Introduction to Business Lecture 09

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Presentation transcript:

Introduction to Business Lecture 09 MGT211 Introduction to Business Lecture 09

Entrepreneurial Characteristics Personal Interest Interest for their own development. Customer Relationship Long term relations with the customers. Desire to establish own business. Need of control. Ability to deal with uncertainties.

Business Plan A document which contains the objectives of the business and the ways to achieve these objectives.

Components of Business Plan There are two situations: Buying a business. Starting from the scratch. Objectives of the business. Marketing Components. Financial Components.

Components of Business Plan started from scratch Objectives of the business: Name of the business. Name should indicate the type of business. Name should be simple. Uniqueness of name. Legal considerations: Avoid the names not encouraged by the law. e.g. National Heroes, religious personalities etc. Location of the business.

Components of Business Plan started from scratch Marketing Part: Who will be the customers of the business? Where are they located? What would customers like to pay for the product or service? What are the benefits, the customers are expecting from the product or service?

Components of Business Plan started from scratch Marketing Part: Analysis of competitors: What is the nature of competition in the market? Who are the competitors of the business? How product of the business is different from product of the competitors?

Components of Business Plan started from scratch Promotional Part How will the message of the business be promoted in the general public? How will the business be launched?

Components of Business Plan started from scratch Financial Part What will be the investment of the business and how much should be borrowed? What are going to be expected revenues in a given period of time? What would be the expected expenses of the business in a given period of time? What would be net income or net profit in a given period of time? Is the business feasible or not?

Components of Business Plan started from scratch Administrative Part What would be the structure to handle the business?