BUSI4557 (MSc) Entrepreneurship Project 2023/24Matlab

Java Python MSc in Entrepreneurship, Innovation and Management 2023-24

BUSI4557 (MSc) Entrepreneurship Project

60 Credits Level 4 Summer 2023/24

Breakdown of Student Learning Hours

•     1 x 1-hour briefing session

•     6 x 1-hour online lectures

•     4 x 30-minute supervision meetings

(with an exception for 5 supervision meetings if deemed necessary)

Method of Assessment

Business plan (15,000 words) (70%), Individual presentation (30%)

Default Reassessment Method

Business plan

Lecture Timetable Slot

Thursday, 9:30-10:30, Online session through MS Teams

Full Details of Coursework

Ideation Presentation (30%) - 15 minutes (aim for around 12/13 minutes) 10

minutes for questions and answers. This is your opportunity to sell and convince us of

your business opportunity, therefore the presentation needs to be engaging, emotive,

and tell a story. We are looking for you to convince us that this is a business opportunity that is worth pursuing! In the first instance we will assume that you are a for-profit

business. If this is not the purpose of your plan then please be specific about this at the beginning of the document and your presentation.

Presentations will take place online on the 20th  June 2024. During the presentation your supervisor, the second marker and potentially an Entrepreneur-in-Residence from the Lab will be present. We will be assessing your pitch based your abilities to communicate the;

1.  The articulation of a business opportunity with a clear USP.

2.  Your knowledge of the market and your competitors to support the validity of your business opportunity.

3.  Your proposal for the completion of your business plan.

4.  Overall presentation skills, enthusiasm and ability to convince.

Practice your presentation in front of others, especially those in your peer groups. Work within your peer group to help each other to develop and refine your presentations. It is also important to prepare as much for the Q&A section of the presentation as it is the presentation itself. You may find it useful to help one another prepare questions and even have supplementary slides and evidence to help answer potential questions.

Written  business  plan  (70%)  -  word  count:  15,000  with  no  further  allowances (excluding references and appendix) . The standard contents of a business plan usually include, but not exclusively, it is your plan, so what you include is your decision.

•    Executive summary

•    Business overview and goals

•    Market and competitor analysis

•    Target segments, value proposition and unique selling point (USP)

•    Business model

•    Entrepreneurial team and organisational structure

•    Sales and marketing strategy

•    Operation strategy

•    Financial plan

•    Risk assessment

•    Appendices

Deadline Date for Submission of Coursework

•    Thursday 5th  September 2024 before 3pm. To be submitted electronically via Turnitin as per the Moodle link. See the Student Services web pages for further

details and guidance on this process.

•     Late submission will attract a mark penalty unless an extension has been

approved by Student Services. Please familiarise yourself with the extenuating circumstances policyand the process for submitting a claim .

Research Requirements & Ethics

Nottingham University Business School’s Research Ethics & Integrity Committee (REIC) has approved research protocol for use as part of Master's Student research projects.

Any student projects that meet the conditions of these and which follow the protocol set out, need not apply for further ethical approval.

•    A participant information form must be completed and given to each research participant in advance of the interview and a copy left with them afterwards.

•    You must store the data securely (password protection for electronic files) and anonymise the data as much as possible.

•    The research may not: (a) involve payment or other compensation to

interviewees and (b) involve the data being used for any other purpose not specified in the consent form.

•    This approval only covers research on non-sensitive topics.

•    This approval does not cover the participation of the following groups:

o  NHS staff or patients

o  Children (under 18s)

o  Adults with learning disabilities whose ability to consent is impaired

Coursework Submission Requirements

A maximum word count will be set by the module convenor and must be adhered to. The penalty for exceeding this limit is a five mark deduction.

•    The actual word count of the assignment must be stated by the student on the first page (cover sheet) of the assignment.

•    The overall word count does include citations and quotations.

•    The overall word count does not include the references or bibliography at the end of the coursework.

•     The word count does not include figures and tables.

•     Appendices may or may not be included in the word count as specified by the  Module Convenor. For this module the following applies (delete as applicable):

Appendices are included in the overall word count.

Appendices are not included in the overall word count.

Students should prepare and submit their coursework assessments in the following format:

Style.                Clear, simple and concise. Use colour where appropriate.

Font:                 Verdana 11 point

Spacing :            1.5 spaced

Margins:            Normal (2.5 cm)

Referencing :      Harvard citation style.

Research is the key to any successful business plan, therefore before you attempt to write your plan you should spend considerable time  researching in-depth the industry and market that you are entering.

Your research should be based on primary research, speaking to people that are potential customers, suppliers, partners and experts in the field. This will help you to understand in detail the problem that you are trying to solve and the solutions that will create a unique selling point for your new business. You will need to consider the ethical nature of your work, Nottingham University Business School’s Research Ethics Committee (REC) has a pre-approved research protocol that can be used as part of student research projects (please see the link on Moodle).  Any student project that meets the conditions set out in the document and which follow the protocol sets out need not apply for further ethical approval.  The responsibility for ensuring that the project meets the conditions and uses the protocol that has been pre-approved rests with the student carrying out the research and the supervisor/module coordinator as appropriate.

Student projects which do not fit the conditions of this or one of the other pre-approved protocols (this is particularly rare) may still be undertaken, but will need individual ethical approval from the School REC before the project starts.  This takes an average of two weeks, and this time should be factored in when planning the project.

Secondary research should also form. a key part of your research activity. Sources such as the Internet, industry experts and associations, supplier’s websites and competitors will help you to better understand the gap in the market by understanding the dynamics and forces acting on your chosen industry.

The research that you conduct will determine your market strategies. The analysis of the market will help you to determine all aspects of the market that are important to your plan. It will aid you in defining your target market and position your business to gain market share. Furthermore, it will help to establish pricing, distribution and promotional strategies; from which you will be able to determine the growth potential of the industry and your business.  You should determine your market in terms of size, structure, growth prospects, trends and sales potential.

Executive Summary

This is one of the most important sections of your plan and should not be written until the end. It should be very clear, concise and very easy to follow. Most importantly it should be engaging and excite the reader about the idea and want to read more. This is the first part that a potential investor will read and often if this is not appealing then they will not continue. So make this count!

The executive summary should include key elements such as;

•    The  Business Concept: You  should describe your business, the products and/or services that you will develop and the market you will serve. The concept should explain what will be sold, who the customer is and what the competitive advantage is.

•     Financial Highlights : Key financial information should be provided such as sales, profits, cash flows and return on investment. This should be provided within the context of the capital that is required to start and expand the business. Specifically stating what the key costs of the business will be.

•     Current position: An overview of the company, its legal form, when it was formed, owners and key team members.

•    Achievements: Key developments within the business that are paramount to the success  of  the  business  should  be  included.  Key  achievements  could  include patents, stage of developments and awards.

Company Description

This section should provide a high level overview of the business. It should excite the reader and draw them into business proposition.  Avoid in this section giving too much information, the aim of this section is to give a broad overview of the key company information; the sections later in the plan will allow you to develop more in-depth analysis. This section should highlight some of the key trends currently influencing the growth of the industry, use key data and statistics to support your points (graphs and tables are particularly effective) . It also needs to set out some key information;

•     Name of the company, the legal entity, ownership, significant assets

•     Mission and vision of your business

•     Key goals and objectives

•     Key features of the industry e.g. is it retail, growing – provide trend data.

•    Target market – how will you distribute your product/service

•     Key marketing activity

•     Company strengths and core competences – what sets you apart?

The&n BUSI4557 (MSc) Entrepreneurship Project 2023/24Matlab bsp;length of this description will depend on how complex your business plan is. Remember that simple and short is far better. Clear and concise should be your focus throughout the plan!

The Opportunity, Industry and Market

This is your opportunity to communicate the research and insight that you have gained of the industry, market and the opportunity you have formulated from your in-depth research prior to writing your business plan.

a.  Opportunity – this section should explain the gap that exists, why has it arisen in the first place and how do you propose that it can be overcome, consider some of the following questions;

•     What is the gap?

•     Why is there a gap?

•     How did you identify the gap?

•     How do you propose that the gap can be filled? (there may be more than one solution)

b.  Industry – this section should capture the forces that are acting within the industry, covering Porter’s five forces;

•     What are the key barriers in the industry? Are there barriers to entry?

•     What power do the customers have?

•     How much power do the suppliers have?

•     Are there substitutes to your product or service?

•     Is the competitive rivalry strong?

•     Are there any major changes affecting the industry?

c.   Market - this section should include your key insights into the market. There should be a focus on the customers for your product or service;

•     What is the total size of the market?

•     How fast is the market growing?

•     What percentage share of the market will you have? (This is important only if you think you will be a major factor in the market.)

•     What are the major trends in target market - trends in consumer preferences, demographic shifts and product development?

Strategy and Business Model

This section should communicate to your audience how you intend to compete in your chosen industry and market. The position that you choose to adopt will be informed from your research on the market, but also the competition. You should explain here what your focus is going to be for example, will you appeal to a mass market or niche. A discussion on how you will create a unique value proposition should be communicated and how it differs to the competition (direct and indirect). This should also identify what the value is the customer, what will ensure that they will purchase your product/service.

The business model canvas (https://strategyzer.com/canvas/business-model-canvas) is a useful  starting  point  to  help  with  this  section.  Your  business  model  should  include information of your products and services, what makes your business unique, who you sell to and how you make your money.

Team and Key Members

Investors invest in people, so this section should carefully explain who is integral to your business and why. List people who are key to your business and their key responsibilities (CVs can be included in the appendices).  Future resources should be considered, how will you deal with growth, what will your recruitment strategy be for the future? It is worth remembering that you do not need to employ directly everyone that is crucial to your business - there are many different ways to bring key skills into your business.

It is important here that you discuss the reward structure of this business in this section.

Marketing Plan

Your marketing plan should include components of your marketing strategy, drawing on your market research. This section needs to highlight why your product or service is of value to the customer and describe a number of other aspects;

•    A  detailed  description  of  your  target  market  and  why  you  have  chosen  this particular segment?

•     Your branding and how this represents your business

•     The positioning of the business

•     Pricing - you will need to ensure that all costs are covered

•     Sales  and  distribution  -  what  will  your  channel  to  market  be?  Will  this  be novel/innovative?

•     Promotional strategies including promotions, advertising, social media strategies and PR

Operations Plan

Operations and resources are often the last part considered of the business plan, but without key equipment, people, location, supplies and materials then the business cannot deliver what it promises. This section should explain how the business intends to function and include capital decisions related to the operations of the business. This section will very much depend on your business model e.g. are you intending to operate as a virtual business, manufacturer or service related business, B2B or B2C, therefore consider;

•    Your operating cycle, how will you deliver your service or product, how will you create it and sell it?

•     What are the necessary skill required in your business and materials - how will you sources these and from where?

•     Can you outsource any of the key functions? Do you need specialist suppliers and will you have to create special relationships.

Financial Plan

This section should  provide a  reasonable estimate of the future of your company  in financial terms. It is important that you do not include over-elaborate information in here, again the simpler and more concise that you can the better. Detailed spreadsheets and calculations should be included in the appendices. We will be looking for you to include the most important financial information which should include;

•     Start-up costs, and capital expenditure - how will you spend this money and where do you anticipate you will rise the finance from?

•     Profit and loss - a suggestion would be first 12 months (month by month). Followed by a three - five years profit and loss projection (quarter by quarter) .

•     Cash flow - a suggestion would be first 12 months (month by month). Followed by a three - five years cash flow projection (quarter by quarter) .

•     A balance sheet (optional)

•     A break-even calculation

This information is best to be presented in charts, graphs and tables. This is probably one of the most important section in your business plan, with all the information being very carefully analysed.

Module Aims

An important feature of the MSc programme in Entrepreneurship is the wide application of experiential learning. The students learn a broad knowledge of business practice and develop a range of skills in the core modules at the start of the course. The business plan is an opportunity for the students to draw all these aspects together.

Learning Objectives and Outcomes

Knowledge and understanding

This module develops a knowledge and understanding of:

•     Markets - the development and operation of markets for resources, goods and services

•     Marketing and sales - different approaches for segmentation, targeting,

positioning, generating sales, and the need for innovation in product and service design

•     Customers and stakeholders - customer expectations, service and orientation

•     The sources, uses and management of finance

•    The use of accounting and other information systems for managerial applications

•     People - strategic and operational HRM, meeting future organisational requirements, people development, HR systems

•     The management of resources

•     The management of operations

•     The management of projects

•    Tools and techniques for transforming (big) data into useful information for business analysis and decision support

•    The comprehension and use of relevant communications for application in business and management, including the use of digital tools

•     Business innovation - creativity, intrapreneurial - and entrepreneurial behaviour and enterprise development, and the management and exploitation of intellectual property

•    The importance of sustainability issues, including an understanding of the

challenges and opportunities arising from the activities of people and

organisations on the economic, social and environmental conditions of the future

•     Leadership and management of people within organisations - leadership, organisational behaviour and motivation

Intellectual skills

This module develops:

•     Being able to think critically and be creative: manage the creative processes in

self and others; organise thoughts, analyse, synthesise and critically appraise.

This includes the capability to identify assumptions, evaluate statements in terms of evidence, detect false logic or reasoning, identify implicit values, define terms  adequately and generalise appropriately

•     Being able to solve complex problems and make decisions: establish criteria,

using appropriate decision-making techniques including identifying, formulating and solving business problems; and the ability to create, identify and evaluate options; the ability to implement and review decisions

•     Using information and knowledge effectively in order to abstract meaning from information and to share knowledge, including the use of quantitative skills

Professional practical skills

This module develops:

•    The ability to conduct research and enquiry into business and management issues either individually or as part of a team through research design, the collection and analysis of qualitative  data, synthesis and reporting

•    The ability to conduct research and enquiry into business and management issues either individually or as part of a team through research design, the collection and analysis of  quantitative data, synthesis and reporting

•     Effective performance within team environments and the ability to recognise and utilise individuals'; contributions in group processes and to negotiate and persuade or influence others; team selection, delegation, development and management.

•     Leadership and performance management: selecting appropriate leadership style for different situations; setting objectives, motivating, monitoring performance, coaching and mentoring

•    The ability to recognise the need for and initiate change and to be able to manage change

Transferable (key) skills

This module develops:

•     Effective communication: networking, listening, oral and written communication of complex ideas and arguments, using a range of media, including the preparation of business reports

•     High personal effectiveness: critical self-awareness, self-reflection and self- management; time management; conflict resolution, displaying commercial acumen, the ability to continue to learn through reflection on practice and experience

•     Soft skills: understanding the needs of others and empathy towards them; sensitivity to diversity in people and in different situations

Module Details on Moodle

Moodle (moodle.nottingham.ac.uk) contains the definitive module outline (including all assessment details), and assessment feedback and review pages. You can see information on previous student performance and Student Evaluation of Module (SEM) feedback on the module (if available). For most modules, Moodle also contains module forums, module news and announcements, and a module home page that provides access to online materials