BUSINESS PLAN The Role of Entrepreneur  Entrepreneurs are people who form, own, and operate business.  Michael Dell began his.

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Presentation transcript:

BUSINESS PLAN

The Role of Entrepreneur  Entrepreneurs are people who form, own, and operate business.  Michael Dell began his business while still a freshman at University of Texas  Custom need  Now Dell Computer the largest computer manufacturers in the world

The Following Personal Qualities  To be a successful entrepreneur: - Ability to recognize unsatisfied needs that may present new business opportunities - Passion for an idea for a new business - Free spirit and a desire to be ones own boss - Intense drive to make things happen - Ability to set and achieve high goals - Willingness to assume risk - Knowledge of the operations, marketing, and finance

Identifying Innovative Business Concepts  1 st involves thinking of unmet consumer needs & want  2 nd what product or service can be a solution to a problem  Brainstorming to get the market opportunity for new Product, Services, Retail Stores, Restaurant.

Opportunity Analysis

Purpose of the Opportunity Analysis

Ex: Customer analysis  Age  Gender  Income  Education  Household size  Usage

Market Segmentation  Defining a target market using relevant demographic, geographic, and psychographic  Perceptions and Needs of the target market