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Entrepreneurship in Timber Industry

Course developers

Course abstract

Aim of course paper is to develop business plan for particular woodworking enterprise thus putting into practice knowledge obtained in theoretical course. At the end of course paper presentation of business plan is made.

Learning outcomes and their assessment

Knowledge about business plan objectives in woodworking companies, information included in main components and sequence of plan development. (Practical work - presentation)
Skills to develop and describe business plan components step by step, write annotation and present business plan. (Practical work - presentation)
Competence - the student can find and select necessary information for development of business plan for chosen enterprise or business idea, defend vitality of business plan. (Test)

Course Content(Calendar)

. The purpose of developing a business plan and the most important components. Choice of topics for the business plan. Description of the company or idea (in the field of wood industry). (3 practical works).
2. Provision of production function, provision of service function (2 practical works)
3. Description of required resources, company management and staff. (3 practical works).
4. Market analysis, industry description and SWOT analysis. Marketing plan, target groups and consumers. Competitor analysis. (6 practical works).
5. Assortment diversification options, additional services. Sales of a product or service. (2 practical works).
6. Price, its formation policy (2 practical works).
7. Financial plan. Potential risks and mitigation measures. Assumptions on which the financial forecast is based (6 practical works).
8 Preparation and defense of presentations.

Requirements for awarding credit points

Independent work (business plan) must be developed and defended.

Description of the organization and tasks of students’ independent work

In practical work students must learn the following topics:
• analysis and processing of available global forest market data;
• available Latvian forest industry, Central Statistical Bureau and industry association, incl. analysis and processing of companies, market data, as well as analysis of the market environment;
• the organizational structure of the company and their types, as well as the selection of appropriate staff;
• target market and its evaluation;
• financial resources and their sources;
• classification of financial assumptions and risks, incl. evaluation.

Criteria for Evaluating Learning Outcomes

As a result of evaluation, it is important that the student's attendance is over 70% of all lectures. The final grade consists of a weighted average grade (on a 10-point scale) – from a visit (10%), from the successfully defended practical works (30%), from the successfully prepared and defended report (60%).
Practical work and a defended report (business plan) must be passed on the topics presented in the study course, where oral or written answers are successful, if at least 40% of the questions are answered correctly.

Compulsory reading

• Biznesa plāni: kā tos uzrakstīt un īstenot. Pols Barovs. Rīga: Lietišķās informācijas dienests, 2008. 213 lpp.
• Mazā biznesa kurss. Sniedze Joma. Rīga: Jumava, 2006. 326 lpp.
• 3. Biznesa vadības tehnoloģijas. Forands Ilgvars. Rīga: Latvijas Izglītības fonds, 2009. 304 lpp. 4. Uzņēmēja rokasgrāmata. Sastādīja Gundega Pelše, Indra Ruperte. Rīga: Jumava, 2003. 359 lpp.

Further reading

• Savs bizness. Aiva Vīksna. Rīga: Lietišķās informacijas dienests, 2009. 232 lpp.
• Vadībzinātne. Ekonomika. Rakstu krājums. Ivars Brīvers u.c. Rīga: Biznesa un finanšu pētniecības centrs, 2009.

Periodicals and other sources

• Laikraksts „Dienas Bizness” ISSN 1407-2041
• Žurnāls „Baltijas koks” ISSN 1407-6667

Notes

The study course is included in the 7th semester (full-time studies) and 9th semester (part-time studies) of the Forestry Faculty professional higher education bachelor study program “Wood processing”.