Presentation on theme: "Slide 1 Section B Module 1 Entrepreneurship Start-up check list 1(3) 1. Business idea and market What is the service or product? What needs is it meeting?"— Presentation transcript:
Slide 1 Section B Module 1 Entrepreneurship Start-up check list 1(3) 1. Business idea and market What is the service or product? What needs is it meeting? Is it developed i.e. if a product, has it been produced, piloted, protected if necessary. It is really now ready for the customer Who are the customers and where are they? How many (much) can be sold? How is it know that customers will buy it? Why will customer buy this product/service versus competitors? 2. Ability and experience Previous career or experience of running a small business? Experience of this business and business idea? Any relevant management experience? Recognised/unrecognised strengths or weaknesses? Family circumstances and involvement? Parental experience? Partners or other management assistance available?
Slide 2 Section B Module 1 Entrepreneurship Start-up check list 2(3) 3. Resources needed and available On what scale is it hoper to get into business? Is it realistic enough to make a living? What resources will be needed for this; premises, machinery, equipment, stock, transport, people, ICT? Any special requirements? Have they been obtained? What finance needed and how it will be obtained? What personal resources available? What family financial support available? Financial relationships of partners? 4. Motivation and determination Why going into business and launching into self- employment? What previous earlier efforts made? Degree of family support? How much already found about it? How will they live?
Slide 3 Section B Module 1 Entrepreneurship Start-up check list 3(3) 5. Business or feasibility plan Is there a business plan in written form? What cash needs in first year? Profit and Balance Sheet estimate? What unit costs and how arrived at? How has price/mark up been arrived at? What targets/standards built into proposal of; utilisation of resources, throughput/efficiency, wastage, quality? 6. Organisation What legal form? What awareness of legal requirements for employment, taxation etc? Does the business need a permission from authorities? What use made of accountant/auditor/solicitor? What record keeping systems? VAT/Tax/health and social security? Insurance? Pension arrangements?