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Intro to ent&wht_bus_plan-website
 

Intro to ent&wht_bus_plan-website

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    Intro to ent&wht_bus_plan-website Intro to ent&wht_bus_plan-website Presentation Transcript

    • Introduction to Entrepreneurship & What is a Business Plan? MRS. LOGAN
    • Today’s  Agenda  •  What  Will  I  Do  This  Year?  •  Introduc9on  to  Entrepreneurship  •  What  is  a  Business  Plan?  
    • What  Will  I  Do  This  Year  ?  •  You  will  assume  the  role  of  a  teen-­‐based   business  owner.  •  The  form  of  business  ownership  you  will   assume  is  that  of  a  sole  proprietorship.  •   A  sole  proprietorship  is  a  business  owned  and   operated  by  one  person.  
    • Ups  and  Downs  of  a    Sole  Proprietorship  Advantages   Disadvantages   1.  Work  long  hours   2.  Provide  the  necessary   startup  money,  known  as   CAPITAL   3.  Responsible  for  money,   owed,  known  as  DEBT   4.  Dependent  on  your  health   and  ability  to  operate  
    • WHAT  IS  AN  ENTREPRENEUR?    •  An  entrepreneur  is  an  amazing  person  who   organizes,  operates,  and  assumes  the  risk  for   a  business  venture.  •  To  start  a  new  business  entrepreneurs  need  a   business  plan,  which  we  will  discuss  next.  
    • What  is  a  Business  Plan  and  Why  Have   One?  •  A  business  plan  is  a  series  of  documents  that   serves  as  a  blueprint  for  star9ng  a  business.  •  A  business  plan  includes  informa9on  about   –  the  business   –  the  industry  in  which  it  competes   –  its  products  and/or  services   –  its  customers   –  its  compe9tor,  and   –  its  finances    
    • What  is  a  Business  Plan  and  Why  Have   One?,  cont’d.  •  Business  plans  allow  owner  to  break  down  the   process  because  it  can  be  an  overwhelming   task.  •  Business  plans  indicate   1.  current  status  of  the  business   2.  vision;  future  goals,  and  objec9ves   3.  a  plan  to  achieve  the  vision  
    • What  is  a  Business  Plan  and  Why  Have   One?,  cont’d.  •  The  primary  func9ons  of  a  business  plan  are   1.  set  goals  and  objec9ves   2.  aYract  poten9al  investors   3.  acquire  financing   4.  aYract  quality  emloyees   5.  aYract  poten9al  new  customers  
    • Components  of  a  Business  Plan  •  Cover  Page   •  Funds  Required  and  •  Execu9ve  Summary   Expected  Uses  •  Company  Descrip9on   •  Financial  Statements  •  Descrip9on  of   •  Owner’s  Creden9als   Products  and  Services      (resume)  •  Market  Analysis   •  Supplemental  •  Marke9ng  Plan   AYachments                •  Opera9ng  Plan  
    • Components  of  a  Business  Plan  •  Cover  Page  –  includes   the  company  name  and   address  informa9on,   the  author  of  the   business  plan,  and  the   date  the  business  plan   was  prepared.  
    • Components  of  a  Business  Plan  •  Execu9ve  Summary  –  summarizes  all  the   sec9ons  of  the  business  plan;  it  is  to  capture   the  aYen9on  of  the  reader.  
    • Components  of  a  Business  Plan  •  Company  Descrip9on  –   sec9on  that    includes  all   details  about  the    the   business  including  its   age,  history,  legal  form   of  ownership,  industry   classifica9on,  structure,   loca9on,  the  number  of   employees,  and  its   primary  func9ons.  
    • Components  of  a  Business  Plan  •  Descrip9on  of  Products   and  Services  –  provides   detailed  informa9on   about  the  products  or   services  that  will  be   offered  to  customers.  
    • Components  of  a  Business  Plan  •  Market  analysis  –  informs  the  reader  of  the   condi9ons  and  trends  in  an  industry  including  the   target  market  of  the  business,  demographics  of   the  target  market,  and  an  analysis  of  the   compe99on.  •  Marke9ng  plan  –  plans  for  building  and   maintaining  the  customer  base,  benefits  that  the   customers  will  have  for  choosing  this  business  or   service  over  compe9tors,  pricing  informa9on,   and  promo9on  and  adver9sing  plan.  
    • Components  of  a  Business  Plan  •  Opera9ng  Plan  –  tell   how  the  business  will   acquire  materials  and   supplies  to  how  they   will  be  distributed  to   the  customers.  
    • Components  of  a  Business  Plan  •  Schedule  of  Start-­‐up   funds  Required  –  shows   the  detailed  plans  for   the  use  of  any  funds   needed  to  start  the   business.  
    • Components  of  a  Business  Plan  •  Financial  Statements  –  includes  a  Statement   of  Profit/Loss,  a  Balance  Sheet,  a  Statement  of   Cash  Flow  •  Resume  –  also  known  as  owner’s  creden9als,   provides  reader  with  the  background  and   work  experience  of  the  owner  of  the  business.  
    • Components  of  a  Business  Plan  •  Supplemental  AYachments   –  Logo  and  Tagline   –  Business  Cards   –  Company  LeYerhead   –  Customer  Prospect  Database   –  Promo9onal  LeYer     –  Brochure   –  Newspaper  Adver9sement   –  iMovie  (commercial)   –  Website  
    • 5  Characteris9cs  of  a  Good  Business   Plan  •  Neat  •  Organized  •  Professional  •  Well-­‐wriYen  and  well-­‐designed  •  Highlight  important  aspects  of  the  business