The document provides guidance on developing a successful business plan by outlining the key components and steps involved. It discusses identifying a viable business opportunity through environmental scanning and evaluating opportunities. Generating a business idea is covered, including types of ideas. Developing the functional plans for marketing, operations, finance and organization is also outlined. The document stresses the importance of assessing risks and having an exit strategy. It recommends including standard sections like the executive summary, product/service description, funding needs, management team, and financial projections in the final business plan report.
This is a business plan idea slides. You will learn about business idea that actually work in market. You will see the competative analysis, pastel analysis and compare with international market.There are about twenty to thirty slies. In university you will use this project idea to get good grade in the exam.
CHAPTER SIX
LEADING/ DIRECTING FUNCTION
Learning Objectives:
To understand the meaning and nature of direction.
Present leadership theories and styles.
Present motivation theories.
Discuss the meaning and importance of communication.
Understand the types and forms of communication.
Understand the meaning, importance and techniques of coordination
5.1. INTRODUCTION
People are the most important resource in an organization. To achieve organizational objectives HR should be directed towards the accomplishment of goals. Hence, the successful achievement of organizational objectives is greatly the manifestation of the managers’ ability to lead employees.
5.2. MEANING AND NATURE OF DIRECTION
Direction is a vital managerial function, performed by every manager. Whenever decision is taken, it must be converted into action by proper implementation. Otherwise, it is of no use. Effective implementation of a decision is made possible by directions. Planning, organizing and staffing are concerned only with the preparation for work performance and it is the direction which stimulates the organization and its staff to execute the plans. Hence, it is also called ‘management-in-action’. Every manager gives direction to his subordinates as superior and receives directions as subordinate from his superior.
Different authors define leading in different ways, but the general ideas of each definition give the same messages. Therefore, directing is simply defined as;
The process of influencing people so that they will contribute to the organization & group goals or actuating organizational members to work efficiently & effectively for the attainment of organizational goals /objectives. Influencing means motivating people to contribute their maximum efforts for the achievement of organizational goals; but it does not to mean coercing/ forcing, imposing sanctions or pushing people at the behind.
A function of management which is related with instructing, guiding and inspiring human factor in the organization to achieve organizational mission and objectives.
According to Koontz and O’Donnel, “Direction is a complex function that includes all those activities which are designed to encourage subordinates to work effectively and efficiently in both the short and long term”.
Directing is the process of integrating the people with the organization, so as to obtain their willingness and enthusiastic co-operation for the achievement of its goals. It requires the integration of organizational & individual goals. It is the heart of managerial functions because it involves initiating actions.
5.3. ELEMENTS OF DIRECTING
Employees as individual or group members, contribute their efforts & abilities to achieve organizational goals which can result in advancement towards their own individual or group goals. Managers to direct individuals require three basic elements. They are
1. Leadership
2. Motivation &
3. Communication
Effectiveness of leadership depends on the situation. The styles a manager chooses may depend on the following situations.
o Forces in the manager i.e. his value system & confidence in subordination
o Forces in subordinate e.g. subordinates expectation
o Forcer in the situation e.g. types of the organization, the nature of the problem, the pressure of time, etc.
Conclusion
Varying Leadership Style
Three factors that influence which leadership style to use.
1. The manager’s personal background: What personality, knowledge, values, ethics, and experiences does the manager have. What does he or she think will work?
2. Staff being supervised: Staff individuals with different personalities and backgrounds; the leadership style used will vary depending upon the individual staff and what he or she will respond best to.
3. The organization: The traditions, values, philosophy, and concerns of the organization influence how a manager acts
Determining the Best Leadership Style
• Leaders tasks should be more relationship (people) oriented
• Leaders have a dominant style, one they use in a wide variety of situations
• No one best style - leaders must adjust their leadership style to the situation as well as to the people being led
• Many different aspects to being a great leader - a role requiring one to play many different leadership styles to be successful.
5.1.1. LEADERSHIP THEORIES
For decades, leadership theories have been the source of numerous studies. In reality as well as in practice, many have tried to define what allows authentic leaders to stand apart from the mass! Hence, there are many theories on leadership as there are philosophers, researchers and professors that have studied and ultimately published their leadership theory. Every leader is different, and no single theory works for all leaders Therefore, theories are commonly categorized by which aspect is believed to define the leader the most. The most widespread one's are:
1. Great Man Theory,
2. Trait Theory,
3. Behavioral Theories.
4. Contingency Theories,
1. GREAT MAN THEORY (Thomas Carlyle, 1847)
This theory is often linked to 19th century philosopher and historian Thomas Carlyle, who commented that "The history of the world is the biography of great men." This theory is usually contrasted with a theory that talks about events occurring in the fullness of time, or when an overwhelming wave of smaller events cause certain developments to occur.
The Great Man theory assumes that the traits of leadership are intrinsic. That simply means that great leaders are born they are not made. This theory is based on the belief that leaders are exceptional people, born with innate qualities, destined to lead.
The idea of the Great Man also strayed into the mythic domain, with notions that in times of need, a Great Man would arise, almost by magic. Gender issues were not on the table when the 'Great Man' theory was proposed.
This is a business plan idea slides. You will learn about business idea that actually work in market. You will see the competative analysis, pastel analysis and compare with international market.There are about twenty to thirty slies. In university you will use this project idea to get good grade in the exam.
CHAPTER SIX
LEADING/ DIRECTING FUNCTION
Learning Objectives:
To understand the meaning and nature of direction.
Present leadership theories and styles.
Present motivation theories.
Discuss the meaning and importance of communication.
Understand the types and forms of communication.
Understand the meaning, importance and techniques of coordination
5.1. INTRODUCTION
People are the most important resource in an organization. To achieve organizational objectives HR should be directed towards the accomplishment of goals. Hence, the successful achievement of organizational objectives is greatly the manifestation of the managers’ ability to lead employees.
5.2. MEANING AND NATURE OF DIRECTION
Direction is a vital managerial function, performed by every manager. Whenever decision is taken, it must be converted into action by proper implementation. Otherwise, it is of no use. Effective implementation of a decision is made possible by directions. Planning, organizing and staffing are concerned only with the preparation for work performance and it is the direction which stimulates the organization and its staff to execute the plans. Hence, it is also called ‘management-in-action’. Every manager gives direction to his subordinates as superior and receives directions as subordinate from his superior.
Different authors define leading in different ways, but the general ideas of each definition give the same messages. Therefore, directing is simply defined as;
The process of influencing people so that they will contribute to the organization & group goals or actuating organizational members to work efficiently & effectively for the attainment of organizational goals /objectives. Influencing means motivating people to contribute their maximum efforts for the achievement of organizational goals; but it does not to mean coercing/ forcing, imposing sanctions or pushing people at the behind.
A function of management which is related with instructing, guiding and inspiring human factor in the organization to achieve organizational mission and objectives.
According to Koontz and O’Donnel, “Direction is a complex function that includes all those activities which are designed to encourage subordinates to work effectively and efficiently in both the short and long term”.
Directing is the process of integrating the people with the organization, so as to obtain their willingness and enthusiastic co-operation for the achievement of its goals. It requires the integration of organizational & individual goals. It is the heart of managerial functions because it involves initiating actions.
5.3. ELEMENTS OF DIRECTING
Employees as individual or group members, contribute their efforts & abilities to achieve organizational goals which can result in advancement towards their own individual or group goals. Managers to direct individuals require three basic elements. They are
1. Leadership
2. Motivation &
3. Communication
Effectiveness of leadership depends on the situation. The styles a manager chooses may depend on the following situations.
o Forces in the manager i.e. his value system & confidence in subordination
o Forces in subordinate e.g. subordinates expectation
o Forcer in the situation e.g. types of the organization, the nature of the problem, the pressure of time, etc.
Conclusion
Varying Leadership Style
Three factors that influence which leadership style to use.
1. The manager’s personal background: What personality, knowledge, values, ethics, and experiences does the manager have. What does he or she think will work?
2. Staff being supervised: Staff individuals with different personalities and backgrounds; the leadership style used will vary depending upon the individual staff and what he or she will respond best to.
3. The organization: The traditions, values, philosophy, and concerns of the organization influence how a manager acts
Determining the Best Leadership Style
• Leaders tasks should be more relationship (people) oriented
• Leaders have a dominant style, one they use in a wide variety of situations
• No one best style - leaders must adjust their leadership style to the situation as well as to the people being led
• Many different aspects to being a great leader - a role requiring one to play many different leadership styles to be successful.
5.1.1. LEADERSHIP THEORIES
For decades, leadership theories have been the source of numerous studies. In reality as well as in practice, many have tried to define what allows authentic leaders to stand apart from the mass! Hence, there are many theories on leadership as there are philosophers, researchers and professors that have studied and ultimately published their leadership theory. Every leader is different, and no single theory works for all leaders Therefore, theories are commonly categorized by which aspect is believed to define the leader the most. The most widespread one's are:
1. Great Man Theory,
2. Trait Theory,
3. Behavioral Theories.
4. Contingency Theories,
1. GREAT MAN THEORY (Thomas Carlyle, 1847)
This theory is often linked to 19th century philosopher and historian Thomas Carlyle, who commented that "The history of the world is the biography of great men." This theory is usually contrasted with a theory that talks about events occurring in the fullness of time, or when an overwhelming wave of smaller events cause certain developments to occur.
The Great Man theory assumes that the traits of leadership are intrinsic. That simply means that great leaders are born they are not made. This theory is based on the belief that leaders are exceptional people, born with innate qualities, destined to lead.
The idea of the Great Man also strayed into the mythic domain, with notions that in times of need, a Great Man would arise, almost by magic. Gender issues were not on the table when the 'Great Man' theory was proposed.
CHAPTER FIVE
STAFFING FUNCTION
After jobs are identified, grouped & organizational structure is created, then comes the other managerial task- staffing. Organizations possess & utilize different kinds of resources. Among these resources, human resources is the most important one. Without human resource other resources remain futile. Due to this fact organizations are said to be life less without human resource. "Human resource is the most important resource of an organization which deserves special treatment, respect & dignity" (Robert Own). Accordingly, staffing serves to obtain essential resources to an organization. It is the process of identifying human resource needs, procuring the necessary employee, training, utilizing and separation of these employees. The major objective of staffing function is enabling an organization to attract, to maintain, and to utilize efficient and effective workforce.
4.1. An overview of staffing
Staffing is the process of obtaining & maintaining capable & competent people to fill positions in organizational structure.
Earlier staffing was considered to be a part of organization function of management. It is now recognized as a separate management function. The reason for separating the staffing from organizing is to give proper emphasis to the actual meaning of managerial roles. The enterprise has to give due importance to human resource planning. It is the tendency in modern enterprises to create a separate department. It is for this purpose medium and large organizations have separate department known as personnel department or human resource department to perform staffing function.
The organization structure spells out various positions of the organization. Filling and keeping these positions with right people is the staffing phase of the management function. Staffing involves the determination of manpower requirements of the enterprise and providing it with adequate competent people at all levels.
Organizations require people who have different knowledge, skills & experiences to fill various positions to attain organizational objectives. Hence selection of the right person & placement in the right position are the main aspects of staffing.
4.2. The Staffing Process/Under taken by Human Resource Department
Staffing involves a series of steps. They are
1. HR planning (manpower planning)
2. Recruitment/pooling or attracting a potential candidates and selection
3. placement & Employment decision
4. Induction & orientation (socialization)
5. Training and development
6. Compensation & performance appraisal (PA)
7. Separation, Promotion, Transfer & Layoffs
1. Human Resource (HR) Planning/Man power planning
HR planning is the starting point in the process of staff procurement; and refers to the determination in advance the number & quality of people to be employed.
It the process of translating the overall organizational objectives, plans & programs to achieve specific performance into workforce
CHAPTER SEVEN
CONTROLLING
7.1. Introduction
Organizational resources are limited. Their acquisition & use are critical to the survival of the organization. Controlling is the last management function and it affects or is affected by the other four functions. Planning, organizing, staffing & directing must be monitored to maintain their effectiveness & efficiency. Efficiency and effectiveness are the measures of performance. Mangers review performances of employees daily, weekly, and monthly to determine actual performances.
7.2. Definition of Controlling
‘Controlling’ is an important concept and process in management. In the past managers believed that the necessity of control arose only when something went wrong. Then, the object of control was to find out the person responsible for these events and take actions against him. This is only negative view of control. In modern management, the primary object of control is to bring to light the mistakes or variations as soon as they appear between performance and standard laid down and then to take steps to prevent such variations in future. The control is aimed at results and not people as such. Its purpose is to assure that intended results occur and not that particular workers are reprimanded. Only a continuous control (and not occasional and emergency control) can achieve the objective.
According to Brech, “Controlling is checking current performance against predetermined standards contained in the plans, with the view to ensuring adequate progress and satisfactory performance”. In the words of George R. Terry,
“Controlling is determining what is being accomplished, that is, evaluating the performance and if necessary applying corrective measures so that the performance takes place according to plans”. To draw an analogy, it is like a thermostat in an air conditioning system which ensures that predetermined temperature is maintained.
The concept of controlling is often confused with lack of freedom. The opposite of control is not freedom but chaos or anarchy. Control is fully consistent with freedom. In fact they are interdependent. Without control freedom cannot be sustained for long. Without freedom control becomes ineffective. Both autonomy (freedom) and accountability are embedded in the concept of control.
7.3. The purpose of controlling
The purpose of controlling is to determine whether people & the various parts of an organization are on target, achieving the progress towards their objectives that they planned to achieve.
Management control is a systematic effort
o to design information feedback systems,
o to set performance standards with planning objectives
o to compare actual performances with those predetermined standards,
o to determine whether there are any deviations & to measure their significance, &
o to take any action required to assure that all organizational resources are being used in the most effective & efficient way in achieving organizational objectives.
Chapter Four
Organizing
1.1 Meaning and Definitions of Organizing
The word ‘organization’ has come from the word ‘organism’ which means a structure of interrelated and interdependent parts. The parts or components of organization consist of men, machines, materials, methods, money, functions, authority and responsibility. The task of organization is to unite or integrate these components effectively for the purpose of attaining the common goal. Organization is the foundation upon which the whole organization is built. Without efficient organization, no management can perform its function smoothly. Sound organization contributes greatly to the continuity and the success of organization. A poor organization structure makes good performance impossible, no matter how good the individuals are.
The term organization connotes different things to different people. For example, to the sociologists, organization means a study of interactions of people, classes or hierarchy of an enterprise. To the psychologists organization means an attempt to explain, predict and influence the behavior of individuals in an enterprise. The word ‘organization’ is also used widely to connote a group of people and the structure of relationships. In order to understand the meaning and characteristics of organization, we shall study it under the following heads:
(1) Organization as a group of persons.
(2) Organization as a structure of relationship.
(3) Organization as a function of management.
(4) Organization as a process.
(1) Organization as a group of persons: Organization is viewed as a group of people contributing their efforts towards certain goal. The concept of organizing began at the early stages of human civilization when two or more persons began to cooperate and combine together for fulfilling their basic needs of food, clothing, shelter and protection of life. Organization begins when people combine efforts for some common purpose. Chester I Barnard defined organization “as an identifiable group of people contributing their efforts. An organization comes into existence when there are a number of persons in communication and relationship to each other and are willing to contribute towards a common Endeavour. The group of people lay down rules and regulations and the formal structure or relationship among themselves”.
(2) Organization as a structure of relationships: Some people view organization as a structure of relationship. Organization sets up the scope of activities of the enterprise by laying down the structure of relationships. If organization is merely recognized as ‘structure’, it will be viewed as a static thing used to explain formal relationships But an organization is a ‘dynamic’ entity consisting of individuals,. Means, objectives and relationships among the individuals. However, the use of the term structure to denote organization is not used independently, but is combined with the term organization either in the form of organization structure
CHAPTER THREE
PLANNING
Learning Objectives:
To introduce the meaning and definitions of Planning
Analyze the nature and importance of planning.
Discuss various types of planning.
Understand types of plan.
Present steps in planning
2.1. DEFINING PLANNING
The management functions are planning, organizing, staffing, direction and controlling. These functions are essential to achieve organizational objectives. If objectives are not set then there is nothing to organize, direct and control. An organization has to specify what it has to achieve. Planning is related with this aspect.
Every person whether in business or not has framed a number of plans during his life. The plan period may be short or long. One of the characteristic of human being is that he plans. Planning is the first and foremost function of management. According to Koontz and O’Donnel “Planning is deciding in advance what to do, how to do it, when to do it and who is to do it. It bridges the gap from where we are and to where we want to go. It is in essence the exercise of foresight”. According to M.S. Hardly “Planning is deciding in advance what is to be done. It involves the selection of objectives, policies, procedures and programmes from among alternatives.
Planning- is the process of determining how the organization can get where it wants to go, and what it will do to accomplish its objectives. In more formal terms, planning is “the systematic development of action programs aimed at reaching agreed-upon business objectives by the process of analyzing, evaluating, and selecting among the opportunities which are foreseen.”
Planning- is a critical management activity regardless of the type of organization being managed. Modern managers face the challenge of sound planning in small and relatively simple organizations as well as in large, more complex ones, and in nonprofit organizations
Heying and Massie define “Planning is that function of the manager in which he decides in advance what he will do. It is a decision making process of a special kind. It is an intellectual process in which creative mind and imagination are essential”. Planning is an attempt to anticipate the future in order to achieve better performance.
In the business world, organizations should achieve their objectives. In order to achieve objectives, the organizations should plan. Planning process produces the plan.
Plan is a blueprint for action & prescribes activities necessary for an organization to realize its goals. Understanding of planning process requires knowing the relationship between goals, plans & controls as shown below.
Goals represent the designed position of an organization that is sought to be achieved; Plans establish the means for achieving the organization goals; and through planning managers outline the activities necessary to insure that the goals of the organization are achieved; and Controls monitor the extent to which goals have been achieved
CHAPTER ONE
Fundamentals of Management
1.1. Definitions of Management
There is no single, comprehensive and universally accepted definition of management. This holds true due to the following major reasons among others:
Different scholars view management from different perspectives
It has many areas of applications. It is applied in profit, not for profit, private, government, social and business organizations.
Management as a discipline is recent in origin and hence there are a number of theories being added to the field.
It is so broad that it is difficult to encompass all its aspects in a single definition.
It has undergone changes because of the developments in behavioral science and quantitative techniques.
There are different approaches to management, definitions change as the environment changes. The environment of an organization changes due to changes in the political, social, economic, ethical and other factors.
The following are among the most widely accepted definitions of management:
Management is … the organ of society specifically charged with making resources productive - Peter Drucker
Management is the process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish selected aims - Koontz and Weihrich.
Management is a distinct process consisting of activities of planning, organizing, actuating and controlling, performed to determine and accomplish stated objectives with the use of human beings and other resources - Terry and Franklin.
The work involved in combining and directing the use of resources to achieve particular purposes is called management - David R. Hampton.
Management is the process of planning, organizing, leading and controlling the work of the organization members and of using all available organizational resources to reach stated organizational goals - Stoner, Freeman and Gilbert.
Management is the art of getting things done through people effectively and efficiently - Mary Parker Follett.
Effectiveness/Quality: is a way that produces a desired result.
Efficiency/Related to minimum Cost: is being capable of achieving the desired result with the minimum use of resources, time and effort.
1.2. Significance of Management
1) Encourages Initiative: Management encourages initiative. Initiative means to do the right thing at the right time without being told or influenced by the superior. The employees should be encouraged to make their own plans and also to implement these plans. Initiative gives satisfaction to employees and success to organization.
2) Encourages Innovation: Management also encourages innovation in the organization. Innovation brings new ideas, new technology, new methods, new products, new services, etc. This makes the organization more competitive and efficient.
3) Facilitates Growth and Expansion: Management makes optimum utilization of available resources. It reduces wastage and increase efficiency.
Chapter Two
Decision Making
Decision Making: is defined as the process of selecting or choosing the best course of action from numbers of alternatives based on the criteria. Because managers are continually confronted with opportunities and problems, they must constantly analyze the effect of different decisions on their organizations and select the alternative that will move the firm toward its stated objectives.
Types of Decisions: Several authors believe that there are two types of decisions: programmed & non-programmed decisions.
A. Programmed decisions: These decisions are "programmable" because of a specific procedure can be worked out to resolve them based on experience in similar situations.
• Once a standard procedure has been established, it can be used to treat all like situations.
• They usually involve an organization's every day operational and administrative activities
• They are primarily found at the middle and lower levels of management.
• Data used in making a programmed decision usually are complete and well defined.
• Participants know the details and agree on how to resolve the problem.
B. Non-programmed Decisions: are used to solve nonrecurring problems/Non-Repetitive problems.
• No well-established procedure exists for handling them, primarily because managers do not have experience to draw upon.
• In contrast to programmed decisions, available data are usually incomplete.
• Non programmable decisions are commonly found at the middle and top levels of management and often is related to an organization's policy-making activities such as whether to add a product to the existing product line, to reorganize the company, or to acquire another firm, are examples
The steps in decision making process include the following:
1. Ascertain the need for a decision/Identify the problem:
The decision making process begins by determining a problem exists; that is, there is an unsatisfactory condition.
2. Establish decision criteria:
Once the need for a decision has been determined, there comes a need to establish decision criteria which requires identifying those characteristics that are important in making the decision.
3. Allocate weights to criteria
The identified criteria should be weighted based on their importance and arranged in priority. This is because some are obviously more important than others and we need to weight each criterion to reflect its importance in the decision.
4. Develop Alternatives
This involves developing a list of the alternative that may be viable in dealing with the stated problem.
5. Evaluate Alternatives
Once the alternatives are enumerated. The decision maker must critically evaluate each one and identify the strong and weak points when compared against the criteria and the weights established. In evaluating each alternative, we not only consider things that can be measured in numerical terms such as time and various types of fixed & operating costs,
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2. Objectives
Identify opportunity in the environment
Evaluate the opportunities in the environment
Generate business idea
Explain the concept of business planning
Identify components of business plan
Develop business plan
3. Practically to start any type of business or expand
the existing one needs to work on:
Opportunity identification and evaluation
Business idea development and
Prepare business plan
Lack of proper opportunity identification and
evaluation, idea development process and business
planning are the most cited reasons for business
failure.
4. Identification and refinement of a viable economic opportunity
that exists in the market.
Without the recognition of an opportunity the entrepreneurial
process is likely to result in failure.
The opportunity identification and evaluation stage can be
divided into five main steps namely;
Getting the idea/scanning the environment
Identifying the opportunity
Developing the opportunity
Evaluating the opportunity
Evaluating the team
5. 1. Scanning the Environment/ Getting the Idea
Business opportunities are distinguished from
ideas; an idea is not synonymous with opportunity.
Scanning the environment provide you with idea
and business opportunities.
Idea is a thought or suggestion about a possible
course of action. Opportunity is a favorable time or
set of circumstances for doing something.
A business opportunity is a gap left in a market by
those who currently serve it.
6. 2. Opportunity Identification
Opportunity identification is ability to see, to
discover and exploit opportunities missed by
others.
It is the process of seeking out better ways of
competing.
Opportunity identification is a very difficult
task,
most opportunities do not just appear but result
from an entrepreneur’s alertness or attentions to
possibilities.
7. 3. Opportunity Development
Opportunity development is the process of
combining resources to pursue a market
opportunity identified.
This involves systematic research to refine
the idea to the most promising high
potential opportunity that can be
transformed into marketable items.
8. 4. Opportunity Evaluation
Opportunity screening and evaluation is a critical
element of the entrepreneurial process.
According to experts, evaluating the opportunity must
assess business factors like
Product or Service
Market Opportunity
Costing and Pricing
Profitability
Capital Requirements and
Problems and risks
9.
10. 5. Assessment of the Entrepreneurial Team
Regardless of how right opportunity may seem to
be, it will not make a successful business unless it
is developed by a team with strong skills.
Once the opportunity has been evaluated, the next
step is to ask pertinent questions about the people
who would run the company.
11. business idea is a short and precise description of
the basic operation of an intended business.
There are three types of business ideas.
Old Idea: Here an individual copies an existing
business idea from someone.
Old Idea with Modification: In this case the person
accepts an old idea from someone and then
modifies it in some way to fit a potential customer’s
demand.
A New Idea: This one involves the invention of
something new for the first time.
12. Before you start a business, you need to have a
clear idea of the sort of business you want to run.
Your business idea will tell you:
Which need will your business fulfill for the customers?
What kind of customers will you attract?
What good or service will your business sell?
How is your business going to sell its goods or services?
How much will your business depend upon and impact the
environment?
13. Every business idea should be based on
knowledge of the market and its needs.
The market refers to people who might
want to buy a good or service; i.e. the
customers.
The market differs from place to place,
depending on who lives in the area, how
they live and for what goods or services
they spend their money.
14. Methods for Generating Business Ideas
Approaches to generating business ideas. Such as:
Learn from successful business owners
Draw From Experience
Survey Your Local Business
Scanning Your Environment (Natural resources,
Characteristics and skills of people in the local
community, Import substitution, Waste Products, Trade
Fairs and Exhibitions).
Brainstorming
Focus Group
Forced Relationship
15. Idea screening is the process to spot good
ideas and eliminate poor one.
To screen the business idea generated,
three approaches are discussed as follow:
1. Macro screening: is aimed screening
down ideas to 10 and the common criteria
are:
Are my own competencies sufficient?
Are my finance is sufficient
Will people buy my product/service
16. 2. Micro Screening: is aimed screening down ideas into 3.
The common criteria used for screening are:
Demand
Availability of raw materials
Availability of personal skills
Availability of financial resources
17. 3. Scoring the Suitability of Business Idea:
This approach is most appropriate when deciding on
starting a business.
Potential customers
Competitors, suppliers & financial resources
Financial institutions
Key informants and opinion leaders
Collecting information on your business idea gives
you an opportunity to promote your business idea
and to present yourself as a potential entrepreneur.
18. Whatis BusinessPlan?
Business plan is the document that clearly and
concisely defines the goals and objectives of a
business and outlines the methods for achieving
them.
A business plan is a road map for starting and
running a business.
It is the blueprint of the step-by-step procedure to
convert a business idea into a successful business
venture.
19. A business plan is a written document
prepared by the entrepreneur that describes
all the relevant internal and external
elements and strategies for expansion,
acquisition and starting a new venture.
It is a integration of functional plans such as
marketing, finance, manufacturing, sales and
human resources.
20. It is your goals and how they can be
achieved even though its structure will vary
depending on the nature of the business.
It provides an overview of the company’s
situation, the future plan, action plan, how
much it will cost and what will be the
associated revenues and financial position.
21. Give directions to the vision formulated by
entrepreneur.
Objectively evaluate the prospects of business.
Monitor the progress after implementing the plan.
Convince others to join the business.
Seek loans from financial institutions.
Identify SWOT of the plan.
22. The various steps involved in business planning process are
discussed here below:
1) Preliminary Investigation
2) Opportunity Identification and Idea Generation
3) Environmental Scanning
4) Feasibility Analysis
5) Report Preparation
23. 1. Preliminary Investigation
Before preparing the plan entrepreneur should:
Review available business plans (if any).
Scan the external environment and internal
environment to assess the strengths, weakness,
opportunities and threats.
Seek professional advice from a friend/relative or
a person who is already into similar business (if any).
24. 2. Opportunity Identification and Idea Generation
Entrepreneurship is not just limited to innovation
(generation of an entirely new concept, product or service,
but it also encompasses incremental value addition to the
concept/product/ services offered to the consumer,
shareholder and employee).
Opportunity identification and business idea generation
is the first stage of business planning process.
It involves generation of new concepts, ideas, products or
services to satisfy demand.
25. 4. Feasibility study
Feasibility study is done to find whether the proposed project
would be feasible or not.
It is important to define environmental scanning and
feasibility study
⁕ Environmental scanning is carried out to assess the
external and internal environment of the proposed business
where, entrepreneur intends to set up his business
enterprise,
⁕ Whereas feasibility study is carried out to assess the
feasibility of the project itself in a particular environment
in greater detail.
26. 5. Report Preparation
♯ After environmental scanning and feasibility analysis, a
business plan report is prepared.
♯ It is a written document that describes step-by- step,
the strategies involved in starting and running a
business
Including essential components of business planning
is very essential tool for business plan report.
27. oCover Sheet
oExecutive Summary
oThe Business : business concept
oFunding Requirement:
oThe Product or Services
oThe Plan (marketing, finance, human resources and
operations).
o Critical Risks
o Exit Strategy
oAppendix
28. Cover Sheet:
Executive Summary:
The Business:
Funding Requirement:
The Product or Services:
The Plan
Critical Risks
Exit Strategy
Appendix
I) Cover Sheet: Cover sheet is
like the cover page of the
book.
It mentions:
the name of the
project,
address of the
headquarters (if any)
name and address of
the promoters.
29. II. Executive Summary: is the first
impression about the business
proposal. As the saying goes, the first
impression is the last impression.
A careful presentation of information
should be done to attract the attention
of the evaluators.
It should be in brief (not more than two
or three pages).
It should briefly describe the company;
mention some financial figures and
some salient features of the project.
Generating interest in the minds of the
readers is the prime motive of the
executive summary.
III. The Business: will give
details about the business
concept.
It will discuss
the objective of the business,
a brief history about the past
performance of the company (if it
is an old company),
what would be the form of
ownership .
It would also label the
address of the proposed
headquarters.
30. IV. Funding Requirement: since the
investors and financial institutions are
one of the key bodies examining the
business plan report and it is one of
the primary objectives of preparing
the business plan report.
A careful, well-planned funding
requirement should be documented.
It is also necessary to project how
these requirements would be fulfilled.
Debt equity ratio should be prepared,
which can give an indication about
how much finance would the
company require.
V. The Product or Services: a brief
description of product/services is
given in this subsection.
It includes
the key features of the
product,
the product range and
the advantages the product
holds
It also gives details about the
patents,
trademarks,
copyrights,
franchises, and
licensing agreements.
31. VI) The Plan: Now
the functional plans
for:
1. Marketing Plan:
Marketing mix
strategies are to be
drawn, based on the
market research.
Finally, the budget for
sales and sales
revenue plan is also
drawn.
2. Operational Plan: would
give information about
(i) Plant location: why was a
particular location chosen?
(ii) Material requirements,
• inventory management and
• quality control are also
drawn for identifying further
costs and intricacies of the
business.
Finally, the budget for
operational plan is also drawn.
3. Organizational Plan:
indicates the pattern of flow
of responsibilities and duties
amongst people in the
organization,
it provides details about the
manpower plan that would be
required to put life into the
business and
it would also enlist the details
about the laws that would be
governed in managing the
employees of the
organization.
In the end the organizational
plan is also budgeted.
32. 4). Financial Plan: is usually drawn for two to five years for an
existing company. For a new organization the following projections
are drawn:
a)Projected Sales
b)Projected Break Even Point
c)Projected Profit and Loss Statement
d)Projected Balance Sheet
e)Projected Cash Flows
f) Projected Funds Flow
g)Projected Ratios
36
33. VII. Critical Risks:
The investors are
interested in knowing the
tentative risks to evaluate
the viability of the
business and to measure
the risks involved in the
business.
This can further give
confidence to the
investors as they can
calculate the risks
involved in the business
from their perspectives as
well.
VIII.Exit Strategy:
The exit strategies
would provide details
about
how the organization
would be dissolved,
what would be the
share of each
stakeholder in case of
winding-up of the
organization.
It further helps in
measuring the risks
involved in investing.
IX. Appendix:
It can provide
information about
the :-
Curriculum Vitae
of the owners,
Ownership
Agreement and
the like.
