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The Business Plan: Creating and Starting the Venture
Transcript of The Business Plan: Creating and Starting the Venture
IQRA UNIVERSITY NORTH CAMPUS
From the Opportunity to the Business Plan
written document describing all relevant internal and external elements and strategies for starting a new venture
Where we are in the course
From idea to opportunity
From opportunity to business plan
From business plan to funding the venture
we are here
so what is a business plan?
The Business Plan: Creating and starting the venture
Addresses short and long term decision making for first three years of operation
who should write the plan?
generally entrepreneurs write business plan themselves
you can get help from large number of resources, free templates, samples on the web.
there are also business consultants that a entrepreneurship can seek help from in developing a business plan
prepared by the entrepreneur
consists of functional plans such as marketing, finance, manufacturing, human resource, etc.
think of a business plan as a roadmap
where am I now?
Where am I going?
how do a get there?
an entrepreneur should carry out a self assessment to determine where he/she needs help in the business plan
who reads the plan?
many readers - employees, investors, bankers, venture capitalists, suppliers, customers, etc.
however we need to focus on three important perspectives
the entrepreneur's perspective
investment/ financial perspective
depth and detail in business plan depend on size and scope of the new venture
business plan is valuable to entrep., potential investors and new employees
planning the venture
tool for obtaining financing
process of creating the business plan is important learning opportunity for the entrepreneur
how do potential lenders and investors evaluate the plan
primarily interested in ability of venture to pay back the debt
they focus on 4 C's of credit - character, cash flow, collateral and equity contribution
want to see objective analysis of business opportunity and all potential risks
investors focus more on the entrepreneur's character and conduct detailed background checks
this is because they want to make sure that entrepreneur will tolerate their involvement and will comply with their decisions
investors focus on marketing and financial planning for 5-7 year period.
Presenting the Plan
The Elevator Pitch is a an oft-used method by venture capitalist's to separate the very good ideas from the mediocre ones
Elevator pitch is a carefully worded short, but hard-hitting summary of the business venture and its value proposition
After good ideas have been selected, entrepreneurs may be asked to detail their business plans
elevator pitch contest (3 points)
Make an elevator pitch for your social entrepreneurship project. Each group should make it separately.
15 minutes to read the document/ preparation
90seconds per group for elevator pitch
group members to make video of the pitch and post on SmallEffort facebook page
entrepreneur needs to determine the "market potential" of the product or service
First step to determining market potential is to define the market.
a well-defined market makes it easier to determine the market potential
General environment and demographic trends
National level trends of industry
Local environment and demographic trends
Local industry trends
Local competition - strengths ans weaknesses
before we can prepare the financial part of the business plan, we will have gather and compile financial information.
direct operating expenses
this is the money that we will make through sale of our product and service
writing the business plan