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Hospitality Essay

1482 words - 6 pages

Proof of Business Concept

Purpose and structure of outline feasibility

Learning Outcome

At the end of this learning resource, students will recognise the purpose of the outline feasibility in proving the business concept and begin to consider the likely structure and content of their own study.

The outline feasibility study

Purpose of the Study
When starting a new venture you will almost certainly need to prepare a Business Plan. However there is little point in investing days and days of effort in preparing a full plan, without first clarifying your thinking. Undertaking some initial feasibility activities will help you assess whether the idea has sufficient ...view middle of the document...

Structure of the Study
The following suggested structure is designed to help you prepare the outline study. But not all studies are alike. Business plans that are prepared using commercially available software are sometimes criticised by Venture Capitalists as being too formula driven. They prefer to see the personality of the proposed venture coming through. The same applies to your outline feasibility study. Do not feel constrained by the recommended structure. Consider your own context and the proposed venture that you are working on. This might influence how you want to structure and present your own study which should be written up as a report.
Whatever format you decide upon, you do need to consider the important issues for business success. The Outline Feasibility should answer five questions[2]
1) Will the new venture work operationally?
2) What funding will be needed to start it?
3) Is it likely to be financially viable?
4) Will customers support it in sufficient numbers?
5) Is it worth preparing a Business Plan?

Typical outline content (Remember yours may be different)

Executive Summary
Succinctly summarises all the following sections.
Acknowledgements
Table of Contents
Introduction
This is likely to include details of the brief and objectives of the report.
The New Venture Product or Service
Paint a picture of the venture idea describing its key features, how it is differentiated from competitive offerings, who will be the customers and why they will be drawn to purchase from you because of unmet needs.
Project Proposers, Key Management and Other Team Members
Who are the key people behind the setting up and operation of this new venture? What are their backgrounds and the key skills that they bring? How secure is their commitment? What is their compelling interest in starting up and continuing to grow the venture?
The Market Environment
General data on market size and trends that will impact on the business environment. Consideration of the local market if relevant. Maybe specify the location criteria if not designed for a specific location.
Competition
Who are the key players in the market, both generally and in the specific locality if relevant?
Identify both direct and indirect competition. Perhaps including a short description of key features and weaknesses compared to your new venture. Their current level of business.
What barriers to entry exist and how will these be overcome in your case?
Target Market

Describe the target customer segments, try and quantify their numbers and characteristics. How will they benefit? Why should they buy and when? Why do they want it as opposed to you thinking they need it?
How will the venture communicate with them?
Business Model and key Operational Features
B2B or direct to consumer? What products and services will be supplied? How will they be designed, produced and delivered to the market? How will revenue be generated? What is the basis of the production or...

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