Lec 3 Business Plan Stud
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BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
Lecture 3: Business Plan
Overview 1. Feasibility Study - Industry and Market Feasibility Analysis - Product or Service Feasibility Analysis - Financial Feasibility Analysis 2. The Business Plan
1
BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
Feasibility Study
Pg 123-137
• Not the same as a business plan. • Serves as a filter, screening out ideas that lack the potential for building a successful business before an entrepreneur commits the necessary resources to building a business plan. • An investigative tool.
2
BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
Elements of a Feasibility Analysis
Industry and Market Feasibility
Pg 123-137
Product or Service Feasibility
Financial Feasibility
3
BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
Industry and Market Feasibility Analysis
Pg 123-137
Two areas of focus: 1. Determining how attractive an industry is overall as a “home” for a new business. 2. Identifying possible niches a small business can occupy profitably. See: Five Forces Model
4
BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
Product or Service Feasibility Analysis
Pg 123-137
• Determines the degree to which a product or service idea appeals to potential customers and identifies the resources necessary to produce it. • Two questions: – Are customers willing to purchase our good or service? – Can we provide the product or service to customers at a profit? e.g. Primary research, secondary research 5
BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
Financial Feasibility Analysis
Pg 123-137
• Capital requirements – must have an estimate of how much start-up capital is required to launch the business. • Estimated earnings – forecasted income statements. • Return on investment – combining the previous two estimates to determine how much investors can expect their investments to return. 6
BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
The Business Plan
Pg 137-150
• A written summary of: – an entrepreneur’s proposed business venture – its operational and financial details – its marketing opportunities and strategy – its managers’ skills and abilities. • Best insurance against launching a business destined to fail or mismanaging a potentially successful company. 7
BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
The Business Plan: Three Essential Functions
Pg 137-150
1. Guiding the company by charting its future course and defining its strategy for following it. 2. Attracting lenders and investors who will provide needed capital. 3. Demonstrating that the entrepreneur understands the business venture and what will make it succeed.
8
BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
Key Elements of a Business Plan
• • • • • • •
Pg 137-150
Title Page and Table of Contents Executive Summary Mission Statement Company History Business and Industry Profile Business Strategy Description of Products/Services
9
BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
Key Elements of a Business Plan
• • • • • •
Pg 137-150
Marketing Strategy Competitor Analysis Description of Management Team Plan of Operation Forecasted Financial Statements Loan or Investment Proposal
10
BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
Tips on Preparing a Business Plan
Pg 137-150
• Make sure your plan has an attractive cover. (First impressions are crucial.) • Rid your plan of all spelling and grammatical errors. • Make your plan visually appealing. • Include a table of contents to allow readers to navigate your plan easily. • Make it interesting. 11
BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
Tips on Preparing a Business Plan
Pg 137-150
• Your plan must prove that the business will make money (not necessarily immediately, but eventually). • Use spreadsheets to generate financial forecasts. • Always include cash flow projections. • Keep your plan “crisp” – between 25 and 50 pages long. • Tell the truth – always. 12
Lecture 3: Business Plan
Overview 1. Feasibility Study - Industry and Market Feasibility Analysis - Product or Service Feasibility Analysis - Financial Feasibility Analysis 2. The Business Plan
1
BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
Feasibility Study
Pg 123-137
• Not the same as a business plan. • Serves as a filter, screening out ideas that lack the potential for building a successful business before an entrepreneur commits the necessary resources to building a business plan. • An investigative tool.
2
BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
Elements of a Feasibility Analysis
Industry and Market Feasibility
Pg 123-137
Product or Service Feasibility
Financial Feasibility
3
BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
Industry and Market Feasibility Analysis
Pg 123-137
Two areas of focus: 1. Determining how attractive an industry is overall as a “home” for a new business. 2. Identifying possible niches a small business can occupy profitably. See: Five Forces Model
4
BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
Product or Service Feasibility Analysis
Pg 123-137
• Determines the degree to which a product or service idea appeals to potential customers and identifies the resources necessary to produce it. • Two questions: – Are customers willing to purchase our good or service? – Can we provide the product or service to customers at a profit? e.g. Primary research, secondary research 5
BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
Financial Feasibility Analysis
Pg 123-137
• Capital requirements – must have an estimate of how much start-up capital is required to launch the business. • Estimated earnings – forecasted income statements. • Return on investment – combining the previous two estimates to determine how much investors can expect their investments to return. 6
BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
The Business Plan
Pg 137-150
• A written summary of: – an entrepreneur’s proposed business venture – its operational and financial details – its marketing opportunities and strategy – its managers’ skills and abilities. • Best insurance against launching a business destined to fail or mismanaging a potentially successful company. 7
BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
The Business Plan: Three Essential Functions
Pg 137-150
1. Guiding the company by charting its future course and defining its strategy for following it. 2. Attracting lenders and investors who will provide needed capital. 3. Demonstrating that the entrepreneur understands the business venture and what will make it succeed.
8
BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
Key Elements of a Business Plan
• • • • • • •
Pg 137-150
Title Page and Table of Contents Executive Summary Mission Statement Company History Business and Industry Profile Business Strategy Description of Products/Services
9
BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
Key Elements of a Business Plan
• • • • • •
Pg 137-150
Marketing Strategy Competitor Analysis Description of Management Team Plan of Operation Forecasted Financial Statements Loan or Investment Proposal
10
BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
Tips on Preparing a Business Plan
Pg 137-150
• Make sure your plan has an attractive cover. (First impressions are crucial.) • Rid your plan of all spelling and grammatical errors. • Make your plan visually appealing. • Include a table of contents to allow readers to navigate your plan easily. • Make it interesting. 11
BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)
Tips on Preparing a Business Plan
Pg 137-150
• Your plan must prove that the business will make money (not necessarily immediately, but eventually). • Use spreadsheets to generate financial forecasts. • Always include cash flow projections. • Keep your plan “crisp” – between 25 and 50 pages long. • Tell the truth – always. 12
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