The final assignment in the entrepreneurship section of the Bio enterprise and employability module was to create a business plan. This could be based on the ideas discussed within the dragons den workshop or our own biological based business idea.
The plan followed the set up:
- Value proposition
- Key partners and people
- Marketing and sales
- Customer Segments
- Customer Relationships
- Key business activities
- Key business resources
- Cost structure
- Revenue streams
- SWOT analysis
- Appendix – Financial forecasts (Profit and loss and Cash flow pro formas)
I produced a plan for a tutoring service. To complete this task I used a number of different resources, such as example business plans from bplans and various youtube videos.
During this assignment, I found a particularly helpful website, leanstack, which guides you through creating a business model (lean canvas) for any prospective business. The website leads you through a logical route to filling in the different sections and offers videos to explain the different sections further.
It also has sections explaining financial forecasts, like the profit and loss pro formas, we were required to create. This was especially useful for me, as I found this area the hardest to understand and create. From running through the website and reading example plans, I then found it much easier to write my business plan.
My opinion and how this will affect my future
I did not enjoy this assignment, although I had an understanding of the business model from the dragons den workshop and our previous lecture, the financial forecast sections worried me initially, and I did not fully understand how to change the model to a plan. I felt it would have been useful for us to be able to access business plans on the blackboard site so that we could see the areas discussed in lectures about the business model in business plan form.
This plan has confirmed that at the moment I do not see myself setting up a business in the future. However, the knowledge on the business model may come in handy for future fundraising events that I am planning on organising. It will allow me to plan how I need to spend money, what money will be needed, how to fully plan the event and how to market it successfully. One instance that I hope to implement this in is a charity three peaks challenge (although it will definitely take me longer than 24 hours).