Unit 28: Launching a New Venture Assignment Sample- BTEC HND Level 5

Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business

This unit provides students with a practical understanding of what is required to successfully launch a new venture. It gives students an opportunity to work within a small team to fully plan the launch of a specific new venture idea. They will learn about and work through the stages of planning to launch the venture culminating in a group presentation of a launch plan. This will include an explanation of the idea, how it will attract customers and have a competitive advantage. Students will develop a promotional plan to get it started, preparing a budget for launch and a cash flow forecast for the first 12–18 months of operation for the chosen venture. Students will learn about the need for resourcefulness when starting a new venture and will be able to identify and tap into personal networks which can offer a valuable source of knowledge, resources, advice, and opportunities.

Assignment Solutions Of Unit 28: Launching a New Venture-BTEC-HND-Level 5

Starting a new business is no easy task. It takes time, patience, and careful planning to make it happen. This article will discuss some of the steps to take when launching a new venture.

Learning Outcomes

By the end of this unit a student will be able to:

1. Investigate the range of resources required to launch a new venture

Investigating the range of resources required is something that can be done on many fronts. For starters, the scope of a new venture needs to be defined first so it’s possible to estimate how much time and money will need to be invested in order for it to launch successfully.

To this end, investors should take into account whether the company’s products or services are large scale or geared at a niche market; If selling globally, what kind of impact will language barriers have?; And if selling domestically only, does this mean staying local with storefronts and hiring staff needed for management?

2. Assess the skills and capabilities required and how these might be acquired or developed

We assess individual needs in terms of the skills and capabilities required. These might be obtained or developed through employment, vocational training, apprenticeship, occupational licensing, certification for trade occupations by a third-party organization, or specific course work.

In some cases we need to look at your qualifications and grades leading up to now e.g. your degrees awarded so far including any spare years in each course you are accused of not passing due attention paid on a pass/fail marks rather than percentage marks as well as parts studied; certificates achieved; grades achieved over the relevant time period or periods i.e. what you are currently studying if applicable; performance on any assessments taken during pre-enrolment negotiations – such as an interview or a written exam.

3.Explain and justify appropriate promotional activities to support the launch

Some appropriate promotional activities that you can do to support the launch include A word of mouth campaign, hashtag campaigns on social media, email campaigns to existing customers, public tryouts held in different cities/regions, conferences, and tradeshows.

A word-of-mouth campaign is a conversation in which somebody (person) tells others about something by mentioning its name or makes an observation that conveys their personal experience with it.

Word of mouth marketing has been important to businesses for the last two decades. It brings potential customers’ attention to a product promptly by utilizing conversations amongst people who are close friends and share interests or acquaintances—typically those who are present within a crowded physical space—who have previous knowledge of the product in question.

The key is to get potential customers’ attention by making them aware of your product(s) in such a manner that they search for more information about it and visit your website or stores.

Word-of-mouth campaigns are executed through several different channels—conventions, city/regions, conferences, and tradeshows.

Hashtag campaigns on social media sites allow customers to become involved in your product launch by spreading the word about it, thereby creating a buzz for the newly released products. Customers tag words or phrases related to your product onto tweets and posts that they make on social media sites, such as Twitter or Facebook.

The number of times that people see and are exposed to your message through retweets, likes, shares, etc., as well as the number of followers those individuals have, will also affect how many people end up seeing them – so it is important that you target not only highly influential tweeters and bloggers but also have some understanding of who these key individuals actually are (i.e. which users would be likely to share your content with their followers).

Email Campaigns

You can also use email campaigns to notify people about your new venture and encourage them to share the information with their friends.

Newsletters are a great way of doing this, but only if they are regularly sent – so that users become familiar with you as a brand and check out the updates regularly. They also need to be well designed and easy for readers to scroll through; otherwise, they will not bother reading it at all.

Email marketing is often overlooked as a marketing technique because its success relies on timeliness and relevance. Many businesses fail with email marketing because they send monthly newsletters that contain too much information or don’t seem personal enough (using bland company names rather than individuals’ names).

4 Suggest an appropriate legal form and compile a budget for launch

For this type of venture, a Limited Liability Company would likely be the best choice. The following information is an example of what you might need to provide for a formal business plan:

– >Net Assets: Some initial investments will be necessary to purchase raw materials and supplies needed to get this project going. We estimate that $5,000 would suffice as an initial investment.

– >Fixed Assets: None required at this time due to the nature of this enterprise.

– >Current List of Shareholders with percentage ownership in the company (100% owned by “Name”): Name is 100% owner in company presently. Had he not, he/ she would also list other owners and percentages as well as a brief description of their relationship to the business; for example, partners or co-owners.

– >Credit Rating: This is not applicable at this time due to the nature of your company.

– >Current Debt level (money owed vs money owned): $0/ $5,000 (represents an amount owed by the owner) = 0% debt ratio

– >Cash on Hand: Cash on hand consists primarily of petty cash from operations and bank overdraft protection. We estimate that we will need $3,000 indirect costs associated with marketing the product and another estimated $1,500 for miscellaneous costs such as employee uniforms, advertising materials, and website development.

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