INNOVATIVE ENTREPRENEURS

BUSINESS PLAN…………

WHAT IS A BUSINESS PLAN?

The primary value of your business plan will be to create a written outline that evaluates all aspects of the economic viability of your business venture including a description and analysis of your business prospects.

INTRODUCTION

Business plans are critical to the success of any new venture.

Business plans serve as the framework for your company and provide benchmarks to see if you’re reaching your goals.

FIVE STEPS TO A GREAT BUSINESS PLAN

Be creative

Show you’re conservative

Visuals are good

Be realistic

Outline the specifics of your business

10 Essential Business Plan Components

1. Mission statement and/or vision statement so you articulate what you’re trying to create;

2. Description of your company and product or service;

3. Description of how your product or service is different;

4. Market analysis that discusses the market you’re trying to enter, competitors, where you fit, and what type of market share you believe you can secure;

5. Description of your management team, including the experience of key team members and previous successes;

Contd…..6. How you plan to market the product or service;7. Analysis of your company’s strengths, weaknesses,

opportunities, and threat, which will show that you’re realistic and have considered opportunities and challenges;

8. Develop a cash flow statement so you understand what your needs are now and will be in the future (a cash flow statement also can help you consider how cash flow could impact growth);

9. Revenue projections; and10. Summary/conclusion that wraps everything together (this

also could be an executive summary at the beginning of the plan).

Types of Business

7Cs of Good Business Plan

COMMUNICATECOMMERCIALCOMPETITIVECORRECT

CLEARCOMPLETE

CONVINCE

Six Things Entrepreneurs Should Never Put On A To-Do List

i. Be Overly Self-reliant

ii. Waiting

iii. Planning (When You Can’t)

iv. Add Stress To Your Life

v. Contribute To The Drama, Tension And Roadblocks

vi. Whining

Business statementIdentify vision and mission of businessDescribe or explain about your business goals and objectives Short-term (first year)Mid-term (1-3 years) Long-term (3-5 years or more)

Keys of Success

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Market analysisExplain and analysis the market which you are in Market growth, trend, needs Demand and supply Market segmentation Analysis in industry and target customers By age, income, product or service type, geography, buying patterns, needs, behavior or other classifications

CompetitionDescribe your main competitors How well established are they? What are their main strengths and weaknesses? How will you compete with them? SWOT Analysis (Strength, Weakness, Opportunity and Threat) to define your business for market and competitor

Great F’s of customers needs

Feelings

Features

Freedom

Future

Customers

The Eight Habits Of Extremely Successful Entrepreneurs

1. Look at How They Think, Not at What They Do

2. They Start with a Market Need3. Don’t Set Out to Be Rich4. Marketing5. Financing6. Team Building7. They play to their strengths8. Turning Obstacles Into Assets

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