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jacobson part 3 - 8 Entrepreneurship Business Plan Detailed...

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8. Entrepreneurship Business Plan: Detailed objective including mission, goals, strategic and financial objectives, resources required, and a timeline of events. *Business Plan Development Cycle* Step 1: Notice product opportunity and develop a basic business idea: What goods/services to produce and who are the customers/markets? Step 2: Conduct strategic analysis (SWOT) to identify strengths, weaknesses, opportunities, threats Step 3: Is the business opportunity feasible? Step 4: Prepare detailed business plan including mission, goals, strategic and financial objectives, resources required, and a timeline of events. Bootstrap Financing: Launching ventures with modest personal funds, acquiring additional (venture) capital afterwards. *Entrepreneurs follow different rules then corporations” Find initial customer(s) quickly Hustle! Leverage direct personal selling and support Initially focus on cash flow, rather then on growth or share Don’t let growth outstrip your capabilities o Build capabilities and advantages one step at a time. *Killer idea?* Most startup strategies are actually the opposite of the “killer idea.” Killer idea = large markets, sustainable competitive advantage, well-defined plans, well-regarded founders Niche Strategy: Most startups initially pursue niche markets. These provide protection as established competitors don’t feel you are worth stomping.
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