Business Plan Preparation Introduction Frank Moyes Leeds School
Business Plan Preparation Introduction Frank Moyes Leeds School of Business University of Colorado Boulder, Colorado Business Plan Preparation: Introduction 1
Tonight’s Agenda Ø Introductions Ø Course organization & syllabus Ø Writing a business plan Ø Discuss your ideas Business Plan Preparation: Introduction 2
Communications Ø Frank Moyes 4 frank. moyes@colorado. edu 4 Office Hours: Fleming 115(165) s Wednesday 3: 00 to 5: 30 pm s Thursday 4: 00 to 6: 00 pm s And by appointment Ø Website http: //leeds-faculty. colorado. edu/Moyes Business Plan Preparation: Introduction 3
Materials Ø Lawrence and Moyes, “Writing a Successful Business Plan”, 2006 Ø Moyes and Lawrence, “Financial Spreadsheets for the Business Plan” Business Plan Preparation: Introduction 4
Objectives of the Course Ø Understand what is a business plan & when to write one Ø Write a plan for viable business Ø Experience the process Business Plan Preparation: Introduction 5
Course Structure Ø Weeks 1 & 2: Evaluate opportunities Ø Week 3: Select concept & team Ø Weeks 4 & 5: Market & Industry Analysis Ø Week 6 to 13: Lecture on a Plan section Ø Weeks 9 to 14: Hand-in and present sections of the business plan for feedback Ø Week 15: Present business plan & hand in Business Plan Preparation: Introduction 6
Class Structure Ø Instructor to describe a section of the business plan 4 Slides posted on e. College after lecture Ø In the Fire sessions – weeks 5 to 14 Ø Begin Week 4 Business Plan Preparation: Introduction 7
Grading Ø Individual 4 Resume 4 Concept 4 Participation 4 Peer evaluation Ø Team Assignments 4 In the Fire sessions 4 Written assignments 4 Final Business Plan & Presentation Business Plan Preparation: Introduction 8
Business Plan Elements Ø Executive Summary Ø Company Overview Ø Product/Service Description Ø Market & Industry Analysis Ø Marketing Plan Ø Operations Plan Ø Development Plan Ø Management Ø Competitive Advantage Ø Financial Plan Ø Funding Business Plan Preparation: Introduction 9
Business Plan Preparation: Introduction 10
Why Write a Business Plan? Ø Road Map 4 Establish goals to make sure that are on track and heading in the right direction Ø Action Plan 4 Small steps lead to large results Ø Sales Tool to attract investors, vendors, customers, partners, employees “If we don’t have a plan for ourselves, we will be part of someone else’s. ” Joan Lunden Business Plan Preparation: Introduction 11
A Good Business Plan Ø Living document Ø Creates excitement Ø Tells a story Ø Compelling description of the vision & strategy Ø Not a substitute for action "You can't overestimate the need to plan and prepare. In most of the mistakes I've made, there has been this common theme of inadequate planning beforehand. You really can't overprepare in business!“ Chris Corrigan Business Plan Preparation: Introduction 12
Why Not Write a Business Plan? Ø Lack experience Ø Information 4 Time & cost to get causes too great a delay 4 Can’t get Ø Situation changes too quickly Ø Founder has great experience, successful track record & has a “gut feel” for the business Business Plan Preparation: Introduction 13
“Writing a business plan is a life changing event. ” Business Plan Preparation: Introduction 14
Discuss Ideas Business Plan Preparation: Introduction 15
“From Student to Entrepreneur” Approach to Generate Ideas Ø Doing what you love Ø What bugs you Ø Use your experience Ø Recycle business concept Ø Steps, pain points & solutions Ø Developed by Neal Lurie, MBA 2004 Business Plan Preparation: Introduction 16
Concept & Team Selection Process Ø Conduct Idea Exercise (download from website) (http: //leedsfaculty. colorado. edu/moyes/html/resourses/Id ea%20 Exercise. pdf) Ø Email resume to instructor before Sept 6 as Word attachment (must have your name & Resume on file name) Ø Discuss your concept in class Sept 6 (use Concept Summary as a framework for explaining your concept) Business Plan Preparation: Introduction 17
Concept & Team Selection Process (continued) Ø Email Concept Summary as a Word attachment to instructor by 1: 00 pm on Sept 8 (Friday) (must have your name & Concept name in file name) Ø Instructor to email all students which concepts with the greatest potential that have been selected on Sept 11 (Monday) Ø Students whose idea are selected will form a teams of 4 on Sept 13 in class Business Plan Preparation: Introduction 18
Concept Description Ø Brief description Ø Why is there an opportunity/need? Ø What is the product/service? How will it be produced or delivered? Ø Who is the target market? Ø What are the unique benefits? Ø Who is the competition? What advantages do you have over the competition? Ø Profitability 4 Revenue model 4 Contribution margins Business Plan Preparation: Introduction 19
Assignments for Next Week 4 Resume: email to instructor 4 Review ESBM 3700 materials on Opportunity Recognition 4 Identify an opportunity to discuss in class Business Plan Preparation: Introduction 20
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