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Creativity and Entrepreneurial Plan: Unit 2 Slides by Supreet Juneja Wahee
Creativity and Entrepreneurial Plan: Unit 2 Slides by Supreet Juneja Wahee
Learning Objectives
The Business plan as an entrepreneurial tool,
Contents of a business plan,
Idea generation, Screening and Project Identification, Creative
Performance,
Feasibility
Analysis:
Economic
Marketing,
Financial
and
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B-PLAN
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BUSINESS PLAN
A Business Plan is a Selling Document that
conveys the excitement and promise of your
business to any potential backers and
stakeholders
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BUSINESS PLAN
A written document that outlines the future activity for
an existing or proposed business venture.
Is the formal written expression of the entrepreneurial
vision, describing the strategy and operations of the
proposed venture.
A business plan is a document that brings together the
key elements of a business that include details about
the
products
and
services,
the
cost,
sales
and
expected profits.
Blue Print
MBA IV :Entrepreneurship Development
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defines
your
purpose,
your
competition,
your
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A starting point
for starting up a
business or a project
BUSINESS
PLAN
IS:
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B-plan process
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Formulate strategies
Make tactical plans
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Owner /Owners
Marketing
Operations
Finances
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Background of entrepreneur
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MARKETING
Market Research
Market Analysis (Industry / Seasonality /Competitors /SWOT )
Marketing Plan (Target market/ distribution channel /pricing)
A-Product ( good or service), segmentation and targeting , packaging,
features, benefits , 5-Production plan ,Manufacturing process,
outsourcing , physical plant , machinery and equipment , raw
materials, warehousing, technology used , know how ,no of products to
be produced per year/month/day etc
B-Price ( penetration strategy or price skimming)
C-Place ( distribution ( M-W-R-C, M-W-A-R-C, M-C) , website , own
outlet, franchise etc
D-Promotion (Pricing, distribution channel , promotion , research ,
patent, lead generation (just dial, google adword, facebook, etc)
Evaluation of Marketing
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Management details
communication
dispute
settlement
admin
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An elevator pitch is a short pitch that can be used to quickly and simply define a person or product. In other words a quick
introduction that can lead to sales.
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ELEVATOR PITCH
In which it will focus on the most significant points of the business.
Elevator Pitch of the business plan will need to provide the following
information:
to provide a clear, concise and relevant business
to highlight the unique advantages in achieving success
demonstrating why business work-concept to demonstrate simple and clear
management objectives
to be written in a positive tone and confident
to be concise so they can be read in less than 1 minutes
can be seen as a mini plan business within the business plan framework.
Elevator Pitch of the business plan can be completed with a personal touch,
with a message from management, personal assessment of your business.
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Funding objective
How much do you
need
What do you need
the money for i.e.
what will you
achieve with this
money, when do
you see profitability
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Matrices
being
tracked
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Satisfy Real Customers Needs & Exceptional customer service that results in
Serve Real Customers
the loyalty of customers, repeat purchases by
them and greater customer retention.
Differentiate from Competitors
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Financial Projections
Build 5 years
Detail near years, extrapolate out years
Build from single unit economics
Document assumptions
Validate with market comparables
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Looking
Perspectives
Anything
of all stakeholders
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Competitive Analysis
You always have competitors
Dig deep, be detailed, be honest
Compare features and benefits
Technology comparison
Whole product offering (pricing, support, etc.)
Channels, funding, customers
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investors)
Anticipate competition and make plans for dealing with it
Better
model..
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2.
3.
4.
5.
6.
7.
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9.
10.
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Creativity
and
the Business Idea
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Barriers to creativity
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Barriers to creativity
Your concept of self: your self esteem, self confidence,
handling rejections, and the ability to confront difering
opinions
Your need for Conformity-Your inclination to break away
'from tried patterns, to take more risks, to express ideas and
scrutinize traditional values
Your ability to handle the abstract-your tendencies to use
the unconscious mind, to abstract, to view things in a holistic
ways and to rely on gut feelings or intuition
Your ability for Task achievement your work patterns
,persistence, attitude towards others, and resourcefulness.
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heuristic
Synectics
Value
analysis
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1.Heuristic
Heuristic is an adjective for experience based
techniques that help in problem solving, learning
and discovery.
This method is used to rapidly come to an
solution that is hoped to be close to best possible
answer.
Heuristics stands for strategies using, readily
accessible, though loosely applicable, information
to control problem solving in human beings and
machines.
Although the solution quality may not be the
best, often they work well in generalized
situation.
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2.Brainstorming
In Brain storming group members or individuals
are encouraged to spell out maximum number of
possible solutions of a specific or stated problem.
Under brain storming more emphasis is laid on the
number of possible solutions or ideas.
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3.Synectics
The term Synectics has its origins from the Greek language
and means the combining of diferent and supposedly irrelevant
elements.
It is a process for structured problem solving
This idea generation technique approaches problem solving and
creativity in a rational manner.
According to Gordon, Synectics research has three main
assumptions:
Thecreative processcan be described and taught;
Invention processes in arts and sciences are analogous and are
driven by the same "psychic" processes;
Individual and group creativity are analogous.
With these assumptions in mind, Synectics believes that people
can be better at being creative if they understand how
creativity works.
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Synectics
Synectics is applied in finding innovative practices to a number
of in traceable technical problems. Major analogies under this
technique are
Direct analogy : it involves discussing analogy of the problem
situation from very diferent field. It involves direct comparison
under discussion with some other similar phenomenon.
Personal analogy : under this problem solver is expected to
project himself into situation and report back his experience of
the particular situation like what he feels, sees, hears, thinks etc.
Fantasy analogy : under this concerned person is asked to
release his imagination from real life constraints. Group members
are used to fantasize some perfect solutions even if it is contrary
to known scientific principles.
Symbolic analogy : it requires group members to poetic or
paradoxical phrases for situation. The leader is expected to take
key word or even undertake some decisions and ask the group
members to come up with short proactive phrases that capture
MBA IV :Entrepreneurship Development
Supreet Juneja Wahee
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word under discussion.
4.Value Analysis
Value analysis is important approach to improving
the value of product or process by understanding
its constitutes components and their associated
costs.
Value analysis is a cost reduction and problem
solving technique that analyzes an existing
product or service in order to reduce or eliminate
any costs that do not contribute to value of
performance.
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Distribution Channels
Government
Research & Development
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Brainstorming
No criticism.
Freewheeling is encouraged.
Quantity of ideas is desired.
Combinations and improvements of ideas are encouraged.
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Opportunity/Product
Identification/Scanning the environment
Scanning of environment refers to the understanding of socioculture, economic, technological, fashion and even the changing
life style and aspirations of local people.
It is not a matter of just observing the obvious in the
environment but sensing the emerging opportunities out, of the
interaction of such futuristic/emerging needs of goods and
services which otherwise are not perceived by general masses.
Scanning of environment is done by collecting information from
various sources
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Opportunity Selection/Product
Development and selection
The
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PROJECT APPRAISAL
A final view on the proposal is taken which is based on
combination of factors like technical financial, commercial,
managerial and operational.
Weakness or deficiency in any project does not prepare a ground
for its rejection but care is taken to initiate action to minimize its
impact on the project.
In order to overcome or minimize the deficiencies in a project,
promoters are advised to revamp the project or take necessary
precautions.
Suitable conditions are stipulated to ensure that these suggestions
are implemented.
The viability of a project depends on the technical feasibility,
marketability of the products at a profitable price and
MBA IV :Entrepreneurship Development
Supreet Juneja Wahee
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management of the unit,
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Technical appraisal
Financial appraisal
Economic appraisal
Management appraisal
Market appraisal
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RESOURCING
The implementation comprises all spade work required to
set up the business venture.
This covers procurement of land, construction of building,
erection of machine obtaining necessary licenses
registration of the enterprise etc.
To set up a business venture, particularly a manufacturing
enterprise, an entrepreneur needs to be a network of
individuals/organizations that can help him in various stages
of setting up an enterprise and running it.
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Thank You
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Opportunity Selection/Product
Development and selection
The environment scanning as described earlier will result in the location of a
variety of situations out of which product/service can he selected.
There are a number of ways of selection and development of new product
and service.
A. Solving peoples problems
B. Combining two or more ideas
C. New ways of doing old things
D. Improving the product/service
E. Extending somebody elses successful idea to other settings
F. Adding new value to an old product
G. Doing market research
H. Use of hobby
I. Building up the skills
J. Turning waste materials into something useful
K. Bringing ideas home from holidays
L. Brain storming
M. Checking published lists
N. Talking and listening to people
O. Day
dreaming and fantasing
MBA IV :Entrepreneurship Development
Supreet Juneja Wahee
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