MGMT 758-Innovation and Entrepreneurship/ENREPRENEURSHIP PLAN
This assignment applies to the discipline of business analysis for the development of a business strategy and plan. In this assignment, you will analyze an entrepreneurial opportunity that MUST include a creativity aspect.You will be graded on each of the following parts:
I. EXECUTIVE SUMMARY
II. CURRENT SITUATION
MACRO ENVIRONMENT SITUATION
MARKET SITUATION
PRODUCT SITUATION
COMPETITIVE SITUATION
DISTRIBUTION SITUATION
III. INNOVATION MISSION/INTERNAL OBJECTIVES
MISSION STATEMENT
BROAD GOALS
IV. INNOVATION STRATEGY
SPECIFIC GOALS
STRATEGIC ROLES
SCREENING CRITERIA
KEY SUCCESS FACTORS
KEY SUCCESS INDICATORS
V. TECHNOLOGY & MARKETING ANALYSIS
STRENGTHS/WEAKNESSES
OPPORTUNITIES/THREATS
ISSUES
VI. STAGED INNOVATION PROCESS
(see GM; chapter 7, p. 252; Fig 7.9)
VII. RESOURCE REQUIRMENTS
LEADERS AND TEAM MEMBERS NEEDED
ORGANIZATIONAL STRUCTURE NEEDED
REWARD SYSTEM
SET OF “NEW” NORMS AND VALUES
VIII. FINANCIAL PROJECTIONS
PROJECTED PROFIT AND LOSS STATEMENT
IX. ACTION PROGRAMS
ACTION PLAN
COMMUNICATION PLAN
X. APPENDIX
Prospectus from Our Group:
Topic:
Innovative Real Estate Company
Organization Description:
The real estate industry is a multi-billion dollar a year industry. According to a 2015 report by the National Association of Realtors (NAR) regarding home buyer and seller trends, approximately 9% of surveyed real estate transactions between July 2013 and June 2014 were For Sale By Owner (FSBO) and an additional 13% were flat fee MLS listings (essentially FSBO). According to the American Housing Survey and the NAR, there were 115 million occupied housing units and 4,940,000 existing homes sold in 2014. The FSBO market has remained fairly flat since the 2008 market crash, however it is beginning to gain attraction particularly among younger home owners.
The NAR would argue that real estate agents maintain distinct advantages in terms of marketing, pricing, negotiating, and experience over sellers who desire to use the FSBO process. However, innovation and technology have closed that gap and can close that gap even further emboldening more home owners to use the FSBO process in lieu of paying thousands of dollars in exorbitant commissions and fees to real estate agents only to be disappointed with the value received compared to the price paid. The dirty secret of the real estate industry is that consumers have access to virtually the same information that real estate agents do. The amount of data and information available on the internet regarding the real estate market in any particular area, and the guidance, advice, resources, and tools available to home sellers can be easily accessed and provide a home seller the opportunity to forgo the services of the traditional real estate agent.
We are proposing a new real estate company that uses innovative methods and technology to focus exclusively on creating a community of savvy buyers and sellers who would rather complete real estate transactions through the FSBO process rather than the traditional real estate agent process. This new company will maximize the use of technology to walk sellers and buyers step by step through the process of selling or buying a home, offer both simple and advanced features depending on user preferences, offer savvy marketing tools and strategies (e.g. video home tours, live video open houses, HD pictures, picture/video editing apps to provide professional quality, interactive 360 degree views of rooms and outdoor spaces, smart device applications, etc…), expert guidance and advice on preparing/staging the home, expert guidance and apps to perform market analysis, access to all major listing sites, social media, and corporate/organization relocation services and relocation firms, and advice on negotiating with potential buyers or sellers. Providing these innovative services as well as some traditional products/services should provide many sources of revenue from potential customers and the customer may choose from the menu of products/services based on how they wish to market their home.
Note from Me:
This is a group project and I am assigned to work on ONLY VII. RESOURCE REQUIRMENTS (LEADERS AND TEAM MEMBERS NEEDED, ORGANIZATIONAL STRUCTURE NEEDED, REWARD SYSTEM, and SET OF “NEW” NORMS AND VALUES), VIII. FINANCIAL PROJECTIONS (PROJECTED PROFIT AND LOSS STATEMENT), IX. ACTION PROGRAMS (ACTION PLAN and COMMUNICATION PLAN).
PLEASE DO NOT WORK ON SECTION I, II, III, VI, V, AND VI!
PLEASE WORK ON SECTION VII, VIII, AND IX BASED ON THE PROSPECTUS FROM OUR GROUP!