Entrepreneurship education

To the lecture from
Mr. Mogens Thomsen, Thomsen Business Information

I am proud you will use this material for your education.
Here you find a suggestion for structuring of your entrepreneurship education.
The power points follow this pattern:

• Introduce the students to what is going to happen in this entrepreneurship module
• You must create a good learning environment for the students
• Discuss entrepreneurship in general terms with students
• Help students create an idea and turn it into a business idea
• Introduce a project plan on how to start a business – the business plan
• Trust that the students can create a business plan using www.dynamicbusinessplan.com
• Coach the students while creating the business plan
• Make the students present the business plan for you and others

Read more about the entrepreneurship education concept: “Unleashing the Entrepreneurial
Spirit” at www.dynamicbusinessplan.com/entrepreneurship

www.DynamicBusinessPlan.com

Entrepreneurship module
- How to start your own business

Agenda:
1. Presentation of the entrepreneurship module
2. Development of a business idea
3. Introduction to writing a business plan
4. Where to find help?
5. Form groups and choose the type of business to start

Entrepreneurship module, XX University
Lecture: Mr./Mrs./Miss xx


Targets of entrepreneurship module

Objectives for students
• Feel that they dare start a business when the time is right
• Acquire an understanding about starting a business
• Understand drafting of the business concept
• Encounter problems and solve them
• Be able to present their business in a persuasive way

Learning outcomes
• Be able to write a business plan
• Create an establishing and operating budget in a spreadsheet
• Show they have solved problems / challenges
• Plan and execute a presentation of business plan


The task: Plan start of business

1. Choose type of business
2. Make a business plan
3. Present the business plan

The proces
• Common introduction
• Individual advice in study groups - app. 60 min.
• ”Stand by advice”
• Hand over the business plan to lecture
• Present the business plan in class

Quality of the business plan

Relevant topics in the plan shall be supported by data.

Three types of data:
• Factual data
- when one table cost 500 $, two must cost 1000 $
• Estimated data
- two customers said they will buy - therefore 20 might also buy ..
• Allegations
- I just believe it is like that …


Presentation of business plan

Max. 10 min. oral presentation + OHP / PP / blackboard
to the class and to the lecture/ invited entrepreneurs.

The following must be included:
• What does the company sell?
• Which and how many customers?
• How to come in contact with the customers?
• Turn over year one?
• Profit year one?
• Need for financing?

Questions from class and lecture/ invited entrepreneurs

Rating of the project

The entrepreneurship module will be accepted if:

• The business plan has a certain depth
(Factual and estimated data)
• The presentation gives the audience a clear picture
of your business.
• The presentation shows that you have considered
your decisions
• It is OK if the conclusion is not to start the business


Teaching material

Go to:
• www.DynamicBusinessPlan.com

Here you will find:
• Template for a Business plan - word
• Establishing budget - excel
• Operating budget – excel
• Online business plan information

Reading:
• Book: The Dynamic Business Plan

Entrepreneurship in our country

• Definition of an entrepreneur
• Entrepreneurs in your family?
• Top three entrepreneurs in the country?
• What makes a good business?
• Room for more entrepreneurs in the country?
• Government effort to promote entrepreneurship


Development of business idea
- work in study groups

• Discuss the use of a mobile phone:
- two years ago
- to day
- in three years
Can you ways to profit of the mobile market in three years?

• What type of business do you prefer the most?
• Where do you find most customers to day?
• Where do you find most customers in two years?
• Each group discus their business idea
• Each group create a business idea in group work

Three steps to start a business

Three ingredients must be present to start a business:

+ Be creative (combine known things in a new way: an idea)
+ Be innovative (the found idea must be useful for customers)
+ Entrepreneurship (carry out the useful idea in real life, action!)
= Start of a new innovative business

A business plan helps you describe the new business


Business plan
- items you must know about:

Download business plan template: www.dynamicbusinessplan.com

Personal resources

• Your family network
• Economy
• Education in the field
• Know-how about the product/the services
• My weak points in relation to the business
• My working tasks in the business
• Future prospects for business size


Product or service

• Products/lines/service – 1 - 2- 3
• Differences compared to your competitors
• Purchase frequency/product life span
• Calculation of product/service
• Price of product
• Purchase price
• Name of contractors
• Kind of distribution of the product
• Other businesses in this trade


Market – who will buy?

• The typical private customer
• The typical business customer
• Geographical limits
• Realistic number of customers
• Average consumption in cash per customer
• Important competitors
• Competitive parameters on the market
• Possibilities on the market for your business
• Threats that may destroy the possibilities


Sales and Marketing

• Direct mail
• Internet
• Customer visit
• Telephone sale
• Advertising
• Publications
• Signposting
• Presentation material
• Trade Fair
• Public Relation (PR)
• Opening market activity

Management and Organisation

• Name of business/address/phone no/
• Legal status of business
• Owners
• Bank
• Accountant
• Business policies
• Accountancy and administrative routines
• Write letters
• Telephone reception
• Insurance subscriptions
• Business partners /consultants

Business Development

• Business appearance in three years?
• The product or service in three years?
• Customers in one and in three years?
• Financial forecast for year three?
• Other goals with your business?


Budgets and Financing

• Establishing budget
• Operating budget
• Cash Flow budget

• Financing
+ Necessary establishing capital
+ Necessary liquidity
= Total funding needs


Annual accounts - profit & loss

Turnover/sale
‑ Used goods /variable costs
= Gross profit
‑ Fixed costs
‑ Interest
- Depreciation
= profit = your salary

• Personal tax is paid on the basis of the company´s profit
• Accounts and budgets are always without VAT/sales tax


Profit & loss statement
- Accounts for a small building company, 2011

Turnover/sale 442.00
‑ Use of goods 145.860
= Gross profit 296.140
‑ Fixed costs 97.116
‑ Interest 0
= Profit = Your salary 199.166


- core business plan knowledge


Business answer: Budgeting


First work task:
Decide your business idea

Task:
• Decide which kind of business you will start
• Describe the business in four lines and hand it over to the lecture at
the first meeting

Inputs:
• Build on your own experience - business as leisure
• Build on what you find interesting, fun or challenging
• You could assume you have specific education or contacts


Second work task:
Individual coaching in study groups

The study group gets the chance to talk lecture for app.
60 minutes.
The lecture and the study group will among other things
discuss:
• What will your business sell?
• Which and how many customers?
• How do you get in contact with customers?
• Turnover year one?
• Cost year one?


Teaching material – once again

Go to:
• www.dynamicbusinessplan.com

You will find:
• Template for a Business plan - word
• Establishing budget - excel
• Operating budget – excel
• Online business plan information
Reading:
• The book: The Dynamic Business Plan


Entrepreneurship education

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