team business opportunity (1-2 pages) 10%
Business plan: Market and Industry section 10%
Business plan: Product and Marketing sections 10%
Ranking in competition 5%
Overall written business plan 10%
Individual 55%
60-second pitch 5%
Evaluation of 60-sec pitches (5% each) 5%
Test #1: Opportunity, Business Model, Marketing 15%
Test #2: Financial Plan and Spreadsheets 15%
Test#3: Sources of Funds 15%