Business 101 Talk # 1: Business Plan, Ideas, Tips and Strategies

By: Jhianne Mae Albag & Jenny Gebbeca Alemania

Search for a Sound Business Idea

 A Sound Business Idea is an economic opportunity which is within the reach of the
entrepreneur and which will provide him with desirable profit/value.
 Successful businesses usually started with the adaptation of a sound business idea.
Sound Business Ideas may Came from:

 The Person’s Work

 The Person’s Hobbies
 The Person’s Acquaintances
 A Chance Event Encountered by the Person
Ways to Determine the Best Business Idea
1. Preparation of the list of Business Ideas.
2. Screening
3. Final Selection
Screening Business Ideas
1. Market Feasibility - Stable & sufficient and competitive strength.
2. Technical Feasibility - Production difficulties, unstable supply and others must first be
cleared before subjecting the business idea to further consideration.
3. Financing Feasibility - There must be sufficient funds to finance operations.
4. Financial Feasibility – Business idea must provide indication of profitability.
After deciding on what business idea would you like to pursue, planning about your
chosen business is one of the most essential and crucial part.
Planning is the process that involves the setting of the business’s goals, establishing strategies
for accomplishing those goals, and developing plans of actions.
1. Planning provides directions.
2. Planning reduces uncertainty.
3. Planning minimizes wastes, negative practices ineffectiveness and inefficiency.
4. Planning may be used for controlling the business.
Steps in Planning
1. Define your goals or objectives by identifying your desired outcomes and results.
 2. Determine where you stand in relation to set off goals and objectives; know your
strengths and weaknesses.
3. Anticipate future events, generate alternative scenarios for what may happen.
4. Analyze and choose action among alternatives; evaluate carefully actions most likely to
accomplish the goals and objectives.
5. Implement the plan and evaluate results; take corrective actions and revise plans as
needed.
What is Business Strategy?
 It is defined as the combination of all the decisions taken and actions performed by
the business to accomplish business goals and secure a competitive position in the
market.
 It is also the backbone of the business as it is the roadmap which leads to the desired
goals. Any fault in this roadmap can result in the business getting lost in the crowd of
overwhelming competitors.
Importance of Business Strategy
A business objective without a strategy is just a dream. It is no less than a gamble if you
enter into the market without a well-planned strategy.
The importance of the business strategy is becoming apparent.
Five Reasons Why A Strategy Is Necessary For Your Business

 Planning - business strategy is part of a business plan. While the business plan sets the
goals and objectives, the strategy gives you a way to fulfill those goals.
 Strengths & Weaknesses - it helps you to capitalize on what you're good at and use that
to overshadow your weaknesses.
 Efficiency & Effectiveness - when every step is planned, every resources is allocated,
and everyone knows what is to be done, business activities become more efficient and
effective automatically.
 Competitive Advantage - business strategy focuses on capitalizing on the strengths of
the business and using it as a competitive advantage to position on the brand in a
unique way. This gives an identity to business and makes it unique in the eyes of the
customer.
 Control - it also decides the path to be followed and interim goals to be achieved. This
makes it easier to control the activities and see if they are going as planned.
Here are some Tips for Growing a Successful Business (by: Chris Seabury, Investopedia)
1. Get Organized
 To be successful in business you need to be organized. A good way to do this is
to create a to-do list each day. As you complete each item, check it off your list.
2. Keep Detailed Records
 By keeping detailed records, you'll know where the business stands financially
and what potential challenges you could be facing. Just knowing this gives you
time to create strategies to overcome those challenges.
3. Analyze Your Competition
 Competition breeds the best results. To be successful, you can't be afraid to
study and learn from your competitors. After all, they may be doing something
right that you can implement in your business to make more money.
4. Understand the Risks and Rewards
 The key to being successful is taking calculated risks to help your business grow.
A good question to ask is "What's the downside?" If you can answer this
question, then you know what the worst-case scenario is. This knowledge will
allow you to take the kinds of calculated risks that can generate tremendous
rewards.
5. Be Creative
 Always be looking for ways to improve your business and to make it stand out
from the competition. Recognize that you don't know everything and be open to
new ideas and new approaches to your business.
6. Stay Focused
 Just because you open a business doesn't mean you're going to immediately
start making money. It takes time to let people know who you are, so stay
focused on achieving your short-term goals.
7. Prepare to Make Sacrifices
 The lead-up to starting a business is hard work, but after you open your doors,
your work has just begun, you have to put in more time than you would if you
were working for someone else, which may mean spending less time with family
and friends to be successful.
8. Provide Great Service
 There are many successful businesses that forget that providing great customer
service is important. If you provide better service for your customers, they'll be
more inclined to come to you the next time they need something instead of
going to your competition.
9. Be Consistent
 Consistency is a key component to making money in business. You have to
consistently keep doing what is necessary to be successful day in and day out.