Entrepreneurship
process of designing and running a business
characteristics of entrepreneurship
strong networking abilities, creating new ventures, risk assumption, profit potential, self motivation, hard work and commitment, reaping of rewards
Importance of entrepreneurship
innovation, growth, creating job opportunities, enhances standard of living, promotes research & development
benefits of entrepreneurship
opportunity to make a difference, opportunity to reach your full potential, opportunity to reap extraordinary profits. societaly responsibility and recognition, opportunity to engage in their work of choice
Traits of an entrepreneur
self confident and optimistic, able to take calculated risk, respond positively to change, flexible and able to adapt, knowledgeable of markets, able to get along well with other, independent, high level energy
Business plan
is a document that describes the various external and internal elements involved in starting a business or expanding an existing venture
Business plan part 2 desc
serves as a guide for short term and medium term decision making and managerial action
Importance of BP
viability of proposed/existing business venture, mobilizing the resources needed, tool in helping get financing for the business
B.P. is important to entrep (2)
real road map, anticipate potential business risk
What information is needed for the major sections of a business plan?
Market information, information about operation, financial information
Market information
what are their demographic charactersitics
information about operation (7)
location, service operations, equipment and/or furniture needed, space requirements, labor requirements, raw materials needed or potential supplier, utilities
financial information
the business plan wil require the entrepreneur to include a list of all sources
Major sections of a business plan (12)
Introductory page, executive summary, environmental and industry analysis, description of the business, production plan, operations plan, marketing plan, organizational plan, financial plan, assessment of risk, timetable, appendices
Introductory page
business name and address, nature of the business
Executive summary
highlight of the business plan
Environmental and industry analysis
conditions of the general environment
Description of the business
background of the business
production plan
suppliers of raw materials
operation plan
description of the company's operators
marketing plan
describes the target market for the new product or service
organizational plan
partnership, organizational plan
financial plan
cash flows, company assets
assessment of risk
expected hurdles
timetable
schedule
appendices
pricelist of suppliers, profile of competitors
How to present a business plan
Tell a compelling story, exhibit confidence and professionalism, cover the basics, adopt a cooperative attitude when answering questions
Marketing plan
document containing marketing strategies