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Involves values and skills for lifelong

learning as well as behavioral and


attitudinal change
It includes mind setting, values formation
and skills development

ENTREPRENEURSHIP
EDUCATION
Is a learning of values, learning in real
time, producing and intelligent and
progressive mind and heart
It includes mind setting, values formation
and skills development

ENTREPRENEURSHIP
EDUCATION
DEVELOPING AN
EFFECTIVE
BUSINESS PLAN
Planning is essential to the
success of any undertaking
Main motive of business is for profit
Business men dont rush into business
unless they forecast their weaker areas
first
A strong plan can either sustain a
business or ruin it
Working with strategies
Learn to strategically place yourself out
of the scenario
You are never the main concern. You are
just the representing medium
A simple plan is always
the best
Choose your audience
Build a clear vision
Use business analysis
Set realistic goals
Consider different time frames
Be logical, rational, and conservative
Periodically review your plan

TIPS FOR CREATING EFFECTIVE


BUSINESS PLANS
Time and energy to attain goals
(predefine what is to be achieved)
Resource allocation (count chicken before
they hatch dont take in too much.
Promise what can be delivered)
Your business and competition (analyze
your strengths and weaknesses)
Employee communication (nice trick,
dont take the blame over you)

FOCUS STRATEGIC PLANS


1. Realistic Goals These must be
specific, measurable and set
within time parameters .
2. Commitment The venture
must be supported by all
involved family , partners ,
employees , team members.
3. Milestones sub goals must be
set for continual and timely
evaluation of progress.
4. Flexibility Obstacles must be
anticipated and alternative
strategies must be formulated.

CRITICAL FACTORS
MUST BE ADDRESSED
WHEN PLANNING
No realistic goals
Failure to anticipate roadblocks
No commitment or dedication
Lack of demonstrated experience
( business or
technical )
No market NICHE ( segment)
Many entrepreneurs propose an
idea without establishing who the
potential customers will be. Just
because the entrepreneur likes
the product or service does not
mean others will buy it.

PITFALLS TO AVOID IN
PLANNING
A business plan is the written
document that details the proposed
venture. It must describe current
status , expected needs , and
projected results of the new business.

Every aspect of the venture needs to


be covered : the project , marketing ,
research and development ,
manufacturing , management ,
critical risks , financing and
milestones or a time table to be
covered in business plan.

WHAT IS A BUSINESS
PLAN ?
The time , effort , research and discipline needed to put
together a formal business plan force the entrepreneur to
view the venture critically and objectively .

The competitive , economic , and financial analyses included


in the business plan subject the entrepreneur to close
scrutiny of his or her assumptions about the ventures
success .

Since all aspects of the business venture must be addressed


in the plan , the entrepreneur develops and examines
operating strategies and expected results for outside
evaluators .

The business plan quantifies objectives , providing


measurable benchmarks for comparing forecasts with actual
results.

The completed business plan provides the entrepreneur with


a communication tool for outside financial sources as well as
an operational tool for guiding the venture toward success.

BENEFITS OF A
BUSINESS PLAN
The business plan provides for financial sources
the details of the market potential and plans for
securing a share of that market.

Through prospective financial statements , the


business plan illustrates the ventures ability to
service debt or provide an adequate return on
equity.

The plan identifies critical risks and crucial


events with a discussion of contingency plans
that provide opportunity for the ventures
success.

The business plan provides a useful guide for


assessing the individual entrepreneurs
planning and managerial ability.

BENEFITS OF A
BUSINESS PLAN
Numerous professionals may be
involved with reading the business
plan such as venture capitalists ,
bankers , investors , potential large
customers , lawyers , consultants and
suppliers , entrepreneurs need to
clearly understand three main view
points when preparing the plan .
1. In-depth knowledge of the technology
or creativity involved .
2. Convincingly demonstrates the
benefits to users.
3. Understanding the actual market size
and also referred as Market Driven.

DEVELOPING A WELL-
CONCEIVED BUSINESS
PLAN
When presenting a business plan to
potential investors , the entrepreneur
must realize that the entire package is
important.
Appearance
Length
The cover and title page
The executive summary
The table of contents.

PUTTING THE
PACKAGE TOGETHER
Know organizational vision
Make futuristic but realistic goals
Understand whom to target and how
Edge and strength over your competition
Barriers to achieve the target
Better client servicing
Increase in target
New segments of scope
Time management

GUIDELINES TO REMEMBER
Keep the plan respectably short
Organize and package the plan appropriately
Orient the plan toward the future
Avoid exaggeration sales potential , revenue
estimates and the ventures potential growth
should not be inflated.
Highlight critical risks
Give evidence of an effective entrepreneurial team
Do not over diversify should not attempt to create
multiple markets or pursue multiple ventures.
Identify the target market
Keep the plan written in the third person he , they
or them.
Capture the readers interest.

GUIDELINES TO REMEMBER
Section I : Executive summary
Section II : Business description
A. General description of the business
B. Industry background
C. Goals and potential of the business and
milestones ( if any )
D. Uniqueness of product or service.

ELEMENTS OF A
BUSINESS PLAN
Section III : Marketing
A. Research and analysis
1. Target market ( customers ) identified.
2. Market size and trends
3. Competition
4. Estimated market share
B. Marketing plan
1. Market strategy sales and
distribution
2. Pricing
3. Advertising and promotions.

ELEMENTS OF A
BUSINESS PLAN
Section IV : Operations
A. Identify location
1. Advantages
2. Zoning
3. Taxes
B. Proximity to supplies
C. Access to transportation.

ELEMENTS OF A
BUSINESS PLAN
Section V : Management
A. Management team key personnel
B. Legal structure stock agreements ,
employment agreements , ownership
C. Board of directors , advisors
consultants.

ELEMENTS OF A
BUSINESS PLAN
Section VI : Financial
1. Profit and loss
2. Cash flow
3. Break -even analysis
4. Cost controls
5. Budgeting plans

ELEMENTS OF A
BUSINESS PLAN
Section VII : Critical risks
A. Potential problems
B. Obstacles and risks
C. Alternative course of action.

ELEMENTS OF A
BUSINESS PLAN
Section VIII : Harvest strategy
A. Transfer of asset
B. Continuity of business strategy
C. Identify successor

ELEMENTS OF A
BUSINESS PLAN
Section IX : Milestone schedule
A. Timing and objectives
B. Deadlines and milestones
C. Relationship of events.

section X : Appendix or Bibliography.

ELEMENTS OF A
BUSINESS PLAN
HAVE A BUSINESS PLAN THAT IS
SIMPLE TO GRAB USER/REDEAR
ATTENTION

THE SIMPLE RULES AND


INFORMATION CAN MAKE A
KILLER BUSINESS PLAN TO
TURN HEADS AND MAXIMIZE
BUSINESS
THANK YOU