Strategic Exploration of Entrepreneurial Directions - Simulations

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					 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
A cross faculty project
   – 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
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
  –   Soft toy
  –   Electronics
  –   Software
  –   Instructions
  –   Packaging

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
              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.
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
        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.
•   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
• 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!

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