Business Venture Willams

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
Introduction
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
Concussion
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
Competitors
Differentiation? USP?
Target Audience
Your Niche
Segmentation
Marketing NIX-7Ps? 4Ps

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