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Business Plan Preparation Introduction
Frank Moyes Leeds School of Business University of Colorado Boulder, Colorado FLM background How many in a business? How many starting a business in next 6 months? What kind of businesses? Retail, manufacturing, high-tech, service, non-profit Ask questions Introduction
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Tonight’s Agenda Introductions Course organization & syllabus
Writing a business plan Discuss your ideas Students introduce selves Major What have done that is entrepreneurial? What want from course? What is your wicked idea? Frank Moyes David Drake Introduction
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Communications George Deriso geode@usa.net Frank Moyes
Communications Frank Moyes Office Hours: Koelbel 210 B Wednesday 3:00 to 5:30pm Thursday 3:00 to 6:00pm And by appointment George Deriso Office Hours by appointment Website Introduction
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Materials Required (download)
Materials Required (download) Lawrence and Moyes, “Writing a Successful Business Plan”, 2007 Moyes and Lawrence, “Financial Spreadsheets for the Business Plan” The New Business Road Test, John Mullins, 2006, FT Prentice Hall Introduction
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Materials Lawrence and Moyes, “Writing a Successful Business Plan”, 2007 Moyes and Lawrence, “Financial Spreadsheets for the Business Plan” Introduction
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Objectives of the Course
Understand what is a business plan & when to write one Write a plan for viable business Experience the process Drink the cool aid, as it were. Painful Health Warning Amount of work – if stay on top of assignments, same as other courses Problem you get caught up Introduction
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Course Structure Weeks 1 & 2: Evaluate opportunities
Week 3: Select concept & team Weeks 4 & 5: Market & Industry Analysis Week 6 to 13: Instructor to describe a section of the business plan (slides posted on course website) Weeks 5 to 12: In the Fire sessions Week 14: Present business plan & hand in Week 15: Competition New material is really old stuff: marketing, finance Who has a concept? Who has done feasibility plan? Who has a team to write the plan? See me after class Concept and team selection: Trade fair Presentations: friendly fire STOP: Introduce Roving Planet Introduction
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Grading Individual Team Assignments Resume Concept Participation
Peer evaluation Team Assignments In the Fire sessions Written assignments & Presentations Final Business Plan & Presentation Introduction
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Why Write a Business Plan?
Road Map Establish goals to make sure that are on track and heading in the right direction Action Plan Small steps lead to large results Sales Tool to attract investors, vendors, customers, partners, employees So You Can Throw It Away! Process is the key Cauldron - test ideas & strategies Think through problems to solutions Lowers the risk “If we don’t have a plan for ourselves, we will be part of someone else’s.” Joan Lunden Introduction
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A Good Business Plan Explains how you are going to do it
Provides evidence that customers want to buy Tells a story - creates excitement Addresses the critical elements Should be painful to write Not a substitute for action Living document Introduction
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Critical Elements of a Business Plan (& You Must Address)
Strong market Attractive industry Compelling Need Clear value proposition Sustainable competitive advantage Understanding of profitability & cash flow Management Introduction
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Why Not Write a Business Plan?
Lack experience Information Time & cost to get causes too great a delay Can’t get Situation changes too quickly Founder has great experience, successful track record & has a “gut feel” for the business Introduction
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Business Plan Sections
Executive Summary Company Overview Product/Service Description Market & Industry Analysis Marketing Plan Operations Plan Development Plan Management Competitive Advantage Financial Plan Funding Introduction
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“Writing a business plan is a life changing event.”
Comfortable with Uncertainty Lack of information Working in groups Frustrating Puzzle pieces keep changing shape May not be a lot of information Synthesis vs. Analysis - creative Conflict - normal, desirable All consuming Most common criticism on FCQ; should be 4 credits Ultimately, very rewarding Put your education together Excellent resume item Accomplishment Who said that? STOP: Exercise teams of 4, 10 minutes Is this a good opportunity? Introduction
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Discuss Ideas Introduction
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Concept Description Brief description
Why is there an opportunity/need? What is the product/service? What are the unique benefits? How will it be produced or delivered? Who is the target market? What are the benefits to the target market? Who is the competition? What advantages do you have over the competition? Profitability Revenue model Contribution margins Introduction
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Assignments for Next Week
Sept 17 (before 1:00pm) Business Concept and team members (if decided) to Instructor Sept 19 Instructor to list of selected concepts Sept 20 Organize teams. Students whose concepts are selected to make short presentation to the class. Review Mullins 1, read Mullins 10 Read Writing a Successful Business Plan Introduction
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