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Business Venturing


    Students will be required to identify and critically evaluate the key issues required to set up and operate a new venture. The use of scholarly reviews and primary sources as appropriate.
    The aim of this assignment is to critically evaluate the factors and elements entrepreneurs or business owners should take into consideration before starting up a business Venture.
    Here are the key issues an entrepreneur should consider when starting up a business venture or tries to expand an existing business and should be discussed fully in the report. This can also be used to structure the report.
    First, the entrepreneur needs to draw the business boundary, this includes: the business mission and vision, evaluation of options (such as location and market needs), identification of strategies such as marketing strategy, availability of funds etc. Secondly, the entrepreneur needs to analyse the internal environment, which encompasses, personal evaluation, management team, resource, competence and core competence, competitive advantage and financial estimates, this is usually done by using SWOT analysis.
    The macro-environmental analysis, which include: political factors, economic, social, technological, legal and ecological factors. Further more, the Entrepreneur must identify the market, divide the market to provide a focus (market segmentation), provide an explanation of his products and services, adopt marketing strategy and draw an exist plan.

    Here is a sample Structure
    Drawing business boundaries  :
    Internal Environmental analysis  : The common method of analyzing the internal Environmental is by the use of a SWOT analysis
    External Environmental analysis : Also known as macroenvironmental analysis, it means evaluating factors that are external to the industry or the business venture, Different textbooks tend to adopt their own mnemonic for macroenvironmental analysis, usually PESTLE, STEEPLE and STEP or PEST analyses but we were asked to use STEEPLE
    Marketing plan
    Marketing strategy
    Competitive business strategy
    Financial plan
    Exit plan
    NB: The Marketing plan and marketing strategy can also be called the market Analysis or Market Research and when doing the market analysis the things to consider are
    What do consumer wants
    Differentiation? USP?
    Target Audience
    Your Niche
    Marketing NIX-7Ps? 4Ps