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Chapter 5 Feasibility & B usiness Planning

Chapter 5 Feasibility & B usiness Planning. Entrepreneurship. Business Concept. Clear and concise description of an opportunity 4 Elements: The product/service and features The customer The benefit The distribution Purpose: to focus your thinking and begin the Business Planning process.

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Chapter 5 Feasibility & B usiness Planning

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  1. Chapter 5Feasibility & Business Planning Entrepreneurship

  2. Business Concept • Clear and concise description of an opportunity • 4 Elements: • The product/service and features • The customer • The benefit • The distribution • Purpose: to focus your thinking and begin the Business Planning process

  3. Feature • A distinctive aspect, quality or characteristic of a product or service

  4. The Customer • Demographic of people that you are trying to reach and sell to • Done thru: • Marketing • Advertising • Word of mouth • Reputation

  5. Benefit • Something that promotes or enhances the value to the customer • Example: convenience, good deal

  6. Distribution • How can you get your product/service to your customers • Retail store • Wholesale – selling to retail stores • Mail order • Online • Door-to-door delivery

  7. Concept Statement • Eastside Sports offers sporting equipment and apparel to local teams and to people who play sports. It provides the convenience of one-stop shopping at a retail outlet in the customer’s own neighborhood. • Lower East Side, Manhattan, New York City

  8. Feasibility Analysis • The process used to test a business concept • Does it have potential to sell? • Is there enough demand? • What are my margins?

  9. Define Vocabulary from book on back of your notes • Industry • Competitive Grid • Prototype • Target Customers • Business Model

  10. 5.2 The Business Plan Entrepreneurship

  11. Business Plan • a document that describes a new business and a strategy to launch the business

  12. Business Plan • It contains several sections and is written with great detail • People that you would like to read your business plan would include: • Investors • Bankers • Potential Management • Partners

  13. Purpose of the Business Plan • Emphasize key points that will persuade the reader of the value of your Business Concept

  14. Business Plan Sections • Executive Summary • Management Team Plan • Company Description • Product & Service Plan • Mission & Vision Statements • Industry Overview • Market Analysis • Competitive Analysis • Marketing Plan

  15. Business Plan Sections 10. Operational Plan 11. Organizational Plan 12. Financial Plan 13. Growth Plan 14. Contingency Plan 15. Cover Page 16. Title Page 17. Table of Contents 18. Supporting Documents

  16. 1. Executive Summary • a brief recounting of the key points contained in a Business Plan

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