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Entrepreneurship in Timber Industry [course work]

Course developer

Course abstract

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

Learning outcomes and their assessment

Knowledge of the objectives of the wood processing company's business plan, the information included in key components and the sequence of plan development. Skills sequentially designing and describing the components of a business plan, creating a summary and conducting a business plan presentation. Competency - A student can search and select the necessary information for developing a selected company or idea business plan , to defend the viability of your business plan . Assessment: developed course work.

Course Content(Calendar)

1. Objectives and key components of developing a business plan. Selecting theme for business plan. Description of enterprise or idea. (Lecture + Independent work 6h)
2. Provision of production function. (Lecture + Independent work 5h)
3. Service function provision. (Independent work 5h)
4. Description of necessary resources. (Independent work 5h)
5. Company management and staff. (Independent work 5h)
6. Market analysis, sector characteristics and SVID analysis. (Independent work 6h)
7. Marketing plan, target groups and consumers. (Independent work 5h)
8. Competitor analysis. (Lecture + Independent work 5h)
9. Options for diversifying assortment, additional services. (Independent work 5h)
10. Sales of product or services. (Independent work 5h)
11. Price, its forming policy. (Independent work 5h)
12. Financial plan Practical work. (Lecture + Independent work 5h)
13. Potential risks and their reduction measures. (Independent work 5h)
14. Assumptions on which the financial forecast is based. (Independent work 5h)
15. Preparation and advocacy of presentations. (Seminar 4h)

Requirements for awarding credit points

Lectures attendance is compulsory, as well business plan development and advocation.

Description of the organization and tasks of students’ independent work

In the course of the semester, after the pre-drawn study course plan and, in consultation with the course teacher, the student shall independently develop a business plan for a particular wood processing company, including the knowledge acquired during the lectures.
Parts of the business plan should be developed and submitted for evaluation, following the previously approved plan.
At the end of the semester, a business plan presentation after a pre-arranged structure should be established for workshop lessons and business plan should be defended.

Criteria for Evaluating Learning Outcomes

The business plan developed by the student is assessed over the course of the semester (each section of business plan; 60 % from total), and the student's ability to prepare presentation and presenting abilities is assessed during business plan advocating (40 % of total).

Compulsory reading

1. Abrams R. The successful business plan, secrets & strategies. Palo Alto: The Planning shop, 2003. 417 p.
2. Hansen E.J.H. Strategic Marketing in the Global Forest Industries. Corvallis, OR, USA: Academic Press. 2003.

Further reading

1. WWW websites of companies and organizations in the forest industry and wood processing sector (FAO, EFI, FFIF, TRADA, Ministry of Agriculture, CSB, Eurostat, etc.).

Periodicals and other sources

1. Baltic Forestry. ISSN 1392-1355
2. Timber Trade Journal. ISSN 1740-701X. Pieejams: http://www.ttjonline.com,
3. Holz-Zentralblatt. ISSN: 0018-3792. Pieejams: http://www.holz-zentralblatt.com.

Notes

For academic bachelor study programme “Sustainable forestry” students