Courses:
EEE4051C - New Venture Planning (NVP) &
EEE4006C - Professional Communication Studies (PCS)
Project - Comprehensive Business Plan for a New Venture
I served as the leader of a team consisting of 5 members on this project, which was shared between two courses that go hand-in-hand. NVP focused more on developing the idea and investigating its viability from a business standpoint; while PCS was primarily concerned with preparing the required documents and communicating them in a professional manner.
The following conditions applied:
-
Your business idea must initially be based in South Africa but you may consider external markets.
-
Your company must sell a technological product or service.
-
Your product should include a component of hardware (electronics), and software (code).
The theme of the business idea had to be related to the Covid-19 pandemic and its impact in South Africa. We were allowed to identify our own problem to address, or alternatively select one from the following list:
-
COVID is having a detrimental effect on primary and secondary education in South Africa, in both the public and private sectors.
-
COVID is having a negative impact on members of the public requiring routine medical attention (e.g. chronic conditions, vaccinations).
-
Businesses are encouraged to screen members of the public before allowing them into shops (e.g. pharmacies). This usually requires a full-time staff member to stand at the door scanning customers with a hand-held digital thermometer. This is a significant staff commitment, and exposes the staff member to unnecessary risk.
-
Online sales and deliveries have increased significantly during the COVID pandemic. However, opening a parcel at home poses a risk to the customer.
-
Many people rely on public transport in South Africa. There are now new guidelines for using public transport, but these are difficult to monitor and enforce.
Each group member was tasked with proposing a solution to any of the above-mentioned problem statements and a vote was held to determine the final topic. The submitted ideas can be viewed in the "Business Ideas" attachment below.
After reviewing each member's business ideas, the one pictured above won the vote. The group was thereafter required to present the winning idea to a panel in the form of a "Shark Tank" interview via Zoom.
Finally, a comprehensive business plan and a summarized version (above) were prepared and presented. This included performing the following steps:
-
problem identification
-
market, risk and legal analyses
-
product development timeline
-
pricing, sales and marketing strategy
-
investment proposal
-
shareholding structure etc.
The final business plan is presented in the form of an investment proposal where we showcase our idea and business model in an effort to secure funding from a potential investor. The business plan and supporting 3-year cash flow forecast are meant to inspire confidence in the investor that the venture will be a tremendous success.
After the project was completed, each member performed a team analysis where they evaluate the performance of the team as a whole. My analysis can be viewed in the attachment above.
Now I invite you to take on the exciting role of a high-profile investor and put our pitch to the test. Click the button below to watch our presentation.
