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Entrepreneurship Development_Unit IV

Entrepreneurship Development_Unit IV
THE ED CYCLE: 7 Major Stages / Steps
Opportunity Recognition Liquidity Event Opportunity Focusing & Idea Generation

Maturity & Expansion

Commitment of Resources (& Crafting a Business Plan)

Full Launch & Growth

Entering the Market

Entrepreneurship Development_Unit IV

The primary value of a business plan will be; to create a written outline that evaluates all aspects of the economic viability of a business venture including, a description and analysis of business prospects.

Entrepreneurship Development_Unit IV
BUSINESS PLAN & Essential Functions: Business plan a written summary of: An entrepreneurs proposed business venture Its operational and financial details Its marketing opportunities and strategy Its managers skills and abilities It serves two essential functions: Guiding the company by charting its future course and defining its strategy for following it Attracting lenders and investors who will provide needed capital

Entrepreneurship Development_Unit IV
Purposes / Need of a Business Plan Development tool for organizational founders Vision and mission clarification Planning and evaluation guidelines Tool for securing financial resources Tool for guiding growth It is a pre requisite to obtain Finance. Why Take the Time to Build a Business Plan? Although building a plan does not guarantee success, it does increase the chances of succeeding in business. A plan is like a road map that serves as a guide on a journey through unfamiliar, harsh, and dangerous territory. Dont attempt the trip without a map!

Entrepreneurship Development_Unit IV
Contents of a BUSINESS PLAN / How to Write a Business Plan Introduction Executive Summary Mission Statement Description of Management Team Business and Industry Profile Business Strategy Description of Products / Services Marketing Strategy Plan of Operation Competitor Analysis Forecasted Financial Statements Loan or Investment Proposal / Financial Plan

Entrepreneurship Development_Unit IV
How to Write a Business Plan 5 Steps 1) Write out - THE basic business concept. 2) Gather all the data on the feasibility and the specifics of the business concept. 3) Focus and refine the concept, based on the data compiled. 4) Outline the specifics of business. Using a "what, where, why, how" approach might be useful. 5) Put the plan into a compelling form so that it will not only give you insights and focus.

Entrepreneurship Development_Unit IV
Venturing an Enterprise

Entrepreneurship Development_Unit IV
Financial Consideration: Every business needs funds to finance its assets & activities. Investment is required to be made in fixed & current assets.