- Entrepreneurship Class Notes THE BUSINESS PLAN Professor Golden and Chris Allison They are going to act as though they are angel investors or

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Entrepreneurship – Class Notes – 12/2/08 THE BUSINESS PLAN Professor Golden and Chris Allison: They are going to act as though they are angel investors or venture capitalists Dress appropriately THIS IS A ROLE PLAYING EXERCISE’ Be prepared for questions We are just presenting an executive summary Strategic plan – long term Operating plan – short term Use the Business plan as a tool GOOD FOR RAISING MONEY and as a tool for managing a business The business plan is a tool (A RESOURCE) How is writing a business plan and a court of law similar? You give business plan to investor – how is it similar? - You are trying to win an argument - You want to convince the investor that your business is worthy - You are presenting evidence to back-up your claims You are trying to prove all of your claims You want to answer the questions that the investor is PROBABLY going to ask Business Planning Looking at the business plan from several contexts o As a management tool o As an investment tool A couple of perspectives
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THE RULE OF TWO: - Multiply estimated development time by two - Divide estimated revenue by two - Multiply estimated costs by two Business plan is a blueprint, a roadmap Best, most useful business plan you will ever write: It’s the one that talks you into NOT starting a business (Common) DEFINITION of ENTREPRENEURSHIP: Unreasonable conviction based on inadequate evidence Is the business plan a tool or a way to raise money? BOTH Should there be two business plans – one to raise money and one to run the business? Should only have one
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This note was uploaded on 06/03/2009 for the course ECON 290 taught by Professor Goldenandallison during the Fall '08 term at Allegheny.

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- Entrepreneurship Class Notes THE BUSINESS PLAN Professor Golden and Chris Allison They are going to act as though they are angel investors or

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