Entrep
Entrepreneurship
-turning ideas to a marketable product or services
Innovation
-new ideas
Risk
-uncertainties
Core Skills of an Entrepreneur
-develop business plan
-conduct market research
-create products or services
-manage operations
-financial management & analysis
Entrepreneurial Process
identify business opportunities
develop business ideas
plan & organize resources
launch the business
evaluate and improve
FILIPINO ENTREPRENEURS
Henry Sy - Sm
Socorro Ramos - National B Store - Perseverance
WHAT IS A BUSINESS PLAN?
A business plan is a written document that describes:
Your business idea
Objectives and strategies
How you’ll achieve success
KEY PARTS OF A BUSINESS PLAN
EXECUTIVE SUMMARY
short overview of what your business is all about
COMPANY DESCRIPTION
Tells what your business does, goals, and what makes it different
MARKET ANALYSIS
your understanding of the industry, your customers, and competitors
MARKETING PLAN
Explains how you’ll promote and sell your product
FINANCIAL PLAN
Lists start-up costs and how you’ll fund your business
APPENDIX (OPTIONAL)
Extra documents that support your plan
THE PROCESS OF DEVELOPING A BUSINESS PLAN
GENERATE A BUSINESS IDEA
CONDUCT RESEARCH
ORGANIZE DATA
WRITE THE PLAN
REVIEW AND REVISE
FACTORS TO CONSIDER IN DEVELOPING A BUSINESS PLAN
MARKET COMPETITION: Study your competitors to find out what they offer and how you can be different or better.
CREATING A VALUE PROPOSITION
A value proposition explains why customers should choose your business