Professional Documents
Culture Documents
Manual Ede 22032 If5i
Manual Ede 22032 If5i
lOMoAR
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Entrepreneurship
Development
(22032)
Semester- VI
iScheme- I
ACADEMIC YEAR 20 - 20
Marks out of 50
Experiment No. : 1
Title: Submit a profile summary about (500 words) of a successful entrepreneur indicating
milestone achievements.
THEORY:
‘I'm just lucky to be alive." Mark Zuckerberg, the 22-year-old founder and CEO of social-
networking site Facebook, is talking about the time he came face-to face with the barrel of a gun. It was
the spring of 2005, and he was driving from Palo Alto to Berkeley. Just a few hours earlier, he had
signed documents that secured a heady $12.7million in venture capital to finance his fledgling business.
It was a coming-of-age moment, and he was on his way to celebrate with friends in the East Bay. But
things turned weird when he pulled off the road for Zuckerberg got out of the car to fill the tank, a man
appeared from the shadows, waving a gun and ranting. "He didn't say what he wanted," Zuckerberg
says. "I figured he was on drugs." Keeping his eyes down, Zuckerberg said nothing, got back into his
car, and drove off, unscathed. Today; it is an episode that he talks about only reluctantly. (A former
employee spilled the beans.) But it fits the road he has taken--an adventure with unexpected, sometimes
harrowing, moments that has turned out better than anyone might have predicted. Zuckerberg's life so
far is like a movie script. A super smart kid invents attach phenomenon while attending an Ivy League
school--let's say, Harvard--and launches it to rave reviews. Big shots circle his dorm to make his
acquaintance; he drops out of college to grow his baby and Change the World as We Know It. Success
Stories | 6. Mark Zuckerberg - CEO, Facebook
4 2Just three years in, what started as a networking site for college students has become a go-to tool
for 19 million registered users, including employee’s government agencies and Fortune 500 companies.
More than half of the user visit every day. When a poorly explained new feature brought howls of
protests from users--some 700,000--the media old and new jumped to cover the backlash. But Facebook
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Zuckerberg's college-kid style reinforces the doubts of those who see the decision to keep
Facebook independent as a lapse in judgment. In less the reigning Web 2.0 titans have sold out to major
corporations: My Space accepted $580million to join News Corp., and YouTube took $1.5billion from
Google. Surely any smart entrepreneur would jump at a chance to piggyback on those deals. Looming
over the Facebook talk is the specter of Friendster, the first significant social-networking site. It
reportedly turned down a chance to sell out to Google in 2002 for $30 million which if paid in stock,
would be worth about $1billion today. Now Friendster is struggling in the Web-o-sphere, having been
swiftly eclipsed by the next generate of sites. The same thing could happen to Facebook. New social-
networking sites are popping up every day. Cisco
bought Five Across, which sells a software platform for social networking to corporate clients.
Microsoft is beta-testing a site named Wallop. Even Reuters is planning to launch its own online
face book, targeting fund managers and traders. So is Zuckerberg being greedy--holding out for a bigger
money buyout? If so, will that come back to haunt him? If not, what exactly is his game plan?
Zuckerberg’s answer is that he's playing a different kind of game. "I'm here to build something for the
long term," he says. "Anything else is a distraction." Hand his compatriots at the helm of the company-
-cofounder and VP of engineering Dustin Moskovitz, 22, his roommate at Harvard, and chief technology
officer Adam Angelo, 23, whom he met in prep school--are true believers. Their faith: that the openness,
collaboration, and sharing of information epitomized by social networking can make the world work
better. You might think they were naive, except that they're so damn smart and have succeeded in a way
most people never do. From a ragtag operation run out of sublet crash pads in Palo Alto, they now have
two buildings (soon to be three) of cool gray offices and employ 200 people who enjoy competitive
salaries and grown-up benefit packages--not to mention three catered meals a day with free laundry and
dry cleaning thrown in. And they continue to crank out improvements to a Web site that is in every
meaningful way a technological marvel. So how does Facebook make its money? Advertising and
sponsorships, mostly. Apple was an early backer, sponsoring a site for iTunes enthusiasts. JPMorgan
Chase and Southwest, among others, pay for similar programs.
"Flyers," the online version of the paper ads that students use to publicize events, also provide a
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Conclusion: We prepared a profile summary (about 500 words) of a successful entrepreneur indicating
milestone achievements.
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Experiment No. : 2
Title: Generate business ideas (product/service) for entrepreneurial and entrepreneurial
opportunities through brainstorming.
THEORY:
Trying to find a great business idea? Successful entrepreneurs use their imagination every day to make
new decisions to make the world a better place.
But how do they do it? The secret is, there’s no secret! However, here are seven ways to keep your
mind fresh and open so you can generate an idea for your own business.
1. Meet new people.
Seriously. Go out and meet new people to get out of your idea rut. Talking to new people who not
only don’t think like you but who don’t know how you think can help freshen up your brainstorming
process. Go to networking and learning events, talk to people outside your industry and/or strike up
a conversation with your existing customers.
2. Keep a “pain point” journal.
Successful companies all have one thing in common: they solve a problem. Companies like Google,
Netflix and Uber solved specific pain points in their marketplace and went on to achieve great things.
• I wish I could find information on a specific topic from various sources quickly.
• I wish I could rent movies and television shows directly from my television at a low cost.
• I wish there was a cheaper way to get a ride.
Ask yourself: What bugs me? Keep a journal where you write down your everyday frustrations.
Review the journal regularly and run it by others to see if it’s a pain point for them.
What product or service could you create that would solve that problem?
The famous restaurant and travel guide Zagat is an often cited example of finding a business in
something you love. The founders of Zagat, Tim and Nina Zagat, were lawyers who loved to eat out
at restaurants. In 1979, they started a newsletter asking their friends to rate restaurants. As the
newsletter got bigger every year, they began charging money for their work. In 2011, the company
was bought by Google. Not bad for a newsletter. Take an inventory of your hobbies and interests.
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Searching for a new business idea? Try tapping into your interests to see how to make a business out
of something you love.
4. Explore new ways of thinking.
New methodologies and ways of thinking are constantly evolving and some industries are better at
embracing them than others. Take design thinking for example. Design thinking is a mindset and a
methodology used to better understand problems and implement creative solutions, articulated first by
David Kelley, co-founder of the design firm IDEO. The company has designed products for iconic
brands such as Apple, Steelcase and Oral-B. Read up on alternative methodologies and learning
methods and apply them to your pain points journal. Or, apply to an alternative learning program such
as Studio [Y] if you’re at an inflection point and need a reboot, or explore entrepreneurial thinking
resources for a new learning style.
5. Travel.
There’s a whole big world out there of great ideas that aren’t yet in your market. If you see an idea
you love in your travels, you can take it back home and give it a new spin that specifically addresses
the needs of your market or community. Even if you don’t find inspiration, traveling will help take
you out of your surroundings and refresh your system. There’s also places around the world that have
ideas waiting to be commercialized, such as in universities that have technology transfer offices. Take
an existing idea and launch it to market.
6. Go online.
Don’t waste your time looking at cat videos online. Fine, don’t waste all of your time looking at cat
videos online. Look up entrepreneurship and industry related communities. Go on Twitter and search
relevant hashtags to see what people are talking about. For example, if you’re interested in social
finance and social innovation, consider hashtags such as #impinv (impact investing), #socfin (social
finance), #socinn (social innovation), #susty (sustainability), #socent (social entrepreneur or
social enterprise) and #csr (corporate social responsibility). You might learn about new niche fields,
networking opportunities or other topics that might spark something. Become a student of your
industry and entrepreneurship.
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Experiment No. : 3
Title: Undertake self-assessment test to discover your entrepreneurial traits.
THEORY:
If you have answered honestly1, and if your score is higher than 60 you are probably similar in many
ways to the “model entrepreneur.” A score lower than 60 does not mean that you should not attempt
to start a business. Many people who do not score high on assessments such as this are able to start
very successful businesses. One key to such success (regardless) of your score, is identifying “weakest
traits” (those traits listed above which have the lowest scores) and then implementing an improvement
approach2. However, before an improvement approach can be implemented it must be developed.
Congratulations on completing step one. Now, steps two through five will help you identify
improvement
approaches.
However, you may want to be aware from the start that if your lowest scores are towards the top of
the columns (above), then achieving significant improvement or finding an adequate compensation
approach may be very difficult – even more so if the traits happen to be towards the top of the left
column.
EIGHT STEPS
Entrepreneurial Self-assessment & Development
Here, steps two through five are addressed. Step two is simply a matter of listing the three traits
that you scored lowest on – these are the traits you will focus on either improving or finding a way to
compensate for. The means by which this is done is what we will term the Improvement
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Step Seven –
For each of the weak traits, make a list of action steps that will lead you in your improvement
or compensation approach to achieve your goal. For each step “who” and “when” should be specified.
The first action step for each approach will probably be to talk with the person(s) listed in step six to
share your goals and plans!
These action steps should be listed directly on the scheduling tool you currently use. A
scheduling tool is a calendar, day-planner, etc. If you do not have your scheduling tool with you (or if
the only “tool” you currently, use is your memory) then these steps may be listed on a separate piece
of paper. They may later be transferred to your scheduling tool. The table below will help you list
action steps.
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Step Eight –
The eighth step is critical. Can you guess what it is? Simply apply your action steps to achieve your
goals – in a word, IMPLEMENT!
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Experiment No. : 4
Title: Visit a bank/financial institution to enquire about various funding schemes for small-scale
enterprise.
Theory:
India was recently termed as the only, truly emerging market in the world at the moment. A part
of this growth is fueled by the micro, small and medium enterprises of the country. The SME sector
contributes over 40% of the total GDP and remains a critical source of employment for the India’s
growing population. Recognizing the importance of SME growth in the post-demonetization era, the
government has started some new business loan schemes and boosted other existing ones. Here are the
top five business loan schemes from the government of India that you can avail for small business
finance.
MSME Business Loans in 59 Minutes
Perhaps the most talked about business loan scheme right now is the ‘MSME Business Loans
in 59 Minutes’, a scheme first announced in September 2018. The loans under this scheme are given
for financial assistance and encouragement of MSME growth in the country. Both new and existing
business can utilize the scheme for a financial assistance up to ₹ 1 crore. The actual process takes 8-12
days to complete, while the approval or disapproval is granted within the first 59 minutes of application.
It is a refinancing scheme, wherein five authorized public sector banks will grant the funds. The interest
rate depends on the nature of your business and credit rating. No information has been given on
subsidizing the principal amount or interest subvention.
To apply for business loan under this scheme, you need GST verifications, Income Tax verifications,
bank account statements for the last 6-months, ownership related documentation, and KYC details.
More information on application and approvals can be sought by visiting the SIDBI portal for this
business loan.
MUDRA Loans
Micro-units Development and Refinance Agency (MUDRA) is an organisation established by the
government of India to provide business finance to micro-business units. The loans under the scheme
are given on the pretext of ‘funding the unfunded’. Since small companies and startups are often left to
their own devices for financing their venture, the government has created the concept of low-cost credit
to such undertakings. MUDRA Loans are also a refinanced business loans, approved and disbursed
through public sector banks, private sector banks, co-operative societies, small banks, scheduled
commercial banks and rural banks that come under the scheme. The loans are generally given to micro
or small businesses operating in the manufacturing, trading and services sector. The MUDRA
Loans are structured as under,
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effective. For example, the refinancing and subsidy model used by the government takes away the
‘quick’ factor from business loans touted by the schemes. Since these loans are essentially funded by
the government sponsored banks, the turnaround time is in weeks or even months, which is detrimental
for a small business owner looking for quick business finance. Even the most ambitious of all these
schemes, the 59 Minutes Loan for MSMEs, takes up to 2 weeks in reality.
On the other hand, MSME finance by non-banking financial companies like Lendingkart is approved
and disbursed within 72 hours. This is done by combining business analytics and online technologies
for loan approval and disbursal instead of relying on paperwork and age-old processing techniques. For
instance, Lendingkart offers business loans online through their website or mobile app. Simply log-in
to apply for a business loan, get a same- day approval, accept the quote and upload your documents
digitally for verification. The entire process hardly takes 10-minutes of your time and the verification
is completed within 3 working days by Lendingkart. So, you have the funds ready for use within a
quarter of the time it takes a government scheme to disburse a loan.
To apply for a business loan with Lending kart in 3 simple steps, visit us at www.lendingkart.com.
Conclusion: Collected information about various funding schemes for small-scale enterprise.
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Experiment No. : 5
Title: Collect loan application forms of nationalize banks/other financial institutions.
Theory:
Visited different nationalize banks/other financial institutions to Collect loan application forms
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Experiment No. : 6
Title: Compile the information from financial agencies that will help you set up your business
enterprise.
Theory:
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Conclusion: Compiled the information from financial agencies that will help to set up business
enterprise.
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Experiment No. :7
Title: Compile the information from the government agencies that will help you set up your
business enterprise.
Theory:
The Venture Capital Assistance Scheme
Ministry of Agriculture and Farmers Welfare
Venture Capital Assistance is financial support in the form of an interest free loan provided by SFAC
to qualifying projects to meet shortfall in the capital requirement for implementation of the project.
Benefits
Help in assisting agripreneurs to make investments in setting up agribusiness projects through
financial participation
Provides financial support for preparation of bankable Detailed Project Reports (DPRs) through
Project Development Facility (PDF).
Eligibility
• Farmers
• Producer Groups
• Partnership/Proprietary Firms
• Self Help Groups
• Companies
• Agripreneurs
• units in agriexport zones
• Agriculture graduates Individually or in groups for setting up agribusiness projects.
Application Procedure
One can only apply online, offline application forms will not be accepted. Also, below are the checklist
before applying for the scheme.
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Sno. Checklist
Equity Certificate:
a) C.A. certificate in case of Partnership or Proprietorship
firms.
b) Form-2(PAS-3), FORM-5(SH-7) and other documents in
5 lieu of FORM-23 filed with ROC for
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Sno. Enclosures
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8. Scanned copy in*.pdf format of The Details for Transfer of e-Payments have to be duly filled
up as per the format. Download format of details for e-transfer of
payments
9. Scanned copy in *.pdf format of Declaration Form dully signed and sealed.
(Download Declaration Form).
Conclusion: Compiled the information from the government agencies that will help to set up
business enterprise.
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Experiment No. : 8
Title: Prepare technological feasibility report of a chosen product/service.
THEORY:
What is a feasibility study? As the name implies, a feasibility study is used to determine the
viability of an idea, such as ensuring a project is legally and technically feasible as well as
economically justifiable. It tells us whether a project is worth the investment in some cases, a
project may not be doable. There can be many reasons for this, including requiring too many
resources, which not only prevents those resources from performing other tasks but also may
cost more than an organization would earn back by taking on a project that isn’t profitable.
A well-designed study should offer a historical background of the business or project, such as
a description of the product or service, accounting statements, details of operations and
management, marketing research and policies, financial data, legal requirements, and tax
obligations. Generally, such studies precede technical development and project implementation.
A feasibility study evaluates the project’s potential for success; therefore, perceived objectivity
is an important factor in the credibility of the study for potential investors and lending
institutions. There are five types of feasibility study separate areas that a feasibility study
examines, described below.
1. Technical Feasibility - this assessment focuses on the technical resources available to the
organization. It helps organizations determine whether the technical resources meet capacity
and whether the technical team is capable of converting the ideas into working systems.
Technical feasibility also involves evaluation of the hardware, software, and other technol ogy
requirements of the proposed system. As an exaggerated example, an organization wouldn’t
want to try to put Star Trek’s transporters in their building currently, this project is not
technically feasible.
2. Economic Feasibility - this assessment typically involves a cost/ benefits analysis of the
project, helping organizations determine the viability, cost, and benefits associated with a
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Experiment No. : 9
Title: Prepare financial feasibility report of a chosen product/service.
Theory:
What is a feasibility study? As the name implies, a feasibility study is used to determine the
viability of an idea, such as ensuring a project is legally and technically feasible as well as
economically justifiable. It tells us whether a project is worth the investment in some cases, a
project may not be doable. There can be many reasons for this, including requiring too many
resources, which not only prevents those resources from performing other tasks b ut also may
cost more than an organization would earn back by taking on a project that isn’t profitable.
A well-designed study should offer a historical background of the business or project, such as
a description of the product or service, accounting statements, details of operations and
management, marketing research and policies, financial data, legal requirements, and tax
obligations. Generally, such studies precede technical development and project implementation.
A feasibility study evaluates the project’s potential for success; therefore, perceived objectivity
is an important factor in the credibility of the study for potential investors and lending
institutions. There are five types of feasibility study separate areas that a feasibility study
examines, described below.
1. Technical Feasibility - this assessment focuses on the technical resources available to the
organization. It helps organizations determine whether the technical resources meet capacity
and whether the technical team is capable of converting the ideas into working systems.
Technical feasibility also involves evaluation of the hardware, software, and other technology
requirements of the proposed system. As an exaggerated example, an organization wouldn’ t
want to try to put Star Trek’s transporters in their building currently, this project is not
technically feasible.
2. Economic Feasibility - this assessment typically involves a cost/ benefits analysis of the
project, helping organizations determine the viability, cost, and benefits associated with a
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Experiment No. : 10
Title: Prepare a set of short term, medium and long term goals for starting a chosen small scale
enterprise
THEORY:
Business owners develop plans to reach their overall goals, and they usually find it useful to separate
planning into phases. This allows you to track immediate improvements while evaluating progress
toward eventual goals and targets. The different time frames of the planning process place the focus
on time-sensitive aspects of the company's structure and environment. You can differentiate planning
based on the time frames of the inputs and expected outcomes.
Many businesses develop strategic planning within a short-term, medium-term and long-term
framework. Short-term usually involves processes that show results within a year. Companies aim
medium-term plans at results that take several years to achieve. Long-term plans include the overall
goals of the company set four or five years in the future and usually are based on reaching the medium-
term targets. Planning in this way helps you complete short-term tasks while keeping longer-term
goals in mind.
Short-Term Planning
Short-term planning looks at the characteristics of the company in the present and develops strategies
for improving them. Examples are the skills of the employees and their attitudes. The condition of
production equipment or product quality problems are also short-term concerns.
To address these issues, you put in place short-term solutions to address problems. Employee training
courses, equipment servicing and quality fixes are short-term solutions. These solutions set the stage
for addressing problems more comprehensively in the longer term.
Medium-Term Planning
Medium-term planning applies more permanent solutions to short-term problems. If training courses
for employees solved problems in the short term, companies schedule training programs for the
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designations each month throughout the year to mark the progression of creative input, and to include
more employees in the reward process than is possible with a single annual award.
Community Outreach Goals
Building the company's name recognition within the community through community outreach projects
is a popular long-term goal for businesses. Examples of short-term supporting goals are to reward
employees who volunteer with designated community programs with additional time off, bonuses or
gift cards. Another short-term supporting goal is to choose one or two high-profile annual charity
events to sponsor.
A long-term goal regarding web traffic is to increase traffic to your company's site by at least 50
percent by the end of the current fiscal year. Supporting short-term goals are to research and purchase
web traffic analysis software to better pinpoint current traffic trends, to hire a web consultant for one
month to propose and implement programming changes to make the site appeal to a broader audience
than your traffic trend research suggests currently exist.
Another example of a short-term goal is to select a medium for advertising your site other than the
Web, such as a bus campaign where you advertise your site address on the side of city buses for one
month, or billboards, where you lease a billboard in a conspicuous place in town for one month.
Conclusion: Studied to prepare a set of short term, medium and long term goals for starting a chosen
small scale enterprise
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Experiment No. : 11
THEORY:
Effective marketing starts with a considered, well-informed marketing strategy. A good marketing
strategy helps you define your vision, mission and business goals, and outlines the steps you need to
take to achieve these goals.
Your marketing strategy affects the way you run your entire business, so it should be planned and
developed in consultation with your team. It is a wide-reaching and comprehensive strategic planning
tool that: describes your business and its products and services explains the position and role of your
products and services in the market profiles your customers and your competition identifies the
marketing tactics you will use allows you to build a marketing plan and measure its effectiveness.
A marketing strategy sets the overall direction and goals for your marketing, and is therefore different
from a marketing plan, which outlines the specific actions you will take to implement your marketing
strategy. Your marketing strategy could be developed for the next few years, while your marketing
plan usually describes tactics to be achieved in the current year.
Your well-developed marketing strategy will help you realise your business's goals and build a strong
reputation for your products. A good marketing strategy helps you target your products and services
to the people most likely to buy them. It usually involves you creating one or two powerful ideas to
raise awareness and sell your products.
Developing a marketing strategy that includes the components listed below will help you make the
most of your marketing investment, keep your marketing focused, and measure and improve your sales
results.
To develop your marketing strategy, identify your overarching business goals, so that you can then
define a set of marketing goals to support them. Your business goals might include:
Research is an essential part of your marketing strategy. You need to gather information about your
market, such as its size, growth, social trends and demographics (population statistics such as age,
gender and family type). It is important to keep an eye on your market so you are aware of any changes
over time, so your strategy remains relevant and targeted.
Use your market research to develop a profile of the customers you are targeting and identify their
needs.
The profile will reveal their buying patterns, including how they buy, where they buy and what they
buy. Again, regularly review trends so you don't miss out on new opportunities or become irrelevant
with your marketing message.
While you try to find new customers, make sure your marketing strategy also allows you to maintain
relationships with your existing customers.
Similarly, as part of your marketing strategy you should develop a profile of your competitors by
identifying their products, supply chains, pricing and marketing tactics.
Use this to identify your competitive advantage - what sets your business apart from your competitors.
You may also want to identify the strengths and weaknesses of your own internal processes to help
improve your performance compared with your competition.
List your target markets and devise a set of strategies to attract and retain them. An example goal could
be to increase young people's awareness of your products. Your corresponding strategies could be to
increase your online social media presence by posting regular updates about your product on Twitter
and Facebook; advertising in local magazines targeted to young people; and offering discounts for
students.
Department of Information Technology
Government Polytechnic Washim Page 48
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Identify your tactical marketing mix using the 7 Ps of marketing. If you can choose the right
combination of marketing across product, price, promotion, place, people, process and physical
evidence, your marketing strategy is more likely to be a success.
In deciding your tactics, do some online research, test some ideas and approaches on your customers
and your staff, and review what works. You will need to choose a number of tactics in order to meet
your customers' needs, reach the customers within your target market and improve your sales results.
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Experiment No. : 12
Title: Prepare a business plan for your chosen small-scale enterprise
EQUIPMENTS: Computer system with Microsoft MS - Word
Business Plan
OWNERS
Telephone: 222-333-4444
Fax: 111-222-3333
Email: xyz@example.com
I. Table of contents
Content Page No
I. Executive summary
II. General Company Description
III. Products and services
IV. Marketing plan
V. Operational Plan
VI. Management and organization
VII. Personal financial statement
VIII. Startup Expenses and Capitalization
IX. Financial plan
X. Appendices
XI. Refining the Plan
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I. Executive summary
Write this section last!
We suggest you make it 2 pages or less.
Include everything that you would cover in a 5-minute interview.
Explain the fundamentals of the proposed business: what will your product be, who will be your
customers, who are the owners, what do you think the future holds for your business and your industry?
Make it enthusiastic, professional, complete and concise.
If applying for a loan, state clearly how much you want, precisely how you are going to use it, and
how the money will make your business more profitable, thereby ensuring repayment.
Mission Statement: Many companies have a brief mission statement, usually in thirty words or less,
explaining their reason for being and their guiding principles. If you want to draft a mission statement,
this is a good place to put it in the plan. Followed by:
Company goals and objectives: Goals are destinations -- where you want your business to be.
Objectives are progress markers along the way to goal achievement. For example, a goal might be to
have a healthy, successful company that is a leader in customer service and has a loyal customer
following. Objectives might be annual sales targets and some specific measures of customer
satisfaction.
To whom will you market your products? Your target market? (State it briefly here - you will do a
more thorough explanation in the Marketing section).
Describe your industry. Is it a growth industry? What changes do you foresee in your industry, short
term and long term? How will your company be poised to take advantage of them?
Your most important company strengths and core competencies: What factors will make the company
succeed?
What do you think your major competitive strengths will be?
What background experience, skills, and strengths do you personally bring to this new venture?
Legal form of ownership: Sole Proprietor, Partnership, Corporation, Limited Liability Corporation
(LLC)?
Why have you selected this form?
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Notes on preparation:
No matter how good your product and your service, the venture cannot succeed without effective
marketing. And this begins with careful, systematic research. It is very dangerous to simply assume
that you already know about your intended market. You need to do market research to make sure they
are on track. Use the business planning process as your opportunity to uncover data and question your
marketing efforts. Your time will be well spent.
Start with your local library. Most librarians are pleased to guide you through their business data
collection. You will be amazed at what is there. There are more online sources than you could possibly
use. A good way to start is at the SBA site, http://www.sba.gov/; click the Outside Resources button
for a great collection of resource links. Your Chamber of Commerce has good information on the local
area. Trade associations and trade publications often have excellent industry specific data.
Primary market research means gathering your own data. For example, you could do your own traffic
count at a proposed location, use the yellow pages to identify competitors, and do surveys or focus
group interviews to learn about consumer preferences. Professional market research can
be very costly, but there are many books out that show small business owners how to do effective
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