STAT4610 Project 5“SoYou Want to be an Entrepreneur?”INTRODUCTIONStarting a new business can be anexciting adventure! Who doesn’t want tofind themselves at the top of the next Microsoft, Apple,...

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STAT4610 Project 5








“So
You Want to be an Entrepreneur?”

















INTRODUCTION














Starting a new business can be an
exciting adventure! Who doesn’t want to
find themselves at the top of the next Microsoft, Apple, Facebook, Myspace,
Instagram, Beanie Babies, Pet Rocks, Roto-Rooter, Enron, WorldCom, (OK, you get
the point!)?














The problem with starting a new business
is it carries an inherent amount of risk.
(OK, a considerable amount of risk!)
One-third of businesses fail within the first two years, and over half
are gone in five years. That’s a waste
of a significant amount of toil, sweat, intellectual effort, creativity, and—oh
yes—capital! Failed businesses have stripped entrepreneurs of their life
savings (and the savings of others) for millennia, but the successes have also
lined the pockets of a lot of savvy investors.














Since most people can’t afford to fund
their own startups, a popular strategy involves convincing others to get behind
your great idea. Venture capital funds
are always willing to chase the next big thing, but unfortunately there is a
limit to the patience of the world’s check-writers, and most of them didn’t get
rich without recognizing when it is time to cut losses.














There is hope, however! Analytics can help every new business set
realistic expectations for their investors, and in fact are essential in the
formulation of a business plan. Because
of the uncertainties involved with startups (in terms of costs, timelines,
returns, rates of success, etc.) it is often difficult to forecast the
progression of a new venture, but with a sufficient knowledge of the field and
the tasks required, a simulation can frequently get an entrepreneur into the
right ballpark. Sometimes this is enough to start the money flowing!














PROJECT OVERVIEW














In this project you will develop a
business plan for an Angel Investor in order to secure funding for your new
startup. You will require funding until the point that
your company generates a profit and is actually able to return capital (or
positive equity) to its investors.
Expenses may include payroll for developers or designers, facilities and
infrastructure, marketing and sales, purchasing or collecting data, research,
and a variety of other costs that you may want to identify. Obviously, you will
have to identify a viable product around which to build your company, and if
you’re stuck without an idea, feel free to go back to your Gateway Course and
build a business around app development. Finally, you will need to determine the cost
of executing your business plan across this timeline in order to secure
sufficient funding.














[As an aside, the particular product or
service is not essential to this project—you may use something developed in
another course, some cool idea that you might have in mind, or something
entirely fictional.]














You may make any assumptions you want
concerning the availability of personnel (whether you will be required to hire
them or if they are already onboard as part of your venture) and you will need
to calculate the rates required to retain their services (market rates for most
skill sets are readily available from a variety of sources).














PROJECT REQUIREMENTS














1.
Develop a timeline (flowchart) of the tasks that need to be accomplished
in order to make your company profitable.
Build in as much efficiency as possible by completing tasks in parallel.














2.
Identify appropriate distributions for all of the tasks on your
timeline, to include sales and the potential for them to generate revenue.














3.
Build an Excel-based simulation of your timeline and create a histogram
of possible durations for the company to become a success.














4.
Apply the “Clint Eastwood” rule to your simulation output (“How lucky do
you feel?”) Remember: being too aggressive can get you burnt if you
don’t achieve your goals, but being too conservative in your estimate and
asking for too much can result in your proposal getting turned down.














5.
Generate Cost and Revenue curves for your timeline from step 4.














You will have two deliverables for the
project, which are due together as documents in Canvas at the beginning of
class, Lesson 19.














DELIVERABLE 1. A business plan proposal and funding request
for your Angel Investor. This should be
brief, and should focus on specifics and results. In particular, specify how much money will be
required to fund this venture, how long it will take to generate a profit, and
how much return can be expected on the initial investment over time.














[This should be organized to be
presented to an Angel Investor.]














DELIVERABLE 2. A summary of the simulation you used to
support your decisions. This should
include a flowchart of tasks, each distribution you used in your simulation, a
summary of the simulation output (to include time to each critical point), the
decisions you make from your output in terms of time to completion, and the
cost and revenue analysis associated with the timeline.














[This should be organized to be
presented to a business partner (or a Professor).]

Answered Same DayNov 17, 2022

Answer To: STAT4610 Project 5“SoYou Want to be an Entrepreneur?”INTRODUCTIONStarting a new business can be...

Banasree answered on Nov 17 2022
34 Votes
INTRODUCTION:
Start Up business strategy is a process of uniquely designed strategies with certain goals like research and design’s target, technological target, IP team’s target etc. Define set of action should have approach the medium and long-term perspective. Major rewards of this project are, to propose a set of structure which helps company to allocate resources correctly and develop them on right time. Therefore, company will reach optimal targe
t in regards to adapting changing climate, unlock dimensions, increasingly autonomous, diving into digital, leaner, cleaner and greener etc. Strategic planning integrates with various department like accounts, finance, human resource, marketing etc. In this project, researcher consider the application of strategic planning to improve the business plan of a startup company. To achieve this goal, first researcher has analyzed the exiting process of company’s structure, product and their respective processes, then proposed a scientific approach to reach the set goal.
PROJECT OVERVIEW:
There are very smaller number of company available on the market who actually can understand the start-up business strategy and vision. One myth is still existed that start up business strategy is hard to define. Truth is startup business strategy is more technical than other management strategies, hence it ends up with boring. One most important thing, as a researcher whenever start project for start-up, always ensure that company’s internal, external and stakeholder must have some interest on it. This type of project will be only benefitted when, people start understand the technological, market and financial needs and gain some interest for it. Additionally, research also look for the impact of that strategy. In this project, researcher is going to share a business plan of an EV (electronic vehicle) manufacturing start up. Company’s management doesn’t believe in invest in marketing or advertisement or any endorsement. Entrepreneur believes in technology and good quality product. To develop and understand the needs of the startup business strategy above thought process is positive start.
PROJECT REQUIREMENTS:
1. Develop a timeline (flowchart) of the tasks that need to be accomplished in order to make your company profitable. Build in as much efficiency as possible by completing tasks in parallel.
Refer Annex -1 for the flow chart
2. Identify appropriate distributions for all of the tasks on your timeline, to include sales and the potential for them to generate revenue.
Refer Annex – 2 for the sales distribution.
3. Build an Excel-based simulation of your timeline and create a histogram of possible durations for the company to become a success.
Refer Annex – 3 for the spreadsheet.
Refer Annex – 4 for the statistical analytics of histogram.
4. Apply the “Clint Eastwood” rule to your simulation output (“How lucky do you feel?”) Remember: being too aggressive can get you burnt if you don’t achieve your goals, but being too conservative in your estimate and asking for too much can result in your proposal getting turned down.
Output:
1. Clint Eastwood policy will ensure the employment status of each individual.
2. Secure employment policy.
3. Company will be benefitted from the stable production workmanship.
4. It will also support the human resources and the welfare services of the company.
5. Generate Cost and Revenue curves for your timeline from step 4.
Company’s start up business strategy is innovation. Innovation strategy specifically aim on transforming the automobile industry as a complete lesson for any researcher, especially in regards what is to be accomplished and how we are going to do it. To understand this strategy first we have to consider that company’s target for the first model. Expectations are high stake for the biggest hit. Company’s expecting for booking of new vehicle around 50,000. Refer to the market research general number for pre order is almost 100,000. Research concurs the fact that the company has a plan to drive the automobile industry towards EV and will be achieved consistent growth by generating revenues of $20 billion in next 7years. Refer annex – 5
DELIVERABLE 1. A business plan proposal and funding request for your Angel Investor. This should be brief, and should focus on specifics and results. In particular, specify how much money will be required to fund this venture, how long it will take to generate a profit, and how much return can be expected on the initial investment over time. [This should be...
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