Chapter 7 The Business Planning Process

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Presentation transcript:

Chapter 7 The Business Planning Process Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. © The Business Planning Process Start business planning literally when starting to think about a new venture. Start organizing information. Focus on critical aspects of the business model and map to the typical format. Keep in mind that the business plan is a “living document”. Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. © The Business Planning Process The Story Model How will stakeholders interpret your plan? A tagline creates a unifying plot line that organizes your thinking Keep your plan as close to “general format” as possible. Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. © The Business Planning Process The Business Plan/the Cover & Table of Contents The Cover Controlling distribution is particularly important The cover should be eye-catching Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. © The Business Planning Process The Business Plan/Executive Summary Write Executive Summary after working through all the other sections; Hook the reader; Provide compelling information on the following: - Description of Opportunity - Business Concept - Industry Overview - Target Market - Competitive Advantage - Business Model and Economics - Team and Offering Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. © The Business Planning Process The Business Plan/Main Parts Appendix Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. © The Business Planning Process Types of Plans Operational Plan for internal use. 80+ pages long. Formal plan for external use. 25 to 40 pages long. An expanded executive summary for enticing interested stakeholders. 7 to 10 pages long. Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©

Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. © The Business Planning Process Conclusion The process allows the entrepreneur to better anticipate instead of react. Entrepreneurs can get feedback from experts, including investors, vendors and customers. Bygrave & Zacharakis, 2007. Entrepreneurship, New York: Wiley. ©