IMPORTANCE OF A BUSINESS PLAN IN THE ENTREPRENEURIAL JOURNEY & HOW TO WRITE A BUSINESS PLAN

1. IMPORTANCE OF A BUSINESS PLAN IN THE ENTREPRENEURIAL JOURNEY&HOW TO WRITE A BUSINESS PLAN Olusegun Ajibade CEO, PhD Consulting info@phdconsultingng.com +234 803 328 7843

2. CONTENT • Context Setting/Introduction/Expectations • Entrepreneurship: the next frontier • Why Write a Business Plan? • Steps before the Business plan • Contents of the Business plan • Making it work

3. Entrepreneurship: The next frontier • REALITY: 152 million Nigerians, with approximately 90 million living below the poverty line of $2 per day • UNEMPLOYMENT: With 4.5million entering the labour market yearly, 94% of unemployed persons are between the ages of 15-40years

4. WHY WRITE A BUSINESS PLAN? • Documenting clarifies your thoughts • Serves as a communication tool for multiple stakeholders, prospective investors, partners and funders • Development Tracker • Review reference • Facilitates team composition You cannot feature in a future you cannot picture

5. STEPS BEFORE THE BUSINESS PLANFEASIBILITY STUDIES • Industry and market description and entry barriers including regulatory and legal requirements • Market share analysis, existing customer attraction & retention strategies • Effectiveness & simplicity of the product or service • Understanding of the customer & end-users with behavioural influences • Consider if there is a market in the identified gap • What substitutes exists for the product/service? • Opportunity Cost for the product/service(Check out lifestyles too) ‘When the purpose of a thing is not known, abuse is inevitable’

6. STEPS BEFORE THE BUSINESS PLANFEASIBILITY STUDIES • Switching Costs to proposed product service • What constitutes a reasonable price to aggregate a critical mass • Validates or otherwise assumptions of the business plan • SWOT Analysis • Availability, volume, sources of quality of operational inputs • Identify business strategy & model risks as well as relevant mitigating options • Cost Benefit Analysis Vs Perceived Vs. Pricing • Exit Strategy viability • Social, Economic & Environmental sustainability issues ‘When the purpose of a thing is not known, abuse is inevitable’

7. STEPS BEFORE THE BUSINESS PLANPITCHING • Say the value • 10/20/30 rule pitch(Guy Kawasaki) • Say it many times • Listen & write your feedback ‘When the purpose of a thing is not known, abuse is inevitable’

8. CONTENTS OF A BUSINESS PLAN • Executive Summary • Need or Problem identified • Solution/Unique selling proposition • Business Model • Competitor Analysis • Marketing & Sales strategy • Management Team • Financial Projections & Key metrices(Contribution & Requirements) • Current Status(Referrals, list of prospective or current clients)

9. MAKING IT WORK • Value of the business planning & possession of entrepreneurial qualities • Vision – Opportunity • Passion – Discipline • Skills – Competencies • Value of Time • Financial Literacy • Innovation & Learning(R&D) • Efficiencies • Teamwork & Sustainability • Values, Structure, Processes & Systems The eyes that look are many, the eyes that see are few

10. DREAM BIG, • START SMALL • SCALE FAST

11. MANY THANKS