The document outlines the components and significance of a business plan, emphasizing its role in defining business objectives, strategies, and financial forecasts. It provides guidance on writing a business plan, detailing steps for product/service description, market analysis, and identifying competitive advantages. Additionally, it stresses the importance of research and presenting clear information to attract potential investors.

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3. WEEK 3 READY FOR BUSINESS??? What is a Business Plan? How to write a B-Plan 1 st Assignment (Product/Service Description) ‏ How to write your 1 st Assignment

4. What is a Business Plan Objectives of our B-Plan: To assess the reliability of business. To attract potential investors.

5. So What is a Business Plan? A written document that describes a business, its objectives, strategies, market and financial forecast. - ( print.smallbusiness.findlaw.com/starting-business/starting-business-overview/starting-business overview- glossary.html )

6. B-Plan format EXECUTIVE SUMMARY PRODUCT AND SERVICE DESCRIPTION TECHNOLOGY DESCRIPTION MARKET AND COMPETITION BUSINESS MODEL

7. How to write B-Plan? Your business is only as good as your business plan. Good business plans: give you a clear idea of your goal and targets clarify the means for achieving your goals determine your financial needs highlight your ability to raise capital

8. PRODUCT AND SERVICE DESCRIPTION The focus here is more on the technical aspects of the product and services.

9. However, you need to remember that the audience are not scientists and thus do not delve (look into) into the technical area too deeply.

10. The reader will expect that you have the technical know how to deliver this product/service and it will be highlighted accordingly in the management session.

11. What to do here? Step 1 This is the KEY section to IDENTIFY your 1. technology 2. services & solution that your company is best at, which will bring profit to your business. e.g-

12. Step 2- Research In-depth understanding of technology hygiene Analysis and research Trends, technology and innovation Sunset or sunrise? Environment balances Future direction Are you Leading or Following technology? Keeping up cioinsight.com technologytrends.com.sg/contacts.html

13. Step 3 –Market potential Is there a market for the product / solution? Describe your potential customers and reasons to purchase. Size of market (secondary data from magazines ect…) Describe the competition and competitive advantage of your product / solution

14. Step 4 Identify your ‘Unfair Advantage’ What is an ‘unfair advantage’? “ What you can do better than your Competitor?” You have to have a precise answer , a vague answer is as bad as no answer. It describes your distinct competence . It is your unique differentiator .

15. Examples of Unfair Advantage IKEA Stylish, quality furniture Knockdown format Affordable Unique and fun buying experience.

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20. Examples of Unfair Advantage DELL Uses leading-edge supply chain management Real-time inventory = zero obsolesce Provides clients with customization Passes efficiency and costs reduction to clients. Supply chain management (SCM) is the management of a network of interconnected businesses involved in the ultimate provision of product and service packages required by end customers

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23. Examples of Unfair Advantage STARBUCKS Zero advertising Expensive Designer coffee Provides the place to “chill-out”.

24. * Format* Describe product/solution (2 points each) Describe key features/uniqnues What are the key benefits to customers? Show us the product/solution (if available)‏ Briefly explain the underlying technology . Intellectual Property (IP) (if applicable)‏ ( extra points if lucky)

25. 1 st Assignment (due 1 week 11thFeb) ‏ Describe your product & services in great details. Find references Research, research, research (library, magazines, Google it)‏ Submit in a report format.