Business Plan Timeline 20110825 v3

This document should focus exclusively on how your

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This document should focus exclusively on how your business makes money and what problems/benefits are associated with that model Warshay ENGN1930x 91a264a04eea9d065aba15ab9a23f98de94c12be.doc 1
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THIS 1 PAGE MUST BE TURNED IN TO BRANDON ON 10/27 In addition to the 1-page document, you should have preliminary top-down and bottom-up market research results and a research plan on how to continue to gather information from all points on the value chain (e.g., suppliers, distributors, retailers, customers) You don’t need to hand the market research in but it is crucial that you are conducting it at this point in the process c. Financials Meetings (11/9-11/15) Bring a spreadsheet that: o Breaks down startup costs by category and amount o Projects operating costs on a monthly basis for 1 year o Projects revenues on a monthly basis for 1 year (using market research assumptions) o REFER TO JAMES WOODWARD ARTICLES IN “BUSINESS PLAN” SECTION OF MYCOURSES FOR HELP ON THIS Key points o Remember to use top-down research to determine market size, but not your company’s market penetration. o Use bottom-up research to determine why customers will buy, how much they will buy, and how much they’ll pay all of which translates to your revenue projections. o For costs, start by using averages that are common to comparable companies in your industry (assuming an industry already exists), and by using the rules of thumb from the Woodward articles. o Keeping track of your cash flows is critical to determining whether your business model is sustainable; you’ll need to make adjustments if you find that you run out of cash too quickly o Determining startup costs is crucial to understanding the barriers to entry of your industry o Don’t stress out about the format of your spreadsheet or the preciseness of your numbers; the purpose of this exercise is to get you thinking about the gritty details of how your business functions B. Elevator Pitch Presentation (11/17) Prepare a 3-minute presentation that does the following o Explains your business proposal o Clearly outlines the overt benefit, dramatic difference and real reason to believe o Addresses the target audience for your business plan Rules o Every group member must speak o Cannot exceed 3 minutes o 3 minutes for questions after each presentation o Can include visuals Goals Warshay ENGN1930x 91a264a04eea9d065aba15ab9a23f98de94c12be.doc 2
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o Practice oral communication o Refine idea o Receive peer feedback
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