business plan and other communication tools - entrepreneurship 101
DESCRIPTION
This lecture presents tips, examples, techniques and tools for building the five essential communication documents for entrepreneurs, including: • The Elevator Pitch • Executive Summary • Company Presentation • Technical White Paper • Business Plan Learn how to create these communication tools and how to use them effectively to grow your business from an idea to a funded business.TRANSCRIPT
The Business Plan and Other Communica5on Tools
Jane Kearns @janekearns01
Jane Kearns@janekearns01
Four Things to Remember…
Communicating is important
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Communicating ^ is important critical
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Jane Kearns@janekearns01
So what?
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Business Planning Helps Avoid Failure
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Tradi5onal Communica5ons Tools
• Elevator Pitch • Execu@ve Summary • Business Plan
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The Elevator Pitch
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The Elevator Pitch
We solve [problem] by providing [advantage], to
help [target] accomplish [target’s goal]. We make
money by charging [customers] to get [benefit]. ~Elliot Loh, 500 Startups
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• hLps://www.youtube.com/watch?v=3aXIMNZJ2xQ
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The Execu5ve Summary
• Most important part of a business plan • 1 – 2 pages • Write it last • Tell your story! • Emphasize the business opportunity • Capture investor’s imagina@on/interest or lose them forever
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Jane Kearns @janekearns01
Penny Blossoms
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Essen@al Parts of the Business Plan
Business Plan
Company Overview
Market Analysis
Customer Analysis
Compe55ve Analysis
Marke5ng Plan
Opera5ons Plan
Team
Financials &
Projec5ons
Execu5ve Summary
Company Overview
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Market Analysis
Research market/Market
intelligence
Select target market
Project Write market analysis
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Customer Analysis
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Compe@@ve Analysis
List of Compe@tors
Compe@tor Product Summary
Compe@tor Strengths
and Weaknesses
Compe@tor Strategies
and Objec@ves
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Marke@ng Plan -‐ The Four Ps
Corporate Objec@ves
Marke@ng Strategy
Product Promo@on Price Place
Partnerships Jane Kearns
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Opera@ons Plan
Opera@ng facili@es and equipment
Produc@on and opera@ng procedures
Compliance with regula@ons
Supplies, prices, terms, condi@ons,
alternates
Inventory management Quality control
Customer service Web hos@ng Website development
Possible Components
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The Team
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Financials • Don’t ignore financials – they are CRITICAL • It isn’t the spreadsheet that is important, it is the thinking behind it
• You can’t possibly understand your business poten@al if you haven’t forecasted
• Yes, it’s hard to forecast for an early stage company
• Yes, they’re going to be wrong • Show what you have anyway • Be able to explain EVERY number instantaneously
Jane Kearns @janekearns01
Jane Kearns@janekearns01
If you decide you need to write a business plan, keep these rules in mind…
It’s NOT All About the Technology
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BoKom up projec5ons, NOT top down
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Yes, You Have Compe55on
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You Need an Exit Strategy
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Realis5c Valua5on
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Don’t Ignore Milestones
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Keep it Simple
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Don’t ignore the holes
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The Business Plan and Other Communica5on Tools
Jane Kearns @janekearns01