MGMT 1301 Mini Venture Instructions Just Do It! Launch your own “mini-venture” selling a product or service, with limited start-up capital, limited duration, and limited staff. (“venture” is a word commonly used for a new business, especially one where there is risk of failure. You may notice it is similar to the word “adventure”.) The purpose of the exercise is to provide you with personal context for the conversations about management and decision-making that we’ll have this semester. It will provide you with reference points and examples based on your own entrepreneurial experience, and will build your skills in entrepreneurial thinking. In this exercise, you are not required to make a profit. No part of your grade is based on the money you earn or lose. The wisdom is in the reflection following the activity. You can learn from both success and from huge, embarrassing failures. There are three steps to this assignment, described in more detail below, that must be completed in this order: 1. 2. 3. 4. Plan your venture, including completing the attached 5Ws and 2Hs worksheet Run your venture Write a 4-page summary reflecting on what you learned from your experience Submit your summary and the 5Ws and 2Hs worksheet 1. Planning the venture. The 5Ws and 2Hs Worksheet (attached) will help you plan a venture. You are to define the product/service, price it, produce it and market it. You do not need to invent something new: buying something for $1 and selling it for $2 is a venture. Your venture must: Details 1. Maximum Investment – you can use items you already own (e.g. a camera) to provide a service; you should invest no more than $1 per person. 2. Duration – your product/service should be available for at least two days 3. Group Size – You can do this alone or work in a group of 2 or 3 people. (You can complete the worksheet together but must complete your summary individually.) 4. Orders - You are expected to sell the product / service and receive payment for it. 5. Guidelines – Your project must be completed in accordance with public health guidelines. There is no expectation that you risk your personal safety for this assignment. All projects are to be in accordance with the bounds of the law and good taste. Lotteries and 50/50 draws are excluded from eligible activities. Selling food items during a global pandemic is a terrible idea. Selling your own stuff is not a venture. 2. Run your venture. Take photos of running your venture (this may include screenshots). 3. Write a 4-page summary of what you learned from your experience (the four pages should be double-spaced in size 12 font). Reports are to be written in the first person and individual reports are to be submitted by each group member. It is expected that the learning will be specific to the individual and hence photocopies of the same report signed by all group members are unacceptable. You must attach proof of the venture (photos; be sure to show all members of your group) and are encouraged to attach samples and details of what you did as appendices to the report. The appendices may be the same for all members of a group; please note that you have done this on each appendix. 4. Submit. On Brightspace, submit your personal summary, and the 5Ws worksheet, as an appendix. Make sure you are attaching a Microsoft Word or PDF document. Assessment Criteria: Assessment is based on the strength of what you have learned, not how much commercial success you have experienced. There is as much to be learned from a failure, as there is a success. In particular, it is more important to know the questions new ventures must consider than it is to know the answer. Marking Rubric Criteria You can do better! Competent Distinguished 7. (3) Fail to include 5Ws 2Hs Properly completed 5Ws 2Hs before venture was undertaken (2) Properly completed 5Ws 2Hs before venture was undertaken with exceptional thoroughness, literary support and clarity. (3) Inclusion of both revenue and expenses in Financial Results section Fails to include any information on revenue and expenses in a wellorganized table. Reports revenue and expenses in a wellorganized table and communicates information within reflection portion of paper. (2) Reports revenue and expenses in a wellorganized table and communicates information within reflection paper exceptional thoroughness, literary support and clarity. (3) Reflects on Lessons Learned from running a miniventure. Fails to identify specific lessons learned Properly identifies meaningful lessons learned without linking ideas to class discussion and readings. (3) Properly identifies meaningful lessons learned linking ideas to class discussion and readings. (5) Submits Proof of Venture (picture) Fails to submit proof (0) Communicates in a manner expected of an undergraduatelevel student, Fails to communicate in a manner expected of an undergraduate- Submit a picture as proof of venture (2) Communicates at a basic level in a manner expected of an undergraduate- Communicates in a manner expected of an undergraduatelevel student, including full APA compliance and demonstration of critical thinking skills. (2) level student, including full APA compliance and demonstration of critical thinking skills. level student, including full APA compliance and demonstration of critical thinking (1.5) including full APA compliance and demonstration of critical thinking skills. Communication is exceptionally polished and impressive at a superior level. (2) TO BE COMPLETED BEFORE THE VENTURE AND SUBMITTED AS AN APPENDIX. 5W’s & 2H’s A Simple Approach to Business Planning Introduction: Having a plan for your business helps you to analyse your potential for success and to identify the steps you need to take along the way. A business plan, especially one you do to guide yourself, need not be complicated. You just need to make sure your plan convinces you that your business ideas are good and that you haven’t missed thinking through any threats or opportunities. The simplest approach is to address the 5W’s and the 2H’s – What? Who? Why? Where? When? How? & How Much? (If in the future you launch a new venture where you need to seek funding or support from others, you will likely need a formal business plan. In this case, it is like travelling to a foreign land where people have a different culture and speak a different language. Just as you might get hold of a travel guide before you take a trip to familiarize yourself with local expressions and customs, when you are preparing a business plan for others, you are advised to find out about their language and culture so that you can present your business information according to what they recognize as valid and important. There are several business plan guidebooks to assist you in making this journey!) What?: What is your product or service? What are its unique features and benefits? Are there any ‘valueadded’ opportunities related to your principle idea? _home-made fired bean sauce ; In the guarantee of the good taste, our product is made by authentic traditional Chinese sauce-made process; promoting Chinese food culture, and promote local food diversity.______________________________________________________________________________ ______ _____________________________________________________________________________________ _____________________________________________________________________________________ Who?: Who is involved in your business? Just you or does it involve active and/or silent partners? If so, then who? What are the relevant backgrounds of those involved? In other words, what about your knowledge, skills and connections positions you to be able to do what you are proposing? Jierui Zhong and Boda Tang; I am very glad that I have these two partners, their knowledge about traditional Chinese food history and can made very delicious Chinese food. _____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ Why?: Why are you proposing to do the ‘what’? Why is it a good idea? Who out there wants what you have to offer and who out there is or is not already doing what you are proposing to do? If there are others, how will you position yourself with the competition? …Better service? Better location? Better hours? Better prices? Etc.??? _The reason is that after tasting the Chinese food in Halifax, we found that many of the restaurant fail to meet the flavour of native Chinese receipts, especially the Beijing Bean sauce noodles. We plan to make the authentic bean sauce for the local restaurant, provide the product at less than market rates in the beginning of the venture . ____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ Where?: Where will you operate the ‘what’? What is the significance of this location? Do you need to do anything to the ‘where’ to make it work better for your needs? _As the product name is home-made fired bean sauce, the producing place would be home. In case of convenience and first attempt of selling product, it is the best place to start with. ____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ When?: When will you open/expand/meet your goals? What are the various tasks that need to be addressed and/or completed to enable you to move forward? What are the priority tasks in terms of timing? What can be worked on at the same time? What tasks are ongoing? The time began on September 15th attempt to meet our goals on September 30 th ; contacting the local Halifax Chinese restaurant and introducing our product; Find the restaurant which interested in us and supply them; ____________________________________________________________________________________ _ _____________________________________________________________________________________ _____________________________________________________________________________________ How?: How will you pull off your ‘what’? What is your marketing strategy to position yourself and reach customers? What do you need to learn to move forward? How will you finance start-up and ongoing operating costs? In other words, how will you actually do all the things outlined in ‘when’? _By finding a restaurant with needed steady supply from us, post information about our product on social media platforms, customer’s affection and actual sales, ____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ How Much?: How much financing or creative resourcefulness do you need to begin or to operate until revenues exceed expenses? Identify all your sources of potential revenues and expenses and develop educated guesses for projections. Every number must be grounded in something (either someone else’s experience in an identical or similar business and/or your stated intentions as identified in ‘how?’). Food materials: streaky pork, green Chinese onion, garlic, soy sauce, cooking wine. Transportation: walking. Publicly: online. Price: streaky pork: $23.05(895g), green Chinese onion: $4.05(37g), garlic: $2.95(22g), soy sauce(1/10): $5.05(18g), cooking wine(1/20): $5.00(37.5g) _____________________________________________________________________________________ Total money: $23.05+$4.05+$2.95+$5.05+$5.00=$40.1 _____________________________________________________________________________________ _____________________________________________________________________________________ Individual report Ziyuan Wang B00805612 As a college student, we should step into the society more, understand the society, enrich our own experience and experience. As an old Chinese saying goes, “Food is the soul of the people”. Where there are people, food is needed. Therefore, we choose to sell Fried sauce. The most important thing of food is taste. When the taste of a food increases, its sales will increase. So my team members Boda Tang and Jierui Zhong and I sell traditional Chinese food Fried sauce. I was in charge of delivery and cashier. At the beginning, when I negotiated with the boss in the restaurant, it didn't go well because they didn't need our Fried sauce, so we planned to sell it online. Boda made two POTS of Fried sauce, one of which was divided into three and sold online for $15 each for a third, and the other was sold to the restaurant for $20 to test the market.We made it for $40, sold it for $65 and made $25. Ingredients for the sauce can be purchased from Chinese supermarkets or Superstores. The cost of making the sauce is not high, the materials required are not much, we only need streaky pork: $23.05(895g), green Chinese onion: $4.05(37g), garlic: $2.95(22g), soy sauce(1/10): $5.05(18g), cooking wine(1/20): $5.00(37.5g). Production steps is simple: pork cut into small pieces, and cut into 1 cm cubes, longitudinal cut spring onion, then slice, chop garlic, hot oil first and then add the onion garlic until fragrant, then add the pork in a fire, after about ten minutes into the soy sauce and cooking wine, continue to heat the water in the liquid evaporation and make the sauce thickens. Because only one bowl of Fried sauce is produced, the capital needed is not very much. Our Fried sauce is suitable for all kinds of people, but of course it is mostly sold to restaurants, especially Chinese restaurants, because it is the hometown food of Chinese people. The experience give me is to adapt to the survival requirements of the society, in addition to strengthening the theoretical knowledge in the classroom, we must personally contact the society to participate in work practice, through the understanding of social work to guide classroom learning, in order to develop their own adaptive ability, organizational ability, coordination ability and the ability to analyze and solve practical problems. This was the first step for me to step into the society, but it also made me see my own shortcomings and made me realize that the society I came from still needed many abilities that I could not learn in school. Selling things is a seemingly simple but actually very difficult thing. You need to consider all kinds of things. If one link goes wrong, the whole thing may go wrong. Service attitude is also a big factor in selling. Smiling and friendly expectations can lead to increased sales, and long-term relationships are more likely. If there is a problem with product quality, be sure to apologize to your customers and replace the product as soon as possible. Don't just focus on the immediate benefits and give up the long-term plan.Observation is also very important. In the face of different customers' reactions to products, we need to read their faces and learn to analyze their possible actions in different actions. This sale will test my ability in all aspects: study, life, psychology, body, mind and so on. It is like a touchstone to see if I can put what I have learned into practice.It is related to whether I can successfully stay in this challenging society in the future, and it is also the key to my confidence building. Reference： Matson, T. (2017, June 14). Zha Jiang Mian (Old Beijing Noodles with Soy Bean Paste). Retrieved September 29, 2020, from https://www.yumofchina.com/zha-jiang-mian/ MGMT 1301 Interdisciplinary Management I Final Project The goal of this project to provide you with the opportunity to build on the work completed for your mini-venture, and grapple with some of the challenges involved in developing a business (or other management) project in the real world. While in your mini-venture, you were given considerable operational flexibility, and the freedom to fail, in real undertaking, you will be confronted with a wide range of factors (regulatory, human, and environmental) that will limit your choice of action, and which will increase your chances of failure if you do not take them into account. The Task: Building on your mini-venture assignment, map out how you would execute a large-scale version of the project in the “real world”. What strategy would you employ to grow your business, and what factors would impact that strategy? What ecological and sustainability considerations come into play? What regulatory and licensing issues will you encounter? What technology and information will be useful and disruptive to what you propose? What resources will you need, what cost will you incur, and how will you generate sufficient revenue to allow your business to grow? Most importantly, how will you successfully manage these challenges in order to make your enterprise successful? Guidelines: Submissions should be no longer than 10-12 double spaced pages, 12-point font and include a cover page and references using APA format. Include at least two credible sources beyond those listed on the course Brightspace. You may work in groups: size is a minimum of one and maximum of three. Groups that submit collectively will all receive the same grade on the assignment. Each group member should submit a copy of the report with ALL group members names and banner numbers listed. Failure to do so will result in a mark of “0”. Submissions should consider and respond to the issues raised above. Submissions will be evaluated on the degree to which they engage these issues, the critical rigor and quality of argument they bring to bear in that engagement, and the clarity with which they explain how they will overcome the issues they are likely to engage. A well-developed paper will have an introduction, body with subheadings, and conclusion. Grading Rubrics Component General Look/Layout Description of the Venture Growth Strategy Identified Ecological/Sustainability Considerations Regulatory/Licensing Issues Technological Issues Resource Requirement Management Challenges Identified Grammar/Spelling Credible Sources Used Value 10 10 10 10 10 10 10 10 10 10 Marking Rubric Criteria You can do better! Competent Distinguished General Look and Layout Fails to have a well-organized paper, including cover page, subtitles, APAformatted references. (0) Submits a wellorganized paper, including cover page, subtitles, APAformatted references. (7) Submits an exceptionally wellorganized paper, including cover page, table of contents, subtitles, APAformatted references. (10) Description of Venture Fails to include any description of the venture (0) Includes description directly from miniventure with no additional information. (7) Describes venture in a well-articulated manner with exceptional thoroughness, literary support and clarity. (10) Growth Strategy Identified Fails to include growth strategy (0) Properly identifies growth strategy and factors impacting their business without Clearly identifies a growth strategy and impacting factors linking to class linking to class discussions or scholarly literature (6) discussions and scholarly literature (10) Ecological/Sustainability Considerations Fails to identify ecological / sustainability issues (0) Properly identifies ecological/sustainability issues for operating a large-scale venture but fails to incorporate meaningful literary support (6) Clearly identifies ecological/sustainability issues for operating a large-scale venture by reflecting on course discussions and using literary support and clarity (10) Regulatory/Licensing Issues Fails to identify regulatory / licenses required (0) Clearly identifies regulatory/licenses required to execute a large-scale version of their project but fails to include literary support (6) Identifies regulatory / licenses / jurisdiction required to execute a large-scale version of their project with literary support and clarity (10) Technological Issues Fails to identify technology or information that would be useful to execute a largescale business (0) Clearly identifies data sources and technology that will help execute a large-scale version of their project (6) Identifies data sources and information technology needed for their planned enterprise with exceptional thoroughness, literacy support and clarity (10) Resource Requirement Fails to identify relevant resource requirements (0) Either identifies costs or revenue but fails to have a logical plan (6) Clearly identities costs and revenue for a growing business (10) Management Challenges Identified Fails to identify a plan of action to manage identified challenges (0) Properly reports a clear plan of action but fails to use course discussions or literary support (6) Reports a clear plan to action to manage the challenges of growing a business with exceptional thoroughness, literacy support and clarity (10) Credible Sources Used Fails to use a Use a minimum of 2 Use 4 or more credible Grammar and Spelling minimum of 2 credible sources (0) credible sources (7) sources (10) Has over 10 spelling and grammar mistakes (0) Has between 4-7 grammar/spelling mistakes (7) Has 1-2 spelling/grammar errors (10)
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