Entrepreneur in the Classroom

Entrepreneur in the Classroom
Module 3: Turning an Idea into a Business

Module 3 Objectives Learn the Basics of Business Planning
Understand Funding Landscape and Options Map out Government Agencies and their Relationship with Business Owners In this third of three lessons for the future entrepreneur, we will delve into the steps and considerations involved with turning an idea into a business. These are really the nuts and bolts of starting a business What do you need to cover in a business plan? If you need start-up capital to fund your business, where do you turn? And, last, what agencies do you need to be aware of to help make your business a legitimate entity?

Understand Funding Landscape and Options Map out Government Agencies and their Relationship with Business Owners We’ll start with the basics of business planning

“Begin with the End in Mind.”
Stephen Covey, author of The 7 Habits of Highly Effective People This is a great quote which also applies to business planning. We want a destination in mind. With that destination, it’s like a GPS for our business.

Matching Creativity with a Plan Exercise 3-1
Let’s watch this interview with a Harvard Business School Professor about some great tips on moving creativity - discussed in Module 2 - into the world of discipline and planning. Rosabeth Moss Kanter, Professor, Harvard Business School speaks to Big Think

Matching Creativity with a Plan Exercise 3-1
What does Kanter’s Law “Everything looks like a failure in the middle” mean? Can you provide an example of Kanter’s Law in your own life? Is it easy to turn your own creative idea into something meaningful and powerful? Why or why not? What is required? Let’s go through this exercise in which we discuss the tough parts of going through the rigorous process of planning, and being disciplined, and how it applies to our own lives.

The Business Plan Entrepreneurs who finish a business plan are twice as likely to: Grow their business Obtain an investment or a loan Source: Survey of nearly 3000 entrepreneurs by Palo Alto Software This is some new, amazing research based on thousands of small businesses which shows us that entrepreneurs who finish a business plan are TWO TIMES as likely to grow their business and obtain an investment or loan. So, if you want to grow, you need to plan.

Purpose of a Business Plan
A Business Plan has three Primary Purposes: Charts the course for a business owner Provides an introduction document for fundraising Drives action for team Source: DECA exercise by George T. Solomon, The George Washington University’s Center for Entrepreneurial Excellence These are the primary purposes for a plan: 1. Charts course for business owner - Businesses that plan are more successful (Source: Sullivan, Robert. The Small Business Start-Up Guide. Great Falls, VA: Information International, 1998, p1). Business planning gives the owner, and those affiliated with the owner such as staff, financial institutions, etc., a sense of where the business is heading. Remember the marching band analogy: it takes planning to make the band head in the same direction. 2. Provides introduction document for fundraising Whether it is a bank, the Small Business Administration, or a friend or family member…any person or institution lending money to your business wants to understand the business itself, the opportunity, the people involved, and other factors in making a decision about an investment. 3. Drives action The best business plans address not only “what” but also “how.” What – the idea, the vision. How – how this idea or vision will be implemented. The first step, for any future entrepreneur, is to lay out the idea. What is the vision? The opportunity? As a business concept matures, it is imperative to address the “how” – that is, “How will I carry out this vision?”

Thinking about “How” Exercise 3-2
Write down your business idea How would I describe it in one sentence? How would I market it to my customers? How could I have an advantage over competitors? This “how” exercise will remind you – at first – of your pitch from Module 2. But then, we start to move into HOW. That is, what actual tasks and steps would you take to market it to your customers. How do you think you could have an advantage over your competitors? Has it changed from Module 2 based on thinking about “how” or is it the same? INSTRUCTOR DISCUSSION GUIDE: Some students, when they begin thinking about “how” (e.g., “I will market to students at local colleges”) will begin to see their competitive advantage differently (e.g., “We will be the experts in the college student market and have a partnership with the local university). Before thinking about “how,” in Module 2, competitive advantage is often broader and more general.

Business Plan Basics Typical Sections of a Typical Business Plan:
Executive Summary Product or Service Description Market Landscape Operational Plan Sales and Marketing Plan Financial Plan Appendices For those who completed Module 2 We’ve had an introduction to product/service description and market research from Module 2 (think back to the “elevator pitch” section of Mind Mapping and the Who, What, When, Where How / SWOT, and Primary/Secondary research introduction). If students missed class, or did not do Module 2, there is a brief refresher in Module 3 as we watch a video on the next slide and learn more about each of these sections.

Business Plan Basics: Case Study Exercise 3-3
Watch film with sections from previous slide in mind This will give us a day in the life of a global business, figuring out their market, and planning around that knowledge.

Business Plan Basics: Case Study Exercise 3-3
Fill in notes on the strategies mentioned by the Didgiridoo Dojo team in each of the areas below that you can. Where you do not understand an area, notate that. By the end of this section, you’ll understand all aspects of a business plan. Executive Summary Product or Service Description Market Landscape Operational Plan Sales and Marketing Plan Financial Plan Appendices Instructor note: This is to get an inventory of terms with which students are familiar. It is also to let students know that, but the end of this section, they will understand all aspects of a business plan.

Business Plan Basics Executive Summary Product or Service Description
One page highlight of each plan section Product or Service Description Detail about your products and services Market Landscape Demonstrates knowledge of your market & customers (Instructor: The next, advanced, section in which students do their own plan will offer a chance to go through these steps again, but with their own business idea. Furthermore, certain sections of the plan will be addressed in more depth. If you find students have many questions and a high interest level about certain sections, it might be a sign they are ready for the advanced exercise which provides more depth.) I. Executive Summary One page description of the business. Usually provides a “snapshot” or brief of each of the business plan sections. Refer to what you are seeking (e.g. money, advice, staff…what is the reader supposed to do with this information?). A common mistake made by entrepreneurs in sharing their business plan is not stating what they would like from the business plan reader. Examples include: Stating in a cover letter, or the plan itself, you are seeking X dollars to be paid back over a certain period of time. Stating in a cover letter, or the plan itself, that you would like the reader to consider serving as an advisor to the business. II. Product or Service Description This is your opportunity to make sure the reader understands your product or service. Make it clear and concise so the reader can keep that visual image as they read through the rest of the plan. A good idea is to offer a preview of your market research and mention the market opportunity or need that your product or service addresses. III. Market Landscape - All of your market research tools from Module 2 will come into play for this section. What you should plan to cover is on the “tips sheet” on the next page.

Market Landscape: Tip Sheet
Primary and Secondary Data The Industry: Size, Growth, Consumer Behavior, etc. Target Markets: People, Place, Preferences, Competition The Industry & its Characteristics – here is what you should be covering: Size – (Units and Dollars) How big is your market? For instance, if there are two dog grooming shops in your town, how many dogs do they serve? How many dollars does that represent? Growth – Is the market growing, or, are sales “flat” (remaining constant or the same). Consumer behavior – Do people switch based on price, or, do they tend to make choices based on location and relationship/service? “Switching cost” is a common topic of discussion among business owners and Fortune 500 companies. It means, “What will it cost us to get this customer to switch to our product or service?” A dry cleaner may drop off well-designed flyers at your house for 3 months, however, you may always use the more-convenient cleaner down the street. With this decision, you have chosen convenience as your top priority. This is the exact type of behavior companies try to predict. Other factors – What other factors influence your market? Think about these carefully. Discuss it with friends. Run your thoughts by advisors. With each person to whom you show your business plan, it will improve. Target markets. What markets are you targeting? Women, men, students, older people, your home town, your street? Think in terms of: People (gender, age, income/working status, etc.) – also known as “demographic.” Place (where they live, work, etc.) – also known as “geographic,” and Preference (needs, wants they have, products they use, lifestyles and interests) – also known as “psychographic.” Competition. What is the competition doing in this market? What do customers say about them? How are their products priced? How long have they been in business and what do they sell? Are they growing, shrinking? All of these questions can help shed light on what “space” (or opportunity) there is for you in this market.

Sites for Entrepreneurs Exercise 3-4
Entrepreneurs all have their favorite sites. Watch this video, then develop a list of your own favorite entrepreneur sites. Be prepared to share your top 3 favorites with the class. In checking out the market landscape – and in general – entrepreneurs all have their favorite sites. INSTRUCTOR DISCUSSION GUIDE: Be prepared to press students on WHY they like the top three sites versus merely listing. Try to have them share on a class blog so the rest of the class can click through the other students’ selections.

Business Plan Basics Operational Plan Sales & Marketing Strategy
Management team, form of incorporation, major milestones (timeline) Sales & Marketing Strategy Plan for reaching customers, driving sales Financial plan Financial statements, projections, funding sources These are the next major sections of the business plan. We’re going to see detailed tip sheets for each.

Operational Plan: Tip Sheet
Team and Structure Team bios, Staff needs in Future, Definition of all roles Business Location List advantages or rationale Form of Ownership Sole Proprietorship Limited Liability Company Partnership (General, Limited) Corporation (C Corp, S Corp) Operational Plan – This is what your business will look like and how it will work. Remember the “how” exercise from earlier? Your ability to think about “how” will come into play in the operational plan. Team and Structure Management team and roles – List the management team and board of advisors. These are the individuals who will be carrying out, and advising, the operations of the company. Tip: Present team member bio. List the team member’s name, their title, and a description of their past experience and education. Explain what role they will play in the company. If you are the sole employee, explain your own background and experience. Tip: What function in the company will they be handling? Financial, sales, marketing, customer service, other? Providing an organizational chart can be helpful. Tip: Project needs for staff in the future. Business location – Where is the business located? Is it a home-based business or will there be a retail or office location? Tip: List advantages. If the location offers some advantage (e.g., proximity to clientele, low cost, etc.) mention this in the plan. Form of Ownership. What type of company will you have? A sole-proprietorship, partnership, LLC, C Corporation? Business owners make form of ownership decisions based on many factors including: Liability, tax implications, and control. states “When you start a business, you must decide whether it will be a sole proprietorship, partnership, corporation, or limited liability company. Which of these structures is right for your business depends on the type of business you run, how many owners it has, and its financial situation. No one choice suits every business: Business owners have to pick the structure that best meets their needs.” Entity: Sole Proprietorship Main Advantages: Simple and inexpensive to create and operate; Owners (partners) report their share of profit or loss on their personal tax returns Main Drawbacks: Owner personally liable for business debts Entity: Limited Liability Company Main Advantages: Owners have limited personal liability for business debts even if they participate in management; Profit and loss can be allocated differently than ownership interests; IRS rules now allow LLCs to choose between being taxed as partnership or corporation Main Drawbacks: More expensive to create than partnership or sole proprietorship;State laws for creating LLCs may not reflect latest federal tax changes Entity: General Partnership Main Advantages: Simple and inexpensive to create and operate; Owner reports profit or loss on his or her personal tax return; Entity: Limited Partnership Main Advantages: Limited partners have limited personal liability for business debts as long as they don't participate in management; General partners can raise cash without involving outside investors in management of business Main Drawbacks: Owner personally liable for business debts; More expensive to create than general partnership; Suitable mainly for companies that invest in real estate Entity: C Corp Main Advantages: Owners have limited personal liability for business debts; Fringe benefits can be deducted as business expense; Owners can split corporate profit among owners and corporation, paying lower overall tax rate Main Drawbacks: More expensive to create than partnership or sole proprietorship; Paperwork can seem burdensome to some owners; Separate taxable entity Entity: S Corp Main Advantages: Owners have limited personal liability for business debts; Owners report their share of corporate profit or loss on their personal tax returns; Owners can use corporate loss to offset income from other sources Main Drawbacks: More expensive to create than partnership or sole proprietorship; More paperwork than for a limited liability company, which offers similar advantages; Income must be allocated to owners according to their ownership interests; Fringe benefits limited for owners who own more than 2% of shares (Instructor “insider’s” note: New corporate forms are surfacing in certain states to accommodate ventures with social missions. These are largely untested and should be monitored with the help of experts, also discussed in this module). Source: Inc.com Additional notes: Sole Proprietorship - This is the most common form of small business From Nolo.com: “If you're going into business on your own, the simplest legal structure is the sole proprietorship. A sole proprietorship is a one-person business that is not registered with the state as a corporation or a limited liability company (LLC). A sole proprietor can be held personally liable for any business-related obligation. This means that if your business doesn't pay a supplier, defaults on a debt, or loses a lawsuit, the creditor can legally come after your house or other possessions.” Limited Liability Company - A limited liability company (LLC) is an ownership structure that is similar to a corporation. Actually, it combines attributes of both corporations and partnerships (or, for one-person LLCs, sole proprietorships): An LLC offers the corporation's protection from personal liability for business debts and the pass-through tax structure of partnerships and sole proprietorships. LLCs are much easier to run than Corporations. As is the case with corporations, LLC owners are protected from business liabilities unless there is fraud, neglect, personal guarantees, or a running of the business as a personal extension of their affairs vs. a separate business. Partnership - From Nolo.com: “A partnership is a business with more than one owner that has not filed papers with the state to become a corporation or LLC (limited liability company). There are two basic types of partnerships -- general partnerships and limited partnerships. The general partnership is the simplest and least expensive co-owned business structure to create and maintain.” Partners are personally liable for business debts unless it is a limited partnership in which case limited partners are only liable up to the amount they invested in the partnership. General partners, however, tend to still be fully liable. Corporation - From Nolo.com: “As the owner of a corporation, you are required to hold shareholders' and directors' meetings, maintain corporate records, and document major corporate decisions.” It protects your personal assets, however, unless there is neglect or fraud involved. C Corporation - From Nolo.com “Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S corporation, whose profits are passed through to shareholders and taxed on their personal returns under subchapter S of the Internal Revenue Code.” Subchapter S Corporation - From Nolo.com: “Instead of being taxed as a separate entity (as would be the case with a regular or C corporation) an S corporation is a pass-through tax entity: Income taxes are reported and paid by the shareholders, not the S corporation. To qualify as an S corporation a number of IRS rules must be met, such as a limit of 75 shareholders and citizenship requirements.” (Instructor: Again, the expectation of receiving funding plus tax considerations can complicate the ownership structure decision. Students must perform detailed research and consult with an attorney if they are serious about setting up a business.)

Operational Plan: Tip Sheet
Product and Service Plan Description of product or Service Supplier/Manufacturing/Inventory Details Major First Year Tasks and Future Goals Year One Tasks with Dates and Status Product/Service Plan – Now that you know what product or service you will offer, we will discuss the “how.” Where will the materials come from? How will it be delivered? These, and other operational questions, are covered in this section. Detailed description of product/service - In an earlier section, an overview description was provided. Now, if there is more detail, it can be written in this section. Supplier/Manufacturing/Inventory detail - Where will the materials for the product be purchased? If it’s a service, where will the skills be obtained to render the service? Will a product be stocked (inventoried) and, if so, how? Where will the product be assembled if that is required? Major Year 1 Tasks and Future Goals Year 1 Tasks - List the major tasks to be accomplished in Year 1 to meet your revenue objective listed in the financial section. Tip: List dates and status too. If you have already accomplished some of the tasks, this will demonstrate progress. Future Goals - List your vision for the company in 3 to 5 years. Tip: Be as specific as possible. Will the product or service be the same, but bought by more people, or in different areas? Will there be a completely new follow-on product or service?

Sales and Marketing: Tip Sheet
Rule of Thumb: Product, Place, Price, Promotion Promotion = Advertising, Publicity, Personal Selling Sales and Marketing Strategy - Don’t just try one thing after another. This wastes time, energy, and money. Think seriously about the customers you want to reach and how best to appeal to their needs. In other words, have a plan and develop strategies to meet your objectives. As Harvard Business School finance professor Paul Marshall once said, “A business needs to make stuff and sell stuff.” If you’re not doing that, there’s not a lot to talk about. This section gets at the “sell stuff” component. The Four Ps –Despite a lot of new and innovative marketing gurus out there talking about a variety of marketing concepts, the four “Ps” continues to be taught in many business schools as a way to think about marketing. Product – Where is this product/service in its “lifecycle”? Is it a known, accepted product? Or, is it new and innovative? Be prepared to address this in a business plan. Example: Mature product - A product that is accepted might require less consumer education, but, it means there is more competition. Example: New/introductory product - A new, innovative product might mean you have to educate the consumer on “what is this thing?” but, there will be less competition. Place – Where is your product or business sold? On the web, out of your house, at school, door to door, at a shop, over the phone? Tip: Sales strategy – Walk through the “how” of a sale. If you will sell on the phone, how will that work? How will you get contact numbers? How will you convince them? Price – How much does the product cost? Be prepared to demonstrate the thought behind the cost of your product or service from two perspectives: Internal/Cost perspective – What does it cost your business to make the product or offer the service? If your goal is 50% profit, and your product costs $10 to make, you will need to sell it for $15. Will the market pay $15 for this product? External/market perspective – What will the market pay for this product? (Referred to as “willingness to pay”). Research plays a strong role here. Promotion – there are three primary ways to promote products and services, how will you employ each? Type of promotion – Advertising - From flyers, to internet banners, to ads in the paper and on TV…this is what is meant by “advertising.” Tip: Advertising value - There are equations to compute the value a business is receiving by using a particular form of advertising. This is called CPM or “cost per thousand.” Ask publishers to demonstrate the value to you. Type of promotion - Publicity – Public relations, or “PR” is one of the cheapest ways to advertise your product or service. There needs to be a compelling story. What is yours? Tip: Cut through the noise - Think about, “What is interesting, different, compelling, personal, make you laugh, or make you cry about my product or service?” Type of promotion - Personal Selling – Getting out there and selling your product is another major component to selling and marketing a product. With the advent of technology, many sales are done via and the web, txt, and tweet, in addition to in person and over the phone.

This should be examined monthly, quarterly, & yearly
Financials: Tip Sheet Revenue -Expenses Net Income Revenue: How many did you sell? This should be examined monthly, quarterly, & yearly Revenue is the money you make each year in your business. Expenses are the costs you incur to run your business. This could range from office supplies, to the people you pay, to web hosting. Net income - Income is the money you make. To be more specific, “NET” income is the money you make (revenue) LESS all expenses including taxes, interest paid on loans, etc.

Financials: Tip Sheet Case Study
Discuss the innovative way of managing expenses. What impact did this have on how much money the company made? INSTRUCTOR DISCUSSION GUIDE: A lively discussion could take place about many angles of this story. But one of the bottom lines – for example – is about reducing expenses.

Financials: Tip Sheet Revenue -Expenses Net Income Expenses: Salaries
Rent Utilities Rent Car Insurance Machinery Equipment Office Inventory Marketing Dues When looking at expenses, it’s important to assess: Which items need to be bought NOW? (Necessary for the operation of the business). Which items can be bought later? (Possibly purchased with initial profits of business). Where will you get the money that you need NOW? (To be discussed in “Funding” section). (Instructor: There is the opportunity to get into this more in the advanced business plan exercise in the next section. For now, it’s an overview to give students a feel for types of expenses If you want to get into more detail, there are notes below.) Expenses – Expenses are costs to run your business. Your time – Many entrepreneurs do not count this as a “cost” to start with. This is “sweat equity” or your own effort invested in the business. Salaries – Will you need to pay other people in starting or running your business? Rent – Will you need to pay rent for your business? Low cost start-up ideas include working from home. Utilities – Will you need to pay power, gas, or other utilities? Telephone – Will you use your cell phone or home phone for business calls? Car – Will you use your car, or your parents’ car, or incur gas expenses while running your business? Insurance – Will you need to insure your business? Check with an advisor. Machinery – Will you need special machinery for your business? Equipment – Will you buy any office equipment (fax machine, computer, etc.) for your business? Office – Will you buy paper, pens, or other supplies for your business? Inventory – Will you need to buy materials to make a product you are selling? Marketing/Promotion – Will you buy advertising space, print flyers, or do other types of marketing or promotion? Dues (or Fees to Professional Association) – Will you subscribe to a magazine to learn about your market? Will you join an association requiring dues (in your industry or chamber of commerce)? Will you hire a lawyer to help you incorporate your company? Other – What other costs will there be to run your business not covered by the above?

Financials: Tip Sheet Revenue -Expenses Net Income Net Income:
After Taxes Profit Remains Income is what remains after you’ve paid your expenses, and taxes. (This is the simple version and are not full financial statements)

Projecting Profit Exercise 3-5
Example $100 -$75 $25 $25 / $100 = 25% 1. Estimate one unit of your revenue (one product or one service). 2. Estimate the expense of this unit (the cost to manufacture, supplies, time, etc.). 3. Subtract #2 from #1 (Example: 100 – 75 = 25). 4. Divide your answer by #1 (Example: 25/100 = 25). Your Profit Here is a simple equation to look at your profit. Let’s say you make 100 dollars. If your expenses are 75 dollars, you have 25 leftover. This means you divide 100 by 25 and your profit is 25%. (Instructor can illustrate as a math problem on board or refer to Powerpoint slide) 1. Write down your projected income for a month or a year. Example = $100. 2. Write down your projected expenses for a month or a year. Example = $75. 3. Subtract #2 from #1. Example $100-$75=$25. 4. Divide your answer by #1. Example $25/$100 = 25%. This is your estimated percent PROFIT for your business. This may seem rudimentary, which is good news in a way because it means we can all do this as future business owners. (Instructor: This is a very *back of the envelope* approach and does not include things like taxes, amortization/depreciation, accounting for direct and indirect costs, etc. These are all things not being addressed in this curriculum at the K-12 level but it is important to know they do exist and are taught at the advanced high school and college level.) Why define one unit? In the example above, $100 represents “one unit” of a product or service from our company. Defining a unit. Defining a unit is one starting point for projecting and tracking revenue. Critical for Scale. Defining a unit is important because successful businesses know what they are producing, how they are producing it, and then they try to do more, better, faster. This term is called scale. Financial analysis. The ability to look at your financials on a per-unit basis can be helpful for cost containment or other actions on the part of management. For instance, the lawn care case study saw that there were opportunities to reduce expenses as a result of some informal analysis. Many well-informed actions can come out of this kind of analysis, both formal and informal.

What Entrepreneurs do with Profit Exercise 3-6
Reinvest back in the Business Pay back Investors Keep it for Themselves/Family Dedicate to Something Charitable A Combination of the Above What would you do with the profits from your business? Make a pie chart with specific segments. (Instructor note: After going through exercise with students, if there is a lack of familiarity with pie charts you can show them this chart ) What do entrepreneurs do with profit? Invest back in the business (e.g., Buy next year’s inventory, keep as a cash surplus). Pay back investors – Banks, family, friends, others. Keep it for themselves – Invest for college, use as spending money. A combination of the above. “What would YOU do with profit from your business? Make a pie chart.” INSTRUCTOR DISCUSSION GUIDE: Students can practice doing a business graphic (a “pie chart”) as they speculate on the percentage of profit they would keep in the business, keep for themselves, or use to pay back investors. Example: 50% - Keep back in business to fuel growth (it takes money to make money and I don’t want to have to borrow from a bank or investors). 50% - Pay back initial investors (start up capital in business)

Appendices: Tip Sheet Detailed Spreadsheets Market Research
Other Items that do not fit directly in the specific sections of a business plan Appendices – Appendices allow entrepreneurs to display detailed spreadsheets, market research, and other “bulky” items without disturbing the flow of their plan. If you are already running your business, you could put samples of marketing materials, screen shots of your website, etc.

Optional Advanced Exercise
Your Business Plan Students will complete their own business plan by following a step by step exercise and a downloadable template.

YOUR Business Plan Exercise 3-6a
Part I: Fill out business plan outline as provided, using YOUR business idea. Part II: For Financial section, use financial worksheet provided. Getting started: Your Passion/Area of Interest PART 1: You will fill out a business plan outline with information about your business. (Instructor: In times of doubt, encourage students to guess or extrapolate and mark these sections for follow-up to maintain momentum). PART 2: You will also complete financial section which walks you through the process of developing financials for your business plan. Together, the two sections will make a complete plan. We’ll get started with thinking about your passion or interest area from which you developed a business idea in Module 2. (Note: If the students did not do this, they should approach this exercise with a business idea, or take one hour in class to go through the Mind Mapping Exercise from Module 2). INSTRUCTOR DISCUSSION GUIDE: Discuss the exercise with students section by section whether completed part by part in class, or as a homework assignment. Recommended discussion format: Who would like to share the highlights of what they have for x section? (Pick 3 volunteers, they come up in front of the class, class asks questions about their plan). Follow up question: In addition to the questions you all asked, what would you like to hear more about in the plan? Review entire plans, or sections, on paper as homework or turn-in assignments. Call volunteers up to front of class based on strength of each section. Should you desire to go to the next level and have professional business input on the plan, consider reaching out to a local entrepreneur, professor of business at a local university, or even a senior executive at vendor who supplies your school with various services or products. Bring them into class for comment/judging as three volunteers present on their business plans. After practicing (as discussed above), students should be well versed on presenting their ideas and thinking analytically.

Executive Summary One Page Description of the Business Product or Service Description Market Landscapes Industry and Characteristics Target Markets Competition Executive Summary - Working through the points section by section, let’s start with the executive summary. As mentioned before…For some people, this is easier to do LAST when you have details of each section to fill in. It is a one page description of the business. For the purposes of this exercise, we’ll fill in the most important line from each section. (Instructor: Your class can work together to determine the top takeaway points, or you can assign as homework.) (Instructor: Students will fill in different answers for this section and may have trouble determining which pieces of information are most relevant. This is exactly the type of critical thinking that goes into the executive summary and is the major takeaway - s. whether they have the vision of perfect information in their plans). Product or Service Description - This is a clear and concise description of product/service. What information belongs here? Getting started: What is your product or service? What benefit does it provide? Market Landscape - The idea here is to provide market information and demonstrated need. Industry and characteristics - What is happening in the market that supports your offering? What are the trends (market research will be necessary to validate this. Students should be providing DATA in the form of numbers and percentages to indicate market size, as well as SOURCE to prove credibility). A survey of family, friends, etc. (Primary market research) is also acceptable. Strongest information will be a combination of both. Advanced: Very strong information will feature quotes direct from consumers combined with hard-hitting data (dollar figures, numbers, percentages). Business’s target markets - Is the market male or female, what age, how much money do they spend on these products/services, is it a consumer population or business population, does the student have any “in” or pre-existing knowledge of the population, geography, etc. How much money does the population make in general? Other characteristics of population. Competition - Who are the competitors? Produce information on each including what appears to be their focus and any indication of future moves.

Operational Plan Team Roles and Organizational Structure Form of Ownership (Sole Proprietorship, etc.) Business Location Material Sources for Products/Services Major Year One Tasks and Future Goals Operational Plan Team/roles and organization’s structure – Who is the owner/founder, who is the team, what experience do they have that might be relevant to the business venture? From an operational standpoint this section also helps plan for hires or, as they say, “staffing up.” Form of ownership (sole proprietorship, etc.) – (Instructor: Students may choose a sole proprietorship by default. Those with a lawyer or other expert in the family may go beyond this. Refer back to notes on Slide 17 and/or encourage students to visit if they have not yet researched corporate structures.) Business location – Where is the business? For some businesses, it might be relevant if you are trying to attract a certain population (e.g., We will locate within 1 block of Starbucks or the same shopping center since we have the same target demographic. We will locate in Boston because we’ll be serving major universities in New England then expanding nationally afterwards). Material sources for product/service – Where will students find their materials (in some cases, the “materials” might be people!)? Major Year 1 Tasks and Future Goals - Think Day 1, Day 30, Day 60, Day 90, and so on in reference to what you would like to accomplish. This is very, very important. (Instructor – Students often need coaching through major one year tasks and future goals Example of Major One Year Tasks and Future Goals: Day 1 – Develop business plan and apply for funding. Day 60 – Receive funding. Day 60-Day 90 – Marketing pieces, phone line. Day 90 – Launch new services. Day 90-97– Serve first 5 clients of new services. Future goals: What is your future goal in terms of business size? Business scope (grow to where? What other product lines?) Is the goal to sell the business? Etc.)

Sales and Marketing Strategy Product Place Price Promotion Sales and Marketing Strategy Product – Is it a known, accepted product? Or, is it new and innovative? Discuss the product from a sales perspective. Will there need to be education (new and innovative) or is it easy for customers to understand (accepted product). Place – Where is your product/service sold? (Web ads, Facebook, in person, at store, etc.) Price – How much does the product cost (current or future offering)? Strong answers have the product price based on not only costs and desired level of profit, but also the market and willingness-to-pay (that is, how much the customer is willing to pay for this type of product or service). Promotion – How will you promote your projecut? Advertising, Publicity, Personal Selling. Remember back to the advertising slide…many entrepreneurs use the internet and do a lot of publicity. What is the story behind your idea? Sell that electronically and via press. Flyers, etc. are common get-started marketing techniques.

Financial Plan (refer to template) Projected Income: Revenue - Expenses = Income Starting year Year One Year Two Proposed Plan to meet Capital (monetary) needs Source: 3-4 PDF PART II derived from DECA curriculum by Dr. Susan G. Duffy (Instructor: Students complete worksheet and “plug into” this portion of the exercise (financials). Students should use exercise template. Circulate around room as they complete the worksheet or have students complete for homework.) Financial plan – Here we’ve arrived at the Projected income and expenses sections which will be Part II of our assignment. You’ll be working through a worksheet that will take you step by step through doing financials. Basically, this section of the plan shows projected income which is Projected Income: Revenue – expenses = income (across a number of years) Next is the Proposed plan to meet capital (aka “money”) needs – If you have determined your business needs capital, are you seeking money from a bank, from friends and family, or other of the funding sources? We’ll learn about those funding sources next, and you can determine which is the best fit for you. For plans seeking investors, there will often be a section highlight numbers investors want to know, such as specific profit or expense numbers, as well as how many shareholders there are currently. We will not be doing this in our plans today.

Appendices Detailed Financials Extended Market Research Charts Detailed Operational Charts Other Misc. and Necessary Documents Appendices – Detailed spreadsheets, market research, and other “bulky” items. If you have done a great deal of research, financial analysis, or have other key information that is detailed, the appendices section is good place to synthesize and place the information. (Instructor: Students first learning to do a business plan may be tempted to put in everything they find and analyze. This appendices section offers an option to demonstrate work, but keep the document “clean.”)

YOUR Business Plan Exercise 3-6a: Wrap Up Video
Here is a wrap up video to solidify some of the points about business plan and add some additional “oomph” regarding some extras that can be strung through the plan.

Understand Funding Landscape and Options Map out Government Agencies and their Relationship with Business Owners Next we’ll look into the funding landscape, and options for entrepreneurs within this landscape.

Funding Landscape Call it funding, financing, raising capital, or borrowing… Here’s why you need it: Pay Start Up Costs Fund Growth Short Term Cyclical Needs Funding, financing, etc. – Whatever you want to call it, funding for your business is typically OPM “Other People’s Money” unless you have cash sitting around to finance your company. Funding is needed for a few primary reasons: Pay start up costs – The purpose of paying start up costs would be until the owner can make enough profit. Fund growth – For example, opening 3 additional locations. Or maybe the owner wants to buy the building in which they have their office. Short term cyclical needs – For example, a beach towel manufacturer may need extra money before the summer. During and after the summer, the owner can easily pay back the short-term money borrowed. As a side point, Just in case – Some owners like to have money around ‘just in case.’

What Funding Options do you have?
Profit—generated through your business Debt– borrow money Equity—give up percentage of company in exchange for money Special – Unique grants to for-profits. Examples include Small Business Innovation Research (SBIR) Grants and Crowd Funders like Kickstarter. What funding options to you have? It starts close to home: Profit - There is profit you generate through your business. Some also call this “organic.” Debt – These are funds that you pay back + interest. (e.g., You borrow $10 at 10% interest. You have to pay back the $10, plus $1 (10%) of interest; Many houses and cars are bought using debt. Equity – These are funds are received in exchange for a percent of ownership in the business. (E.g., You borrow $10 from a friend. You give the friend ownership in your business in exchange for this. Although, let’s hope it’s more than $10! Equity is very complex, this is just an intro.) Here are the first the four primary sources of funding. To be absolutely clear, this means places where you can get money for your business. These are the most common ways. There are also some special grants and new “crowd sourced” websites popping up we’ll learn more about in our next exercise.

Funding Debate Club Exercise 3-7
Verbally duke it out with you classmates. Which form of funding is best? Will yours win? Divide into teams and receive your funding assignment. Research your Funding Type. Each team makes a mini-presentation about their form of funding to the class, persuading your peers that your form of funding is best. Class votes on the favorite form of funding (not allowed to vote for own group). Forms of Funding Description on next slide. Today you will divide into teams, research 6 funding options on the next page. and then duke it out. Which form is better? Your job is to sell it to us in a compelling ____ (give them a minute time limit) presentation. (Instructor: Provide the tools they can use. Can they work overnight with teams and research on web? Will they be provided with books or hand-outs in class? Do they need to spend time quickly in the school computer lab? Etc.)

Funding Debate Club Exercise 3-7
Sources of Funding (Four Primary Sources in Bold) Financial Institutions FFF: Founder, Family, Friends Angel Investors Private Equity (Includes Venture Capital) Initial Public Offerings (IPOs) New Breeds (CrowdFunding/Special Grants) The first four on this list are the primary sources of funding. The last two are less common options for most entrepreneurs. When I talk about funding, to be absolutely clear, this means places where you can get money for your business. Understanding funding or financing options is helpful if you: Need some money to grow your business. Need some money to start your business. Once again, today you will divide into teams, research these 6 options which include the four primary sources and two less traditional forms of funding, and then duke it out. Your job will be to really become the advocate for your form telling us why it’s great, while also being realistic about some of the risks so we are all learning too. Pros and cons. Extra information for instructor: You can choose to tell them some or all of the information below, or nothing and have them do original research and present it to the class as part of their exercise on the next slide Many people, when they are first starting their business, try to do with as little as possible. “Bootstrapping,” “Lean and Mean,” “Cost Effective,” are all popular terms in the business world. No one wants to be known for spending money unwisely. Sources of capital/funding - Small firms use many different sources of capital, including their own savings, loans from family and friends, and business loans from financial institutions. 1. The first source of funding is Financial Institutions: These are places from which you borrow money, and then pay a fee…or an interest rate…for borrowing that money. Quick in class survey: Does this sound like Debt or Equity? (ANSWER: DEBT) Credit card – Although you might not realize it, when you use a credit card you are actually borrowing from a bank. Founders will often use their own personal credit cards (beware!) for business expenses and start-up needs. Reality Check: As with any form of debt, payback is required. As part of using debt, including credit cards, intelligently, see to learn more about checking your credit score. Community Banks - This might be a local bank near you that is only in your community (see Usually there will be one location, not a bunch of locations like the next category. Large banks - Bank of America and Wachovia (or other bank in your area) are examples of large banks. You see their branches around in many locations. There are also large financial institutions banks like Merrill Lynch or Solomon Smith Barney. They will lend to clients, but don’t have banking locations all around like Bank of America and Wachovia. That is because Merrill Lynch and Smith Barney are not “retail” banks. You can remember that because they do not lease “retail” space at shopping centers, etc., to service their banking clients. They will do it all from a main office and their employees go out into the community to service clients. Small Business Administration - The Small Business Administration provides loans, often through local banks, to small businesses. Other organizations also work with small businesses to provide loans. Learn more at: Pros and Cons – There are many exceptions to and detailed nuances of this area of business, but, here are the bare-bones basics with regard to Pros and Cons of working with these financial institutions. PRO: Control – Many entrepreneurs consider the retention of control to be the primary benefit of debt. When you use debt for your business, you are not giving up control. You are not saying, “Here…I will give you a percentage of my business in exchange for money.” The bank simply is saying, “We’ll lend you this money for a fee, so, pay us x% of what you’ve borrowed each month.” Many business owners like this concept. CON: Interest payments - As you know, with debt you must pay this interest monthly. If there is not a regular revenue flow into your business, debt may not be a good option for you. Also, you must often have what is called “collateral,” or something to give the bank if you cannot make payments (called “defaulting” on your loan). Unless you have a long-standing relationship with a bank, there are not a wide range of special exceptions or, “Hey, do me a favor” situations with banks and financial institutions. Summary - You must take money (in general) and financial institutions (in particular) very seriously because, depending on how you have your business set up, it can impact your personal credit rating. Again, to monitor your personal credit rating please see: 1. Founder, Family, and Friends – At Harvard Business School, finance professors often joke that FFF stands for “Friends, Family, and Foolhardy.” Founder – Founders almost always provide some sort of financing for their business. 74% of start ups are funded by founders. Literally, this would mean an owner putting money into the business. There is also a term called “sweat equity” which means effort of the owner is being invested in the business. Sweat equity does not have a real value on paper. However, if the owner builds something of value, that is the pay-off for the sweat equity or effort she/he has invested. Cons: There is no “Plan B.” If only the Founder is invested, it means there are no financial relationships on which to draw in a time of need. It might be a good idea to introduce yourself to a bank, or investors or partners, even if you DON’T need money so that you can call on that relationship later. Pros: Retain control in business (not giving up a percentage of business as is the case with equity). If it is just founder’s money or effort, no cooperation with outside parties is needed. 2. Friends and Family – Next, founders will often ask friends or family for money. Pros: Friends and family are easily accessible, family and friends might believe in you, entrepreneur does not “share” control of the business. Cons: May have limited amount of funds available, can damage personal relationships. Reality Check Note: Friends and families might be the only choice a business owner has for start-up funds. A bank might not take the risk. 3. Angel Investors – Angel investors offer money and expertise. They are wealthy individuals – often entrepreneurs themselves – who invest in smaller businesses in exchange for a percent of ownership. Angel investors are the oldest, largest, and most often used sources of outside funds for entrepreneurial firms. The U.S. has almost 3 million angels investing more than 50 billion each year. Pros: Prefer smaller investments, will take on risk. Cons: Prefer to have a say in running the firm, entrepreneur has to “get along” with angel, entrepreneur loses some control in the business. 4. Private Equity/Venture Capital Funds – Many people are familiar with the term “Venture Capital.” Venture capital is a subcategory of “Private Equity.” For more on private equity, see: The National Venture Capital Association - Pros: Will invest more money than other sources, take risks financial institutions won’t, offer support, always looking for right firm. Cons: Entrepreneur loses some control in the business, access can be hard without a referral, VCs want a quick return on their investment, VCs only interested in “high potential” firms. 5. IPO - We’ve discussed the four primary ways entrepreneurs finance their businesses. There is a fifth, less common, option. It is called “GOING PUBLIC” or “IPO: Initial Public Offering.” This is funding from public markets. Also known as an “IPO,” this is when a company “goes public” or offers stock in the company to the general public. Facebook, for instance, recently went public. 6. Crowd Funding / Special Grants Crowd Funding from new start up entities like IndieGoGo.com and KickStarter.com are a hot trend. Scroll down in this post for a description of a young entrepreneur whose business got its start using funding from such a source . There have been a few attempts, and a recent current push from a successful entrepreneur, to get Crowd Funding legalized so that it could go beyond donations on websites to a legitimate and organized funding source for small businesses. Watch this trend and see what happens! Social Venture grants exist for businesses, and they don’t necessariy have to be nonprofits. Students could be get a social venture fellowship with a group like Ashoka. Also, Small Business Innovation Research grants (SBIR) are given by different agencies of the Federal Government – for example, if you are a small business developing an energy product or service, you might be eligible for an SBIR grant. Both are a lot of work and require applications, but, they are non-traditional types of funding with no pay-back required. What is the most commonly used? (Debt) Credit cards, credit lines, and vehicle loans are the most often used types of credit. Commercial banks are the leading suppliers of credit, followed by owners and finance companies. According to the NFIB, 62% of small business employers have a line of credit, and 49% of small businesses accept credit cards (this is DIFFERENT than using credit cards to finance your business when first starting, but indicates the pervasiveness of credit card use among small business. More: Source: Dr. Susan G. Duffy Advanced Follow-Up Exercise: 3-7a: Your Funding Options

Funding Wrap Up Education about finance affects home too: 86% per cent of teens care about managing their money. Business and money skills help us everywhere. Carrie Schwab-Pomerantz of the Charles Schwab Foundation gives us some straight talk on families, teens, money – what we WANT to know, and what we don’t know. Now, you all are one step closer to knowing. Carrie Schwab-Pomerantz, President, Charles Schwab Foundation, talks with Big Think

Understand Funding Landscape and Options Map out Government Agencies and their Relationship with Business Owners When you start a business, there are a new set of rules and laws with which you need to comply. Here is a starter list of what those are. In addition, we’ll end with a resource list of fantastic organizations that will energize you as a starting and advanced entrepreneur to keep you motivated, informed, and supported.

Agency Relationships Establishing a Business the Right Way
Different Rules for Different Business Sizes Smart entrepreneurs: Seek Mentors & Experts Different rules for different business sizes: As your business grows the rules can change. For instance, in your state or locality there may be a limit on the number and nature of employees you can have in a home-based business. It is important to be aware of this, and research this as you establish and grow. Smart future entrepreneurs “dot their Is and cross their Ts” in setting up shop. What follows is an overview list of agencies and groups which the students may need to contact in establishing their business. The constant learning game: There are an unending list of things to keep up with as your business starts, and grows. It may seem impossible at times. How to do this? Smart entrepreneurs will always tell you the following: They have expert advisors on their side in the form of a mentors or a lawyer or accountant specializing in small businesses. This is not their first time around the block, and you will benefit from that knowledge. Some of the groups we’ll be sharing at the end offer networking opportunities with other entrepreneurs which provides, as I mentioned earlier, ongoing support that you will need as you grow your business.

Agency Relationships First Stops when Starting a Business
A permit or license State corporation commission Zoning office The SBA, resources, ongoing help The IRS concerning your tax status Here are a list of government entities with which you’ll need to interact when you first start up. We’re going to go through them one at a time.

Agency Relationships Business license: Do I need one?
Learning more: Search “business license” + your town State Corporation Commission How to incorporate Learning more: Search Business License. Do I need one? Most states have licensing requirements for certain types of businesses. Examples of businesses requiring licensing include Barbers, Attorneys, Doctors, Dentists, Contractors, Insurance Brokers, Opticians, Veterinarians. Learning more - To see if you need a business license for your type of business, do an internet search using the terms “business license” and your home town. State corporation commission - Or the state entity presiding over business incorporation, needs to be contacted if you have chosen a form of ownership for your business that needs to be registered with the state. Examples - LLC, C corporation, nonprofit. How to incorporate - Most smart entrepreneurs consult advisors such as an attorney and/or an accountant in selecting a corporate form. There are also services to incorporate on the web, albeit this is not the best way for a fledgling company to start. Learning more – forms of ownership - Learn more about different forms of ownership (also discussed in earlier modules) by doing an internet search on “form of ownership” or “incorporation” or going to Learning more – corporation commission: State corporation commission – by doing an internet search of “corporation commission” and your home state.

Agency Relationships Zoning Office—Information to think about:
Increased vehicular traffic Number of employees Use of a home Selling retail goods Storage Learning more: Search “zoning office” + your town Zoning office – Especially if you are starting a home business, you need to know zoning rules. Most cities and many counties have zoning ordinances that limit whether you can operate a business from home. Some activities that may be restricted are: Increased vehicular traffic, both moving and parked on the street & prominent signs. Number of employees in your home. Use of a home more for business than as a residence (determined by the percentage of space used for the business). Selling retail goods to the public out of your home. Storage of hazardous materials inside or outside your home. Learning more – To learn about the zoning ordinances in your area, do an internet search with “zoning office” and your home town. Sources: Start Your Own Business: The Only Start-Up Book You'll Ever Need (Entrepreneur Press) & Source: Start Your Own Business: The Only Start-Up Book You'll Ever Need (Entrepreneur Press) &

Agency Relationships Small Business Administration with young Loans
Certifications Learning more: with young Small Business Administration - The Small Business Administration is the federal government agency tasked with providing small business loans and assistance. Loans - SBA administers three separate loan programs for small business. For more information, visit: Certification – Federal and state governments have special contracts for small and minority-owned businesses as well as businesses located in certain developing areas. To learn more about this, conduct a search on the SBA’s website (www. SBA.gov) and type in “certification” or “minority certification” or “hub zone.” There are certifications for small disadvantaged businesses, minority owned businesses, businesses in a “Hub Zone” or particular locations. It is important to research what programs you might be eligible for if you plan to become a government contractor (aka, sell your products or services to the government). Women-owned business: In 2011, the “Give Me 5” Program formally recognized women-owned businesses by the federal government as a particular category for which contracts are set aside. Women Impacting Public lists its free webinars. Optional follow up: See blog post to stimulate additional discussion on federal programs

Agency Relationships Internal Revenue Service Do I need to file taxes?
Federal ID number Payment of employees Learning more: See video on next slide Internal Revenue Service – If you plan on making money, you should get to know the IRS. The IRS, as many know, is the US federal agency that collects taxes. You should reference their website for the following information in starting your business: Do I need to file taxes? - You must file a tax return if you had net earnings from self–employment of $400 or more. Federal ID number – A Federal ID Number, also known as an “EIN” or Employer Identification Number, is not required for every business. Check to see if you need an EIN. Most sole proprietorships without employees do not need an EIN, however, it can be a good idea to obtain an EIN to protect your personal social security number. This can be obtained online. Payment of employees – Most employees are either W-2 employees (full time or “on payroll”) or 1099 employees (contract employees). The IRS is such a fixture in business life that many business owners refer to the status of their staff by the IRS classification (e.g., W-2, 1099). The main difference between these two types of staff is based on which party is responsible for making certain payments and filings with the IRS? See for more information on this topic. Learning more -

Agency Relationships http://anse.rs/GBBLBE
Here is a wrap up in IRS information with an IRS representative. It’s also good to know that the IRS is trying to reach out to small businesses, too, and while the burden is on us to pay taxes – they recognize it is complex and really try to get out there and educate the public. Take advantage of information like this, and ask your advisors and mentors how they stay updated on tax law.

Agency Relationships As your Business Grows: Department of Labor Wages
Health Insurance Benefits Work Environment Hiring and Firing Learn More: and Flash forward a few years. You’ve grown. You’re hiring employees. Meet: The Department of Labor. Here is where you can find out about such items as: Wages - Are you paying someone enough? What is the minimum wage? Health insurance - In what circumstances do you need to provide health insurance? Benefits - In what circumstances do you need to provide certain benefits, such as unemployment benefits, retirement, leave? Work environment - Workplace safety and health is a concern, especially for certain industries involving hazardous materials or dangerous job roles. Hiring, firing - What are the rules around hiring and firing? Learning more - Check, also, on particular regulations for your state. Important Note: Different laws apply to different business sizes. What size business is yours? You can also learn more

Associations and Membership Organizations for ESTABLISHED Entrepreneurs
National Federation of Independent Businesses Entrepreneur’s Organization Young President’s Organization Vistage Maverick1000 Women Presidents Organization (Instructor: Below is a description of each of the organizations. Feel free to introduce students to the groups, or let them take notes, and research on their own) National Federation of Independent Business – – the largest advocacy organization representing small and independent businesses in the US. NFIB's purpose is to impact public policy at the state and federal level and be a key business resource for small and independent business in America. Policy – What policies passed in Congress might impact your small business? Health coverage? The ability of large businesses to have an advantage over small businesses in government contracts? NFIB believes supporting pro-small-business political candidates is crucial to defending free enterprise in America. Resources – Entrepreneur’s Organization – - global, non-profit educational organization for today's leading business owners, the Entrepreneurs' Organization (EO, formerly “YEO”), strives to help its members build upon their successes through an array of learning and networking opportunities. Young President’s Organization – is very similar to eo, but the members typically have larger businesses, are not always the founders (some are the presidents – but did not found it) and tend to be older. The mission is “Better Leaders Through Education and Idea Exchange.” Vistage – - With more than 15,000 members worldwide, Vistage International provides unparalleled access to new business perspectives, innovative strategies and actionable ideas to chief executives and business leaders. Maverick has members ranging from million-plus dollar entrepreneurs with 200 stay-at-home mom employees – such as that run by outsource-tech - icons such as Sir Richard Branson, Maverick has an exclusive, invitation-only membership. The group provides superior learning and experiential opportunities while focused on the concepts of legacy and giving back. Women President’s Organization – is an association for successful, established women entrepreneurs. Women Presidents’ Organization, Inc. (“WPO”) is a non-profit 501(c) (6) organization formed to improve business conditions for women entrepreneurs, and to promote the acceptance and advancement of women entrepreneurs in all industries. United States Association for Small Business and Entrepreneurship – USASBE a comprehensive organization of outstanding researchers, scholars, teachers, administrators, and public policy makers interested in entrepreneurship and small business.

Associations and Membership Organizations for EMERGING Entrepreneurs
The Young Entrepreneur Foundation Distributive Education Clubs of America Network for Teaching Entrepreneurship Junior Achievement Here are some organizations that can be helpful to you right now as starting entrepreneurs in school. YEF – – provider of scholarships to young entrepreneurs and introductory curriculum to educators. DECA – - the association for students and teachers of marketing, management and entrepreneurship providing: Leadership training, Conferences for networking, building skills and competing, Classroom support of materials and ideas, Co-op job placements for real-world learning Corporate support and partnerships. NFTE – – The Network for Teaching Entrepreneurship. NFTE teaches entrepreneurship to young people from low-income communities to enhance their economic productivity by improving their business, academic and life skills. Junior Achievement – - Junior Achievement uses hands-on experiences to help young people understand the economics of life.

Associations and Membership Organizations for EMERGING Entrepreneurs
Future Business Leaders of America Students in Free Enterprise Hugh O’Brien Youth Foundation Start Up America Partnership The Founder Institute FBLA – – Future Business Leaders of America’s leadership and career programs bringing together business and education. Students in Free Enterprise (SIFE) – – SIFE is an international non-profit organization that works with leaders in business and higher education to mobilize university students to make a difference in their communities while developing the skills to become socially responsible business leaders. HOBY – - Founded in 1958, HOBY’s mission is to inspire and develop our global community of youth and volunteers to a life dedicated to leadership, service and innovation. Start Up America Partnership The Startup America Partnership is based on a simple premise: young companies that grow create jobs. As a core American value, entrepreneurship is critical to the country’s long term success and it’s time to step up our game. The Founder Institute The Founder Institute is a global network of startups and mentors that helps entrepreneurs launch meaningful and enduring technology companies. Through our four month idea-stage incubator program, you can launch your dream company with expert training, feedback, and support from experienced startup CEOs, while not being required to quit your day job. (Instructor: Students should always be sure to check what is available locally, and a great place to start is events for entrepreneurs at local universities.)

Understand Funding Landscape and Options Map out Government Agencies and their Relationship with Business Owners In this module, we’ve been introduced to business planning, written a business plan, developed a better understanding of funding options, as well as learned a bit about agencies and their interactions with entrepreneurs…some of which are there as resources to you. We’ve covered: Learning the basics of business planning and writing a business plan. Understanding funding landscape and options. Becoming familiar with agencies and their relationship with business owners. INSTRUCTOR DISCUSSION GUIDE: As a wrap-up, the instructor could close out the session going around the room and each student sharing their biggest “takeaway” from Module 3.

Curriculum developed by:
Katherine Korman Frey, Entrepreneur in Residence & Adjunct Professor of Management at The George Washington University School of Business, Center for Entrepreneurial Excellence Contributing content provided by: Dr. George Solomon, Dr. Susan Duffy, Dr. Ayman Tarabishy and Professor Janet Nixdorff.

Entrepreneur in the Classroom

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