TLE

Raising the Standard of Living By creating new businesses and jobs, entrepreneurship

improves the quality of life for both individuals and communities. Entrepreneurship enhances employability, which in turn drives economic competitiveness. The result is better products and services, and ultimately, happier consumers.
Create New Jobs By starting new businesses
entrepreneurs create employment opportunities for themselves and others. This helps to reduce unemployment rates.
Helps to Eliminate Poverty in Local Areas
This is particularly important in developing countries, where poverty is often widespread. Entrepreneurship provides a way for people to improve their economic well-being.
Help with the Community Development
By creating new businesses, entrepreneurs contribute to the economic vitality of their communities. This can lead to increased investment in the community, which can result in improved infrastructure, services, and amenities. Entrepreneurship can also help to foster a sense of community pride and ownership, which can contribute to the overall development of the community.
Provide Economic Independence
Entrepreneurship provides an opportunity for individuals and small businesses to compete in the market, which can lead to increased economic diversity and stability. By creating new businesses, entrepreneurs are able to generate income and contribute to the overall economic well-being of their community.
Benefit of New Startup Entering the Market
New startups entering the market drive innovation and competitiveness. They challenge existing businesses to improve their products and services, which ultimately benefits consumers.
Encourage Capital Investment
This investment can contribute to the overall economic growth of the community, as well as provide new opportunities for entrepreneurs and job seekers. Capital formation is essential for creating a sustainable and thriving business environment.
New Entrants Drive Market Innovation
Innovative entrepreneurship is the driving force behind market innovation. Entrepreneurs are known for their ability to identify gaps in the market and come up with solutions to fill those gaps. This not only benefits the entrepreneur but also the entire economy.
Optimal Use of Resources
By identifying new business opportunities and introducing new production methods, entrepreneurs are able to create more efficient systems for utilizing resources.
Increase Per Capita Income (PCI) and Gross National Product (GNP)
Entrepreneurship is a key driver of economic growth and development. By creating new businesses and jobs, entrepreneurship leads to an increase in gross national product and per capital income.

Personal Entrepreneurial Competencies (PECs)

The entrepreneurial competencies refer to the important characteristics that an individual should possess in order to perform entrepreneurial functions effectively.

Hardworking: If you are determined to run your own business, you must concentrate on your work either as a producer or a seller.
Self-Confidence: Entrepreneurs have confidence in one’s ability and own judgment. They exhibit self-confidence in order to cope with all the risks of operating their own business.
Future-Oriented: Once a person enters in a line of business, you must understand that you are in a non-stop contract as an entrepreneur.
Profit-Oriented: When you enter into the world of business, obviously, you are looking for income because you know that this will be your family’s bread and butter
Goal-Oriented: An entrepreneur is forward looking. You have an advanced preparation for your business. You set a long-term goal for the activities that are needed, an extensive preparation for the production process and procedures that you need to go through to acquire human and non-human resources.
Persistence: Differences in opinion and judgment. Your opponent can be a part of the rejection on what you intend to do for your endeavor. As an entrepreneur, you must be firm, strong-willed, and follow your own belief.
Copes with Failure: Learn from your mistakes.
Discipline: Successful entrepreneurs always stick to the plan and fight the temptation to do what is unimportant.
Committed: A good entrepreneur accepts full responsibility of everything in his/her business. He/she gives full commitment and solid dedication to make the business successful.
Ability to Accept Change: Change occurs frequently. When one owns a business, he/she should cope-up and thrive on changes. He/she has to capitalize on positive changes to make his/her business grow.
Creative: An entrepreneur should be creative and innovative to stay in the business and have an edge over the other competitors.
Initiative: An entrepreneur takes the initiative. You must put yourself in a position where you are responsible for the failure or success of your business.
Excellent Planner: Planning is strategic thinking and setting of goals to achieve objectives by carefully maximizing all the available resources.
Possesses People Skills: It is an important skill in order to be successful in any kind of business. People skill refers to the effective and efficient communication and relation to people working in and out of your business.
Sound Decision Maker: Successful entrepreneurs have the ability to think quickly by making wise decision towards predetermined set objectives.

Parts of a Business Plan

Business Plan is a written document that describes in detail how a business defines its objectives and how it is to go about achieving its goals. Layouts a written roadmap for the firm from marketing, financial and operational standpoints.

Executive Summary We have a few seconds or minutes to grab our readers’ attention and get them interested in our proposal. Consider our reader is busy and they will skim your document. However, the one thing they will surely read our summary - as long as it is short, ideally one page long. The summary is written last although it goes at the beginning of our plan. It is the most important part of our plan. Whatever the key points are, they must be in the summary - only you can decide what they are but the minimum must be an outline.
Business Concept Includes basic information such as the service or product and a unique selling proposition that gives a company an advantage over competitors. Includes basic information such as the service or product and a unique selling proposition that gives a company an advantage over competitors.
1. Vision and Mission
  Intended to clarify the what, who and why of a company. vision describes where the company wants a community, or the world, to be as a result of the company’s services. mission is the roadmap for the company’s vision statement.
2. Product / Service offerings
  All businesses sell something and the audience may not understand the special issues that affect your products. You must explain the key points briefly and clearly: Where does it do it? Is there anything unique about it and do you have a patent or other protection on it? How is it supplied or distributed? What are the current products that can address the needs and wants of the consumers? Why?
3. Company logo
  Are intended to be the face of a company. They're meant to visually communicate the unique identity of the brand and what it represents. Depending on your design philosophy, simple logos consisting of only essential elements are often the most difficult and also successful.
4. Market analysis Section of your plan provides evidence that there is a niche in the market that your company can exploit. This analysis provides the foundation on which your marketing and sales plan will rest. A competitive analysis, which identifies your competitors and analyzes their strengths and weaknesses.
  1. Target Market
    Target market is a group of customers that has a similar need for a product or service, money to purchase the product or service, and willingness and ability to buy it. To identify your target market and best serve your market, you need to: Know your customers. Understand what your customers need.
  2. Market Segmentation (Demographic, Geographic, Behavioral, Psychographic)
    The Demographic, Geographic, Behavioral, Psychographic are four main customer segmentation models that should form the focus of any marketing plan, the common examples of how businesses can segment their market by gender, age, lifestyle etc.
  3. Communication, Service/Sales, and Distribution
    If yours is a product or service that needs distribution then discuss how you will distribute it to the end user. You may need to produce letters from distributors in your plan to prove that you can deliver. In many markets there are a limited number of ways to reach customers - now can you ensure successful distribution? Can you deal with powerful distributors?
  4. SWOT Analysis
    is a compilation of your company's strengths, weaknesses, opportunities and threats. The primary objective of a SWOT analysis is to help organizations develop a full awareness of all the factors involved in making a business decision.
5. Management Team
  Structure the management team section to include: An organizational chart of your small business. The Biographical information about you, the owner, and any other owners. Your management team plan has 3 goals: To prove to you that you have the right team to execute on the opportunity you have defined, and if not, to identify who you must hire to round out your current team. To convince lenders and investors (e.g., angel investors, venture capitalists) to fund your company (if needed)
  1. Organization Structure It is useful to show the structure of the actual or proposed organization with a diagram. Clearly this is not necessary in a very small organization. There are plenty of small businesses with a managing director and no other key personnel at the outset. However, the more complex your proposed business is, the more important it is to show how the whole thing links together.
  2. Management Team (flow of work, Schedule of work in a week)
6. Marketing Plan A marketing plan is a strategic roadmap that businesses use to organize, execute, and track their marketing strategy over a given time period.
  1. Funding info / Investment
  2. Marketing Mix
  3. Major Competitors
  4. Economic Impact
  Usually refers to the set of 4Ps (PRODUCT PRICE PROMOTION PLACE). included product pricing, planning, branding, distribution channels, advertising, promotions, personal selling, packaging, display, servicing, physical handling, and fact finding and analysis As part of the marketing strategy, is the set of controllable, tactical marketing tools that a company uses to produce. It is also a tool to help marketing planning and execution and even the Expanding of business into a new market.
7. Financial Plan The financial section is composed of four financial statements: the income statement, the cash flow projection, the balance sheet, and the statement of shareholders' equity. It also should include a brief explanation and analysis of these four statements. There are 4 elements that you need to cover:
  - Profit and loss account
  - Balance sheet. The balance sheet reports your business's net worth at a particular point in time. It summarizes all the financial data about your business in three categories:
    1. Assets: Tangible objects of financial value that are owned by the company.
    2. Liabilities: Debt owed to a creditor of the company.
    3. Equity: The net difference when the total liabilities are subtracted from the total assets.
  - Cash forecast and d. Funds Flow.
8. Operations and Management Describes how your business operates on a continuing basis. This section covers things that are critical to operations such as your business' physical location, labour, facilities, equipment and processes. Depending upon what your business is, you may need to explain how it operates. If the reader does not understand your industry you need to explain the key factors; if they think they understand it is just as important to explain because they may be wrong and need educating.