1. 1 Strategy and Entrepreneurship: Wayne Smith, Ph.D. wayne.smith@csun.edu Department of Management The Elements of a Successful Business Plan

2. Entrepreneurship and Intrepreneurship Stanford Entrepreneurial Thought Leader webcasts/podcasts http://ecorner.stanford.edu/podcasts.html (but that’s just more passive, academic study) –We need to do the hard work too… –That is, let’s design our success… –And for that, we need funding… –And for funding, we need a plan…

3. A Business Plan (1 of 2) Executive Summary –Overview of business purpose and highlight of key elements of the plan Company Description –Mission, Owners, and legal form Industry Analysis –Nature of the Industry, including economic trends, important legal or regulatory issues, and potential risks Market Description –Size of market, competitor strengths and weaknesses, and five-year sales goals Products and Services Description –Major Goods or Services, with special focus on uniqueness vis-à-vis the competition

4. A Business Plan (2 of 2) Operations Description –Manufacturing or Service methods, supplies and suppliers, and control procedures Staffing Description –Management and staffing skills needed and available, compensation and human resource management systems Financial Projection –Cash flow projections for one to five years Capital Needs –Amount of funds needed to run the business, amount available, amount requested from new sources

5. Relative Importance Very Short-run (1-6 months) ( “the pitch”) –Products and Services Description –Market Description Short-run (6-12 months) ( “survival”) –Financial Projection –Company Description Long-run (1-5 years) ( “flourish”) –Capital Needs –Operations Description –Staffing Description Very long-run (5-15 years) ( “compete”) –Industry Analysis