Business Launch Team Project – Final Submission Upload Board
The following instructions are for the final TEAM PROJECT – VIDEO PRESENTATION for BUS 5602; read them thoroughly and carefully.
One, and only one, of your members needs to upload your project materials for the final team project
Your team project is to create a dynamic, engaging “business pitch” using the “Business Model Canvas Packet” and the “The Key Questions/Issues for Business Launch Consideration” to integrate all content from BUS 5601 and 5602 in order to convince your audience that your business will succeed, and that you (your team) would enthusiastically invest money into the proposed business. (assume a hypothetical $50,000 to invest).
You (your team) will have a choice from a list of numerous businesses; those businesses have the following constraints: 1. it will be a small business that must be based somewhere in Brevard County, and 2) the chosen business will be offering products/services that are already provided in the market — the current market is already “saturated” (i.e. numerous competitors all offering the “same” products/services). You will have to plan out ALL aspects of the operations, costs, marketing and sales, expenses, revenue, etc. for your chosen business. These numbers should be literal and realistic, so do your research and simulate the operations, etc. We will discuss the list of business choices in our first class.
The purpose of using this discussion board is to allow teams to upload their files for other teams to access, and so that after all teams have uploaded their respective project file(s), each team and their members can download and/or access the files for the remaining portion of your assignment: which is specifically, that each team is to work together to develop a consensus for their team on the ranking of each other team’s project. You will NOT be ranking yourself, only the other teams.
You have a couple options for uploading your final project:
If you choose to upload file(s), such as a video and/or executive summary, then do so here on the discussion board. Please NOTE that the IT department at FIT has notified me that the canvas file size limit is about 2gigs per student. Sometimes videos exceed these limits, so if your team’s file is too large, that is OK, but you will need to use option number 2 below.
Upload your video to a website such as youtube, vimeo, etc., and then copy/paste the link to your video here on the discussion board. Your peer teams will then be required to access this link to watch and rank your presentation.
Please remember a couple items that are critical to this project and impactful for your team grade:
If your peer teams are unable to access your link and/or cannot open the files you’ve uploaded, then assume that they will likely rank your team as the lowest ranking team
As you rank your peer teams, you are doing so in regards to the degree to which
the degree to which, if you were a company seeking to invest in a startup, you would actually invest money in their business plan
the degree to which their plan was professional, complete, thorough, and added value to your learning.
You MUST rank each team, with no ties. #1 is the highest, followed by #2, etc. until you have ranked all of the teams.
Choose carefully, as your #1 choice will carry the most weight – this is the team that if you had to choose ONLY ONE company to invest in, that you would only choose this team.
Your entire team must agree with the ranking, as each team will only submit ONE ranking.
ONLY ONE MEMBER of each team MUST complete the associated TEAM PROJECT RANKING SURVEY (link provided here: https://forms.gle/xhDyviEpqfunkKpP8 (Links to an external site.)) – You will need to sign into your FIT Google account
This is due by December 9th @ 5:00pm It is a simple quiz where you will place, in your determined rank-order each of the teams.
You will NOT rank your own team.
Failure to upload files will result in a score of 0 for your project.
Failure to complete the TEAM PROJECT RANKING SURVEY will also result in a score of 0 for your team’s project.
Remember the last two due dates for this class:
You must have your team’s files or links uploaded by MIDNIGHT of Thursday, December 9th.
One of your team members must take the TEAM PROJECT RANKING SURVEY by 5:00pm, on Thursday, December 16h.
That is one week to complete the ranking.
The “Foundational” Business Questions/Issues Behind the BMC Model
Identify the core problem(s), need(s), and/or opportunity that you see in the current market
Define the company:
“A manufacturing company that produces…”
“A service company that provides…”
What do you make or do (in greatest possible detail)?
Applications of/for your product or service:
Detailed listing of all critical Features and Benefits:
Features (of product/service) Benefits Created by those Features
Match specific features and benefits to your Target Customers/Target Market (Customer Segments)
Customer Segment #1: who? (create a strong “customer profile”)
Most appealing, desired, features/benefits from list above:
Customer Segment #2: who? (create a strong “customer profile”)
Most appealing, desired, features/benefits from list above:
Note: the BMC, while very good, does not provide the “answers” to everything. Most notably –marketing plans, strategies, and tactics are not built into the model.
BUS 5602 Key Questions/Issues for Business “Launch” Consideration
I. Business/Client Related:
Definition of the business/company
What does the company do?
What is the company’s value proposition?
Who is/are the company’s target customers?
Create a short “profile” for ideal customer (Buyer or Customer Persona)
II. Industry Related: (brief – not a detailed, comprehensive industry analysis)
What industry/industries does this company operate in?
Quantify the industry:
What are the major characteristics of the industry/industries?
Concentrated or fragmented? Types of firms? Dominant firms in the industry? Depending upon chosen business – Major industry suppliers? Success Factors? Trends?
What are the major characteristics of the local industry? Major local “players”?
III. Market Analysis:
What is the size of the market?
Identify the major market segments
Identify company’s target market(s)
Research & develop an “ideal customer profile” (pull from BMC analysis)
Identify, define, and describe the company’s competition: Direct? Indirect?
(Consider) Create a Competition Analysis Grid
IV. “Go to Market” Strategy and Key Tactics:
What is the company’s marketing strategy? (how will you “win” in the market?)
How will the company market its products/services?
How will the company position itself? Relative to customers? Competitors?
How will the company differentiate itself?
What is the company’s pricing strategy?
How is pricing used relative to company differentiation? Positioning?
What is the ideal or typical customer sale? Examples: average project; average sales “ticket”; etc.
What is the estimated gross profit per ideal or typical sale? (Avg Sell Price – Avg. COS/COGS
= Gross Profit)
What impact will the pricing strategy have on potential sales volume? Gross profit margins?
What is the company’s distribution strategy?
Identify and describe the channels the company is currently using?
What impact is each channel having on:
Pricing? Service? Company Value Propositions?
How does the company “reach” and communicate with its target customers?
What major marketing tactics will the company employ?
Describe the actual “selling process” – how does the target customer want to do business? How
does the target customer like to buy?
V. Execution Plan:
Requirements, i.e. facilities (office, warehouse, store), major equipment, vehicles, insurances, licenses, etc.
Estimated total costs to “open the doors” and start doing business?
Operational Plan & Operating Expenses
How many sales (typical) or projects (typical) per day or per week?
Average daily, weekly, monthly revenue?
Major assumptions: customers per day exposure (i.e. store, website); X% of “exposed” customers make a purchase; average purchase is $Y.00; gross profit per average purchase is $Z.00.
Staffing levels needed to support daily, weekly, monthly operational activities?
Other key operational factors/issues: field crews, use of sub-contractors, use of temps, etc.
Personnel & Operating Expense Estimates
How many employees working per day? How many crews in the field? How many company “support” personnel, i.e. corporate/home office, customer service, tech support, etc.
Average wages/salaries per employee?
Daily operating expenses? Rent, vehicles, utilities, insurance, phones, website, gas, marketing, travel, etc.
VI. “Backing Into” An Income Statement:
Once you are confident in your headcount numbers; salary, wage, and benefits estimate; and your daily/monthly operating expenses, develop an Income Statement that reflects the following:
The desired revenue target
The desired unit (project, tickets, product category) sales
The desired cost of sales/cost of goods sold
The desired gross profit (function of pricing and purchasing of material/goods for resale)
Such that the above estimates, less your total operating expenses then generates an Operating Income that would be sufficient to incentivize your team to launch this business. What profit does this business need to generate that would get all of you excited enough to launch this business?
In conducting this detailed research and analysis on your chosen business, your team is seeking definitive answers to the following 2 questions:
What are the necessary revenue, gross profit, and operating income targets this business would need to generate in order for us (your team) to launch this business?
Are those revenue, gross profit, and operating income targets “doable”?
VII. Final Thoughts:
Remember the market is already saturated for your chosen products/services, so how reasonable is it to believe that you will achieve the (desired) Income Statement that you developed? In “pitching” your business case to others, you have to detail and explain how/why you will be able to take sufficient market share from the existing companies/solution providers. Your business currently does not exist, so your target customers are already making purchases to satisfy their needs – they are not waiting for your business to enter an already crowded field of competitors. So you have to make a strong case as to why those target customers will change their buying habits – switch from who they are buying from today – to your newly launched company.