Chapter 05 - Essentials of Entrepreneurship ENTR 2001...

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Essentials of Entrepreneurship ENTR 2001 Session 8 Copyright 2013 Jack M. Kaplan & Anthony C. Warren Patterns of Entrepreneurship Management Chapter 5 Putting it all together - Preparing the Winning Business Plan
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Purpose of a Business Plan Attracts Investors Evaluates Feasibility of Business Concept Serves as an Operating Guide Attracts Potential Business Partners and Key Employees Attracts Potential Customers and Suppliers Copyright 2013 Jack M. Kaplan & Anthony C. Warren
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Business Plan Wisdom Why create a business plan? By failing to prepare, you are preparing to fail Benjamin Franklin Plans are worthless. Planning is essential. Dwight D. Eisenhower Everyone has a plan…until they get punched in the face. Mike Tyson Business plans are only read by Angels, VC’s and bankers, and that’s only after they’ve heard your pitch. The process of preparing and vetting a plan is what breeds success. Professor Meyers Copyright 2013 Jack M. Kaplan & Anthony C. Warren
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Business Plan Development Guide Outline: The Executive Summary Business Description Market Analysis The Management Team Operations Critical Risks The Financial Projections Appendix Copyright 2013 Jack M. Kaplan & Anthony C. Warren
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The Executive Summary Objective: Capture interest of investors General overview of business idea How will it work Bullet form Emphasize key issues No more than 2-3 pages Should be written last Copyright 2013 Jack M. Kaplan & Anthony C. Warren
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The Executive Summary Include the following: Company profile Nature of the product or service offering emphasizing any competitive advantages Identify foreign/domestic markets to be targeted Size and growth trend of market Make-up and background of the management team - include individual skills Financing requirements Key projections (i.e., sales, gross profits, net income.) Copyright 2013 Jack M. Kaplan & Anthony C. Warren
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Business Description Objective: Provide a detailed overview of the company and the nature of the product/service offering. Show long-term commitment to developing the venture. Show defensible competitive advantage. Copyright 2013 Jack M. Kaplan & Anthony C. Warren
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Business Description Include: Mission statement History behind the idea or current business Company’s current or proposed legal form Proposed entry strategy Description of the initial product/service (including any anticipated competitive advantages) Product/service research and development Copyright 2013 Jack M. Kaplan & Anthony C. Warren
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Market Analysis Objective: Prepare an opportunity marketing analysis.
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