You are the Marketing Director of a well-established company in the industry in which you are currently employed. After five years in the role you have acquired a wealth of knowledge in this sector and despite your conscientious efforts in making a business case supported by field knowledge, valuable market information, market shifts and trends, you do not have the support of the executive board members to follow a strategic new direction to advance the business. This situation has prompted you to start seriously thinking about creating a new venture to capitalise on the market opportunities you have identified.
(Note: It could be useful to assume that the company is the one where you either are currently employed or were previously employed.)
Prepare a report with core elements of a business plan for creating your new venture. There is no requirement to address everything that might conceivably be included in a business plan. Instead focus on the following list.
Make sure your report addresses these issues:
- Briefly discuss the proposed size of the new venture, its prospect for growth and the assumptions you make about the future of the business.
- Highlight the entry and positioning of the business, what would differentiate it, and how the new venture would make the most impact.
- Assess the attractiveness of the venture and the risks.
- Detail the financing requirements of your venture including both debt and equity, and the source of the funds.
Remember to support your discussion with references drawn from the literature about new ventures.
New Venture Company: Webhair
Purpose and scope of Webhair: To provide online retail sales of hair products and accessories to the Australian Market with a view of expansion into China and India within 2 years.
Proposed Website: webhair.com.au
Source of products: To partner with a current hairdressing supplier in the Australian Market leveraging off their strong pre-existing purchasing relationships to source products at the best possible market rate.
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