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Business Plan Preparation Choosing Opportunities

Learn how to prepare a business plan and select the right concept for your entrepreneurial venture. Explore opportunities, identify target market, analyze competition, and determine profitability.

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Business Plan Preparation Choosing Opportunities

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  1. Business Plan PreparationChoosing Opportunities Frank MoyesLeeds School of BusinessUniversity of ColoradoBoulder, Colorado

  2. Concept & Team Selection Process • Identify Concept • Conduct Idea Exercise (download from website) • Sept 5 email resume to instructor as Word attachment • Must have your name & “Resume” on file name • Sept 5 discuss your concept in class • Use Business Concept Description as a framework for explaining your concept

  3. Concept & Team Selection Process (continued) • Sept 7 (Friday) 1:00pm email Business Concept Description as a Word attachment to instructor • Must have your name & concept name in file name and on the attachment • Sept 10 (Monday) Instructor to email all students which concepts with the greatest potential thathave been selected • Sept 12 Students whose idea are selected will form a teams of four in class

  4. Concept Description • Brief description • Why is there an opportunity/need? • Problem you are solving • Trends • What is the product/service? • What is unique • How will it be produced or delivered? • Who is the target market? • Demographics & psychographics • Industry, company size

  5. 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

  6. Concept Description (continued) • What are the benefits to the target market? • Features are not benefits • Who is the competition? • Your competitive advantage • Profitability • Revenue model • Contribution margins

  7. Benefits • Emotional: ambition, power, independence, achievement, ambition, pride of ownership, comfort, love, friendship, security, style, self improvement, etc. • Social: status, image, popularity with friends or family members, reputation of brand, personal relationships, style, fashionable, etc. • Health: stress, fitness, mental capacity, strength, sex life, quality of life, muse, etc. • Financial: revenue, costs, savings, productivity, pricing, profitability, market share, save time, productivity, etc.

  8. Concept Description • Brief description • Why is there an opportunity/need? • What is the product/service? • Who is the target market? • What are the benefits to the target market? • Who is the competition? Your competitive advantage. • Profitability

  9. Next Week • Select teams • ReadWriting a Successful Business Plan from my website • Importance of validation • Interviews and Call Reports • Market research – Gene Hayworth, Leeds School Librarian. Session in Library classroom

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