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DIP – A preliminary business proposal

Lim Sei Kee @ cK. DIP – A preliminary business proposal. Business. Trade of goods Trade of services MAIN objective: Making profit. How to start a business?. RIGHT BUSINESS IDEA! Simple idea, a solution to a problem or a dream in someone’s head. Remember successful entrepreneurs?.

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DIP – A preliminary business proposal

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  1. Lim SeiKee @ cK DIP – A preliminary business proposal

  2. Business • Trade of goods • Trade of services • MAIN objective: Making profit

  3. How to start a business? • RIGHT BUSINESS IDEA! • Simple idea, a solution to a problem or a dream in someone’s head

  4. Remember successful entrepreneurs? • What do they have? • PASSION • EG: Software (Bill Gates), Real Estate (Donald Trump), Entertainment (Walt Disney) • What else?

  5. Other than passion, what is important? • Skills! Good cook  open café Good mechanic  open garage Good teacher  open tuition school

  6. How to start a business? • What type of business? • Nature of business? • Name? • Location? • Resources? • Cost of product / service? • Price?

  7. Business ownership Which type suits your business idea? Sole proprietorship? Partnership? OR others?

  8. Appoint key personnel • MAX 10 students per group for the upcoming business project. • Personnel: Project manager? Group leader? CEO? Boss?

  9. INTRODUCTION • Planning is a process leading to the formulation of a plan • A plan is the outcome of the planning process • The planning process (thinking, researching, consulting, discussing) is at least as important as the final written plan

  10. BUSINESS PLAN – What is it? • A report showing the plans of the business, often used to attract finance from investors and creditors • A document that is designed to provide information about a new business or venture to persuade financial backer to invest in a business • The business plan describes out the market opportunities the business intends to exploit, how it will do so and what resources are required

  11. Business plans & raising finance A business plan is essential to: • Persuade people to invest in an enterprise • Convince creditors about the credit worthiness of the enterprise

  12. To persuade banks and others to lend or invest money it is necessary to: • Demonstrate the lender/investor has a good chance of being repaid or getting a good return on their investment • Build confidence about the firm and owners’ capabilities • Demonstrate that there is a good market for the product or service

  13. Internal uses of a business plan • Clarify objectives • Provide a sense of direction, purpose and urgency • Plan all aspects and ensure that nothing is overlooked • Provide a checklist to help run and control the business • Monitor progress and success

  14. Common mistakes in producing a business plan • Failing to plan in the first place • Shrugging off values and vision - these are there to remind the entrepreneur where he/she wants to go • Ignoring the firms own strengths and weaknesses • Mistaking a budget for a plan • Shying away from reasonable risk

  15. Objectives @ 16th January 2014 • Choose your team members • Select One viable idea • Select One idea for contingency • Identify and embed a social responsibility of a business • Write a short business proposal* • Make oral presentation*

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