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Business plan - Entrepreneurship

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A business plan is a document that brings together the key elements of a business that include details about the products and services, the cost, sales and expected profits.

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Business plan - Entrepreneurship

  1. 1. BUSINESS PLAN Prepared By: Nijaz N
  2. 2. BUSINESS PLAN • A written document that outlines the future activity for an existing or proposed business venture. • Is the formal written expression of the entrepreneurial vision, describing the strategy and operations of the proposed venture. • A business plan is a document that brings together the key elements of a business that include details about the products and services, the cost, sales and expected profits. • Blue Print
  3. 3. Purpose of a Business Plan • Alignment of team(s) • Operating plan • Communication across company, division, department, business partners • Investment capital • Expansion capital (banks, leases) • Merger/acquisition process
  4. 4. BUSINESS PLAN Drivers Clear Vision of Purpose  The direction the business venture wants to achieve. A long term view Satisfy Real Customers Needs & Serve Real Customers  Exceptional customer service that results in the loyalty of customers, repeat purchases by them and greater customer retention. Differentiate from Competitors  Positioning unique differentiating factors. Continuously making improvements to sustain a leadership position. Resource Focus, Organization & Commitment to satisfy Customer needs  Resources should be optimally utilized to ensure that maximum possible value gets added to satisfy customer needs.
  5. 5. What Investors Look For • How does the team think? • How detail oriented is the team? • How big is this market? • Is there sustainable competitive advantage? • What’s the growth plan? • What does the technology roadmap look like, short term or long term play
  6. 6. Financial Projections • Build 5 years • Detail near years, extrapolate out years • Build from single unit economics • Document assumptions • Compare against top down • Validate with market comparables
  7. 7. 10 Must Answer Questions • How large is your addressable market? • How fast is the market growing? • Who’s make up your management team? • What’s your “secret sauce?” • What are the barriers to entry/competitive advantage? • What do your 5 year financials look like? • What’s your path to profitability? • Why is this a company versus a product/service? • Who’s your competition and how do you beat them? • Why can’t Microsoft or Google do this? (or name any big, established company…)
  8. 8. Creating Your Company’s Strategy • Building a strategy is harder work than building your product • Think about – What do you want your business to be when it grows up – Looking back from 5 years in future – Perspectives of all stakeholders – Anything that could go wrong • Hope is not a strategy
  9. 9. Competitive Analysis • You always have competitors • Dig deep, be detailed, be honest • Compare features and benefits • Technology comparison • Whole product offering (pricing, support, etc.) • Channels, funding, customers…
  10. 10. Sustainable Competitive Advantage • Create barriers to entry • Continually add value for your customers (and your investors) • Anticipate competition and make plans for dealing with it – Better widget, price erosion, market share, different business model….. • Avoid the trap of believing that your main competitor is your exit strategy
  11. 11. Format of Business Plan • TITLE PAGE  Name of the business  Owner /Owners  Contact Details (Addresses, Phone & email etc)  EXECUTIVE SUMARY  Business ideas & Goals : Over view of business  Marketing : Products & services being sold?  Operations : Business Location & staff  Finances : Breakeven period, finance required.
  12. 12. Format of Business Plan • BACKGROUND  Mission Statement  Company history ( existing business)  Business Goals (Short term/Long term)  MARKETING  Market Research  Market Analysis (Industry / Seasonality /Competitors /SWOT )  Marketing Plan (Target market/ distribution channel /pricing)  Evaluation of Marketing
  13. 13. Format of Business Plan • OPERATIONS & PRODUCTION  Legal & Licensing requirements  Management details  Organization structure & staffing  Insurance & Security needs  FINANCIAL PROJECTIONS  Income & Expenses  Financial forecasts  IMPLEMENTATION TIME TABLE  Time needed to set up & run the business