Final Outcome
Business Plan Report – Summative Assessment
This is one summative assessment for this module. Students are required to submit a Business Plan for their individual business idea which must include a clear set of objectives, a 2year financial forecast, unique selling point, target market, important milestones, time plan and SWOT analysis. We need to submit evidence of their individual business idea feedback within the student’s Business Plan. The report is 3000 words maximum.
Semester 1 Business Pitch – Formative Assessment
This is one Preparatory assessment for this module. Students are required to ‘pitch’ their business proposal to the cohort in Semester 1, and it will be practice for the ‘Pitch Your Project’ panel at the End of Year Show in Semester 2.
The below is my business pitch in Semester 1. I have received feedback from peers as you can see in the end of this page.
Brief
This Business Plan is a summative assessment in DM 3105 Enterprise Focus. In this module, students look further into the concepts, techniques and theories behind business practice both in a broad sense and within the design industry. The module research aspects of entrepreneurship in relation to the analysis of markets, client needs and risk management. As part of the module, students are required to develop a model business plan for a business or major project that will prepare them for work both within a corporate structure and as freelance workers. At the end of Semester 2, students will present their own business plan to a panel of professional business entrepreneurs and digital media professionals (Pitch Your Project) where students will be expected to pitch their own business idea/plan.
Objectives
By the conclusion of this module, a student will be expected to be able to:
– to develop advanced strategies for maintaining an up-to-date awareness of market developments, new technologies, techniques, sustainability, and best practice in the development of an innovative concept or prototype
– to identify and liaise with relevant authorities and/or clients to negotiate and obtain approval for their design specifications and outcomes, demonstrating the ability to anticipate and comply with all relevant legislation
– to demonstrate the ability to plan and implement entrepreneurial projects in relation to Sustainable Development Goal 8
Overview of this project
Design Process
I undertook the project based on the design process this semester. It is an approach for breaking down a large project into manageable chunks: define the problem, collect information, brainstorm and analyse, develop solutions, receive feedback, and improve.1
1. DEFINE
I defined my position including what I want to be, What I want to achieve in the future with Ben’s diagram and then I was thinking of the first idea.2
2. COLLECT
I have done a lot of research regarding the market, business structure, and the future of business.3
3. BRAINSTORM & ANALYZE
I was brainstorming with some questions to make a good business idea. I talked about my rough business idea with the lecturer and peers and then gain feedback.
4. DEVELOP
I was developing my business idea by referencing the outline of a business plan.
5. FEEDBACK
I have received feedback from peers and the lecturer to my business pitch in week 12.
6. IMPROVE
After receiving the feedback, I analyzed these feedback and comments and then I considered the solutions and improved my business plan.
Define and Brainstorm
To develop my business idea, I have considered Ben’s Diagram. It was helpful to clear my passion, profession, vocation and mission. Asking myself using the below question was important to make a good business idea.
– Why are you doing this?
– What problems are you solving?
– Who are you solving this problem for?
– How are your potential customers solving their problems today?
– Do you think you can make money?
I have a passion for architectural visualization and interior design in my area. In addition to that, Biophilic Design is also my interest area so I came up with a business idea combining Arch vis/Interior design and Biophilic Design.
My first rough idea: ‘Design your own furniture. It is a kind of environmentally friendly service through the app. the users can choose their favourite styles, size, colour, material etc. The main body of furniture will be created by 3D printing. It will be environmentally friendly. in addition, you will be able to see your furniture in AR so you can imagine your room interior design.
To this first idea, I received some feedback: this is kind of similar to IKEA service, it is not clear that how it will be going to the market if it becomes business it would be high cost, and this business idea is a little bit further from my interested area. Overall, this first idea was not bad but my lecturer gave me advice that I could develop my RSA idea for this project.
The below is my idea proposed in the RSA project.
Developing idea
Students are required to submit a Business Plan for their individual business idea which must include a clear set of objectives, a 2year financial forecast, unique selling point, target market, important milestones, time plan and SWOT analysis. I was developing my business idea by referencing the outline that has shown in the lecture.
Resources Management
As resource management, Padlet was useful to share information and research. Many website links were attached by our lecturer on this Padlet and I used them for developing my business idea. Padlet can attach anything and can be commented on by anyone anonymously. Padlet enables us to do collaborative learning effectively.
Time Management
The below has shown the timeline for writing a business plan. This is including each part that should include in our business plan.
Feedback and Improve
In week 12, we had to present the business idea as a preparatory Assessment. Although I did it online because I was not able to attend in person due to the coronavirus situation I have received feedback from my peers as seen as shown below. I could know from this feedback that the weak point of my business idea is the financial information part. This feedback allowed me to rethink my business plan including the financial part and improve them in my business plan.
Yurie Shigemura 