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MSU - ISE 3323 - Class Notes - Week 1

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MSU - ISE 3323 - Class Notes - Week 1

School: Mississippi State University
Department: Industrl & Systems Engineering
Course: Entrepreneurship
Professor: Joshua Daspit
Term: Summer 2017
Tags:
Name: Entrepreneurship Chapter 1 notes
Description: Reasons for writing business plans, the types of business, the guidelines to writing business plans
Uploaded: 07/05/2017
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background image Entrepreneurship Chapter 1: Why Plan? I:  The Business Plan - written document that carefully explains every aspect  of a new
               business venture. 
* Inside the Firm- business plan is used to develop a  road map * Outside the Firm- business plan introduces potential  investors &
               other stakeholders to the business opportunities. 
++ Although relatively small % of entrepreneurs write  business
                  plans, there is ample evidence that writing a 
business plan is a
                  good investment of time & money. ++
II: Reasons for Writing a Business Plan: * 2 main reasons to write a business plan: - Internal: forces founders of the firm to think  through every
                                   aspect of their new venture.
- External: communicates the merits of anew  venture to
                                   outsiders, such as investors & bankers.
1. Business Incubator organization that  provides       physical space & other resources to new 
firms in
      hopes of promoting economic 
development in a
      specific area.
            * Investors rely on business plan to 
make
               decisions on initial investment
            * Many investors ask for an 
executive  summary
background image                -a short overview of the business 
plan-
               describing the merits of a new 
venture 
III: Who Reads the Business Plan and What are They Looking 
For?
* 2 primary audiences: - Firm’s employees: looking for the vision & future  of the
                                    firm.
- Investors & other stakeholders: investors,  potential
                                    business partner, potential customers,
grant
                                    awarding agencies who are being 
recruited. 
IV: Guidelines: * Structure and style of the business plan - Conventional structure
- 25-35 pages in length
- Looks sharp but not too expensive or flashy.
- Elevator Speech: brief, carefully constructed  statement,                   usually 45 seconds-2 minutes long that  outlines                   merits of business venture or business plan  insight                   feature. - 4 steps in an elevator speech: 1: describe the opportunity 
2: describe how your product or service 
meets the                                opportunity  3: describe your qualifications
4: describe your market
- Red Flags:

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School: Mississippi State University
Department: Industrl & Systems Engineering
Course: Entrepreneurship
Professor: Joshua Daspit
Term: Summer 2017
Tags:
Name: Entrepreneurship Chapter 1 notes
Description: Reasons for writing business plans, the types of business, the guidelines to writing business plans
Uploaded: 07/05/2017
5 Pages 25 Views 20 Unlocks
  • Better Grades Guarantee
  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
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