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Chapter 5 Feasibility & B usiness Planning. Entrepreneurship. Business Concept. Clear and concise description of an opportunity 4 Elements: The product/service and features The customer The benefit The distribution Purpose: to focus your thinking and begin the Business Planning process.

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Presentation Transcript
business concept
Business Concept
  • Clear and concise description of an opportunity
  • 4 Elements:
    • The product/service and features
    • The customer
    • The benefit
    • The distribution
  • Purpose: to focus your thinking and begin the Business Planning process
feature
Feature
  • A distinctive aspect, quality or characteristic of a product or service
the customer
The Customer
  • Demographic of people that you are trying to reach and sell to
  • Done thru:
    • Marketing
    • Advertising
    • Word of mouth
    • Reputation
benefit
Benefit
  • Something that promotes or enhances the value to the customer
    • Example: convenience, good deal
distribution
Distribution
  • How can you get your product/service to your customers
    • Retail store
    • Wholesale – selling to retail stores
    • Mail order
    • Online
    • Door-to-door delivery
concept statement
Concept Statement
  • Eastside Sports offers sporting equipment and apparel to local teams and to people who play sports. It provides the convenience of one-stop shopping at a retail outlet in the customer’s own neighborhood.
    • Lower East Side, Manhattan, New York City
feasibility analysis
Feasibility Analysis
  • The process used to test a business concept
    • Does it have potential to sell?
    • Is there enough demand?
    • What are my margins?
define vocabulary from book on back of your notes
Define Vocabulary from book on back of your notes
  • Industry
  • Competitive Grid
  • Prototype
  • Target Customers
  • Business Model
5 2 the business plan

5.2 The Business Plan

Entrepreneurship

business plan
Business Plan
  • a document that describes a new business and a strategy to launch the business
business plan1
Business Plan
  • It contains several sections and is written with great detail
  • People that you would like to read your business plan would include:
    • Investors
    • Bankers
    • Potential Management
    • Partners
purpose of the business plan
Purpose of the Business Plan
  • Emphasize key points that will persuade the reader of the value of your Business Concept
business plan sections
Business Plan Sections
  • Executive Summary
  • Management Team Plan
  • Company Description
  • Product & Service Plan
  • Mission & Vision Statements
  • Industry Overview
  • Market Analysis
  • Competitive Analysis
  • Marketing Plan
business plan sections1
Business Plan Sections

10. Operational Plan

11. Organizational Plan

12. Financial Plan

13. Growth Plan

14. Contingency Plan

15. Cover Page

16. Title Page

17. Table of Contents

18. Supporting Documents

1 executive summary
1. Executive Summary
  • a brief recounting of the key points contained in a Business Plan