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MAN303: Entrepreneurship and Innovation - Management Assessment Answer

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Subject Code: MAN303 Internal Code: 1AIDAH

Entrepreneurship and Innovation - Management Assessment Answer

Assignment Task:  Assessment Description You are required to read the following transcript between the three owners and investors and prepare a Business Plan based on the information provided. You will also be required to:
  • Come up with a name for the game and a description
  • Conduct additional market research as mentioned in the transcript (e.g., statistics, marketing strategies, etc.)
  • Investigate the costs of co-working spaces for the office
  • Submit a brief 3-year cash flow projection for investors.
A template business plan is provided on the portal to you to use if you wish. You are not required to use the template business plan. Michael: Welcome, Alecia and Andrew, and thank you both for coming. Today I want to discuss a new game for Spirited Games Pty Ltd. I propose we investigate doing a capital raise of $250,000 which will assist in funding our first Virtual Reality Football (soccer) Mobile Application Game. Aside from still coming up with the name for the game, is there anything that either of you wishes to say at the outset before we begin our discussion? Alecia: Thanks, Michael. As a former partner for KPMG where I advised tech-based businesses for seven years, I cannot recall seeing an opportunity as promising as this. I think this is an excellent opportunity to position this company to enjoy the lucrative gaming market. Mobile gaming continues to rise with the market value expected to, Download the solution from our nursing assessment expert. reach around 74.4 billion in 2019. The eSports market is also on the rise and is expected to reach USD 2,174.8 million by 2023, at a CAGR of 18.61% between 2018 and 2023. Michael: Excellent points. Can I ask you, Andrew, why you believe this opportunity has so much promise? Andrew: Thanks, Michael. I agree with Alecia. Being a former professional athlete and coach in football and previous board member of FIFA, I’ve seen the sport gain serious interest internationally for both men and women. According to Nielsen’s World Football Report, soccer is the world’s most popular sport and still growing. To make a VR game in the sport would be cutting-edge and I believe connect more people to the sport. Michael: That all sounds promising. We will need to have more market research for the pitch and business plan if we are to secure the funding. Andrew, will you be able to assist on that? Andrew: Sure. Alecia: And I’d like to add that if we commit to providing cutting edge gaming solutions and opportunities in niche markets at competitive prices to our customers and even B2B client, we will be able to capture a good share of the market. Michael: Even as a start-up company? Alecia: Yes, even as a start-up. Michael: I have to say I agree with both of you and I’m also excited about this opportunity. Being a sports enthusiast all my life as well as a techie, I can honestly say that I have been amazed at the popularity of esports. It is also interesting to observe, from my own experience, that some of the tech people are becoming interested in sport due to technology. This is also true of the sports people becoming interested in playing sport via tech. Mind you this is all anecdotal, so I don’t have any statistical proof to back it up. Alecia: Can you tell us more about your vision for the business expansion please Michael? Michael: No problem. We develop an image and reputation for quality and innovative gaming solutions at competitive prices. Our business will continue to convey this image to its two market segments — the gaming enthusiast and the commercial client who wants to ‘gamify’ their business or industry. It is becoming a very competitive industry but I believe if we concentrate on popular sports first and really become known for our expertise in the area, we can capitalise on our networks. Alecia: Excellent. Andrew, how do think we can to promote and secure sales? Andrew: Primarily with social media marketing to our consumer market and maybe through some niche magazine advertising. Probably one of the best ways to reach the B2B market is through trade shows and some social media. Michael: That is a good start, but we will need to be more specific to the potential investors. Marketing is key to any successful business. Where should we have our office? Until now, we have used Andrew’s home office for the three of us but will need more room as we expand. Alecia, you also have direct experience with hiring, training and directing operations in technology companies. Do you have any thoughts on office location? Alecia: There are a couple of options with the co-working spaces emerging nearby such as WeWork and Watson – to name a few. I will check out their rates and many others in the city that I think will be within the budget. Michael: How about the staff? Alecia: We will initially employ two new programmers as well as a part-time social media person. Michael: Sounds great, Alecia. How about the numbers? Firstly, how are we planning to spend the $250,000? We need to justify that to the investors. Alecia: On top of the $30,000 each of us have invested so far to get a beta version of the game, we’ve budgeted $165,000 for two new programmers, $45,000 for marketing and the remaining $50,000 for working capital. There is still $40K in the bank from our initial $90K which can easily cover the part-time social media person. Michael: What are our operating expenses? Alecia: Salaries and wages will be about $240,000, our consulting/directors’ fees will be $75k each, $45,000 on marketing/promotion, $24,000 on offices, and $50,000 on various operating expenses. Michael: Sounds good. What about our projections, Andrew? Andrew: The first year we believe our revenue will stay the same through our current consulting at approximately $350,000. The second year I see that we could get about $500k in gaming sales through aggressive marketing as well as a 30% increase in our consulting income. The third year I see a 50% increase in overall revenue from both our gaming sales and consulting. Michael: Well this all sounds like enough information to formulate a business plan and a pitch to investors. Let’s aim to have a draft business plan by next week and then having another meeting. Alecia: Thank you, Michael. Andrew: Thank you, Michael.
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