2. Entrepreneurs discover a business opportunity when they find a solution to an unsolved problem or unmet need. The first step in an entrepreneurial venture is to identify a real opportunity. Second step is to create a plan to address that opportunity. Third step is to execute that plan. http://www.dukeven.com/Home

3. Business planning is the process of setting goals, explaining the objectives and then mapping out a document to achieve these goals and objectives. Effective business planning is critical to long-term success and the ability to raise capital and grow successfully. Effective business planning requires a considerable amount of time

4. Effective entrepreneurial planning consists of: Tactical planning Contains the details of executing your strategies Describe “how” you plan to meet the objectives Strategic planning Setting and enforcement of goals Road map of strategies on “what” the business intends to do to meet the goals and objectives

5. Strategy is the thinking process required to plan a change, course of action, or organization. Strategic planning defines, or outlines, the desired goals and why you should go about achieving them. When doing strategic planning, you need to determine, specifically, what outcome you want to achieve (These are your Objectives) and how you will measure the results.

6. Tactical planning requires understanding the strategic goals and identifying the courses of action needed to achieve those strategic objectives. Tactical planning is developed by those who deal with getting the work done, day by day. The main question for them is: “How can the strategic goals be accomplished within the designated limits of resources and authority?”

7. Business Plan A proposal that describes a new business. It is presented to potential investors and lenders. A well-written Business Plan lays out the best growth path & strategy, as well as the rationale for the selection of the strategy over other alternatives. A Business Plan is the explanation of: why the plan for building the company makes sense, what resources it will need to implement the vision, who the team will be that will have the skills and leadership to execute the vision, and what path they will follow to get there.

8. The components of a business plan Executive summary Product/service plan Management team plan Industry/market analysis Operational plan Organizational plan Marketing plan Financial plan Growth plan

9. Brief recounting (summarizing) of the key points contained in a business plan. Investors & lenders rely on this to decide if the concept interests them Should be no longer than two pages. Include the most important information from each section of the plan. Written last

10. Mission Statement Presentation of the product or service you’re offering. Nature of your business Unique features of your product/service Any possible spin-offs Additional products or services that might be offered once the business is established

11. Present entrepreneur’s qualifications & those of any partners involved in the business venture. Organizational Structure Responsibilities of each member of the business Nothing is left undone Nothing is done three or four times.

12. Convince the reader that an explosive market opportunity exists Steps in defining the market: 1. Describe the industry you operate in and how sales in that industry look. 2.Describe your customers needs and how you can meet those needs

13. 3. Identify your target market and profile your customers. Answer the following: Who are your current or prospective customers? What do they buy and why? What market segments or groups are more likely to buy your products? What is the size of your potential market?

14. Includes all processes involved in producing and/or delivering the product or service to the customer. Status of product development Equipment, inventory, production Time & money needed Distribution plans (Channels of Distribution) Direct channel – delivery directly to the customer Indirect channel – product sold to someone before it reaches the customer (wholesaler)

15. How your company makes its customers aware of its products or services Market segment Pricing policy Company image Promotional plan Marketing budget

16. Presents the forecasts for the future of the business Includes assumptions made when calculating your forecast figures Usually in the form of financial statements

17. Looks at how the business will expand in the future. Investors & lenders look to see if the business has the potential & the plans to grow over its life

18. http://www.entrepreneurship.org/en/resource-center/business- planning-building-an-effective-business-model.aspx http://www.dukeven.com/Home/Planning http://www.scribd.com/doc/3911336/Entrepreneurial- Planning-and-Goal-Setting http://smallbizlink.monster.com/training/articles/855-strategic- and-tactical-planning-understanding-the-difference