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IMPORTANCE OF A BUSINESS PLAN IN THE ENTREPRENEURIAL JOURNEY & HOW TO WRITE A BUSINESS PLAN. Olusegun Ajibade CEO, PhD Consulting info@phdconsultingng.com +234 803 328 7843. CONTENT. Context Setting/Introduction/Expectations Entrepreneurship: the next frontier Why Write a Business Plan?

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importance of a business plan in the entrepreneurial journey how to write a business plan

IMPORTANCE OF A BUSINESS PLAN IN THE ENTREPRENEURIAL JOURNEY&HOW TO WRITE A BUSINESS PLAN

Olusegun Ajibade

CEO, PhD Consulting

info@phdconsultingng.com

+234 803 328 7843

content
CONTENT
  • Context Setting/Introduction/Expectations
  • Entrepreneurship: the next frontier
  • Why Write a Business Plan?
  • Steps before the Business plan
  • Contents of the Business plan
  • Making it work
entrepreneurship the next frontier
Entrepreneurship: The next frontier
  • REALITY: 152 million Nigerians, with approximately 90 million living below the poverty line of $2 per day
  • UNEMPLOYMENT: With 4.5million entering the labour market yearly, 94% of unemployed persons are between the ages of 15-40years
why write a business plan
WHY WRITE A BUSINESS PLAN?
  • Documenting clarifies your thoughts
  • Serves as a communication tool for multiple stakeholders, prospective investors, partners and funders
  • Development Tracker
  • Review reference
  • Facilitates team composition

You cannot feature in a future you cannot picture

steps before the business plan feasibility studies
STEPS BEFORE THE BUSINESS PLANFEASIBILITY STUDIES
  • Industry and market description and entry barriers including regulatory and legal requirements
  • Market share analysis, existing customer attraction & retention strategies
  • Effectiveness & simplicity of the product or service
  • Understanding of the customer & end-users with behavioural influences
  • Consider if there is a market in the identified gap
  • What substitutes exists for the product/service?
  • Opportunity Cost for the product/service(Check out lifestyles too)

‘When the purpose of a thing is not known, abuse is inevitable’

steps before the business plan feasibility studies1
STEPS BEFORE THE BUSINESS PLANFEASIBILITY STUDIES
  • Switching Costs to proposed product service
  • What constitutes a reasonable price to aggregate a critical mass
  • Validates or otherwise assumptions of the business plan
  • SWOT Analysis
  • Availability, volume, sources of quality of operational inputs
  • Identify business strategy & model risks as well as relevant mitigating options
  • Cost Benefit Analysis Vs Perceived Vs. Pricing
  • Exit Strategy viability
  • Social, Economic & Environmental sustainability issues

‘When the purpose of a thing is not known, abuse is inevitable’

steps before the business plan pitching
STEPS BEFORE THE BUSINESS PLANPITCHING
  • Say the value
  • 10/20/30 rule pitch(Guy Kawasaki)
  • Say it many times
  • Listen & write your feedback

‘When the purpose of a thing is not known, abuse is inevitable’

contents of a business plan
CONTENTS OF A BUSINESS PLAN
  • Executive Summary
  • Need or Problem identified
  • Solution/Unique selling proposition
  • Business Model
  • Competitor Analysis
  • Marketing & Sales strategy
  • Management Team
  • Financial Projections & Key metrices(Contribution & Requirements)
  • Current Status(Referrals, list of prospective or current clients)
making it work
MAKING IT WORK
  • Value of the business planning & possession of entrepreneurial qualities
  • Vision – Opportunity
  • Passion – Discipline
  • Skills – Competencies
  • Value of Time
  • Financial Literacy
  • Innovation & Learning(R&D)
  • Efficiencies
  • Teamwork & Sustainability
  • Values, Structure, Processes & Systems

The eyes that look are many, the eyes that see are few

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DREAM BIG,

  • START SMALL
  • SCALE FAST