entrpereneurship the importance of business planning for a venture

EntrpereneurshipEntrpereneurshipThe Importance of Business Planning for a Venture

The Importance of Business Planning for a Venture



“A goal without a plan is just a wish”



• When you decide on a brilliant business idea, the challenge is to provide a clear plan to get the idea executed.

• It requires more than one person and people with different skills to plan well.

• You can start writing your business plan (or drafts of it) while planning.



• From each ten new startups, only one survive within the first two years (the rest fail to continue or go bankrupt).

• If you start your business with no clear plan, you do not know the future of your business.



• You can set yourself aside from competition and gain a competitive advantage by planning well.

• The business plan documents the plan your team is achieving.

How to Set a Good Plan for My Business?

How to Set a Good Plan for My Business?

• Creating a business plan may seem boring, but you should not neglect it.

• This is the plan that will guide your company and attract investors!

How to Start Planning?How to Start Planning?

• Gather and provide documentation about your business

• Every member in the organization should contribute to, read, and understand these documents

The Documentation you needThe Documentation you needMission statement

SWOT analysis

What is SWOT analysisWhat is SWOT analysis

• S.W.O.T. is an acronym that stands for Strengths, Weaknesses, Opportunities, and Threats.

• A SWOT analysis is an organized list of your business’s greatest strengths, weaknesses, opportunities, and threats.

(See End of Class activity about SWOT analysis)

What is SWOT analysisWhat is SWOT analysis

• Strengths and weaknesses are internal to the company (such as reputation, patents, employees’ experience, location). You can change them over time

• Opportunities and threats are external (suppliers, competitors, current prices of raw materials); they are out there in the market and you cannot change them

What Should Be Included in a Business Plan?

What Should Be Included in a Business Plan?

Executive summary

Market analysis

Company description Product

Financial

How to Draft a Business PlanHow to Draft a Business Plan

• Activity: Refer to the “Writing a Business Plan: The Basics” document in the handouts on pages 2 to 4.

Focus on your niche Use clear language Rewrite frequently

Group Activity Group Activity

• In a team, select an industry and a company within this industry; then provide a SWOT analysis

• Refer and use the sheet of SWOT analysis in the (Business Modelling Workbook) document in the handouts.

• Two teams will be asked to explain their analysis to the class at the end of session

entrpereneurship the importance of business planning for a venture

Documents