Entrepreneurship & Small Business MGT 402 BUSINESS PLAN Project yourself as an e
ID: 366813 • 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
• 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
• Describe the most important features. What is special about it?
• Describe the benefits. That is, what will the product do for the customer?
• Identify your targeted customers, their demographics
• What products and companies will compete with you?
• How will your products or services compare with the competition?
Strategy
• Outline a marketing Strategy.
• 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
•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?
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
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
A.
Company Name: DigiAgrikulture – Digital Agriculture
Address: An Nakhil, Riyadh Saudi Arabia
EMail: business@digitalagrikulture.com
About the business: Business of selling smart sensors (devices that can detect environmental variables like temperature, soil moisture, humidity etc) to the farmers
What will you do?
I will produce, market and sell smart sensors to the farmers. These sensors can detect variables like temperature and humidity of the soil and report to the farmers on a smart phone application. Through these sensors and the reported data, the farmers can take their day to day farming decisions like how much to water the farms, when to water the lands with ease and in a smart way.
Mission Statement: To make the farmers of Saudi Arabia well equipped with data and insights and make their life easier
Company goals and objectives:
- To make farming smart in Saudi Arabia
- To infuse ease into farmers’ lives
- To aid farmers in optimizing farm yield with relevant data, insights and information
B.
Business Philosophy
What is important to you in your business?
· Customer Centricity
· Ethical operations
· Stakeholder value and interest
To whom will you market your product?
Farmers and FMCG companies of Saudi Arabia
Company Strengths:
Transparent operations
Core Competencies:
Cutting edge technology behind the design of smart sensors
Factors that will make the company succeed:
Low competition, early mover’s advantage, long term relationship building with corporate customers
Major competitive strengths:
Patented technology behind smart sensors
Background experience:
- Theoretical knowledge of various aspects of business due to a business administration education background
- Knowledge of overall operations of a business owing to a two-year long stint with a management consulting
- Know-how of nuances of a small business owing to a short two-months stint with an e-commerce startup as a management intern
Skills: High order thinking skills, complex problem solving skills, people management and leadership skills
Personal Strengths: Optimism, self-motivation and eagerness to learn
Legal form of ownership:
Sole proprietor: Easy formation and speedy decision making both are aspects of a sole proprietorship and really critical to a startup’s success
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