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Planning a Micro-Enterprise Activity
Planning a Micro-Enterprise Activity
One way of exploring how enterprise works is to plan your own micro-enterprise activity. You have seen a competition advertised that involves planning and pitching a micro-enterprise activity and have decided to take part.
One way of exploring how enterprise works is to plan your own micro-enterprise activity. You have seen a competition advertised that involves planning and pitching a micro-enterprise activity and have decided to take part.
The first stage of the competition requires you to develop a plan for a realistic micro-enterprise activity. You will later pitch your idea to potential investors and carry out a review on its success.
The first stage of the competition requires you to develop a plan for a realistic micro-enterprise activity. You will later pitch your idea to potential investors and carry out a review on its success.
Planning a micro-enterprise activity
Planning a micro-enterprise activity
You have obtained a copy of the competition rules, and it informs you that you need to prepare a comprehensive and realistic plan for a micro-enterprise activity, supported by clear individual research and valid reasons for your choices.
You have obtained a copy of the competition rules, and it informs you that you need to prepare a comprehensive and realistic plan for a micro-enterprise activity, supported by clear individual research and valid reasons for your choices.
Task 1 - Introduction to the plan
Task 1 - Introduction to the plan
Describe three micro business ideas including individual research into the three possible ideas for micro-enterprise activities to allow you to choose one final idea. Make sure you keep all your research as it will go into the appendix.
Task 2
Task 2
Write a detailed explanation of why you have chosen your final idea, supported by your individual research findings
Task 3 - Main body of the plan
Task 3 - Main body of the plan
For your chosen realistic micro enterprise idea your plan should be detailed and include:
1. The aims of your micro-enterprise activity to include:
o financial aims
o non-financial aims.
2. The product or service to be sold to include:
o its features, benefits and unique selling points (product help)
o its cost (costs help), and how much you will sell it for (pricing help)
o the current competition in the market. (Competitors help)
3. An identification of the target market including:
o the segment your product or service is aimed at
o how and why the product or service will appeal to this target market
o how the product or service will reach customers
o how you will establish and sustain sales to the target market.
4. How you will communicate with the customer to include:
o the methods of communication and reasons why they are appropriate for the target market
o the cost effectiveness of the methods chosen
o examples of promotional materials that you plan to use.
5. An estimation of the resources you will require to include:
o physical, financial and human resources
o how each of these resources are to be obtained/funded.
6. An appropriate timescale for the activity, from initial plan through to completion of trading, including when each of the
following will take place:
o marketing
o selling/trading
o any other operations.
7. A risk assessment and contingency plan to ensure the quality of the product or service that includes:
o the risks involved
o how you plan to overcome these risks and issues should they arise.
The final part of your plan is the appendix. This should include:
initial financial forecasts to include start-up costs, running costs and production costs/cost of sales.
evidence of your individual research.
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