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Business Plan Preparation Introduction

Business Plan Preparation Introduction. Frank Moyes Leeds School of Business University of Colorado Boulder, Colorado. Tonight’s Agenda. Choosing a good opportunity Discuss concepts Resume was due before class. Concept & Team Selection Process.

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Business Plan Preparation Introduction

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  1. Business Plan PreparationIntroduction Frank MoyesLeeds School of BusinessUniversity of ColoradoBoulder, Colorado Business Plan Preparation: Choosing Good Opportunities

  2. Tonight’s Agenda • Choosing a good opportunity • Discuss concepts • Resume was due before class Business Plan Preparation: Choosing Good Opportunities

  3. Concept & Team Selection Process • Conduct Idea Exercise (download from website) (http://leeds-faculty.colorado.edu/moyes/html/resourses/Idea%20Exercise.pdf) • Email resume to instructor before Sept 6 as Word attachment (must have your name & Resume on file name) • Discuss your concept in class Sept 6 (use Concept Summary as a framework for explaining your concept) Business Plan Preparation: Choosing Good Opportunities

  4. Concept & Team Selection Process (continued) • Email Concept Summary as a Word attachment to instructor by 1:00pm on Sept 8 (Friday) (must have your name & Concept name in file name) • Instructor to email all students which concepts with the greatest potential thathave been selected on Sept 11 (Monday) • Students whose idea are selected will form a teams of 4 on Sept 13 in class Business Plan Preparation: Choosing Good Opportunities

  5. Next Week • Framework for writing a business plan • ReadWriting a Successful Business Plan from my website • Market research – Gene Hayworth, Leeds School Librarian. Session in lab. • Importance of validation • Interviews and Call Reports Business Plan Preparation: Choosing Good Opportunities

  6. 0 Good Opportunity • Market is strong & accessible • Compelling need • Sustainable competitive advantage • Unique/different • High margins • Management Business Plan Preparation: Choosing Good Opportunities

  7. Favorable trends Growing market Size is big enough to be worth the effort Market share attainable Favorable window of opportunity Venture Capital Perspective 30%+ per year $100 million to $1 billion potential Minimum 20% 0 Market Demand Is Strong Business Plan Preparation: Choosing Good Opportunities

  8. Market Is Accessible • Market Structure • Fragmented • No dominant player • SOT’s (slow, old or traditional) • Response of competitors to new entrants is indifferent • No proprietary barriers to entry • Access to channels is possible • Forgiving of mistakes Business Plan Preparation: Choosing Good Opportunities

  9. 0 Compelling Need • Solves a problem • Unfulfilled niche • Dissatisfaction with current products/services • Poor quality or service • Needs • Physical Physiological • Emotional Social • Financial Intellectual Business Plan Preparation: Choosing Good Opportunities

  10. 0 Competitive Advantage • Understand the market • Understand the competition • Sustainable • Innovation • Differentiation • Resources & capabilities • Really understand the market & competition Business Plan Preparation: Choosing Good Opportunities

  11. Strong Competitive Advantages • Intellectual property • Agreements with customers or suppliers • Long term contracts Business Plan Preparation: Choosing Good Opportunities

  12. Competitive Advantages That Are Often Questionable • First to market • Highest quality • Best service • Lowest cost or overhead • Patent protection Business Plan Preparation: Choosing Good Opportunities

  13. 0 Unique/Different • You must differentiate your business – it’s already being done by someone • More than unique product/service design • Marketing – positioning • Operations – process or value chain • Channels – create a new channel • Benefits Business Plan Preparation: Choosing Good Opportunities

  14. High Margins • Mind-set of high & low margin thinking • Advantages of high gross profit margins • Funding • Cash flow • Development & marketing • Can solve the screw-up problem Business Plan Preparation: Choosing Good Opportunities

  15. Management • Meets your personal interests & objectives • Takes advantage of your experience • Would your potential customers buy from you? • You can put a management team together • You are passionate and commit Business Plan Preparation: Choosing Good Opportunities

  16. Concept Description • Brief description • Why is there an opportunity/need? • What is the product/service? How will it be produced or delivered? • Who is the target market? • What are the unique benefits? • Who is the competition? What advantages do you have over the competition? • Profitability • Revenue model • Contribution margins Business Plan Preparation: Choosing Good Opportunities

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