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Business Plan Preparation Introduction. Frank Moyes Leeds School of Business University of Colorado Boulder, Colorado. Tonight’s Agenda. Introductions Course organization & syllabus Writing a business plan Discuss your ideas. Frank Moyes frank.moyes@colorado.edu
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Business Plan PreparationIntroduction
Frank MoyesLeeds School of BusinessUniversity of ColoradoBoulder, Colorado
Business Plan Preparation: Introduction
Tonight’s Agenda
- Introductions
- Course organization & syllabus
- Writing a business plan
- Discuss your ideas
Business Plan Preparation: Introduction
Frank Moyes
frank.moyes@colorado.edu
Office Hours: Fleming 115(165)
Wednesday 3:00 to 5:30pm
Thursday 4:00 to 6:00pm
And by appointment
Websitehttp://leeds-faculty.colorado.edu/Moyes
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CommunicationsBusiness Plan Preparation: Introduction
Objectives of the Course
- Understand what is a business plan & when to write one
- Write a plan for viable business
- Experience the process
Business Plan Preparation: Introduction
Course Structure
- Weeks 1 & 2: Evaluate opportunities
- Week 3: Select concept & team
- Weeks 4 & 5: Market & Industry Analysis
- Week 6 to 13: Lecture on a Plan section
- Weeks 9 to 14: Hand-in and present sections of the business plan for feedback
- Week 15: Present business plan & hand in
Business Plan Preparation: Introduction
Class Structure
- Instructor to describe a section of the business plan
- Slides posted on eCollege after lecture
- In the Fire sessions – weeks 5 to 14
- Begin Week 4
Business Plan Preparation: Introduction
Grading
- Individual
- Resume
- Concept
- Participation
- Peer evaluation
- Team Assignments
- In the Fire sessions
- Written assignments
- Final Business Plan & Presentation
Business Plan Preparation: Introduction
Business Plan Elements
- Executive Summary
- Company Overview
- Product/Service Description
- Market & Industry Analysis
- Marketing Plan
- Operations Plan
- Development Plan
- Management
- Competitive Advantage
- Financial Plan
- Funding
Business Plan Preparation: Introduction
Why Write a Business Plan?
- Road Map
- Establish goals to make sure that are on track and heading in the right direction
- Action Plan
- Small steps lead to large results
- Sales Tool to attract investors, vendors, customers, partners, employees
“If we don’t have a plan for ourselves, we will be part of someone else’s.” Joan Lunden
Business Plan Preparation: Introduction
A Good Business Plan
- Living document
- Creates excitement
- Tells a story
- Compelling description of the vision & strategy
- Not a substitute for action
"You can't overestimate the need to plan and prepare. In most of the mistakes I've made, there has been this common theme of inadequate planning beforehand. You really can't over-prepare in business!“ Chris Corrigan
Business Plan Preparation: Introduction
Why Not Write a Business Plan?
- Lack experience
- Information
- Time & cost to get causes too great a delay
- Can’t get
- Situation changes too quickly
- Founder has great experience, successful track record & has a “gut feel” for the business
Business Plan Preparation: Introduction
Business Plan Preparation: Introduction
“From Student to Entrepreneur” Approach to Generate Ideas
- Doing what you love
- What bugs you
- Use your experience
- Recycle business concept
- Steps, pain points & solutions
- Developed by Neal Lurie, MBA 2004
Business Plan Preparation: Introduction
Concept & Team Selection Process
- Conduct Idea Exercise (download from website) (http://leeds-faculty.colorado.edu/moyes/html/resourses/Idea%20Exercise.pdf)
- Email resume to instructor before Sept 6 as Word attachment (must have your name & Resume on file name)
- Discuss your concept in class Sept 6 (use Concept Summary as a framework for explaining your concept)
Business Plan Preparation: Introduction
Concept & Team Selection Process (continued)
- Email Concept Summary as a Word attachment to instructor by 1:00pm on Sept 8 (Friday) (must have your name & Concept name in file name)
- Instructor to email all students which concepts with the greatest potential thathave been selected on Sept 11 (Monday)
- Students whose idea are selected will form a teams of 4 on Sept 13 in class
Business Plan Preparation: Introduction
Concept Description
- Brief description
- Why is there an opportunity/need?
- What is the product/service? How will it be produced or delivered?
- Who is the target market?
- What are the unique benefits?
- Who is the competition? What advantages do you have over the competition?
- Profitability
- Revenue model
- Contribution margins
Business Plan Preparation: Introduction
Assignments for Next Week
- Resume: email to instructor
- Review ESBM 3700 materials on Opportunity Recognition
- Identify an opportunity to discuss in class
Business Plan Preparation: Introduction
