Vasudev 1

Vishnu Vasudev

Ms. Kelli Secord

Independent Study and Mentorship I

10 December 2021

Original Work Set-Up and Completion Summary

Introduction

Central to the formation of any company is the business plan, the action plan that

translates an idea into an actual entity. As I am studying biomedical entrepreneurship, a business

plan would be something I would have to create at some point in my entrepreneurial journey. I

believe that now is the optimal time to create a business plan, so that I can create my company

later in my ISM journey. Therefore, I will create a business plan for my original work that

translates my current and to-be-acquired knowledge of this field into a product.

As the business plan is what translates an idea into a business, it is essential that my idea

is clearly defined. Since I have already created a working prototype of my device, this appears to

be fairly straightforward. My idea is to create a business selling one-handed Bluetooth

communication gloves for use by stroke survivors, verbal apraxia patients, and people needing to

input information into a computer while performing manual activities. The primary consumer

base, however, is stroke survivors who experience reduced communicative abilities. As I have

already created my device, I can describe in far greater detail than I have in the previous

sentences, however, that is outside the scope of this proposal. I plan on establishing a business

venture that can purchase components, manufacture this device at a manufacturing facility, and

distribute it to consumers.
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My business plan, then, must lay out the steps I need to take to make this idea a reality, so

it must be highly detailed and consider all the steps needed to accomplish this. My current

research leads me to believe that in my business plan, I need to develop my venture’s business

model, vision statement, high-level objectives, company timeline, staffing plan, financing plan,

and competitive position (based on my market research).

Review of Skills and Research

To create this business plan, I need to have knowledge of several topics. Some of these

topics are things that I will have to learn through future research and some are things that I

already know. First of all, I need to conduct more in depth market research. I am not sure how to

do this without direct research, which is why I will ask the professionals I interview about this

question. However, I think it would be beneficial to conduct some direct research, even though it

can take quite a bit of effort and time. My knowledge from both my direct research and my

additional indirect research will supplement the knowledge of the market that I already have.

Direct consumer research has another benefit, too - I can learn the issues with my device from

potential customers, and can then potentially address those problems to improve my device.

To create the rest of my business plan, I will have to conduct more research on the

specifics of each component but also look at examples from existing companies. Through my

past research, I already understand these components, though not all at the same level. I believe

that looking at examples of these documents will help me significantly in understanding how

they are meant to be written.

Methodology

Materials
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As I am creating a document for my original work, I do not need many materials. As I

will have to create diagrams and various other visuals for my business plan, I will need the

software to make them. I will also have to make concept art of my product, as my current

prototype is not aesthetically pleasing, and is not the form in which I would like to sell my

product. Therefore, I may need to use CAD software in addition to the graphics software.

Procedures

To create my product, I will first have to research the various components of the plan so

that I can gain a deeper understanding of their functions and constituents. This will involve me

discussing with professionals and consulting numerous examples. Then, I need to conduct further

market research, through direct sampling and any indirect methods that I learn from the

professionals I talk to. Having completed this research, I will have to actually create my business

plan and all of its components. Conducting these steps will allow me to create an effective

business plan that is best suited to my business venture.

Higher-Order Thinking Skills Used

In the process of creating this business plan, I will be using multiple higher-order

thinking skills. The most evident of these is synthesis, where learners create some sort of

product. By creating a business plan, I am taking the information I have learned to create a new

product. However, I am not directly translating the information I have learned through research

into a product. Rather, I have to first analyze this information to determine how to best apply it to

my particular situation. Only then can I actually create a product. I am also using the skill of

evaluation, as I am advancing an argument through my original work. The particular business

model, profit margins, and marketing budget that I will determine are all reflective of my

opinions. I will make my choices because I have evaluated my analysis to decide the position I
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want to take. Any sort of plan is an argument because one has to make choices, which means one

has to make an argument why one choice is superior. Using these 3 higher-order thinking skills

will allow me to create a logical, justifiable business plan that best reflects my knowledge.

Results

My goal in creating my business plan was to establish a strong foundation for my

company so that I would be able to bring my device to the people who would benefit from it. In

this sense, writing my business plan has forced me to plan out my company’s future and set

goals. Improved planning is generally believed to lead to improved success and stability.

Conclusions

My conclusions from the completion of my original work is that I am certainly closer to

bringing my device to the market and helping stroke survivors. I personally feel that creating this

plan has led me to plan out things that are very important to my company’s success and future,

that likely would have caused problems later if not planned out. Therefore, I believe that my

original work accomplished its original purpose.

Application

My business plan will be used by myself to serve as a foundational document for

developing my business and to lend credibility to my business in the eyes of potential investors.

Creating this plan will help me as I journey through improving my device, starting its

manufacture, setting up my company, and securing patents and trademarks over the next

semester. When I complete those tasks, I will be able to bring my device to the market and make

an impact in the lives of people whose communication is hampered by their hemiparesis.