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This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivs License. To view a copy of this license, visit
http://creativecommons.org/licenses/by-nc-nd/3.0/
Entrepreneurship Knowledge
Rita Bonucchi
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Origami Consulting
http://www.origamiconsulting.it/
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Axelle Brown-VideauLinkedin
http://www.linkedin.com/in/axellebrownvideau
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GetSolution
http://www.getsolution.it/
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Biscotteria Bettina
http://www.biscotteriabettina.it/home.html
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Chantillo
http://www.chantillo.com/Chantillo/index1.php
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The Business Idea
Is it a dream?
How to work on ideas with entrepreneurs
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Micro ideas for Micro business?
• What is more important, the person or the idea?
• Coherence between person and idea
• People make the difference
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Micro ideas for Micro business?
• The risk of failure• What happen if there are no ideas or too many
ideas? • How to analyze and evaluate the business idea
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The What, Why and How of Writing a Business Plan
• That First Lasting Impression– A Business Plan is often the first contact entrepreneurs have with a
funding source.– Funding sources, e.g., VCs, “angels”, bankers, all review Business Plans.
• A powerful, first class Business Planleads to a meeting with a funding source.
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What is a Business Plan?
• A document written for fund raising
• A document written for myself
• A description of the plans for a business
• The “road map to success”
• All the above….
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A Business Plan Describes…• The business - What business are we in?
• The markets - Where is the opportunity?
• Industry forces - What are the competitive threats? What’s our competitive edge?
• Who is the team to implement the Plan?
• What resources are available for success?
• How much capital is required?
• How much risk is to be taken?
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Sections to a Business Plan: general USA model
• Executive Summary
• Product or Service
• Markets and Customers
• Competitor/Industry Analysis
• Company-Management-Operations
• Financials
• Appendices
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Executive Summary Describes the Principal Determinants for Success
• Present an overview of the niche markets your product serves, show how you will market your product, compare your product to competitive products, show revenue/profit/cash flow.
• Present the amount and types of funds needed and what is the financial return to the investor or partner for funds/partnering.
• Present a concise Summary of the key points from each Section of the Business Plan.
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Purpose: to support information presented in the Business Plan
• Full Financial Statements• Management Resumes• Photos/drawings of product, brochures• Competitive Analyses• Industry Comparables for Investors’ Exit:
Show how others have made $$$$$ whose performance is similar to your business model
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What Resources are Available?
• Text books on “how to”, BPlan “kits”• Consultants to write it… buyer beware!• Small Business Administration (sba.gov)• Incubators
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BUSINESS PLAN BASICS: an overview
Tech
nolo
gy
Inte
llect
ual
Prop
erty
Mar
ket
Ana
lysi
s
Com
petit
ive
Ana
lysi
s
Sale
s an
dD
istr
ibut
ion
Team
Fina
ncia
lPr
ojec
tions
DetailedSupport/Foundation
Full Business Plan
PowerPoint Presentation
Executive SummaryElevator Speech
Mission Statement
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BUSINESS PLAN BASICS: The need to Understand My Business
• The Business Plan is a result of a PLANNING PROCESS
– Who are your customers?
– Why will the buy your service or product?
– What will they pay?
– How will you make and deliver the service/product
– What resources (people, money, technology) will you need?
– Can you make money/create value?
Why Write a Business Plan?
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BUSINESS PLAN BASICS: What Should Be In A Business Plan?
– The Plan is a SELLING DOCUMENT
– Don't lose sight of the vision
– The excitement must come through
– The Plan should project your image
– BUT: The Plan Must Be Defensible
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BUSINESS PLAN BASICS: What should be in a Business Plan?
– Executive Summary– The Opportunity and the Company and its Services/Products– Market Research/Analysis– Economics of the Business– Marketing Plan– Design and Development Plan– Manufacturing and Operations Plan– Management Team– Schedule– Critical Risks, Problems and Assumptions– The Financial Plan– Appendices
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BUSINESS PLAN BASICS: What should be in a Business Plan?
– Cover Page• Name of Company• Address• Telephone/fax/email• Confidentiality legend• Securities law legend• Control numbering of copies
– Table of Contents• Put one in• Include page numbers
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BUSINESS PLAN BASICS: What should be in a Business Plan?
–Executive Summary• An Executive Summary is
– NOT an abstract of the plan– NOT an introduction– NOT a preface– NOT a random collection of highlights
• An Executive Summary IS the Business Plan in miniature
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Assuring coherence between the Business Idea,
opportunity/environmental restriction and personal characteristics
• How to assess the entrepreneur • How to analyze and evaluate the business
idea
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What means planning?
• Planning does not mean to see the future
• Planning definition: to allocate resources by objective
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Planning in enterprise creation
• Information
• (useful to take) Decisions
• (to transform in) Action
• (do not forget) Controlling
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Business plan
• What is a business plan
• How you write it
• What is it for
• Specifications for international BP
PROJECT MANAGEMENT CYCLE
PHASE 1:PROJECT
DIMENSION
PHASE 2:PROJECT PLANNING
FASE 3:PROJECT
REALIZATION
PHASE 4:PROJECT EVALUATION
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How to build the business plan
• Who we are
• Mission + Vision + Business idea
• Research
• Marketing plan
• Economic and financial forecast
• Technical plans
• Organization
• Detailed programs (who does, what does, when, with what resources)
ANALYSIS
• Who we are
• B. idea• research
INFORMATION
PLANNING
• Marketing• Ecofin• Organization• Technical
plans
DECISIONS
PROGRAMMING
• Who does• What• When• With what
resources
ACTIONS
CONTROLLING
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Introduction to business analysis: identifying and getting to know the
competition• Define the business• Analyze the competitors• Learn from competitors• Do we know enough about the competition?
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Competitor/Industry Analysis
• Identify competitors (domestic and foreign), potential competitors and possible substitutes in your marketplace. How do their products compare? How profitable are these competitors?
• What are the Societal and Industry trends affecting your product? Describe regulatory issues - federal, state, local, foreign. Show potential for growth within the industry.
• What advantages/disadvantages do you have versus the competition: price, quality, features, maintenance and service. How can you develop or sustain a competitive edge?
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Definition of the Key Success Factors of the Business
• What have in common the success businesses?• What is absolutely necessary in order to survive in this specific business?
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Business analysis: the tools and the technique
• Field work– Direct monitoring of competition– Monitoring the competition through their promotion strategy• Desk work– Main sources of information
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Main sources of information about the competition
• Business report• “Grey press”• Business magazines• Government papers• Directories• Vortals• ………………………..
How to project a research
Information needed
Already available in MIS
To be provided through
Business analysis
Market research
Field
Desk
Existing research reports
Research performed by professionals
“do-it-yourself”
terr
ito
ries
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Business report outline• Sector/industry definition
• Industry evolution• Regulations• Sector subjects, competitors list• Intensity of competition• “Game rules", entry barriers and key
success factors • Rating• Bibliography and sources of information
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Sources• Business reports
• Degree papers, grey press• Technical publications • Business magazines
• Economic press• Governative documents• Company documents
• Directories• Vortals
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Research through Internet
• Finding information
• Monitoring the competition and studying the industry
• Identifying and download reports
• Conducting real research programs on Internet (web surveys)
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Case study: a women
entrepreneur with a lot of questions and few answers
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The storyEverything has happened so quickly: her husband disappearing, the bank account doing the same, the need of money becoming higher and stronger, the decision to start and run a business. And now? She felt lost and helpless, she started thinking that it was too hard to startShe was very good in cooking and decided to offer a small service of food catering.She had spent the first weeks of work analyzing her situation and dreaming about the company, talking sometimes to friends about it... In order to make the main decisions, she needed more information about the market. Suddenly she realized she was not sure it was “market”, was it maybe “markets”?
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She called a former colleague, and spent a quarter of hour at telephone. The colleague understood immediately the situation and was willing to cooperate. She only asked to send her the list of questions she wanted to be answered, the list of necessary information, so that she could suggest a research plan and check what information was already available in their files. The only request: “Please, try to be analytical and complete, because I cannot take care of it personally and get back to you, as I am working abroad for the next 4 weeks. I am going to send your list of requirements to our Research Dept. as it is.”
The would be entrepreneur stopped a bit, thinking, then started to write…..
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• …………………………………………….• …………………………………………….• …………………………………………….• …………………………………………….• …………………………………………….• …………………………………………….• …………………………………………….
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Market Research
• Structure, Contents and Tools • Analyze information about potential client and trends in the market • How to get information and identify information sources
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Market Research
• Basic tools for a “do-it-yourself” research• How to draw a questionnaire• How to support the research
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The “do-it-yourself” market research
• The entrepreneurs generally need to adapt the data coming from the existing researches to their own territory and to the peculiarity of their business idea.
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Value of the “do-it-yourself“ research
• no precise statistic value• it has strong learning objectives• it means a great experience• it’s connected to the drawing up of a
marketing plan• it’s the first step of creating the
marketing information system
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Phases of marketing research• to decide the research strategy according to the
information needs and to check the information already collected through a field analysis
• to identify the research tools (questionnaire)• to decide the sampling technique• to decide the recruitment technique• to set up the questionnaire• to test the questionnaire• to revise the questionnaire• to interview people using the questionnaire• to input and elaborate data
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Tips for the questionnaire• prefer personal interviews
• prefer closed questions
• create closed questions through questionnaire test
• use Likert scales
• neutralise questions
• follow a specific scheme for setting up the questionnaire
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Game• Definition of marketing (20 min)
• In 5 groups, try to define marketing, as you perceive it now
• Not more than 20 words
• Write on big sheets
THE STARTING SITUATION OF AN ENTREPRENEUR WHO IS
PREPARING TO WRITE DOWN A MARKETING PLAN
WHAT DO MY CUSTOMERS WANT? WHICH NEEDS HAVE THEY GOT?
HOW MUCH DO THEY PAY? (THEY ARE WILLING TO PAY, THEY ARE USED TO PAY FOR FULFILMENT OF NEEDS)
WHERE DO THEY BUY? WHERE ARE THEY USED TO REFER TO?
HOW DO THEY GET INFORMATION? WHAT AFFECTS THEIR DECISIONS?
WHO? WHO SHALL I OFFER TO? WHO IS MY CUSTOMER?
Template for marketing plan
WHAT I OFFER: MY PRODUCT POLICY
IN EXCHANGE FOR WHAT:MY PRICE POLICY
THROUGH WHICH CHANNELS: MY DISTRIBUTION POLICY
THROUGH WHICH PROMOTION: MY PROMOTIONAL POLICY
SEGMENTATION
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Product or Service
• Describe your product or service in sufficient detail for the audience to understand its function and differentiating characteristics.
• Pinpoint the value to your customer.• Present current stage of development and
your plans to exploit the product fully in the market.
• Describe the Life Cycle of your product, i.e., is it new, mature, a commodity? Proprietary? Protected by patent or copyright?
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Addressable Markets• Demonstrate the demand for your product:
how many units can you sell at what price.
• Support how you determined the above projections, e.g., market survey, current buying habits.
• Define your markets – who will buy?
e.g., individuals, businesses, government, overseas? Where are customers located?
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Addressable Markets continue…• Describe how you will reach these
customers, e.g., direct mail, ads, sales force, trade magazines; describe how long it will take from initial contact to completing a sale to getting revenue (sales cycle).
• Present the methods you will use to deliver your product, i.e., distribution.
• Describe how your customer will pay for the products. Will you finance?
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What means operations?• A function or system that transforms
inputs into outputs of greater value
• Operations management: design, operation and improvement of productive system
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Operation as a Transformation Process
Input•Material•Machines•Labour•Management•Capital
Output•Goods•Services
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Operations Planning
• The Operations Plan describes the production management system
• It describes what you produce and how you produce it
• Avoid to disregard it: it helps to better specify timing, costs and also marketing
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Operations Planning
• This section should easier for a producer to develop.
• If your one is a service company, you may make decisions about servuction (service production)
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Operations Planning
• In the operations section of a business plan, the business manager needs to adequately communicate that the business has a sound production management strategy.
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Operations Planning
• What are the critical operational procedures that make will make the business successful?
• Do you know the critical operational functions that will determine your business’s success?
• It is the critical function that you don’t identify that can kill your business.
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Operations Planning
• When starting a new enterprise, visit similar business’s to identify critical operational factors.
• This is particularly important if you are starting a new or creative niche operation.
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Operations Planning• To communicate the Operations plan, this section should discuss:
– The products produced– The production system
– Resources available and needed– The role of row materials
– Environmental issues– Quantity produced– Production schedule
– Quality control systems– Permits and regulations
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• Should I determine my marketing opportunities and produce to meet the marketing plan?
• Or should I determine my competitive production capacity and develop markets for my products?
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Operations Planning
• The production plan may also address how the business will:– Produce value-added products– Specialize on a product or a few products– Diversify the product line– Transition to a new or niche products
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geTopics of this session
• Visibility on the web
• Keywords
• Make or buy?
• Pay-per-click tools
• AdWord
• AdSense
• Google AdManager
• How to read the web results and statistics
• Exercise: define keywords
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How Visitors Find You
Search Engines
36%Direct
Navigation64%
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gePublicize your site address
Include URL in other communications:• Business cards• E-mail signatures• Publicity materials• Letterhead• Printed documents• Radio and TV ads• Local newspaper web site
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Make search engines work for you
• List your site with search engines and directories 95% of traffic comes from Google and Yahoo!– bCentral.com– WebTraffic.com
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Go find your customers
– eBay– News groups– Chat rooms
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Explore other Web marketing tools
• Pay for search engine placement– Overture.com
• Pay for ad clicks (PayPerClick)– Google’s AdWords
• Lead generation and capture tools– W5.com
• Track your traffic rank– Alexa.com
• Improve your link popularity
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Track your results
– Web hosting company statistics
– Commercial web analytic tools• WebSideStory• bCentral’s Site Traffic Analysis
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Web marketing tools
• Web writing
• From paper to web
• Professional writing for a corporate blog
• Corporate Blogs
• Internet PR and corporate reputation
• Advertising on line
• The role of web marketing in a low budget marketing strategy non-conventional marketing tools (on line and off line) cross marketing
• The interrelation between the web site and other promotional materials
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Millennial trends include:
• The need to collaborate and to share socially• The need to express and be creative• They expect direct access in their communications…
they sometimes seem to have more audacity in the way they want to access superiors than those from a more modern perspective
• They are driven with information and content more so than an older demographic (and can instinctively understand when they are being “sold”
• They demand flexibility and want to be worked with on their terms.
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Blogs
• Blogs first emerged in 1997
• A blog created every second
• Comment modes enable interaction
• The “Blogosphere” is an incredible network with massive worldwide reach
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Blogs – Create your own!
• Blogger.com – owned by Google• Most popular software – FREE!• Here’s how to get started:
– http://blogger.com – Choose title– Choose design– Create – Configure– Share
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Ray’s Blogs
• Techo-News – begun in 2000– Developed as a tool to share current research with
students in graduate seminar• Selected current readings for required critiques
• Ed Tech – begun at request of state board of ed• Online Learning Update
– Turned into something more– Reach and Impact
• Reflections – not just text
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iPods and Podcasting• iPods
– First iPod released Oct 23, 2001 – latest (?) generation is the fifth generation
– http://www.ipodreview.co.uk/#1 – http://www.md3d.com/ (6th generation mock-up by
md3d)• Podcasting = iPOD + broadCASTING (using blogs)• iTunes version 4.9 and more recent aggregates the
podcasts (using RSS) and auto-transfers them to iPod• http://audioblogger.com 415-856-0205
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RSS• “Really Simple Syndication” RSS 2.0• Xml format – concisely describes a site • Enables a variety of tools to access and
manipulate the feed• iTunes, Sharp Reader, Yahoo, Firefox… all offer
RSS aggregation • Have already seen dynamic web sites• The thread that links many Web 2.0 apps
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European marketing strategy
• The web is becoming the hub for marketing strategy
• Web marketing is often the only affordable marketing for SME
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mix
• Internet increases globalization
• Internet increases flexibility
• Internet can decrease the need of investments
• Internet gives access to SME
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geInternet as a distribution tool
• Definition of e-commerce: from the window to payments
• How to decide to sell on Internet
• Marketplaces and malls on Internet
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Internet as a communication tool
• To be or not be on Internet?
• How to choose among some popular type of presence on Internet
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Below the web
• Web means not only web sites, portals and vortals
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Kn
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geLow budget web marketing
tools• E-mail marketing
• Advertising on Internet
• Search engines as a marketing tool
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Steps to encourage visitors
• Be clear on your objectives
• Design your site
• Get the word out!
• Track your results to identify areas for improvement
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Be clear on your objectives
– Define your site’s purpose– Understand your role– Know your customers
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Kn
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geDefine your site’s purpose
• Public or private?• Sales, promotion, entertainment, information, or
organizational transparency
Internet Site
Intranet Site
Intranet Site
OR
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geUnderstand your role
Major site developer
Content Contributor
OR
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geKnow your customers
• Who do you want to attract?• Why do you want them there?• Are they from within your company or outside
your company?• Are they local or global?• Do they already know about you or are you a
new player?
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Design your site
• Find a great domain name
• Design your site with traffic in mind
• Deliver valuable and usable content
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Find a great domain name
• Company name
• Product descriptor
• Easy to remember
• Easy to spell when heard
• Have multiple names that point to your site
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Design your site with traffic in mind
• Optimize or pack your site with keyword phrases and meta-tags
• Add a Site Map• Develop unique and descriptive page titles, including
keywords• Don’t use frames• Add useful Web parts
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geDeliver valuable content
• Keep information up-to-date• E-mail links to documents on your site rather
than the documents themselves. Post:– Agendas and Minutes– Reports and Presentations– Charts and data
• Post documents in various formats– Onscreen and download
• Adobe Acrobat• PowerPoint
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• Publicize your site address
• Make search engines work for you
• Go find your customers
• Explore other Web marketing tools
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Web 2.0
• Tim O’Reilly 09/30/05 www.oreillynet.com
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geWeb 2.0: the story
• Mid 90s: big portals and e-commerce (Yahoo, Amazon, eBay, Google…)
• End of 90s: crisis of new economy• 2000-2004: the dark• 2005 to now:
– eBay buys Skype– Time: the person of the year is “YOU”
• …………………………………
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What is the next BIG (or little) thing?
Web 2.0 certainly is the context of what is coming!• It is NOT static – not the web page of the ’90s• It is a platform that is:
– Dynamic– Interactive– Engaging– Syndicated
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Web 2.0
• Web 1.0: “commerce”
• Web 2.0: “people”
• It’s about collaboration
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Web 2.0
• The web as a platform• Collective intelligence• Data is the Next Intel Inside• End of the Software release Cycle• Lightweight Programming Models• Software Above the Level of a Single Device• Rich User Experiences• The user is in control
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Web 2.0
• Social Networking• Blogs• Digg, delicious• Flickr• You Tube/ Daily Motion• Wikipedia• Rss• BaseCamp
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Web 3.0
• IoT (http://en.wikipedia.org/wiki/Internet_of_Things)
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When Do We Move to the Next Generation?
• Driving forces
1. Innovators and early adopters
2. Financial Considerations (Open Source)
3. Competition (new rules9• Mitigating factors
1. Knowledge
2. Licensing commitments
3. Transition woes (the reluctant, hosting, support, training)
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Forecast
• This second half of the first decade – Access, access, access – broadband via
seamless mix– Mobility – via merged devices– Computers shrink into enhanced cell phones– Open source rules – 3rd party support rises
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Enterprise 2.0?
• Is Web 2.0 useful for the enterprises?
• The Long Tail
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Entrepreneurship knowledge
Rita Bonucchi