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DEVELOPING AN ENTERPRISING MINDSET (4GN501)

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SPRING 2021

Coursework 2 (40%)

Learning outcome 2: Examine the structure of different businesses including their legal identities and potential for value creation and growth.

Group work infographic and presentation In groups of 5-6, you are required to produce an infographic and deliver a five to ten (5-10) minutes verbal presentation or recorded video to illustrate potential value creation and growth for a given business venture.

All answers must be:

1. A one-page infographic.

2. A five to ten (5-10) minutes group presentation five (5) minutes of questioning/group at the end.

Additional information

The case study organisation for this assessment is Milspeed.

Milspeed have three main product types including manufacturing footwear components with a high (>40%) recycled content for large footwear brands. They also manufacture lamination films through their extrusion coating line and are increasingly becoming involved in recycling as a separate business.

Milspeed are committed to sustainability and this is clearly reflected in both their mission statement, vision and values as seen below:

Milspeed’s mission statement

“To harness our technical expertise and innovative materials to enhance our customers’ world class products, enabling us to reward the skills and dedication of our workforce and supply chain. Always seeking ways to continue setting the standards in sustainability.”

Our vision

• Partnership: To be more than just a supplier, but a strategic partner you can trust. • One World: To care for the environment in every corner of the globe. • Investment: Investing in world class talent and the latest in extrusion technology. • Presence: A truly global distribution network to assist our customers in their

sustainable growth.

Our values

• Forward looking: to stay ahead of the game. • Sustainability: environmental and socially responsible. • Integrity: in dealing with our customers, our workforce, our supply chain. • Quality assured: to give our customers peace of mind. • Innovation: by leading the field in true product creativity.

(https://milspeed.com)

The theme for this assessment is sustainability.

“The 2030 Agenda for Sustainable Development, adopted by all United Nations Member States in 2015, provides a shared blueprint for peace and prosperity for people and the planet, now and into the future. At its heart are the 17 Sustainable Development Goals (SDGs), which are an urgent call for action by all countries – developed and developing – in a global partnership. They recognize that ending poverty and other deprivations must go hand- in-hand with strategies that improve health and education, reduce inequality, and spur economic growth – all while tackling climate change and working to preserve our oceans and forests.” (https://sdgs.un.org/goals)

Your task is to examine potential value creation and growth for Milspeed with specific reference to its sustainability focus.

In order to do so, select ONE Sustainability Development Goal (SDG) and use this as your focus for exploring how Milspeed can potentially add value and grow in pursuit of this SDG.

How to approach this assessment

• Research the company and its background – include reference to its legal identity and structure.

• Identify how it currently adds value and how this is measured both in terms of economic and non-economic measures.

• Explore the current work that Milspeed does in relation to sustainability. • Select ONE SDG and identify what Milspeed currently does in relation to this SDG. • Present suggestions as to how Milspeed can potentially grow the scale of its

operations and add value through increasing its focus on the selected SDG. • Consider the impact on both economic and non-economic measures and how you

can measure growth. There are numerous examples of good practice available to inspire you available at for example: https://sdgs.un.org/sdg-good-practices

Support your submission with relevant literature using the Harvard Referencing system. This requires citations (references to relevant literature) within the infographic, which must also be listed in full in a reference list at the end of your work. Work will not be awarded a pass grade at this level of study without a clear demonstration of this skill.

Developing an Enterprising Mindset – 4GN501

Tutor Guidance 2020-21 – Week 10

Every group is different, and the pace of learning varies; the timings of the activities are guides and are not intended to be prescriptive. You may decide to spend more time on an activity if the group discussion is rich or if students need more guidance.

The aim is to ensure students are making progress on CW2, that they know what to include in the infographic and ppt, and that they collate evidence for CW3.

ObjectiveActivityUseful resources
1.Explain presentation of CW230 minsHow to present the infographic – show students examples eg. Using canva or an alternative of your choice.Explanation of what to include in the infographic and what to include in the ppt.Student led. Complete the chart.Remind the students that the infographic is one side of A4 minimum font size of 12.Feedback and discussion – share slide with recommendations – this is not prescriptive.https://www.canva.com/infographics/templates/Supplementary assessment guidance on what to include in the infographic and ppt on course resources
2. Reflective journal and completing the PDP260 minsCW3 – reflection journal entries and PDP2.Recap what they should have done so far:Week 8 – Using Gibbs model of reflection to capture networking skills.Reminder: there is another networking event on April 14th – Network of Entrepreneurs that they could register for and then reflect on.Week 9 – Reflection on group activities and identification of skill(s) used.Check: entries should be reflective and not just descriptive. Recommend they use: what, so what, now what or Gibbs model.This week’s seminar: Make a journal entry in relation to one of the skills that you have listed on your Personal Development Plan for CW3 that you use during today’s seminar.Introduce the CMI professional standards to help them decide on what skill to develop if they have not already done so.Demonstrate use to identify suitable skills for CW3 for their current level.Demonstrate how to find development opportunities suitable for stage 1 unless the student is currently working in a management position alongside their studies. Refer to slide 18 for ideas.How to measure performance – checklist slide 19.Solicit ideas from students and encourage social learning.Pebble Pad or Word document and then transpose to PPProfessional Standards – CMI (managers.org.uk)
Comfort break at tutor’s discretion (10-15 mins)
Application of tools for SDG focus for CW2 Group work/121s for CW375 minsThe rest of the session should be devoted to group work. If anyone is not in a group, the module leader will allocate them. Avoid allowing students to work on their own unless there are exceptional circumstances.If students have not already done so, run through the pointers from KPMG on how to identify a suitable SDG for the case study organization Milspeed. All groups MUST select an SDG by the end of the session.Encourage the students to map the selected SDG to the value chain as shown on slide 21 and use the logic model on slide 22. This can be used as evidence to include in their ppt as the basis for their selection of the chosen SDG.The remainder of the time students should continue working in their groups in break out groups. Tutors should check on group progress and conduct 121s on CW3 – this is essentially to check to ensure all students have logged on to Pebble Pad and started their reflections.

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CW2

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Come on! Your last effort!

Always do your best effort (Frank Gehry)

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Developing an Enterprising Mindset (4GN501)

Contend and format

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Coursework 2 (40%) Learning outcome 2: Examine the structure of different businesses including their legal identities and potential for value creation and growth.

Group work infographic and presentation In groups of 5-6, you are required to produce an infographic and deliver a five to ten (5-10) minutes verbal presentation or recorded video to illustrate potential value creation and growth for a given business venture.

Theme: Sustainability Case study business: Milspeed

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Format for CW2 All answers must be:

• A one-page infographic e.g. Canva.com; Piktochart.com; Infogram.com …

• A five to ten (5-10) minutes group presentation five (5) minutes of questioning/group at the end.

Support your submission with relevant literature using the Harvard Referencing system. This requires citations (references to relevant literature) within the infographic, which must also be listed in full in a reference list at the end of your work. Work will not be awarded a pass grade at this level of study without a clear demonstration of this skill. Assessment deadline 29th April 2021 by 11.59pm via Turnitin.

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CW2 Presenting your research in an infographic

Use a template or create your own. https://www.canva.com/infographics/templates/https://www.canva.com/infographics/templates/

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How to approach this assessment

PPT 5-10 mins Infographic

Research the company and its background – include reference to its legal identity and structure.

1 slide Name of company & title of infographic

Identify how it currently adds value and how this is measured both in terms of economic and non-economic measures.

1 slide No

Explore the current work that Milspeed does in relation to sustainability.

1 slide – sets the context No

Select ONE SDG and identify what Milspeed currently does in relation to this SDG.

1 slide Yes – shows the starting point in relation to a named SDG

Present suggestions as to how Milspeed can potentially grow the scale of its operations and add value through increasing its focus on the selected SDG.

1 slide – can consider different growth options to show critical thinking and justify selection of recommended options.

Analyse selected growth option.

Explain value creation.

Yes – include suitable growth options and how this can create value.

Examine selected growth option.

Explain value creation.

Link growth option to value creation

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How to approach this assessment

PPT 5-10 mins Infographic

Consider the impact on both economic and non-economic measures and how you can measure growth.

Impact analysis – potential outcomes of recommended actions in relation to selected SDG & how can these be potentially measured Explain the link between the growth option to value creation

Yes – Include an example of an economic and a non-economic measure in relation to measuring the impact of your recommendations

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The case study business – Milspeed

Milspeed’s mission statement

“To harness our technical expertise and innovative materials to enhance our customers’ world class products, enabling us to reward the skills and dedication of our workforce and supply chain. Always seeking ways to continue setting the standards in sustainability.” https://milspeed.com

Additional information is included in the assessment guidance posted on course resources and in the presentation by Milspeed.https://milspeed.com/

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CW2 Focus

Your task is to examine potential value creation and growth for Milspeed with specific reference to its sustainability focus.

In order to do so, select ONE Sustainability Development Goal (SDG) and use this as your focus for exploring how Milspeed can potentially add value and grow in pursuit of this SDG.

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Value

GrowthSDG

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1. SDG

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Sustainability Development Goals

The 17 SDGs focus on five key elements: people, planet, peace, prosperity, and partnership.

https://sdgs.un.org/goals

The-Sustainable-Development- Goals-Report-2020.pdf (un.org)https://sdgs.un.org/goalshttps://unstats.un.org/sdgs/report/2020/The-Sustainable-Development-Goals-Report-2020.pdf

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2. Value

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Lüdeke- Freund et al 2020

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Lüdeke-Freund, F., Rauter,R., Pedersen, E.R.G., and Nielsen, C. (2020) Sustainable Value Creation Through Business Models: The What, the Who and the How. Journal of Business Models (2020), Vol. 8, No. 3, pp. 62-90 Value creation is typically associated with how companies create and offer products and services for which customers are willing to pay and how they try to capture a share of the total value that is created in the corresponding economic exchange processes (e.g. Bowman and Ambrosini, 2000; Freudenreich et al., 2020; Garcia-Castro and Aguilera, 2015).

The main forms of value are typically defined as value for customers (i.e. use value and customer surplus) and value for the company (i.e. exchange value and financial profit). If other stakeholders are considered, they are typically employees, who are paid wages, and capital providers and shareholders, who receive interest and dividend payments.

Value to customers: customers are interested in obtaining use value, which is the usefulness of products and services offered by companies. Bowman and Ambrosini (2000) argue that use value is a subjective notion and thus can be referred to as perceived use value.

Value capture has different meanings for different stakeholders (Freudenreich et al., 2020). Traditionally, for customers, it means realising new use value and customer surplus; for the company, it means obtaining exchange value and financial profit; for labour suppliers, it means being paid wages; and for capital suppliers and shareholders, it means receiving interest and dividend payments based on a share of the exchange value created by the company. This overview of traditional assumptions about value creation.

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New ways of thinking about value creation Lüdeke-Freund et al 2020:81)

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3. Growth

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Possible reasons for business growth

Increase profitability

Greater sustainability or resilience in the market

– product or market diversification. (Mitigate

commercial risks)

Lower costs – due to economies of scale.

Greater market dominance – increase

market share.

Managerial objectives – status.

Greater buying and bargaining power.

Reduce the threat of competition – less

vulnerable to a takeover.

Increased ability to survive market fluctuations and

downturns.

Potential ability to attract the best talent

and staff.

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Examples of growth strategies (Source: Social Enterprise, UK)

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Ansoff matrix to illustrate growth strategies in relation to product and market

See Brassington, F. and Pettitt, S. (2013)

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Growth in relation to the Value Chain Integration – Vertical

Vertical integration is a strategy used by a company to gain control over its suppliers or distributors in order to increase the firm’s power in the marketplace, reduce transaction costs and secure supplies or distribution channels. Vertical Integration – Strategic Management Insightcom/topics/vertical-integration.html”>https://strategicmanagementinsight.com/topics/vertical-integration.html

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Integration – Horizontal

Horizontal integration is the process of acquiring or merging

with competitors, leading to industry consolidation.

Horizontal integration is a strategy where a company

acquires, mergers or takes over another company in the same industry value chain

Horizontal Integration? – Strategic Management Insightcom/topics/horizontal-integration.html”>https://strategicmanagementinsight.com/topics/horizontal-integration.html

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4. Let’s Lego!

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Recap – Porter’s Value Chain See https://www.youtube.com/watch?v=g8p2H7EvoGM

Porter, 1985

Margin is one indicator of value creation.

How else can you measure value creation?mailto:https://www.youtube.com/watch?v=g8p2H7EvoGM%20%20?v=g8p2H7EvoGMhttps://www.youtube.com/watch?v=g8p2H7EvoGM

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The Balanced Scorecard

“The balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals.”

(http://www.balancedscorecard.org/Resou rces/About-the-Balanced-Scorecard)http://www.balancedscorecard.org/Resources/About-the-Balanced-Scorecard

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What is a Strategy Map?

A strategy map is a simple graphic that shows a logical, cause-and-effect connection between strategic objectives (shown as ovals on the map). It is one of the most powerful elements in the balanced scorecard methodology, as it is used to quickly communicate how value is created by the organization.https://balancedscorecard.org/bsc-basics-overview/

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Start with a high-level scan of where impacts can be expected to be greatest

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Identify on the logic model where the impacts on the chosen SDG occur – these could be positive or negative

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Corporate Social Responsibility and the Triple Bottom Line 3P Inherent in managing a 21st century business is not just about making profits but the impact on society and the environment. The triple bottom must permeate all activities in the value chain and influence leadership, culture, goals and strategies, manifest itself in product development and influence decisions in the supply chain – choice of suppliers. Managing a 21st century business involves consideration of: Impact on financial measures e.g. profits Impact on society Impact on environment

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Be confident about your capabilities and your team’s.

Play hard!

Enjoy!

Inspire!

Business Plan 1

9

BUSINESS PLAN

BALKAN CUISINE RESTAURANT

Ivo Martinovic

100563150

Executive Summary

Balkan cuisine restaurant is a response to the changing market conditions in the hospitality and tourism industry. Since the first case of Covid-19 got reported in the country, many people have been skeptical about eating out and enjoying a sumptuous meal. Balkan cuisine restaurant offers a solution by bringing the restaurant to families and professionals who need to taste different work or home flavors. The restaurant will be operating in Barcelona and expand to other cities of Spain like Madrid after establishing the business. Balkan cuisine restaurant hopes to reach annual revenue of $200,000 by the year 2024. The restaurant will have a mobile kitchen that can move from one place to another, serving customers freshly served food at the best prices. There is an application that allows customers to order and get their food delivered. The restaurant is committed to working to keep in line with the government’s containment measures and help keep Barcelona and its residents safe.

About Us

Balkan cuisine restaurant is a modern restaurant committed to serving Barcelona’s city with the best food there is, in the country. It was opened in March 2021 and had been serving residents both at home and work. Mario Correa owns it. Some of its best cuisines include Paella, Calçots and romesco sauce, Crema Catalana, and Bombas. Our foods are a demonstration of the rich heritage of the city of Barcelona.

Products and Pricing

The restaurant primarily sells traditional foods. The food is organic and farm-fresh from a few selected suppliers. The best chefs in town prepare it. Some of the foods are sold directly to the customers from the food truck, while over 60% go to the customer by delivery. The prices for the food s moderate. The menu ranges between $7 and $23. Students are given a special discount depending on the time of the week. Families that are regular customers and order food above $100 have a free delivery any time of the week (Deepak and Jeyakumar, 2019, p 41). All prices are set uniformly to accommodate changes from the supplier and costs both now and in the future.

Target Market

The business targets the general population that consists of families, professionals, working people, and students. Families that love to enjoy an exceptional meal once in a while, professionals working within the city, employees all over the city, and students make up the target market. The most significant customer base the business has is social media, where it markets and promotes the products. The business will be expanding after the containment measures in place are lifted to serve institutions like construction sites that need food all day long. The market is divided into two segments, demographic and behavioral (Ramalingam and Alexander, 2017). Families are regular and give the restaurant most of the business over the weekends and during festivals. Working people and students buy food regularly because they cannot cook while at work or in school.

Competitive and Position Analysis

The current competition comes from businesses that are offering substitutes. Several companies offer grocery deliveries online and have taken over some parts of the city (Li, Mirosa, and Bremer, 2020). With families tied at home, making and enjoying homemade food has remained a viable option. Uber eats has been a prominent competitor in the market, offering quality and low-priced foods to different parts of the country. Besides that, Delhicioso has also been the other competitor with roots all over the city. Despite that, the competitive advantage that Balkan cuisine restaurant has over the rest is that it has its products and services in more than ten apps. That has been the reason why it has a large customer base. Customers don’t need to switch apps to get their food delivered, and they can still get all the company products from their famous applications. It also offers free deliveries to customers who buy food worth $100 plus, making it the cheapest option in the city.

SWOT Analysis

Strengths :1. The restaurant offers the best customized and lower prices in the city2. The restaurant has a large number of suppliers, which makes it easy to bargain and maintain consistency.3. It operates online and works 24/7, with deliveries going to all parts of the city, primarily construction sites and essential service providers.4. The restaurant has a moving track that serves officesWeaknesses:1. It does not have a physical premise where customers can come for a meal if the containment measures get lifted.2. Over-reliance on one Delivery Company can fail when the company is engaged or delayed.3. The number of workers is small and cannot keep up if the demand grows.
Opportunities :1. The demand for baked foods like cakes is growing due to the many parties; the restaurant can consider adding cakes to its menu.2. The long containment measures in the country are an opportunity for the restaurant to open more outlets and expand deliveries outside Barcelona to other cities.Threats :1. Competition in the industry is growing. Most restaurants are now offering delivery services to their customers.2. If the curfew and other containment measures are intensified, the business might run into losses for lack of business.3. Learning institutions are thinking of conducting online classes, which will threaten the business’s market, especially students.

Marketing and Operation Plan

Businesses that operate online require the best marketing and promotion plans. This is aimed at helping them reach the large population. The first marketing activity has been a city-wide campaign on the food truck. This was aimed at making the general public aware of the services and products the restaurant offers. There are other marketing options like TV adverts which are convenient during this pandemic period. Social media has also been the common and cheapest marketing mode and getting high customer traffic (Deepak and Jeyakumar, 2019, p 82). It has been the best tool the company has in reaching out to customers all over the city. The restaurant has a blog on Facebook where offers and communications with customers are conducted. The page has over 300 thousand active followers. The social media marketing team reaches over 100,000 people in a day with its offers and promotional messages. The page gives customers important information like changes in prices, promotions, and new products.

Balkan cuisine restaurant operates online. It has ten rented food trucks all over the city, distributing and offering food to customers. Three managers are in charge of operations in the kitchen, suppliers, and deliveries. The 20 other workers constantly work to ensure that food is well cooked and gets to customers in time. The Facebook page has been where the restaurant responds to the concerns and acts on the suggestions customers leave. The restaurant works 24/7. For that reason, it has designed schedules where employees get to work in shifts.

Leadership and Employees

Balkan cuisine restaurant leadership comprises the best minds and talent the city of Barcelona has to offer. The starting employees will be 23. However, the number will increase every year depending on demand. The restaurant will also have eight part-time employees who will be working seasonally.

· Mario Correa is the sole owner of the business who will also be the financier to the business. The city’s bright minds will assist him in handling and running a restaurant business.

· Jordi Alba- Operations Manager

· Sergio Pascual- Procurement Manager

· Flor Katarina –Marketing Director

The three will be responsible for the restaurant’s daily activities, which are but not limited to negotiating with suppliers, coming up with customized menus, and coordinating with the rest of the team and partners to get customers their food.

Financial Analysis

Projected Starting Costs

DescriptionAmount ($)Comment
Equipment and premises28,000All equipment and buildings
Supplies45,000Food and beverages
Furniture14,000Office equipment
Packaging and storage30,000For delivering food & drinks
Miscellaneous20,000Daily expenses
Total funds required137,000

Projected Profit and Loss Statement

Description1st year2nd year
Sales/revenue ($)300,000950,000
Cost of sales ($)100,000200,000
Gross profit ($)200,000750,000
Total expenses ($)114,000170,000
Net profit/loss ($)86,000580,000

The business owner provides the funds required to start and operate the business. The business is set to expand to other cities, and as the demand for its services grow, there will be room for more investors and partners willing to join.

References

Deepak, R.K.A. and Jeyakumar, S., 2019. Marketing management. Educreation Publishing.

Li, C., Mirosa, M. and Bremer, P., 2020. Review of Online Food Delivery Platforms and their Impacts on Sustainability. Sustainability12(14), p.5528.

Ramalingam, U. and Alexander, P., 2017. Target marketing for a research organisation. Applied Management Conference, Wintec, Hamilton, New Zealand, 30-31 October 2017.

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