An entrepreneur Start-up Business Plan A business plan is any simple plan, not only limited to the business start-up plan that helps the management to understand the current situation of the enterprises (strengths, weakness, opportunities and threats) and look forward into the future. A start-up plan is a business plan which consists of the mission, vision, objectives and action plans for the future of the new enterprises while the business plan drawn during the operation of the firm is vital for running the firm effectively, acquire new customers, partners, loans and so on. According to Fiore (2005), a business plan involves two dimensions; an organizing tool to simplify and clarify your business goals and strategy, the second one is a selling document that sells the business idea and shows that a product or a service can make a profit and attract funding and company resources. Imagine you started a new business as an entrepreneur in Saudi Arabia. Briefly mention the specific steps which you consider necessary to a successful business plan. Classification: Confidential Please, think and share information on the following items: 1. Owners, capital structure and company profile (2 Marks) a. Your Business Name, Address, E-Mail b. Form of ownership: What is the legal structure? Sole proprietor, Partnership, Corporation…. C. Investment capital 2. Company Business Description (300-400 words) A. Scope and type of business (4 Marks) What business will you be in? What will you do? What market segment will you choose? .Business idea: what is your big idea? Is it a product or a service? What makes your idea different? Mission Statement .Company’s short-term and long-term goals and objectives. ⚫Target market and demographics: Who will your customers be? Where do they live? What is your target market passionate about? B. Business Philosophy (4 Marks) What is important to you in your business? .Describe your Industry: Is it a growth industry? What long-term or short-term changes do you foresee in the industry? How will your company take advantage of it? .Describe your most important company strengths and core competencies: What factors will make the company succeed? What do you think your major competitive strengths will be? What background experience, skills, and strengths do you personally bring to this new venture? Risk Assessment: Evaluate the strengths and weaknesses of your business using SWOT. Who is your competition and how do you beat them? Note: Use APA style of referencing
Answers: 1. Owners, capital structure, and company profile: a. Business Name: Friendly Solutions Address: 123 Main Street, Riyadh, Saudi Arabia Email: [email protected] b. Form of ownership: Limited Liability Company (LLC) c. Investment capital: SAR 500,000 from angel investors 2. Company Business Description: A. Scope and type of business: Friendly Solutions is a company that operates within the IT consulting and software development industry. This means the core focus of the company’s activities revolves around providing expertise and services related to information technology and software
The primary offerings of Friendly Solutions encompass: Customized Software Solutions: This refers to the development of software applications tailored to meet the specific needs of individual clients. These applications could be for various purposes, such as improving business processes, enhancing user experiences, or solving particular challenges. IT Consulting Services: The company provides advisory and consultancy services in the field of information technology. This includes offering expert guidance on technology-related decisions, strategies, and solutions to optimize the client’s IT infrastructure and operations. Sorutrons assists its clients in
IT Consulting Services: The company provides advisory and consultancy services in the field of information technology. This includes offering expert guidance on technology-related decisions, strategies, and solutions to optimize the client’s IT infrastructure and operations. Digital Transformation Strategies: Friendly Solutions assists its clients in adopting digital transformation strategies. This involves helping businesses integrate technology into all aspects of their operations to improve efficiency, competitiveness, and customer engagement. Target Market Segment: Friendly Solutions has identified its target market as medium to large-sized businesses across diverse industries. This includes sectors like finance, healthcare, and manufacturing. By catering to these specific segments, the company aims to address the technology needs of organizations with substantial operations and resources. In summary, Friendly Solutions is a company specializing in IT consulting and software development. They create customized software solutions, offer IT consulting services, and assist businesses with digital transformation. Their target clients are medium to large sized businesses operating in industries like finance, healthcare, and manufacturing. Classification: Confidential – Business idea: Our big idea is to leverage cutting-edge technologies to create innovative and tailor-made software solutions that cater to the specific needs of our clients. This includes developing mobile applications, enterprise software, and implementing cloud solutions. – Mission Statement: Our mission is to empower businesses with advanced technology solutions that drive growth, efficiency, and competitive advantage. – Company’s short-term and long-term goals and objectives: In the short-term, our goal is to establish a strong presence in the market and build a solid customer base. In the long-term, we aim to expand our service offerings, enter new markets, and become a recognized leader in the IT industry.
Target market and demographics: Our target customers will primarily be businesses located in Riyadh and other major cities in Saudi Arabia. They will range from small to large enterprises, with a focus on industries that heavily rely on technology and digital solutions. B. Business Philosophy: – Industry description: The IT consulting and software development industry is a rapidly growing sector, driven by advancements in technology and increasing digitalization across industries. We anticipate continuous growth in demand for our Classification: Confidential services – Company strengths and core competencies: Our major competitive strengths include a highly skilled and experienced team, technological expertise, and the ability to deliver innovative and customized solutions. As the founder, I bring extensive industry experience, technical knowledge, and a strong network of contacts. -Risk Assessment: We have conducted a SWOT analysis to evaluate our strengths, weaknesses, opportunities, and threats. This analysis helps us identify potential risks and develop strategies to mitigate them. We are prepared to adapt to market changes and stay ahead of competition. – Competition: Our competition includes other IT consulting firms and software development companies. To beat them, we will differentiate ourselves by offering personalized solutions, exceptional customer service, and continuous innovation. We will also focus on building strong relationships with our clients and delivering high-quality outcomes. References:
Assignment 3 ::
Start-up Business Plan
Assume yourself as an entrepreneur of a small-scale business in Saudi Arabia.
(In Continuation to the Assignment -1)
3. Products and Services (4 Marks)
a. Describe in depth your products or services. (Technical specifications)
b. What factors will give you competitive advantages or disadvantages? Examples include level of quality or unique or proprietary features.
4. Marketing Plan (6 Marks)
a. Market Research- Why?
b. Market Research- How? Primary or Secondary Data?
c. In your marketing plan, be as specific as possible; give statistics, numbers, and sources. The marketing plan will be the basis, later on, of the all‐important sales projection.
• Describe the most important features. What is special about it?
• Describe the benefits. That is, what will the product do for the customer?
• Identify your targeted customers, their demographics
• What products and companies will compete with you?
• How will your products or services compare with the competition?
• Outline a marketing Strategy.
• How will you promote your Product?
• What will be your promotional budget?
How do you sell your products or services?