How many of you came from the office / work? How was your work week?Busy – lots of things to do … so how do you decide what you should do first?
Have you ever thought of this question? You ever had thoughts … ah this business is good … everyone is doing it (so should I)?Jot down on your piece of paper … what type of business do you want to do?
The key questions are:First question – what business do you want to do?Second question – how do you want to do it?Third question – why do you think it is the right business for you?So you start by drawing out a mind map(on the spot draw a mind map based on one of the ideas suggested, answering the 3 questions)Ask for inputs on ideas to support this business ideaOnce mind map is done -So do you have all the information that you need to start your business?Is it structured enough to start your business running or communicate it to others?
Why do a Business Plan?Clarifies your:Purpose – fulfill existing demandStrategyBreak Even PointsLet Go or ContinueIt also give you an estimate of what went well & what did not do wellI am sure all of you have done projects before … Which projects are most successful or do you feel was most satisfying …How did you know that you project was successful?
Distribute Business Plan notes …& start to explain
Explain that today – we will try to develop some of these elements – mainly:Vision, Mission, Objectives, Market Analysis, SWOT Analysis, Strategic Analysis & Evaluate Results
These are your instructions: 30 minutes – using a mind mapTo help you out on the strategic analysis – I am distributing some notes on Blue Ocean Strategy.Don’t worry, just focus on slide no 2. (The rest of the slides will be useful when you are developing a more detailed plan later)
I will use the example of Apple with its line of iPhone / iPodsThey did not fight on the basis of technology but focused on the experience. China can produce as many copies and replicas but Apple products are uncontestable.iPAD – is it just another eBook? Nope it revolutionized computing & networking. Made people realize that they wanted something that you can watch / stream videos (latest from Apple TV), do video chats, work on the computer etc …. And is as small as an A4 folderIt does not fight on price – people will pay good money for them. Yet they are able to keep prices low. Created a new industry in creating Apps! Applications for their product – use natural market forces to create a whole industry that supports its product!
These are your instructions: 30 minutes – using a mind mapTrainer moves around to check on development – ask questions to further invigorate thoughtsNow that you are done – you have 5 minutes to share your business plan with the rest of the group!We will time it! And then we have 5 minutes for comments …(Meant to be limited so as to link with elevator pitch)Is it difficult to express your business plan clearly in 5 minutes?Unfortunately that is how much time you have before someone listening to you decides – I think I have heard enough …You must be able to deliver key concept in the start … clearly and interestinglyThis leads to the next part on elevator pitch!!
Many a time – we have got a great plan, but how to get someone to listen to you?By giving them a stack of paper … this is my plans! Would you like to invest in me!What would you do if someone did that to you?You must know the technique to engage people – arouse their interest! So how do you do it?THE NINE C’S OF AN EFFECTIVE ELEVATOR PITCHAfter working with hundreds of would-be entrepreneurs, and studying hundreds of effective and ineffective elevator pitches, I have found that an effective elevator pitch is nine things.Let me give you quick sense of what I mean.Concise.An effective elevator pitch contains as few words as possible, but no fewer.Clear. Rather than being filled with acronyms, MBA-speak, and ten-dollar words, an effective elevator pitch can be understood by your grandparents, your spouse, and your children.Compelling. An effective elevator pitch explains the problem your Solution solves.Credible. An effective elevator pitch explains why you are qualified to see the problem and to build your Solution.Conceptual. An effective elevator pitch stays at a fairly high level and does not go into too much unnecessary detail.Concrete. As much as is possible, an effective elevator pitch is also specific and tangible.Customized. An effective elevator pitch addresses the specific interests and concerns of the audience.Consistent. Every version of an effective elevator pitch conveys the same basic message.Conversational. Rather than being to close the deal, the goal of an elevator pitch is to just set the hook; to start a conversation, or dialogue, with the audience.Sample of Email Elevator PitchWe crafted this annotated elevator pitch using information we gleaned from one of Marc Andreessen's blog posts about Ning(Marc is also the founder of Netscape): Subject: Introducing Ning to Blue Shirt Capital [A useful subject line!]Hi [Middleman],Thanks for offering to introduce us to Blue Shirt Capital. [Reiterating the social proof of the introducer.] I've attached a short presentation about our company, Ning. [He attached a deck.] Briefly, Ning lets you create your own social network for anything. For free. In 2 minutes. [What's the high concept pitch? What does the product help the customer do? Who is the customer?] It's as easy as starting a blog. [What's the metaphor?] Try it at: http://ning.com [Link to the product, screencast, or screenshots.] We built Ning to unlock the great ideas from people all over the world who want to use this amazing medium in their lives. [What's the big problem or opportunity?]We have over 115,000 user-created networks, and our page views are growing 10% per week. [Traction.] We previously raised $44M from Legg Mason and others, including myself. [More traction and social proof.]Before Ning, I started Netscape (acquired by AOL for $4.2B) and Opsware (acquired by HP for $1.6B). [Team's past successes.]Blue Shirt's investments in companies like Extensive Enterprises tell me that they could be a great partner for Ning. [Why are you interested in this investor?] We're starting meetings with investors next week, and I would love to show Blue Shirt what we're building at Ning. [Call to action and subtle scarcity.]Best,Marc Andreessen firstname.lastname@example.org 415.555.1212 [Contact information -- how thoughtful.]Notice the email uses good grammar, punctuation, and capitalization, as well as short paragraphs and sentences.Your e-mail should be no longer than this example, which is already too long. Challenge yourself to keep the pitch under 100 words. And keep the product description brief -- this pitch describes the product in one paragraph with 29 words.When in doubt, follow this template exactly. It doesn't matter if you don't have Marc's past successes, just explain the success you have. The rest of the pitch should be devoted to your traction, team, and social proof.
These are the 9 C’s of effective elevator pitch. Let me distribute the notes to you first ….It’s not mine, but developed by this guy who is famous!You can choose to read his book or just follow the key points to it.Please have a quick read if you must …What do you mean by … C …Explain each pointShall we try an example? Anybody wants to try? (1 minute only)Identify who you are talking to & why you want to talk to him firstHow did he do?Now let’s everyone try do it.Look at your plan, come up with plan & then we can share. Let’s get everyone in pairs – with people from another group. 1 min pitch (in pairs) & begin!
ABC Entrepreneurship (Business Plans)
FAHAMIRRedefine Training Find us @ www.fahamir.com Contact us @ email@example.com or call 0815.1064.5174 for more informationXpod Meeting Rooms, FX Mall, Every 3rd Friday of the Month
ABC stands for – Active Business CoachingWe are an open forum – to network, share and learn!NO ONE is an Expert! Everyone has something to contribute aseveryone’s experience is UNIQUE!Why I started it?Feel that there needs to be a forum for young professionals &aspiring entrepreneurs to grow as an able-minded andempowered community.Knowledge is not static or limited. It grows when you share it!
FAHAMIRRedefine TrainingABC - EntrepreneurshipSession 1: Entrepreneurship & MeSession 2: Challenges are Gifts & OpportunitiesSession 3: Rapport is not RepotSession 4: Focus – Zoom in or Zoom out?Session 5: Setting the Plan
FAHAMIRRedefine Training Find us @ www.fahamir.com Contact us @ firstname.lastname@example.org Call 0815.1064.5174 for more info
FAHAMIRRedefine TrainingWHY DO WE NEED A BUSINESS PLAN?
FAHAMIRRedefine TrainingExecutive SummaryCompany DescriptionCompany Vision, Mission & ObjectivesMarket AnalysisSWOT Analysis & Key Success FactorsStrategic Analysis / Sustainable Competitive AdvantageHuman Resource PlanTechnology PlanFinancial Forecasts / Key Performance IndicatorsFor business plan samples and templates, you may want to check outhttp://www.bplans.com/. They provide a good range of samples fordifferent types of businesses.
FAHAMIR Redefine Training Vision Market SWOT Strategic Implement Mission Analysis Analysis Analysis StrategiesObjectivesLong Term & Analyze Strengths Develop Develop Short Term environment Weakness Strategies Measures Goals & resources Opportunity (KPIs) Threats SustainableDefines the Competitive Execute Business Advantage Plan What are Evaluate Blue Oceanwe going to Results do? Assess based on Key Performance Indicators
FAHAMIRRedefine Training Let’s break down to four groups. Each group work on one business plan. Business Plan must have: (1) Vision, Mission & Objectives (2) Market Analysis (3) SWOT Analysis (4) Strategic Analysis (5) Key Performance Indicators
Blue Ocean FAHAMIR Redefine TrainingStrategy In the red ocean, differentiation costs because firms compete with the same best-practice principle. Here, the strategic choices for firms are to pursue either differentiation or low cost. In the reconstructionist world, however, the strategic aim is to create new best-practice rules by breaking the existing value-cost trade-off and thereby creating blue ocean. Red Ocean Strategy Blue Ocean Strategy Compete in existing market space. Create uncontested market space. Beat the competition. Make the competition irrelevant. Exploit existing demand. Create and capture new demand. Make the value-cost trade-off. Break the value-cost trade-off. Align the whole system of a firm’s Align the whole system of a firm’s activities with its strategic choice of activities in pursuit of differentiation differentiation or low cost. and low cost.
FAHAMIRRedefine Training Let’s break down to four groups. Each group work on one business plan. Business Plan must have: (1) Vision, Mission & Objectives (2) Market Analysis (3) SWOT Analysis (4) Strategic Analysis (5) Financial Forecasts