Strategic Exploration of Entrepreneurial Directions An opportunity to explore entrepreneurial opportunities and create a viable business plan

The Task Appraise the Opportunities Plan the Enterprise Explore the Planning Process Explore Knowledge Needs & Research Explore Financial Issues & Strategy Explore Marketing & Customer Strategy Explore Operational & Resourcing Strategy Fund the Enterprise

The Simulation Initial Familiarisation Appraising the Opportunities Plan the Enterprise Ratify your business plan Compare and discuss

Prologue A cross faculty project Involving: –An engineering student –A mathematics student –A medical student The product The Cuddl-MD

A glorious failure! Unfortunately it proved impossible to Sterilise the Cuddl-MD between children And, even worse! Retrieve it after use

The opportunities Three opportunities were identified 1.Early Learning 2.Companions 3.Autistic Children

The Business Situation Funding Clicks & Mortar Distribution Product & Manufacturing Marketing & Promotion Human Resources Physical Resources

Funding The Students Venture Capital Aunt-E Retired Business Person Source of Advice The Bank Overdrafts & Loans

Clicks & Mortar Via the web –Basic Information Only Site –Basic Credit Card Sales Site –Full Shopping Cart Site Via retail outlets

Product & Manufacturing Components –Soft toy –Electronics –Software –Instructions –Packaging Manufacture

Marketing & Promotion Direct Selling Advertising Public Relations Web Design Point of Sale Display Packaging

Human Resources Executive Administrative Accounting Selling Production

Physical Resources Office Equipment Production Equipment Transportation Accommodation

Learning Process PC there to: –Provide opportunity research –Provide (if needed) business advice –Allow you to prepare plans –Provide comments about the plans While you –Think, discuss and argue The Tutor’s Role –Answer questions

Opportunity Research Select what you wish to research from a list E.G. Market Potentials Web Pricing Outlet Pricing When you do this you will be provide some information and research details will be provided to the planning models.

Policy Advice To support you and if necessary you can ask for business policy advice: E.G.Promotion Policy Advice Selling Policy Advice Product Range Advice But, on the other hand, you may know all about this!

Creating Plans You can create several plans that cover: –Market to Serve –Finance –Marketing –Resources These will be analysed and several reports produced forecasting the outcomes.

Comments Besides your own analysis and appraisal of your plans you can ask “Aunt-E” to comment on elements of your plans: E.G. Pricing Decisions Promotion Decisions Staffing Decisions These comments are perceptions and not prescriptive.

Using the Computer 1.Choose a team name 2.Research & Plan 3.Simulate (get research and forecasts) 4.Repeat stages 2 & 3 (the planning cycle) until you are happy with the plan or time runs out! Each planning cycle takes one month of simulated time.

Observations it takes time to understand but the opportunity must be analysed & planned therefore your decisions will not be perfect time will be a constraint by the end you may (just) have created a viable plan your business skills will be challenged remember the purpose is to learn! so, take time to reflect & review (and consider your priorities and work) and have fun!