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BA 346

BA 346. Working as an Entrepreneur Week 3. Agenda. Step 2 – Develop a Plan What & why? Plan backwards What is most important? Preliminary business plans Case study Workshop. What is a business plan?. A document? A course of action? A tool for communication?. A Little Clarification.

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BA 346

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  1. BA 346 Working as an Entrepreneur Week 3

  2. Agenda • Step 2 – Develop a Plan • What & why? • Plan backwards • What is most important? • Preliminary business plans • Case study • Workshop

  3. What is a business plan? • A document? • A course of action? • A tool for communication?

  4. A Little Clarification • The term “business plan” is used in two ways • The “business plan” is a proposed course of action, a scheme for how to move forward and what to do in certain circumstances. • Helps organize and formalize one’s thoughts about a business project. • The “business plan” is also a document, and many people attach an almost religious faith to having a Plan (usually with a pre-specified number of pages). • Gives an air of professionality • Which increases the odds of success?

  5. Why do you need a business plan? • Shows serious intent • Clarifies milestones • Analyzes competition • Analyzes customers • Makes assumptions clear • Explores viability • Documents the revenue model • Determines financial needs • Attracts investors • Reduces chance of pursuing wrong opportunity • Solidifies market knowledge • Attracts employees and management • Prioritizes efforts • Attracts partners • Defines brand and positioning • Provides measurement of success • Improves ability to adapt to changing conditions • Documents marketing plan • Understand and forecast staffing needs • Uncover new opportunities

  6. Why do you need a business plan? • In a word: Communication • The story of your firm, told to different audiences in different ways • Vision Statement • Mission Statement • Elevator Pitch • Executive Summary • Full Plan • Operating Plan • Growth Plan • Who might be interested in each of these?

  7. What is in a Full Business Plan? • Product • Market • Competition • Marketing strategy • Organization • Key personnel and service providers • Location • Risk analysis • Financials • Exhibits

  8. A Dose of Reality • Your plan will change • Special circumstances such as • Technology changes • New markets • Competitor changes • Government involvement • Expected possibilities • Key personnel change • Funding sources need to change • A business plan is a strategic document

  9. Plan backwards • Accounting to Marketing • Why? • Limitations? • Accounting • Operations • Sales • Advertising • Finance • Marketing

  10. Focus • One main idea or one main product • Prioritize • Fewer distractions • Saves resources • Build a roadmap for what to do • Action oriented • Milestones

  11. What is most important? • Planning or execution? • Who’s on the team? • How will you find the right people? • The opportunity • If this is such a great idea, who else is doing it? • The uncertainty • What is likely? • What is reasonably possible? • What will you do?

  12. Preliminary business plans • Can you encapsulate your idea on one or two pages? • Business summary outline

  13. Business Model • Where do you fit? • How do you make money? (revenue & profit) • What is unique about you (and does uniqueness matter)? • Why do your customers buy? • Where are you going with all this?

  14. Current Status & History • What’s going on right now? • What are you, and who owns you? • How far have you gotten? • Where have you been?

  15. Leadership • Who’s on board, and why are they the right people? • Managers • Other key people • Board • Advisors

  16. Competition • Direct vs Indirect • How do you analyze competitors? • SWOT • VRIO • What is the “unfair advantage?”

  17. SWOT Analysis • Internal vs External • Us vs Them

  18. VRIO Analysis • Value: "Is the firm able to exploit an opportunity or neutralize an external threat with the resource/capability?" • Rarity: "Is control of the resource/capability in the hands of a relative few?" • Imitability: "Is it difficult to imitate, and will there be significant cost disadvantage to a firm trying to obtain, develop, or duplicate the resource/capability?" • Organization: "Is the firm organized, ready, and able to exploit the resource/capability?"

  19. Business Profile - TechShop • Resource for entrepreneurs • “How do I…” • Equipment • People • More Info - http://techshop.ws/

  20. Business Profile - TechShop • Resource for entrepreneurs • “How do I…” • Equipment • People • More Info - http://techshop.ws/

  21. Business Profile - TechShop • Resource for entrepreneurs • “How do I…” • Equipment • People • More Info - http://techshop.ws/

  22. Business Profile - TechShop • Resource for entrepreneurs • “How do I…” • Equipment • People • More Info - http://techshop.ws/

  23. Business Profile - TechShop • Resource for entrepreneurs • “How do I…” • Equipment • People • More Info - http://techshop.ws/

  24. Business Profile - TechShop • Resource for entrepreneurs • “How do I…” • Equipment • People • More Info - http://techshop.ws/

  25. Business Profile - TechShop • Resource for entrepreneurs • “How do I…” • Equipment • People • More Info - http://techshop.ws/

  26. Business Profile - TechShop • Resource for entrepreneurs • “How do I…” • Equipment • People • More Info - http://techshop.ws/

  27. Business Profile - TechShop • Resource for entrepreneurs • “How do I…” • Equipment • People • More Info - http://techshop.ws/

  28. Business Profile - TechShop • Resource for entrepreneurs • “How do I…” • Equipment • People • More Info - http://techshop.ws/

  29. Workshop

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