business plan and other communication tools - entrepreneurship 101 (2013/2014)
DESCRIPTION
This lecture presents tips, examples, techniques and tools for building the four essential communication documents for entrepreneurs including: -The Elevator Pitch -Executive Summary -Company Presentation -Business Plan Learn how to create these communication tools and how to use them effectively to grow your business from an idea to a funded business.TRANSCRIPT
![Page 1: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/1.jpg)
The Business Plan and Other Strategic Communica7on Tools
![Page 2: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/2.jpg)
![Page 3: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/3.jpg)
me
– Venture capital – Founder – Opera1ng execu1ve – Investor – Mentor
![Page 4: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/4.jpg)
The purpose of business is to create and keep a customer.
- Peter Drucker
![Page 5: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/5.jpg)
A few reasons companies fail
• Misunderstanding what customers want • Underes1ma1ng the compe11on • Not enough differen1a1on in the market • Underes1ma1ng 1me and effort to revenue • Lack of financial planning • Poor leadership • Bad partners
![Page 6: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/6.jpg)
Business Planning Helps Avoid Failure
![Page 7: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/7.jpg)
Business Planning and Communica7on Tools
• Elevator Pitch • Execu1ve Summary • Financials • Business Plan
![Page 8: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/8.jpg)
Principles for Business Planning and Communica7on
Factual
Consistent, concise, clear
Dynamic
Visually compelling
Audience-‐centric
Easy to understand
![Page 9: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/9.jpg)
The Elevator Pitch hMp://www.youtube.com/watch?v=Tq0tan49rmc
![Page 10: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/10.jpg)
The Execu7ve Summary
• Most important part of a business plan • Write it last • 1 – 2 pages • Tell your story! • Emphasize the business opportunity • Capture investor’s imagina1on/interest or lose them forever
![Page 11: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/11.jpg)
![Page 12: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/12.jpg)
Essen1al Parts of the Business Plan
Business Plan
Execu7ve Summary
Company Overview
Marke7ng Plan
Market Analysis
Compe77ve Analysis
Customer Analysis
Financials &
Projec7ons
Team
Opera7ons Plan
![Page 13: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/13.jpg)
Company Overview
• “About Us” • Describe clearly and concisely • Make sure the reader understands what your company does
![Page 14: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/14.jpg)
Market Analysis
Research market
Select target market
Project Write market analysis
![Page 15: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/15.jpg)
The purpose of business is to create and keep a customer.
- Peter Drucker
Customer Analysis
![Page 16: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/16.jpg)
Compe11ve Analysis
List of Compe1tors
Compe1tor Product Summary
Compe1tor Strengths
and Weaknesses
Compe1tor Strategies
and Objec1ves
![Page 17: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/17.jpg)
Marke1ng Plan -‐ The Four Ps Corporate Objec1ves
Marke1ng Strategy
Product Promo1on Price Place
Partnerships
![Page 18: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/18.jpg)
Opera1ons Plan
Opera1ng facili1es and equipment
Produc1on and opera1ng procedures
Compliance with regula1ons
Supplies, prices, terms, condi1ons,
alternates
Inventory management Quality control
Customer service Web hos1ng Website development
Possible Components
![Page 19: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/19.jpg)
The Team
![Page 20: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/20.jpg)
Financials
• Don’t ignore financials – they are CRITICAL • It isn’t the spreadsheet that is important, it is the thinking behind it
• You can’t possibly understand your business poten1al if you haven’t forecasted
• Yes, it’s hard to forecast for an early stage company • Yes, they’re going to be wrong • Show what you have anyway and explain your assump1ons
• Be able to explain EVERY number instantaneously
![Page 21: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/21.jpg)
Financials con7nued…
• Must be able to show: – expected revenues – Expenses – How much funding company needs – When you need funding – How lenders will be paid pack/investors will receive a return on their investment
![Page 22: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/22.jpg)
Things you ABSOLUTELY MUST REMEMBER
![Page 23: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/23.jpg)
Jane’s Rule #1: It’s NOT All About the Technology
![Page 24: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/24.jpg)
Jane’s Rule #2: You MUST Understand Your Market
![Page 25: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/25.jpg)
Jane’s Rule #3: Yes, You Have Compe77on
![Page 26: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/26.jpg)
Jane’s Rule #4: Think Hard About Your Exit Strategy
![Page 27: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/27.jpg)
Jane’s Rule #5: Realis7c Valua7on is Important
![Page 28: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/28.jpg)
Jane’s Rule #6: Don’t Ignore Milestones
![Page 29: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/29.jpg)
Jane’s Rule #7: Keep Your Wri7ng Clu]er-‐Free
![Page 30: Business Plan and other Communication Tools - Entrepreneurship 101 (2013/2014)](https://reader033.vdocument.in/reader033/viewer/2022042813/54c202b54a7959326b8b457d/html5/thumbnails/30.jpg)
Jane’s Most Important Rule: Tell Your Story!
“If a story is not about the hearer, he will not listen. And
here I make a rule—a great and interesting story is
about everyone or it will not last.”
- John Steinbeck