6HO722-BusinessPlanfortheEntrepreneur1FALL22.pdf

Business Plan for the Entrepreneur 1

BA (Hons) Culinary Arts – Level 6

Module Code 6HO722

FALL 2022 Intake – Term 6

Student Name……………………………………………………………

Module Leader: Dr. Apostolos Ampountolas

Email: aampountolas@cesarritzcolleges.edu

Tel: + 41 24 482 82 82

This module conforms fully to the relevant UG regulatory framework. Full details of the University of Derby Academic Regulations (3Rs) can be found at:

http://www.derby.ac.uk/academic-regulations

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MODULE OVERVIEW – PLEASE READ CAREFULLY BEFORE YOU BEGIN YOUR STUDY.

Module Title Business Plan for the Entrepreneur 1

Module Leader Dr Apostolos Ampountolas

Credit Value 10

Assessments Type LO % Hand in

CW 1 1500 words Feasibility Study

1, 2, 3, 4

100%

Week 10

Summative assessment and marking criteria

Can be found with the assessment instructions and it is important that these criteria are referred to when preparing and writing your assessments.

Formative assessment Students will be expected to work in class on various aspects of the weekly activities and then to translate the tools, techniques and learning into the business that is being planned. Students will review their progress through self and peer assessments, discussions, and meetings with industry professionals. The students will present their business plan presentation to a representative of the Ritz Paris in the following module.

Teaching, learning and assessment overview

This module is delivered in a series of lectures and exercises will give the theoretical framework on which to develop a food and beverage business. It will include examples and case studies on which to develop a feasibility study for your business and then a business plan that is finally pitched to a panel of financiers. Private research will be essential to ensure that you read widely and understand the processes required to assess this venture.

Student hours of study Total 400 hrs

Hours breakdown: Class Contact 40 hrs. Directed and Independent Study 80hrs.

Return of work, feedback and provisional marks will be viewable at the submission point.

Assessment 1 – General feedback will be given in class and then on your written work based on identified criteria in week 1

Term 7

Extenuating circumstances

If serious circumstances beyond a student’s control affect their ability to complete an assessment they may submit a claim for Exceptional Extenuating Circumstances. This must be accompanied by evidence from a competent professional with knowledge of the

circumstances, and all work done to date, by the original assessment submission deadline. Such applications will be considered by an EEC panel. It is important that students familiarise themselves with regulations concerning late submission, for

example, EECs will not be granted for poor time management, minor ailments, computer failure or other such reasons. Please see

http://www.derby.ac.uk/academic-regulations

All marks are provisional until ratified by an Examination Board and the External Examiner.

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MODULE DESCRIPTION

This module is specifically designed to help students develop problem identification, problem prioritizing, and problem-solving skills; specifically, the development of skills to understand and apply the cause and effect relationships between performance measures and their causes. It will explore entrepreneurship and business from a strategic level. Students will use their culinary knowledge, skill, and creative thinking to compose an innovative business plan based on their personal culinary focus. Students will be able to understand the relevance and importance of undertaking secondary and primary research within the culinary industry.

The module examines procedures, law, and financial accounting and entrepreneurship considerations. The student will be exposed to business idea generation strategies; analytical procedures, business plan components, financial planning requirements, and improve presentation skills. The module is designed around researching, idea generating and the creation of a feasibility report that will lead to a Business Plan Project.

LEARNING OUTCOMES

On successful completion of this unit students will be able to:

1. Critically examine the different functional areas impacting the food and beverage service industry and the related decision making;

2. Critically evaluate the feasibility of various components of a food and beverage related to the business plan, and gain an understanding of the various constraints placed upon business decisions due to the external environment;

3. Prepare and present a well-researched business idea and feasibility study relating to a food and beverage business;

4. Persuade, negotiate and convince a third party of the benefits of a tourism or culinary related business concept and opportunity.

KEY SKILLS TO BE DEVELOPED AND MAPPED

The following key skill competencies may be developed and could be used for any portfolio reflections:

 Demonstrate autonomy in planning and managing resources and processes within broad guidelines in significant and extended academic tasks (planning and

management of learning);

 Interact effectively within a learning or professional group, with both a broad and a self critical awareness (interactive and group skills);

 Negotiate in a learning and professional context and manage conflict (interactive

and group skills);

 Be confident and flexible in identification and definitions of problems and application of appropriate knowledge and skills to their solutions (managing tasks

and solving problems).

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INDICATIVE CONTENT

This module may cover the theoretical and practical aspects of some of the following:

 The Business Plan: An Overview;

 Business Models;

 The chef as an entrepreneur: thinking outside of the kitchen;

 Opportunity, feasibility and Market Analysis;

 The Entrepreneurial Solution and Concept;

 Industry, target customer and Competitive analysis;

 Feasibility Studies;

 The Product Development Process and Operations;

 Product/ Service plan;

 The Offering;

 Developing and Presentation of a Business Plan;

 The Marketing and Sales Plan;

 The Product Development Process and Operations;

 The Management Team and Organizational Structure;

 Critical Risks and Problems;

 Financial Planning;

 Financing sources;

 Writing an Executive summary plus use of Appendices

READING LIST

Students are recommended to utilise the library resources and review a wide range of literature.

Blackwell, E. (2012) How to prepare a business plan, 5th ed, London, Kogan Page.

Calvin, R. (2004) Entrepreneurial management, London, McGraw-Hill.

Dess, G. (2014) Strategic management: Creating a competitive advantage, London,

McGraw-Hill. Drucker, P. (2001) Innovation and entrepreneurship: Practice and principles, Oxford,

Butterworth-Heinemann. Keegan, W.J. and Green, M.C. (2014) Global marketing, 5th ed, London, Pearson Prentice

Hall. Kotler, P. and Keller, K.L. (2014) Marketing management, 14th ed, London, Pearson

Prentice Hall. Lee-Ross, D. and Lashley, C. (2009) Entrepreneurship and small business management in the hospitality industry, Amsterdam, Butterworth-Heinemann.

Lovelock, C. and Wirtz, J. (2011) Services marketing: People, technology, strategy, 7th ed,

Upper Saddle River, NJ, Pearson Education. Morrison, A.J., Rimmington, M. and Williams, C. (1999) Entrepreneurship in the hospitality, tourism and leisure industries, Oxford, Butterworth-Heinemann.

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Morritt, R.M. (2007) Segmentation strategies for hospitality managers: target marketing for competitive advantage, New York, Haworth Press.

Rollinson, D. (2008) Organisational behaviour and analysis: An integrated approach, 4th ed,

Harlow, UK, Prentice Hall. Ryan, J.D. and Hiduke, G.P. (2008) Small business: an entrepreneur's business plan

London: South-Western. Sloan D. (2004) Culinary taste: Consumer behaviour in the international restaurant sector,

Amsterdam, Elsevier-Butterworth-Heinemann. (ebook) Slocum, J.W. and Hellriegel, D. (2009) Principles of organizational behaviour, 12th ed,

Mason, OH, South Western Cengage. Stokes, D.R and Wilson, N. (2010) Small business management and entrepreneurship, 5th

ed, London, Thomson Learning.

Periodicals, Journals and Magazines:

 Sage;

 Hospitality and Tourism Complete;

 Emerald Library Database;

 The Caterer and Housekeeper. Websites:

These will be recommended by the module leader during the academic year & available on eLearning.

GENERAL INSTRUCTIONS

1. The following details are all key elements of your assigned pieces of work.

2. Plan and organize your work carefully, bearing in mind submission dates.

3. When completing your work, keep checking it carefully against the assessment criteria attached.

4. Your lecturer will advise you of the times during which they will be available for consultation. To manage this resource and time effectively, students are advised to respect these sessions. Please note that this is a student-based research assignment, and as such the tutor may not be able to answer certain questions if it is felt that this would restrict the potential grade.

5. Plagiarism or other forms of cheating will receive a ‘0’ grade and the matter will be reviewed using the University of Derby Academic Offence Regulations.

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INDICATIVE STUDY PATTERN – TERM 6

Topic area Activities Directed Study

1 Rules of the game

To be an ENTREPRENEUR

… or not

 Introduction to the module 1 and 2 – aims and expectations.

 Overview of assessments and the requirements to be met

 Difference between Feasibility Study and Business Plan

 Writing an Executive Summary

 Leadership

 Entrepreneurship

 Risks and rewards

Read the module handbook

carefully.

Understand the success criteria.

Find an entrepreneur that inspires

you and be ready to present it.

2 There is only one boss…

the consumer

 WHO understanding

 WHO analysis / WHO research

Further research on your WHO

Draw the ID card of your WHO

3&4 The concept makes it all

(almost).

Is your idea feasible?

 What is a concept?

 Building a strong concept

 Using research to discover trends

 To understand the source of business ideas

 Know how to develop ideas

 What does feasible mean?

 Understand how the market environment will be crucial for feasibility of your idea and success

 Realize the areas to be researched to ascertain this

 Understand research methods and sources

Further research based on weekly activities. Work on concept

Further research based on weekly activities. Start to develop feasibility of concept.

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5 What makes a business successful?

Assess the market

Legal and technical

feasibility

 Business Angels game

 Outline the criteria for evaluating a business

 Analysing and comparing financial statements to evaluate potential businesses

 Examine and understand the factors for choosing the ideal location for your future business concept

 Competition analysis

 SWOT

 Legal aspects

 Detailed requirements of the facilities,

 Inventory and production control

 Delivery

Major components to be considered when designing a restaurant operation

Further research based on weekly activities. Get the first numbers of your business.

Find a location

List you key competitors

Further research based on weekly activities.

Draw your place.

6 Assess the market

Legal and technical

feasibility

 Examine and understand the factors for choosing the ideal location for your future business concept

 Competition analysis

 SWOT

 Legal aspects

 Detailed requirements of the facilities,

 Inventory and production control

 Delivery Major components to be considered when designing a restaurant operation

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7 Finance – It’s all about the

money, money, money

 Financial Statement

 Balance Sheet

 Income Statement

 Statement of Cash Flow

 (Sources and Uses of Cash – Start up costs)

Further research based on weekly activities. Fill in the excel files with your data.

8 Finance – It’s all about the money, money, money

 Financial Statement

 Balance Sheet

 Income Statement

 Statement of Cash Flow

 (Sources and Uses of Cash – Start up costs)

Further research based on weekly activities. Fill in the excel files with your data.

9 Finance – It’s all about the money, money, money

 Cost structures

 Start up costs / monthly costs

 Average check

 Opening days/hours

 Monthly & yearly sales

Further research based on weekly activities. Fill in the excel files with your data.

10 Feedback and tutorials

 Face to face meeting & preparation time Students must submit their feasibility

study on FRIDAY week 10 the latest.

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ASSESSMENT ONE – 1500 WORD A FEASIBILITY STUDY – 100%

Based on the achievement of learning outcomes 1, 2, 3, 4. To be submitted in week 10

In assessment 1 you are required to prepare a 1500-word feasibility study for a food and beverage operation of your choice. It can be located in any country and for that reason must comply with the country’s laws and regulations, but all financial considerations and any costing must be in Swiss Francs.

Conducting a feasibility study prior to investing the time and money to open a business can help an entrepreneur make a more informed decision about the venture's chances of success because they often overestimate the size of the market and do not take into account tough competition.

Your research and findings should be included in the feasibility study and referenced appendices can be included. You should cover the following areas although you are free to include more.

1. Executive Summary

2. Consumer understanding

o Consumer description

o Needs / Desires / Likes / Dislikes

o Data, facts, numbers, sources are mandatory

3. Concept & Business objectives;

o Concept

o Value proposition

o USP / Mission statement

4. Assess the market;

o Evaluate potential locations.

o Review competition and the industry that you are entering.

o SWOT

5. Legal requirements

o Local legal requirements

6. Technical analysis

o Detailed requirements of the facilities,

o Inventory and production

o Storage

o Delivery

7. Management analysis

o Skills and talent of the management team

o Primary duties of each person

o Description of the organization structure.

8. Financial analysis

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o Balance Sheet (Preopening + 5 years)

o Income Statement (Preopening + 5 years)

o Statement of Cash Flow (Preopening + 5 years)

o (Sources and Uses of Cash – Start-up costs)

o Monthly costs

o Average check

o Opening days/hours

o Monthly / yearly sales

9. Time lines

o Produce timelines and plan.

o Gantt graph

10. Conclusion

o Evaluate profitability and success based on the above factors.

Please use the assessment criteria provided overleaf to ensure that you cover the areas where marks will be allocated – all criteria carry the same marks.

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ASSESSMENT ONE CRITERIA – 1500 WORD FEASIBILITY STUDY – 100%

Tick the box that meets the criteria achieved – record actual mark on the feedback sheet. You may or may not offer comments to justify your grade.

Criteria 100-70% (1st) 69-60% (2:1) 59-50% (2:2) 49-40% (3rd) 39-35% (referral) Below 35%

Executive Summary

20%

Extremely well written executive summary Expressed very well and structured in an appropriate format. All relevant data and information has been accurately and extensively deployed from the feasibility study.

Well written executive summary that is expressed well and structured in an appropriate format. Relevant data and information has been deployed from the feasibility study.

The executive summary is structured in an appropriate format. Most data and information has been deployed from the feasibility study but there are some gaps.

Some thought given to the executive summary that has some structure with a reasonable format. Some gaps in the data and information deployed from the feasibility study.

Poor thought given to the executive summary that has little structure. Many gaps in the data and information deployed from the feasibility study.

Very little thought given to the executive summary. Many gaps in the data and information deployed from the feasibility study. Executive summary and or feasibility study could be missing

Comments

Research findings and originality.

20%

An outstanding piece of work that is produced to a very high standard. It is exceptionally well researched and the findings are commendable in their originality.

A high quality piece of work that is of a very good standard and is well researched. The findings display originality.

A good standard piece of work with some originality displayed. The work is quite well researched but there are some deficiencies in the findings.

A sound standard of work that is lacking in its research content. Very little originality displayed in the findings.

Overall the work is marginally unsatisfactory and not well researched. No findings or originality has been displayed in the work.

Below the pass standard. Poorly researched and the work lacks any findings and originality.

Comments

Feasibility of work undertaken and results achieved.

20%

An exceptional standard of work illustrating thorough and in-depth understanding of the work undertaken. The concept is entirely feasible.

A high standard of work illustrating a good understanding of the work undertaken. The concept is most feasible.

Overall a good standard piece of work but some lack of understanding of the work undertaken. The concept is fair but not entirely thought through.

Some weakness in the standard of work. There are some significant misunderstandings and errors. The concept debatable and not well thought through.

Some significant errors and misunderstandings in the work. The concept does not demonstrate an understanding of a food and beverage business.

Some serious misunderstandings and errors. A clear fail short of pass standards.

Comments

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Grasp of theoretical/ conceptual and practical elements.

20%

Excellent grasp of theoretical/conceptual/ and practical elements related to the feasibility study.

Good grasp of theoretical/conceptual and practical elements related to the feasibility study.

Adequate grasp of theoretical/conceptual/ and practical elements related to the feasibility study.

Some grasp of theoretical/conceptual and practical elements related to the feasibility study.

Poor grasp of theoretical/conceptual and practical elements related to a poor feasibility study.

Major deficiencies or omissions in theoretical/ conceptual and practical elements. Not a feasibility study.

Comments

Knowledge and understanding demonstrated through workings in the appendices.

20%

Excellent supporting evidence that is appropriate in the appendices. Shows an excellent knowledge and understanding of a new food and beverage concept that is based on appropriate theory. Very logical and well structured with most elements included.

Good supporting evidence that is mostly appropriate in the appendices. Shows a good knowledge and understanding of a new food and beverage concept that is based on theory. Logical and structured with most elements included.

Most supporting evidence provided that is appropriate but with some gaps in the appendices. Shows knowledge and some understanding of a new food and beverage concept but not fully based on theory. Some structure but with elements missing.

Evidence provided but not always appropriate and with gaps in the appendices. Shows little knowledge and understanding of a new food and beverage concept and not based on theory. Very little structure with many elements missing.

Poor supplementary evidence provided, not referenced or structured within the work. Just a collection of material. Elements missing.

Supplementary evidence not provided, referenced or structured within the work. Just a collection of material. No elements

Comments

Signed…………………………………………………………………………………………………. Date…………………………………………

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FEEDBACK SHEET – 1500 WORD FEASIBILITY STUDY – 100%

BA (Hons) Culinary Arts Business Plan for the Entrepreneur 1

Student Name/No

Based on the assessment criteria ticked above convert this to an actual mark using the classification guide.

Criteria

All are equally weighted

1st