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SESSION 8: INTEGRATING AND CONTROL

SESSION 8: INTEGRATING AND CONTROL. TOPICS COVERED Participants will produce a formal business plan that will include a component of each of the following: Week 1: Introduction Week 2: Entrepreneurship Week 3: Idea development Week 4: Marketing

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SESSION 8: INTEGRATING AND CONTROL

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  1. SESSION 8: INTEGRATING AND CONTROL

  2. TOPICS COVERED Participants will produce a formal business plan that will include a component of each of the following: Week 1: Introduction Week 2: Entrepreneurship Week 3: Idea development Week 4: Marketing Week 5: Competitors and Organisational and legal structure Week 6: Technical developments and Risk assessment Week 7: Finance Week 8: Integrating and control Week 9: Guest speakers Week 10: Summary

  3. CONTACT DETAILS SURGERY HOURS On Request

  4. Part 1

  5. Introduction/Executive summary • A brief summary of the whole business plan • It must be eye/attention catching • This is normally the last paragraph you write • Logical sequence: • Broad background/trends • Which resulted in your specific product/service idea • Your vision for the product/service • The uniqueness • The purpose of the business plan

  6. Brief description of your business • Name of the business • Address • Fax number; Telephone number; Mobile number; E-mail address • Contact person • When the organisation was started • Vision/mission of the organisation • Products/services that the organisation provides

  7. Your product or service • Product/Service • Aim of product/service (characteristics of customers and what needs are addressed) • Unique characteristics of product/service • Technology required to deliver/produce product/service • License/Patent needed to develop/sell product/service • Future potential of product/service • Competitors and their strengths and weaknesses

  8. Organisation structure • Describe the number of staff, their roles, experience and training required • List the consultants/advisors that will be used • Legal structure

  9. Sales and marketing • Pricing of product/service (indicate how calculated) • Promotion (e.g. advertisements, social media instruments) • Location and why • Special activities to sell product/service

  10. Business operations • The production process • The capacity of the production process • Equipment necessary in the production process • What will happen in case of breakdowns • Describe the premises and location

  11. Financial considerations •  Financial requirements   • Item • Source of funding • Price of item • Guarantees • When required • Deals on offer • Expenses budget • Break-even • Cash flow analysis • Income statement • Balance sheets

  12. Risks • What are the biggest risks • How will you manage it

  13. Summary • End in a positive sentence • Indicate that you are eager to implement idea

  14. References • Need at least 6 references • Must be indicated in the text as well • Can include: reference books; web sites; newspaper articles; interviews

  15. Useful Resources You can download workbooks, spreadsheets and examples at : • http://www.businesslink.gov.uk • Home > Finance and grants > Cash flow > Financial and management accounts: the basics • http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1073869162

  16. Part 2

  17. Introduction • The purpose of this assignment (to analyse another’s business plan, use that as reflection to improve own skills) 

  18. Description of peer's business idea • The person • The business • The idea 

  19. Lessons learned •  What have you learned from that business plan? • Are there any solutions you would consider implementing yourself? • What would you do differently?

  20. Your reflection about self-employment • Will you be able to create your own employment? • Motivate your answer 

  21. Own development needs •  What are your development needs with regards to starting a business? • How can you work on those needs and improve?

  22. Summary • Summarising what you have learned from this assignment

  23. References • At least 5 references

  24. Exercise • For the next session analyse the business plan for LIGHT-GUARD MANUFACTURING LTD. • following business plan and indicate: • What are good • What needs additional attention • http://www.ncge.com/communities/education/reference/search/basic/Business%20plan/5

  25. ANY QUESTIONS?

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