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Engineering enterprise COURSE CODE​GEEN 0049 COURSE TITLE​Engineering Enterprise       Instructions to Students   1. Wordcount: at least 3,500 words

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Engineering enterprise COURSE CODE​GEEN 0049

COURSE TITLE​Engineering Enterprise

 

 

 

Instructions to Students

 

1. Wordcount: at least 3,500 words – references are excluded from the wordcount;

 

2. Please submit ONLY word documents. PDFs or any kind of photo documents will not

 

be marked;

 

3. Please do not plagiarise: any similarity index above 20% will be referred to the Ethics

 

Committee;

 

4. Prose coupled with metrical structure is highly recommended;

 

5. Deadline: Friday              03/December/2021 by 23:59 GMT

Page 1 of 2

 

Your New Business – Business Plan

 

 

Like so many others before you, you have decided to set up your own business.

Having investigated various options, you have concluded that your ‘idea’ is viable, it suits you and can be developed to be an interesting enterprise with rewarding financial results. Your project can be as small or as big as you want to. Similarly, your ‘idea’ does not have to be ’unique’. In fact you might consider bringing an established service or product to a new market or develop an existing concept to a new application. It is advisable that you select a business that is not totally fictitious or imaginary. The closest you are to reality, the easier it will be for you to think your project through properly and present it to others. Ideally, you want to present something that you are genuinely considering as an alternative for your future. Who knows? Maybe it will happen one day!

To get your new business started, you need to approach financiers / lenders / investors to help you raise the necessary capital for your purposes. You therefore need to put together a business proposal (else known as a Business Plan (BP)) which will include a comprehensive description of the new business and any other additional material that will convince your audience to back you up. You should be clear in how much funding you need, for how long and how you are going to pay back in a way that will be worthwhile for your supporters. The structure of a good plan has been discussed in class (Please check Topic 4: Business Plan on Moodle). Please take use Topic 4 as template for your report.

It is important that your Business Plan adequately covers what you plan to achieve, in a way that it generates interest and confidence in your arguments. It is worth keeping in mind at all times the golden rule:

 

you + idea + (money/credit + facilities/people) = Product/service +

marketing = Money/credit = Profit Section Eleven – Objectives and Milestones

This comes back to setting successful criteria. Each part of the business needs to have an action

plan which outlines the milestones and therefore the success and failure criteria for their part in the
operation.

• A detailed timetable for the action plan for each area e.g. marketing, operations should

have objectives plus success and failure criteria.

• What are your personal objectives in running the business and how do you intend to

achieve them?

• What objectives do you have for the business itself and how do you intend to achieve

them?

11. Objectives and milestones

11.1. Action plans and timetable

11.2. Personal objectives

11.3. Business objectives

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Appendices

• Glossary of terms

• Summary – technical data, new products including patent specifications etc.

• Market entry report by external consultants

• Marketing plan

• Order and enquiry status – new product

• Current shareholders

• Organisation chart: current, year 2, year 5.

• Curriculum Vitae of senior management

• Financial projections (year one to five): projected balance sheet on an accruals basis, profit
and loss projections on a monthly or quarterly basis, if possible, for the first two years and
annually for three subsequent years. Assumptions used including accounting principles, sales

and market share assumptions, costs, payroll expenses, R & D costs, warranty costs and
taxes. Sensitivity and break-even analysis.

• If available, accounts for the past three years.

Appendices

15

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