In this phase of your Capstone Project, you will construct a draft of the financial aspects of your project. Please submit your draft to the Unit 4 Disussion Board and provide constructive comments to
Unit 3 Assignment 3
Capstone Project: Goals & Objectives
Post University
BUS695 Capstone
MBA Concentration: Corporate Innovation
Paul Licon
March 23, 2025
Dr. Wayne Emms
Statement of Problem or Opportunity
Technological advancement, economic expansion, and workforce creation rely heavily on entrepreneurship, especially in emerging nations. Business owners who aim to start their companies struggle with limited financial backing and lack business intelligence, mentorship, and infrastructure (Tennessee Tech University, n.d.). Business owners encounter numerous obstacles that produce high starting failure rates, which impede economic potential and prolong periods of poverty. Building an extensive support system focused on overcoming barriers is the key opportunity guiding new business owners toward successful enterprise development. Promoting entrepreneurship will produce higher creativity levels in marginalized groups while decreasing unemployment to bring better economic possibilities (Minnesota Department of Health, n.d.).
Entrepreneurship stimulates economic expansion, yet significant obstacles such as funding limitations share responsibility with knowledge gaps and facility deficits, primarily affecting developing nations (Minnesota Department of Health, n.d.). The solution to these barriers would open doors for innovation while generating employment and fighting poverty. This project implements a support network that will empower future business leaders.
Overview of the Problem
Paul has recognized entrepreneurship as a vital component that drives economic growth for a long time. GEM statistics show that worldwide jobs are primarily conducted in small and medium-sized businesses (SMEs), sustaining GDP development in developed and developing economies (Tennessee Tech University, n.d.). Statistics show that new startup failures continue to represent a high percentage since 90% of new business ventures fail to survive their initial five-year period. Fundamental issues with limited funding access combined with inadequate educational standards and weak institutional backing cause developing economies' problems to intensify.
Startup founders face the most significant challenge when acquiring funding. Traditional financial institutions label startup ventures as high-risk ventures, so obtaining loans or investments becomes complex for business owners. Potential investors might reject startup proposals due to high financing costs and demanding security requirements. A major obstacle for entrepreneurs lies in their limited knowledge of running business operations and insufficient marketing and financial management expertise despite operating a company. The absence of valuable networking relations and mentorship interactions between entrepreneurs is an amplifying factor that deteriorates the general business literacy of startups.
90% of startups fail to succeed because developing countries face three major systemic obstacles: insufficient funding sources, inadequate infrastructure systems, and minimal entrepreneurial training (Minnesota Department of Health, n.d.). The development challenges experienced by these countries have become even more substantial, thus blocking their progress. When these obstacles disappear, entrepreneurial potential becomes fully active in supporting sustainable development (Minnesota Department of Health, n.d.).
Overarching Goals and SMART Objectives
(Lomax et al., 2012)
Goal 1: Enhance Access to Funding for Entrepreneurs
The first objective is to create a microfinance program to grant 500 entrepreneurs low-interest loans during the first year of operations (Tennessee Tech University, n.d.).
The establishment of a $1 million seed fund needs 10 domestic and international investors before Year 2 ends, according to Objective 1.2 (Tennessee Tech University, n.d.).
The organization will build a crowdfunding platform suitable for nearby entrepreneurs to collect $500,000 during its initial twelve months of operation (Minnesota Department of Health, n.d.).
The strategic objective is to lead quarterly financial literacy workshops that will teach at least 200 entrepreneurs financial management methods for getting funding each quarter (SAMHSA, n.d.).
Goal 2: Build Entrepreneurial Capacity Through Education and Training
The initiative will introduce an online entrepreneurship academy that will deliver business planning, financial management, and marketing subjects to welcome 1000 new students during its initial year of operation (Marchofdimes, n.d.).
The second goal is to organize ten major urban business boot camps during monthly sessions while training at least fifty entrepreneurs per session regarding fundamental business practices (Tennessee Tech University, n.d.).
A mentorship program under Objective 2.3 will unite 200 of the most experienced business leaders to work as mentors for aspiring entrepreneurs during Year 1 (SAMHSA, n.d.).
The initiative will create 5,000 guidebooks that explore successful local entrepreneurship cases, distributed to the public throughout year 1 (Minnesota Department of Health, n.d.).
Goal 3: Improve Infrastructure to Support Entrepreneurial Activities
The organization will campaign for rural infrastructure funding from private sector and government sources, seeking $2 million in agreements during Year 2 (University of California, n.d.).
The initiative aims to create five co-working facilities in underprivileged areas, supplying commercial real estate and connectivity to ten or more business owners at each site (SAMHSA, n.d.).
By Year 3, the organization will accomplish Objective 3.3, which is developing partnerships with utility providers for dependable internet access and electricity throughout 10 rural communities (Minnesota Department of Health, n.d.).
Developing a mobile app with market trend updates, funding information, and business resources that should reach 10,000 first-year downloads represents Objective 3.4 (Minnesota Department of Health, n.d.).
The fourth goal seeks establishing a supportive environment that nurtures nationwide entrepreneurship (Tennessee Tech University, n.d.).
The network of local business hubs should expand to 15 cities to provide entrepreneurs with resources, networking events, and support services (University of California, n.d.).
The organization will host an annual entrepreneurship summit to attract 500 participants and promote knowledge exchange and collaborative opportunities (Minnesota Department of Health, n.d.).
The initiative will establish cooperative relationships with 20 colleges to implement entrepreneurship education across their academic subjects so that yearly enrollment reaches 5,000 students (Marchofdimes, n.d.).
A media promotion initiative targeting 1 million people to showcase entrepreneurial success will launch under Objective 4.4 during the first year of operation (Lomax et al., 2012).
Goal 5: Monitor and Evaluate the Impact of Entrepreneurial Support Programs
A new monitoring system must be developed to track initiative progress, including impact during Year 1, with quarterly performance assessments starting from Quarter 1 (Minnesota Department of Health, n.d.).
The program will conduct annual surveys assessing participant satisfaction and area-based improvement measures aiming for an 80% response rate as the target metric (Tennessee Tech University, n.d.).
The annual impact report about entrepreneurship support program economic and social outcomes will be distributed to stakeholders and the public through Objective 5.3 (Minnesota Department of Health, n.d.).
The program will create a feedback platform that enables entrepreneurs to report their opinions about the program's success. It must receive at least 500 responses in its initial yearly operation (University of California, n.d.).
Conclusion
The project has five principal aims: enabling better funding access, developing entrepreneurial capabilities, strengthening infrastructure, and creating a supportive environment while establishing monitoring initiatives (Tennessee Tech University, n.d.). The project uses 4-5 SMART objectives per goal to deliver quantitative tangible results, including microfinance launches, training program creation, and co-working space development (Marchofdimes, n.d.).
These goals assist countries with developing plans to overcome the obstacles to entrepreneurship in emerging economies (SAMHSA, n.d.). The combination of funding accessibility enhancement alongside entrepreneurial capacity development, improved infrastructure alongside ecosystem creation, and impactful monitoring will establish a thriving entrepreneurial ecosystem (Tennessee Tech University, n.d.).
Reference
Lomax, A., Community Indicators Consortium, P., M. L., & St. Clair County Health Department. (2012). Developing goals, objectives, and Community Health Improvement Plans (CHIPS) performance indicators. https://www.naccho.org/uploads/downloadable-resources/NACCHO_measuablandObjectives_05-09-12Final-Slides.pdf
Marchofdimes. (n.d.). Smart Objectives. https://www.infanthearing.org/coordinator_toolkit/section5/18_smart_objects.pdf
Minnesota Department of Health. (n.d.). Objectives and Goals: Writing Meaningful Goals and SMART Objectives - MN Dept. of Health. https://www.health.state.mn.us/communities/practice/resources/phqitoolbox/objectives.html
SAMHSA. (n.d.). Setting goals and developing specific, measurable, achievable, relevant, and time-bound objectives. In https://www.samhsa.gov/sites/default/files/nc-smart-goals-fact-sheet.pdf. https://www.samhsa.gov/sites/default/files/nc-smart-goals-fact-sheet.pdf
Tennessee Tech University. (n.d.). Examples of measurable goals and objectives. In tntech.edu. https://www.tntech.edu/research/pdf/resources/proposaldevelopmentresources/Examples_of_Measurable_Goals_and_Objectives.pdf
University of California. (n.d.). Performance Appraisal Planning 2016-2017 SMART Goals: A How to Guide. In Unknown. https://www.ucop.edu/local-human-resources/_files/performance appraisal/How%20to%20write%20SMART%20Goals%20v2.pdf
