innovative business plan
DESCRIPTION
Innovative Business PlanTRANSCRIPT
INNOVATIVE ENTREPRENEURS
BUSINESS PLAN…………
WHAT IS A BUSINESS PLAN?
The primary value of your business plan will be to create a written outline that evaluates all aspects of the economic viability of your business venture including a description and analysis of your business prospects.
INTRODUCTION
Business plans are critical to the success of any new venture.
Business plans serve as the framework for your company and provide benchmarks to see if you’re reaching your goals.
FIVE STEPS TO A GREAT BUSINESS PLAN
Be creative
Show you’re conservative
Visuals are good
Be realistic
Outline the specifics of your business
10 Essential Business Plan Components
1. Mission statement and/or vision statement so you articulate what you’re trying to create;
2. Description of your company and product or service;
3. Description of how your product or service is different;
4. Market analysis that discusses the market you’re trying to enter, competitors, where you fit, and what type of market share you believe you can secure;
5. Description of your management team, including the experience of key team members and previous successes;
Contd…..6. How you plan to market the product or service;7. Analysis of your company’s strengths, weaknesses,
opportunities, and threat, which will show that you’re realistic and have considered opportunities and challenges;
8. Develop a cash flow statement so you understand what your needs are now and will be in the future (a cash flow statement also can help you consider how cash flow could impact growth);
9. Revenue projections; and10. Summary/conclusion that wraps everything together (this
also could be an executive summary at the beginning of the plan).
Types of Business
7Cs of Good Business Plan
COMMUNICATECOMMERCIALCOMPETITIVECORRECT
CLEARCOMPLETE
CONVINCE
Six Things Entrepreneurs Should Never Put On A To-Do List
i. Be Overly Self-reliant
ii. Waiting
iii. Planning (When You Can’t)
iv. Add Stress To Your Life
v. Contribute To The Drama, Tension And Roadblocks
vi. Whining
Business statementIdentify vision and mission of businessDescribe or explain about your business goals and objectives Short-term (first year)Mid-term (1-3 years) Long-term (3-5 years or more)
Keys of Success
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Market analysisExplain and analysis the market which you are in Market growth, trend, needs Demand and supply Market segmentation Analysis in industry and target customers By age, income, product or service type, geography, buying patterns, needs, behavior or other classifications
CompetitionDescribe your main competitors How well established are they? What are their main strengths and weaknesses? How will you compete with them? SWOT Analysis (Strength, Weakness, Opportunity and Threat) to define your business for market and competitor
Great F’s of customers needs
Feelings
Features
Freedom
Future
Customers
The Eight Habits Of Extremely Successful Entrepreneurs
1. Look at How They Think, Not at What They Do
2. They Start with a Market Need3. Don’t Set Out to Be Rich4. Marketing5. Financing6. Team Building7. They play to their strengths8. Turning Obstacles Into Assets
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