Planning for a new business venture

How Businesses

The dynamic and competitive business environment managers operate in today means that they are likely to change their employment several times throughout their careers.  Many may choose to set up their own businesses, whilst others will be involved in the restructuring process of their organisation.

This module has been developed to meet the needs of managers who may be required to set up a new business start-up, or a new division within an established organisation.  Business planning is an essential skill for business students and this module gives the opportunity to put the theory learned on the programme into practice.

The main aim of this module is to take students through the whole process of transposing a business idea into a viable project via all the necessary intermediate stages.

Learning Outcomes:

By the end of the module, students should be able:

  • Understand the nature of the strategic planning process.
  • Prepare a formal and robust business plan, including the financial elements, which passes the examination of a panel of experts.
  • Use and build on the learning from previous modules, and demonstrate this with the Business Plan.
  • Identify where the business venture is vulnerable, and what will make it successful.
  • Implement the plan and move the business forward.

Indicative Content:

  • Creativity.  This will revolve around the brainstorming of business ideas based on pre-set business areas.
  • Why Business Plan.  This explains what is a business plan and why it is helpful to individuals and businesses.
  • Business Planning Principles.  An understanding of the link between business planning and strategy.
  • Preparing the Business Plan.  An understanding of what is required and expected in a robust business plan.
  • Evaluating and Implementing the Business Plan.  An understanding of how business proposals are evaluated.  In particular the criteria against which financials decide whether or not at agree funding for a business venture.

Journals:

Bhide A (1994), How entrepreneurs craft strategies that work, HBR, March-April, p150-161

Magretta J (2002), Why business models matter, HBR, May

Prahalad CK & Hamel G (1990), The Core Competence of the Organisation, HBR, May-June, p79-91

Sahlman WA (1997), How to write a great business plan, HBR, July-August, p98-108

Web Sites:

www.bplans.com

www.businesslink.gov.uk

www.businesstown.com

www.bvca.co.uk

www.clearlybusiness.com

www.entrepreneurs.about.com

www.gemconsortium.org

www.innovateur.co.uk

www.sbs.gov.uk

www.smallbusiness.co.uk

www.smbtn.com

www.toolkit.cch.com/

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