Entrepreneurship & Small Business MGT 402 BUSINESS PLAN Project yourself as an e
ID: 366335 • Letter: E
Question
Entrepreneurship & Small Business
MGT 402
BUSINESS PLAN
Project yourself as an entrepreneur of a small scale business in Saudi Arabia.
Assignment Objectives & Requirements:
1. Owners
a. Your Business Name, Address, EMail
2. General Business Description (300 – 400 words)
A. What business will you be in? What will you do?
•Mission Statement
•Company goals and objectives
B. Business Philosophy
a. What is important to you in your business?
• To whom will you market your product?
• Describe your Industry: Is it a growth industry? What long term or Short term changes do you foresee in the industry? How will your company take advantage of it?
• Describe your most important company strengths and core competencies: What factors will make the company succeed? What do you think your major competitive strengths will be? What background experience, skills, and strengths do you personally bring to this new venture?
• Legal form of ownership: Sole proprietor, Partnership, Corporation, Limited liability corporation (LLC)? Why have you selected this form?
3. Products and Services
a. Describe in depth your products or services. (Technical specifications)
b. What factors will give you competitive advantages or disadvantages? Examples include level of quality or unique or proprietary features.
4. Marketing Plan
a. Market Research- Why?
b. Market Research- How? Primary or Secondary Data?
c. In your marketing plan, be as specific as possible; give statistics, numbers, and sources. The marketing plan will be the basis, later on, of the allimportant sales projection.
Facts about your industry
• What is the total size of your market?
• Current demand in target market.
• Trends in target market—growth trends, trends in consumer preferences, and trends in product development.
• Growth potential and opportunity for a business of your size.
• What barriers to entry do you face in entering this market with your new company?
• How will you overcome the barriers?
• How could the change in technology, change in government regulations, change in the economy, change in your industry, affect your organization.
Product
• Describe the most important features. What is special about it?
• Describe the benefits. That is, what will the product do for the customer?
Customer
• Identify your targeted customers, their demographics
Competition
• What products and companies will compete with you?
• How will your products or services compare with the competition?
Strategy
• Outline a marketing Strategy.
Promotion
• How will you promote your Product?
• What will be your promotional budget?
Method of setting prices
•Compare your prices with those of the competitors. Are they higher, lower, the same? Why?
•How important is price as a competitive factor?
• Do your intended customers really make their purchase decisions mostly on price?
• What will be your customer service and credit policies?
Distribution Channels
How do you sell your products or services?
Legal Environment
• Licensing and bonding requirements
• Health, workplace, or environmental regulations
• Special regulations covering your industry or profession
• Insurance coverage
• Trademarks, copyrights, or patents (pending, existing, or purchased
Personnel
•Number of employees
• Type of labor (skilled, unskilled, and professional)
• Where and how will you find the right employees?
• Quality of existing staff
• Pay structure
• Training methods and requirements
• Who does which tasks?
• For certain functions, will you use contract workers in addition to employees?
Inventory
• What kind of inventory will you keep: raw materials, supplies, finished goods?
• Average value in stock (i.e., what is your inventory investment)?
• Rate of turnover and how this compares to the industry averages?
• Seasonal buildups?
• Leadtime for ordering?
Suppliers:
Identify key suppliers
• Credit and delivery policies
5. Financial Plan
The financial plan consists of a 12month profit and loss projection, a cashflow projection, a projected balance sheet, and a breakeven calculation. Together they constitute a reasonable estimate of your companys financial future.
6. Conclusion
Assignment Workload
This assignment is an individual assignment.
The word count for this assignment must be between 3000 to 3500 words.
Assignment Submission
There will be three submissions for this assignment as the following:
Submission Week
Due Date
Point covered
Marks
First Submission
Week 7
1,2,&3
5
Second Submission
Week 11
4
7
Third Submission
Week 13
All
8
Instructor’s assessment based on the sincere effort on Project, and Participation in the followings:
Class
Blackboard
Discussion Board
Wiki
Blogs
5
TOTAL MARKS
25
The submission method will be through blackboard.
Assignment Regulations:
All students are encouraged to use their own word.
Student must apply APA style of reference within their reports.
A mark of zero will be given for any submission that includes copying from other resource without referencing.
Submission Week
Due Date
Point covered
Marks
First Submission
Week 7
1,2,&3
5
Second Submission
Week 11
4
7
Third Submission
Week 13
All
8
Instructor’s assessment based on the sincere effort on Project, and Participation in the followings:
Class
Blackboard
Discussion Board
Wiki
Blogs
5
TOTAL MARKS
25
Explanation / Answer
Only 1 and 2 answered:
Café in Saudi Arabia
Business Name: Aroma Café
Address: Aroma Café, North Ring Road, Riyadh, Saudi Arabia (near Kind Khalid International airport).
Email: customersupportforaromacafe@aromacafe.com
2. General Business Description:
A) 1. Mission Statement: To provide a fine dining experience where you come with friends, family and colleagues and take away the memory of a life time.
2. Company Goals and Objectives:
Goal is to provide finger food and variety of coffees to attract families and friends at any time of day where they can enjoy the ambience and food. It will not be restricted for only lunch or dinner cuisine. The food and beverage will be available for any time of the walk-ins where people would come to enjoy the ambience and sit for a long time instead of just having lunch or dinner for a limited period without any attention for the café or restaurant.
Company objective is to provide a place for beautiful Café experience for new and repeated footfalls instead of just good food to enjoy as food which can be ordered at any time without actually visiting the place.
B) Business Philosophy:
Long term changes would be: more relaxed rules and regulations so as to allow foreign business owners to open shop in Saudi Arabia without any partnership or proprietorship with locals.
Short term changes would be: imports for raw materials from nearby countries would improve so that Café could have a variety of food and beverage offerings. Only milk and dates are readily available so if imports are relaxed then variety of dishes will attract multiple customers.
4. Most important company strength is to not have only location specific and local dishes. This will attract a lot of customers as Café is not restricting dishes to a particular geography. Locals will come for enjoying new dishes and Tourists will come for familiar dishes which will be the key cause of company’s success.
Major competitive strength would be ambience so each day ambience of Café can be changed to particular themes making the customer experience very memorable. The dishes of all Cafes and restaurants will have similar cost and taste.
Personally, my knowledge and interest of cooking would drive customers to Café as I would be personally involved in understanding and resolving the customer’s issues.
5. Legal form of ownership: Partnership because a local’s help is necessary to get faster approvals and avoiding government restrictions
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