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Business Plans and Pitching

by: Noelle Wiggins

Business Plans and Pitching ENTP 102

Marketplace > Drexel University > Entrepreneurship > ENTP 102 > Business Plans and Pitching
Noelle Wiggins
GPA 3.8

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About this Document

Are you confused as to whether or not you should create a business plan? Are you not even sure what to include in your business plan? This is the definitive guide of how to prepare the business pla...
Life Strategies 2
Zahed Subhan
Class Notes
Entrepreneurship, business, Marketing
25 ?




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This 8 page Class Notes was uploaded by Noelle Wiggins on Tuesday March 1, 2016. The Class Notes belongs to ENTP 102 at Drexel University taught by Zahed Subhan in Winter 2016. Since its upload, it has received 56 views. For similar materials see Life Strategies 2 in Entrepreneurship at Drexel University.


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Date Created: 03/01/16
Tuesday, March 1, 2016 Business Plans On Millennials: The Impact of Nickelodeon, Title IX, and Soccer - Millennials.aspx - Millennials expect you to be relevant to them, relatable, and authentic - Engage them through superior story telling - Education about entrepreneurship • Concepts, theories of entrepreneurship • “education” - Education for entrepreneurship • Convenance of knowledge and skills to be an entrepreneur • “training 3 Skills to Know and Master for Success - Continually selling • Only one school in the country has a course on entrepreneurial selling - University of Chicago • Most important to building and sustaining a business - Managing people - Creating a new product or service The Business Planning Process - Write down your idea succinctly- one sentence. - Detail who your customer is. • What makes them love your idea, pay attention to your idea, and buy your idea? 1 Tuesday, March 1, 2016 • The better you can identify who the demographic is, the easier it is to identify your target market. - Modify the succinct idea as you modify the customer. What you have to know and show - What is the idea - Who are your customers - Why do they care? - Who are your investors? Goal - Get people interested in knowing more - Cannot tell all you know in a few pages of a business plan Purpose - Process things become more concrete when put on paper - Planning - Find holes n your initial ideas - Interest investors or lenders - Justify financials - Determine milestones - Show how much you know - For an investors file cabinet Business Plan Structure - Executive Summary - Problem 2 Tuesday, March 1, 2016 - Solution - Business Model Underlying Magic - Most important part of business plan - What is it that makes your product special? Keep it Clean - Less than 20 pages - Include Key Metrics • Number of Customers • Number of Locations • Number of Distribution Units - Assumptions that drive your financial projections - Consultants? Financial Assumptions - Market size - Pricing - Channels - Gross Margins- Most Important Financial Assumption - Capital Intensity - Build up rather down - Salesman, sales calls, hits, etc. - Realistic plan for 3-5 year horizon - Income Statement - Balance sheet 3 Tuesday, March 1, 2016 - Cash flow forecast - When do you get positive cash flow - Breakeven analysis Executive summary - The last thing you write, not the first - Company’s status and management - Products benefits to users - Market and competition - Summary of financial prospects - Money needed and how it will be used Organization and Management - Who is in the organization - What kind of legal entity is in it - What is the management structure Management - The most important part of the plan - what is the ideal team - Key positions - Advisory Board/ Board of Directors - A good idea properly communicated will be investable, even if the team isn’t experienced. - By nature, high risk businesses - Opportunities/Strategy likely to change - Track record is important or what investors perceive you can do 4 Tuesday, March 1, 2016 - Success will depend on management’s ability • To see opportunities and react • To execute • To make alliances • To build an organization Key Positions - Depends on opportunity/strategy - Investors Like to See: - Technology - Marketing - Finance - A Leader (CEO) - Product or Service - What does it take to get to a finished product? - Where are you in the production phase - Where is the company in the production cycle? - Is there a prototype or is it already developed The Market - Customers - They want to know that you COMPLETELY understand the market - Who your customers are - How they’re segmented - How the product will be positioned - Evidence that you studied the market 5 Tuesday, March 1, 2016 - Don’t be so attached to the product and vision that you don’t see the flaws in the market - Don’t get too attached - If the company can’t name and describe customers, then all you have is a product, not a company - Market Dynamics - Wholesale vs Retail - International - Market Segments, target, market positioning Buying Process and Decision Making - Buying Process - Bid - RFPs - Time Frame for purchases - How decisions are made - Price - Quality - Convenience - Speed to Delivery Reactions Expected from Market - Hurdles in introducing market - How to overcome - Prices - Characteristics 6 Tuesday, March 1, 2016 - “The competition to be feared is one who never bothers about you at all, but goes on making his own business better all the time,” -Henry Ford - BIG Question - What is my cash flow? - What is my profitability? - What is my ROI (Return on Investment)? • Can we offer an attractive return to investors? • If not, we cannot attract capital! - Can I pay my bills? - Can I live to see tomorrow? - Money is time! - Burn Rate- How much are you spending every month? - What is Exit? - Sell to existing company (if scaleable venture) - Buyback by management - IPO - Carry on, make it profitable, make it a lifestyle - Investors want to be sure that you will worry about their exit - Convince the investors that they can exit. - They’re not interested in your business, they’re interested in their ability to exit and make money. - The ROI needs to be significant or they won’t touch the business. Guy Kawasaki - “The Art of the Start” - 10 Slide Pitch - 10/20/30 Rule: 10 Slides, 20 Minutes, 30 Pt Font (at least) 7 Tuesday, March 1, 2016 - The core of entrepreneurship is making meaning, not making money - Companies fundamentally founded to make the world a better place are the ones that find success. - If you make meaning, you’ll probably make money. - But if you set out to make money, you definitely won’t make meaning and you probably won’t make money either. - Ways to make meaning: - Increase the Quality of Life - Right a Wrong - Prevent the End of Something Good - Have one ore more of those motivations in order to create a successful organization. - The pitch is the articulation of the plan - What searing pain does your idea cure? - How many people/organizations feel this pain or provide this opportunity? - Unfair advantages and how do you maintain the unfair advantages? - Every slide should have a visual on it We can, they can’t They can, we can’t Competitor 1 Competitor 2 Competitor 3 8


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