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Entrepreneurship & innovation chapter3

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Transcript of "Entrepreneurship & innovation chapter3"

  1. 1. ENTREPRENEURSHIP & INNOVATION
  2. 2. COURSE SCHEDULE  CHAPTER 1: WHAT IS ENTERPRENEURSHIP AND INNOVATION?  CHAPTER 2: STARTING A SMALL BUSINESS  CHAPTER 3: CREATING A BUSINESS PLAN
  3. 3. Chapter 3: Creating a Business Plan
  4. 4. What is a business plan?  A business plan is the core of your business.  It is an outline of your business.  It is a written description of your business’ future.
  5. 5. Why should you have a business plan? A Business Plan is used to see the whole process of the business from the beginning.  To track the business’ progress  To have control of the business’ future  To highlight any strengths and weaknesses, and try to improve your weaknesses  To manage the business’ financial statements  To use the plan as a fund raising tool  To see your strategies and put them into practice
  6. 6. Business Model Canvas
  7. 7. A business plan answers the following questions: What problem does the company's product or service solve? Who are the company's customers, and how will the company market and sell its products to them?
  8. 8. A business plan answers the following questions: What is your business model and how will it make money? Who are your competitors and what is your competitive advantage? How will you manage the business operations?
  9. 9. A business plan answers the following questions:  Who are the members of the business team and what qualifications do they have to fit their positions?  What is your business’s position in the given market?  What are the risks and threats?
  10. 10. A business plan answers the following questions: What are the company's capital and resource requirements? What are the company's historical and projected financial statements?
  11. 11. Tips for writing a business plan  Your business plan should clear and concise.  You should write clear and short sentences.  You should use graphs, diagrams and photographs where necessary.  You should review the plan with a third party.
  12. 12. Elements of a business plan  Cover page and table of contents  Executive summary  Business description  Business environment analysis
  13. 13. Elements of a business plan  SWOT Analysis: Strengths, Weaknesses, Opportunites and Threat Analysis  Industry background  Competitor analysis  Market research and analysis
  14. 14. Elements of a business plan  Operations plan  Management summary  Financial Plan
  15. 15. Outline of a business plan  Introduction 1. Business Concept 2. Plan Goals and Objectives 3. Management/Ownership  Products & Services 1. Product/Service Mix 2. Product/Service Risks
  16. 16. Outline of a business plan continued..  Market Research 1. Industry Research 2. Customer Research  Marketing Strategies 1. Pricing 2. Physical Distribution 3. Promotion
  17. 17. Outline of a business plan continued…  Operations 1. Process 2. Procurement 3. Personnel (Human Resources) 4. Legal and Administrative  Finance 1. Breakeven 2. Starting Balance Sheet 3. Cash Flow Forecast 4. Program and Finance

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