MOSHOOD ABIOLA POLYTECHNIC

CENTER FOR ENTREPRENEURSHIP DEVELOPMENT (MAPCED)

P.M.B 2210, OJERE, ABEOKUTA, OGUN STATE

DEPARTMENT OF PHARMACEUTICAL TECHNOLOGY

BUSINESS PRACTICAL PROJECT PROPOSAL
ON
PRODUCTION OF TOTE BAG
BY
UNIQUE VENTURE (GROUP 6)
ND 1 FULL TIME

S/N NAME MATRIC NO

1. AJIDE AISHAT O 22/105/07/F/0245
2. AINA GRACE OPEYEMI 22/105/07/F/0020
3. OLUWAROPO AYOMIDE JANET 22/105/07/F/0272
4. OGUNTOLA SOFIAT 22/105/07/F/0008
5. SHOBANDE AISHAH AYOMIDE 22/105/07/F/0109
6. ADESHINA LATEEFAT OLAMIDE 22/105/07/F/0066
7. ADEOTI JUEARAT AJOKE 22/105/07/F/0137
8. OLOJEDE YUSIROT IDOWU 22/105/07/F/0060
9. OKUMADE ELIJAH OLUWADAMILARE 22/105/07/F/0115
10 ADEPOJU GODWIN AYOMIDE 22/105/07/F/0078

EED REPORT SUBMITTED TO:

THE CENTRE FOR ENTREPRENEURSHIP DEVELOPMENT

(MAPCED) IN PARTIAL FULFILMENT OF THE REQUIREMENT

FOR THE SUCCESSFUL COMPLETION OF A COURSE IN EED 326

NAME OF SUPERVISOR: ………………………………………………………………………….

PROJECT GRADE…………………………………………………………………………………….

DATE…………………………………………………………………………………………………..

MAPCED/COORD (TEC) COMMENT…………………………………………………………….

 TABLE OF CONTENTS
1.0 Executive Summary
1.1 Business Name and Formation
1.2 Entrepreneurial Motivation
1.3 Strategy and Competitive Advantage
1.4 Customer Segment
1.5 Channels of Market
1.6 Financial Plan (Cost Structure)
1.7 Revenue Streams
2.0 Business Description and vision
2.1 Vision
2.2 Mission
2.3 Goals and objectives
2.4 List of team members
3.0 Production Requirement and Procedure
3.1 Product Description
3.2 Product Requirement
3.3 Product Process and Procedure
3.4 Organisation Chart
4.0 Market and Marketing Strategies
4.1 Market and Marketing Strategies
4.2 Market Segmentation
4.3 Marketing Strategies
4.4 Channels of Distribution
5.0 Sales Forecast
5.1 Materials, Quantity, Cost and Total
5.2 Source of Capital
6.0 Financial Analysis
6.1 Preparation of trading profits and loss accounts
6.2 Members agreed on 30% / 70% ratio
6.4 Return of Capital
6.4 Share of Profit
7.0 Conclusion
1.0 EXECUTIVE SUMMARY

Unique Venture Group is an organization that is bent on manufacturing tote bag. The group is
seeking an equity investment of N20,700 to fund the launch and the first five operating
years of an integrated manufacturing company focusing on the production of a unique
product that meets the demand of the Nigerian market. The group consists of a formidable 10
member management team to execute a new, highly-profitable distribution model that
provides great market opportunities and profit maximization through entrepreneurship
developments.

The required funds and capital generated will be used to fund as-needed procurement of raw
materials from a top-notch company. The tote bag market provides a great investment
opportunity. Unique Venture is a startup business that aims to design, produce, and sell high-
quality, eco-friendly tote bags.

The mission is to provide stylish and sustainable alternatives to single-use plastic bags while
promoting environmental consciousness. With a commitment to design, durability, and
responsible sourcing, Unique Venture aims to capture a share of the growing market for
reusable bags.

The vision of the business was to attain customer’s satisfaction by delivering nothing but the
best, by means of utilizing the highest quality of resources. The business goals and objectives
are to generate customer’s satisfaction, to maximize profit, to mention but a few.

The materials used in the course of the production includes corduroy material, scissors,
needle and thread, nylon, sewing machine etc. The production process includes cutting two
fabric rectangles of equal size, hem the top edges of the rectangles, sewing the body of the
bag, stitch the handles to the bag, screen print a design on the tote etc. Then it was finalized
and packaged in the fancy nylon.

The industry is a growing industry, still growing and is expected to continue in the next few
years. The hair bonnet market consists of group of competitors. Despite this competitiveness,
our business achieved 75% of the market share. We adopted different marketing skills to
create awareness of our product to the members of the public and different sales strategies
which include the consideration of the 4P’s (price, product, place and promotion).
The channel of distribution is from the manufacturer to the consumers. Partners operated on
the basis of the responsibility assigned to them. Member of the group were given different
tasks which was carried out effectively and efficiently.

The efforts of the group to improve business ideas and provides opportunities for diversified
market share and profitability. A careful study of the market and various sales opportunity
has been duly observed and the product have been found to be a means of establishing the
group presence in our emerging market.

The estimated start-up capital is N20,700 and we anticipate a net profit of N52,000.

2.0 BUSINESS DESCRIPTION AND VISION

2.1 Mission
The mission of the group is to provide stylish and sustainable alternatives to single-use plastic
bags while promoting environmental consciousness. With a commitment to design,
durability, and responsible sourcing. Unique venture aims to capture a share of the growing
market for reusable bags.

2.2 Vision
To be the leading agents and distributors of manufactured tote bag within the first few years
of establishment.

2.3 Goals and Objectives

The objective of the group includes:

1. To produce a very high quality products and become a well-known brand.

2. To be at the fore front of tote bag production in our society
3. To build and maintain a social business and personal relationship with our customers.
4. To generate a comfortable profit after our production and sales
5. To motivate the youth so as to be self-employed and reduce the rate of unemployment
6. To continue the business after the completion of this entrepreneurial programme.
2.4 List of Team Members

S/N NAME MATRIC NO

1. AJIDE AISHAT O 22/105/07/F/0245

2. AINA GRACE OPEYEMI 22/105/07/F/0020

3. OLUWAROPO AYOMIDE JANET 22/105/07/F/0272

4. OGUNTOLA SOFIAT 22/105/07/F/0008

5. SHOBANDE AISHAH AYOMIDE 22/105/07/F/0109

6. ADESHINA LATEEFAT OLAMIDE 22/105/07/F/0066

7. ADEOTI JUEARAT AJOKE 22/105/07/F/0137

8. OLOJEDE YUSIROT IDOWU 22/105/07/F/0060

9. OKUMADE ELIJAH OLUWADAMILARE 22/105/07/F/0115

10 ADEPOJU GODWIN AYOMIDE 22/105/07/F/0078

3.0 PRODUCTION REQUIREMENT AND PROCEDURE

3.1 Product Description

The product to be manufactured by our group is tote bag. This product is a versatile and
sustainable accessory designed to elevate your daily adventures while reducing your
environmental footprint. Crafted with care, this tote bag seamlessly blends fashion, function,
and eco-consciousness. Unique Tote Bag is a vintage industry based majorly on the
production of designed bag of different sizes and shapes. Tote Bag is an existing market but
we produced a quality and attractive tote bag which was better than the ones produced by our
competitors. The slow economy has influenced the industry in many ways. Unique Tote Bag
are generally sold in department, stores, and in the neighborhood.

3.2 Product Requirements

ITEM QUANTITY AMOUNT N
CORDUROY COTTON 25 YARDS 10,000
INK 1 LITRE 1,000
SCREEN PRINTING 1 PIECE 2,000
THREAD 10 PIECES 500
 NEEDLE 2 PACKET 1,000
PACKAGING NYLON 2 PACKS 1,000
SEWING MACHINE (RENTED) 1 3,000
SCISSORS 2 PAIRS 2000
OFFICE PIN 1 PACK 150
PENCIL 1 PIECE 50
TOTAL 20,700

3.3 Production Process and Procedure

Part One: Prepare The Fabric

STEP 1: Cut two fabric rectangles of equal size at measurement of 14x16 inches for medium
tote

STEP 2: Fold the rectangles in thirds lengthwise and use a fabric pen or pencil mark the two
inside creases. These marks will show you where to center the handles later, so be sure to
fold across the length of the fabric, and not down it, to position them correctly.

Part Two: Sewing The Body Of The Bag

STEP 3: Hem the top edges of the rectangles

STEP 4: Sew the two rectangles together. Place the hemmed rectangles back-to-back so that
the wrong sides of the fabric are facing out. Sew along the sides and bottom using a straight
stitch.

STEP 5: Miter each bottom corner. Fold the bag so that, instead of coming together at a 90-
degree angle, the bottom and side seam are stacked on top of one another. Now sew across
the corner, keeping the new seam perpendicular to the existing seams. Repeat this process on
the other corner. When you flip the bag right-side-out, the corners will be blunted.

Part Three: Create Handles

STEP 6: Cut handles from the fabric. Decide how long you want the handles to be (keeping
in mind that they will be looped) and cut two 2-inch-wide strips of equal length from the
fabric. Fold each strip in half so that the inside of the fabric faces outward. Use an iron to
crease the fold

STEP 7: Sew the long edges together

STEP 8: Get the handles ready to sew to the bag. Fold the ends of your handles under by 1⁄2
inch (1.3 cm) and iron them to create a crease. Place the ends over the marks you made to
show where the handles should go. Place the ends approximately 1.5 inches (3.8 cm) below
the edge of your bag opening and pin or baste them in place.
STEP 9: Stitch the handles to the bag.

STEP 10: Screen print a design on the tote

3.4 Organisation Chart

The organization chart of UNIQUE GROUP is drawn below:

Managing Director

Market Director Production Manager

Sales Manager Storekeeper

4.0 MARKET AND MARKETING STRATEGIES

4.1 Market and Marketing Strategies

The marketing and sales strategy to be adopted for this product is to approach both male and
female. It's been shown that the best method of advertising is through word-of-mouth. No
major newspaper ad campaign is planned. However, we shall run both daily and weekly
specials, personal selling techniques and leverage on referrals. In addition, we shall have an
incentive program for referrals. Those customers who refer someone else to buy our product
will be rewarded, and the referee will receive an introductory gift. In addition, we will use
reliable sales agents, and friendly, prompt services.

4.2 Market Segmentation

This is an important factor in marketing and making our product available to the final
consumer. For the purpose of easy communication, we have agreed on using one-on-one
method i.e the producer to the final consumer. We aim to become the market leader and
producer of cake through marketing segmentation like curving discount, selling of our
products door to door. Segmentation will be used in analyzing the market in order to achieve
the business team goal effectively and in order to meet our customers at their convenient
time.

4.3 Target Market

We at UNIQUE Group work hard to make our products a desirable option for citizens and
owners of retail establishments in Nigeria and beyond. Our target market is widespread and
all-inclusive and this is basically because loads of people are beginning to switch to ready to
use products as a result of their busy and hectic lifestyles. Our target market includes:

 Environmentally conscious consumers

 College students and young professionals
 Event planners and businesses for promotional merchandise
 Eco-friendly retailers and boutiques

4.4 Marketing Strategies

We will make use of 4Ps to develop good, acceptable and competitive offering for our target
market. Such of the mix were listed below:
i. Product: The product will be produce and package in a suitable way which will
serve as an attraction to the product and also of high quality.
ii. Price: Our price will be determined based on the customer choice and taste. We
will also adopt penetration pricing policy which will allow affordable purchase of
our product.
iii. Place: we will make my products to be available to our customer through different
retail outlets and shops located around Isabo, Panseke, Lafenwa, Kuto, Sapon, and
also MAPOLY campus.
iv. Promotion: We shall adopt cheapest promotional means to communicate with our
customers such as personal communication, door-to-door selling, sale canvassing,
etc.
4.5 Channels of Distribution
Our channel of distribution of service was through rendering personal services to our
customers both male and female and basically everyone in the society. Topmost Group used
the following mediums for distribution.
 1. Door to door services: We reached people in the comfort of their homes, bringing
this product to them at a cheaper rate.
2. Social media: Our services were advertised online through WhatsApp, Facebook,
Instagram and Twitter.

5.0 SALES FORECAST

5.1 Sales and Revenue Cost

This is to know the price of the goods and revenue. Below is a table for the materials needed,
quantity and the amount needed for the production.

ITEM QUANTITY AMOUNT N

CORDUROY COTTON 25 YARDS 10,000
INK 1 LITRE 1,000
SCREEN PRINTING 1 PIECE 2,000
THREAD 10 PIECES 1,000
NEEDLE 2 PACKET 500
PACKAGING NYLON 2 PACKS 1,000
SEWING MACHINE (RENTED) 1 3,000
SCISSORS 2 PAIRS 2000
OFFICE PIN 1 PACK 150
PENCIL 1 PIECE 50
TOTAL 20,700

5.2 Capital Source

Capital is the backbone to start any business. The capital requirement of any business
depends on the nature of the business in relation to the economic situation of the country i.e.
inflation of materials. The total capital needed for the marketing of first batch will be #19,800
therefore the capital is to be contributed by the members of the group and each member is to
contribute #3,960 each which will amount to #19,800 only.

SCHEDULE SHOWING THE AMOUNT OF CAPITAL CONTRIBUTED

S/N NAME MATRIC NO AMOUNT N

1. AJIDE AISHAT O 22/105/07/F/0245 2,070

2. AINA GRACE OPEYEMI 22/105/07/F/0020 2,070

 3. OLUWAROPO AYOMIDE JANET 22/105/07/F/0272 2,070

4. OGUNTOLA SOFIAT 22/105/07/F/0008 2,070

5. SHOBANDE AISHAH AYOMIDE 22/105/07/F/0109 2,070

6. ADESHINA LATEEFAT OLAMIDE 22/105/07/F/0066 2,070

7. ADEOTI JUEARAT AJOKE 22/105/07/F/0137 2,070

8. OLOJEDE YUSIROT IDOWU 22/105/07/F/0060 2,070

9. OKUMADE ELIJAH OLUWADAMILARE 22/105/07/F/0115 2,070

10 ADEPOJU GODWIN AYOMIDE 22/105/07/F/0078 2,070

6.0 FINANCIAL ANALYSIS

6.1 Sales and Revenue Cost

This is to know the price of the goods and revenue. Below is a table for the materials needed,
quantity and the amount needed for the production.

PROPOSED SALES AND REVENUE FIGURE

Sales and Revenue figure

BATCH QTY UNIT TOTAL UNIT TOTAL PROFIT

COST COST SELLING SELIING
PRICE ₦ PRICE ₦ PRICE ₦ PRICE ₦

FIRST 23 900 20,700 1,400 32,200 1I,500

SECOND 35 900 31,500 1,400 49,000 17,500

THIRD 54 900 48,600 1,400 75,600 27,000

TOTAL 100.800 156,800 56,000

TOTAL PROFIT = TOTAL REVENUE – TOTAL COST

=₦156,800 - ₦100,800
= ₦56,000

6.1 Preparation of trading profits and loss accounts

 PROFIT AND LOSS ACCOUNT
N N
GROSS PROFIT 56,000
Less: Expenses
Transportation 2,000
Miscellaneous 2,000 4,000
52,000

6.2 Members Agree on 30%/70% ratio

PROFIT SHARING RATIO

30% of actual profit for MAPCED

MAPCED percentage of the profit = 30% of N52,000 = #15,600

70% of actual profit to be used among members

Members share of the profit = 70% of #52,000 = #36,400

Each member will receive #36,400 / 5 = N3,640

6.3 Return of Capital

SCHEDULE SHOWING THE REFUND OF CAPITAL CONTRIBUTED

S/N NAME MATRIC NO AMOUNT N

1. AJIDE AISHAT O 22/105/07/F/0245 2,070

2. AINA GRACE OPEYEMI 22/105/07/F/0020 2,070

3. OLUWAROPO AYOMIDE JANET 22/105/07/F/0272 2,070

4. OGUNTOLA SOFIAT 22/105/07/F/0008 2,070

5. SHOBANDE AISHAH AYOMIDE 22/105/07/F/0109 2,070

6. ADESHINA LATEEFAT OLAMIDE 22/105/07/F/0066 2,070

7. ADEOTI JUEARAT AJOKE 22/105/07/F/0137 2,070

8. OLOJEDE YUSIROT IDOWU 22/105/07/F/0060 2,070

9. OKUMADE ELIJAH OLUWADAMILARE 22/105/07/F/0115 2,070

 10 ADEPOJU GODWIN AYOMIDE 22/105/07/F/0078 2,070

6.4 Share of Profit

SCHEDULE SHOWING THE DISTRIBUTION OF PROFIT

S/N NAME MATRIC NO AMOUNT N

1. AJIDE AISHAT O 22/105/07/F/0245 3,640

2. AINA GRACE OPEYEMI 22/105/07/F/0020 3,640

3. OLUWAROPO AYOMIDE JANET 22/105/07/F0/0272 3,640

4. OGUNTOLA SOFIAT 22/105/07/F/0008 3,640

5. SHOBANDE AISHAH AYOMIDE 22/105/07/F/0109 3,640

6. ADESHINA LATEEFAT OLAMIDE 22/105/07/F/0066 3,640

7. ADEOTI JUEARAT AJOKE 22/105/07/F/0137 3,640

8. OLOJEDE YUSIROT IDOWU 22/105/07/F/0060 3,640

9. OKUMADE ELIJAH OLUWADAMILARE 22/105/07/F/0115 3,640

10 ADEPOJU GODWIN AYOMIDE 22/105/07/F/0078 3,640

7.0 CONCLUSION

Entrepreneurship development has contributed in the growth and development of the

economic and to their welfare of the society at large with such a production as this, we were
able to utilize our human power and entrepreneurial skill to become self-reliant.