Business Plan/Idea/Business Concept

Idea Generation (Creativity)

Idea Germination-Individual’s Interest/Curiosity

Preparation- Search for answers

Incubation- Subconscious Mind to assimilate Data

Illumination- Resurfaces as a realistic Creation

Verification- To translate an illuminated idea into a verified ,realistic and useful

application

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ILIT

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TEC

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IDEA CONCEPT

Services

Products

The Business Plan/Idea

The format of a business plan is the easy part: We give it to you. There are lots of places on the web to get examples.

It’s what you put into it that is important! Skill to develop: 5-Questions Assessment

Then, it’s how well you defend your decisions and assumptions. Skill to develop: 60-second Pitch

To justify—TO SELL!—your idea to somebody else.

Screening Ideas: Are they Opportunities?5 Questions

1. What important customer problem can you solve?

2. How are you going to do it?3. How many customers are there that are

willing to buy from you?4. Why can only you provide the solution?5. How can you defend against others?

Ask these questions BEFORE somebody else does!

Screening an Opportunity:5 Questions

1. What important customer problem can you solve?

How valuable?

How different?

Remember, you need to change somebody’s behavior to buy your product.

Screening an Opportunity:5 Questions

2. How are you going to do it?

Business model:Product

Distribution

Location

Technology/Innovation

Service

Brand

Screening an Opportunity:5 Questions

3. How many customers are there that are willing to buy from you?

How many customers are there? (Market size)

How many will buy from you? (Market share)

Who will be your first customer (besides your Mom)?

Who will be your 100th?

Screening an Opportunity:5 Questions

4. Why can only you provide the solution?

How are you unique? What do you provide that nobody else can?

Screening an Opportunity:5 Questions

5. How can you defend against others?

Location, brand, patent (or other IP), great service, great taste, great fashion sense….

Selling an Opportunity:60-second Pitch

Many times there is a person who needs to approve the idea or projects (usually controls the money!)…

Boss Banker Father (or Mother) Director of Science Park And for this class…me!

Selling an Opportunity:60-second Pitch

Many times the person who controls the money, has very little time, and other problems on his or her mind.

How do you get their attention?

Answer: Explain your idea in terms that the listener can relate to……need to be direct, clear, concise, and

enthusiastic.

The Business Plan Understanding business plans is not only

important for those who are starting businesses…

More and more banks are requiring business plans for loans, for new projects and on-going operations,

Business plans are used in large companies to justify projects,

No matter where you work, it is increasingly likely that you will need to evaluate somebody else’s business plan.

Things to Think About

Defend means defend! If you don’t believe in your idea no body else will.

You will be pushed (hopefully) out of your comfort zone: “I don’t like to talk in front of class.” “I know I’m no good at finance.” “I don’t use Excel.” “I don’t like to read.”

Myths/Misconceptions

Luck is for gamblers Make or break on the first ventures Entrepreneurs are mavericks and misfits Are entrepreneurs Born or made

Ten Secrets to long term entrepreneurial growth

Sexiest businesses don’t always win It’s not all about entrepreneurs Entrepreneurs aren’t always risk takers Founders don’t need to go You don’t necessarily have to stick to your knitting You don’t need other people’s money It’s not all about hiring the right people It does not matter where you went to school You don’t need have to let the MBA’s take over Strategy isn’t just the job of CEO

Presentation Thursday i.e on 5th Feb.,2010 --Format

Prepare one idea that you think could be developed into good business opportunity

They can be ideas for new businesses, or a new opportunity inside an existing business.

Use the 5Q format as a guide. Be prepared to defend your ideas in front

of a group of professionals from different areas.

Format You must get your ideas across clearly and

concisely. Present your “best” idea first (if you have

more than one).

For each idea: 3-5 slides, 3-5 minutes Bring one set of your slides for handout in

hard copy and one soft copy (on one page – one slide per page)

Format

Some tips: Don’t waste time on long introductions. Be passionate, convincing, interesting. Tell a story.

In this world, every nine persons work for tenth person and you

should strive to be that tenth Man