29 a-earthsoft-be enterpreneur
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The document provides guidance on starting a business or social enterprise. It discusses defining problems and opportunities, generating business ideas, developing a business model and plan, and managing risks and growth. Key elements include defining a vision and goals, understanding customers and competition, developing financial and marketing plans, building a strong team, and addressing challenges through an iterative planning process. The overall message is on using strategic planning tools to structure an initiative that creates social impact.
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29 a-earthsoft-be enterpreneur
- 1. Earthsoft Foundation of Guidance Edge-Aggressive-Reliable-Trust-Honesty-Soft-Obedient-Fun-Transparent Making earth little softer
- 2. About us Earthsoft Foundation of Guidance (EFG) has uploaded following presentations at http://myefg.in/downloads.aspx Also https://dl.dropbox.com/u/83265908/Links-events.xls has links Be mentor using your education, knowledge & experience to contribute for a social cause & do conduct free training seeking help of existing platforms. Kindly share with your friends •Motivation for higher study, Planning for study, Education guidance, Career guidance, Career available after SSC & HSC •Personality development – 3 files •How to prepare resume, Tips to attend interview successfully •Religion related –To understand basic religion, Do &Don’t tips •Health related - Be vegetarian, Be healthy •Corporate - Project management, Assertiveness, Ownership - Effective communication •Finance - To avoid speculation in stock market •Social - Women empowerment, Choosing life partner Making earth little softer
- 3. Index Making earth little softer
- 4. Problem definition • Define a problem • Who are the stake holders • Population of actors who are suffering • Since when problem continuing • What is the cost of the problem • What is the current alternative • Quote from analyst regarding the need • To define the nature of product/service opportunities available while attempting to resolve those problems Making earth little softer
- 5. Vision • To specify vision statement leading to solution of the problem • Change one can witness post implementing the solution in future • Vision involves the foresight needed to acquire the necessary expertise to organize & mobilise the resources, to accomplish the desired results Making earth little softer
- 6. Gems of Wisdom Making earth little softer
- 7. Sources of opportunities • Technological change • Public policy shifts • Changes in public opinion • Changes in taste • Social and demographic change • Need of a day • Comfort • One umbrella solution • Scarcity • Desire Making earth little softer
- 8. Potential sources of ideas • Brainstorming – Individually or in groups/teams • Own personal experiences • What businesses have been done in the past? • Have you started businesses before? • What was learnt from success and failures? • Innovation and invention – A flash of individual inspiration • Spotting trends and anticipating their impacts on people’s lives Opportunity • Surveys Yes No Yes Idea No Making earth little softer
- 9. Generating business ideas • Copying ideas from other countries • Taking a scientific approach, working in a laboratory • Spotting flaws and errors in existing products – Can something be done better? • Noticing a gap that is not currently being produced • Wanting to do something different & may be big • Ambitions • Willingness to invest funds • Deep understanding of problems around & desire to solve those using technologies Making earth little softer
- 10. Creation of Ideas Education Knowledge Experience Connection Information Intelligence Creative thinking, ideas, Opportunities Making earth little softer
- 11. To start a business • Value proposition? • What are differentiators? • Reaching to customers? • Build long term relationship? • Revenue stream? • Profitable? Making earth little softer
- 12. To start a business • Know yourself & what is important to you • Set goals & Plan to achieve • Be a rising star - try to be always on top • Brand yourself, know strengths & saleable skills • Balance work, family, life enjoyment, pressure • Be ready for change • Be entrepreneur - Think starting your own, implement what you think is right, grow as much to build empire, convert idea into business • Create achievable business plan Making earth little softer
- 13. Getting started • Think of something you need/want • Think of something others need/want • Figure out what’s broken and how can you fix it • Find out what’s working for other companies and apply it in a new way • Invent a new technology and figure out how to apply it • Think of a marketing/growth strategy and then fit a product into it Making earth little softer
- 14. Gems of Wisdom Making earth little softer
- 15. Solution • To specify solution, preferred graphical • How is solution solving the problem • To capture all the actors involved Is solution • Life changing? • Path changing? • Stylish? • Simple to adopt? • Difficult to copy? • Unique in its kind? • Affordable? As well as not very costly? • Reachable? Making earth little softer
- 16. Anything innovative? Product or Services Business Idea? Process Model Technology Making earth little softer
- 17. Key features Key pointers could be • Availability • Predictability • Cheaper • Comfortable • Eazy to use • Secured • Technology savvy • Efficient • Changes it will bring Making earth little softer
- 18. Benefits expected Making earth little softer
- 19. Business model • A business model is a blueprint that describes future organization & forecasts of the growth. • This can be from a quarter to several years • How an organization intends to create value • Business model components • The mission • Strategic resources—what we need • Partnership network—who we will work with • Service interface—how we connect to clients, donors, etc. • Need to check opportunity & threat (Supply & demand) Making earth little softer
- 20. Influences Customer need Legal Technology Business Model Competition Social Making earth little softer
- 21. Business model framework • What it offers to various customers • What is the capabilities for creating, marketing, and delivering the value • What is relationship capital with the goal of generating profitable & sustainable revenue Making earth little softer
- 22. Features • Business Plans is as simple as possible, more effective & interesting forecast of business idea, defines strategies, balancing and gaining edge utilising the strengths over the weaknesses • The main motive of a business is profit. • Business men don’t rush unless they forecast & address the weaker areas first. • It should reflect the realistic goals • Where you want to be? How? How much time? • How clients would be better served? • How the quality of the product & services be Making earth little softer
- 23. Goals & Objectives • Goal – The purpose towards which organisation is directed to achieve (generic action), may not be measurable • Objectives - Something that one's efforts or actions are intended to accomplish the target or purpose (Specific action),measurable & tangible • Five-year specific & measurable goals objectives. • Market share • Revenue & profitability Making earth little softer
- 24. Goals & objectives • Definition of success • Intermediate goals and success measures • Evidence that goals can be achieved • Timeline • Start of the enterprise • Incorporation date, if any • Hiring, space, and equipment acquisition • Start of service delivery • Beginning of cash flow from fees, grants, and donations • Enterprise growth milestones • Goal attainment Making earth little softer
- 25. Mission Statement • Mission is the process of defining objectives and developing strategies to reach those objectives • A clear statement of long-term mission of your organisation • To use the words that will help direct growth of your organisation • Be concise as possible. Making earth little softer
- 26. Mission related • What will the enterprise do, and what will it not do? • What does ―value‖ mean for this enterprise, and how is it measured? • What is this enterprise’s unique innovation or adaptation? • What is competitive advantage • What is gap between demand & supply • What constitutes ―success‖ for this enterprise? Making earth little softer
- 27. Gems of Wisdom Making earth little softer
- 28. Business Concept • Define concept & key technology • Market Segment • Customer base: B2B, B2C • Primary revenue source: Product Sales, Service • Secondary revenue sources • Scalability • Captive or service oriented • Overhead: Low, Medium, High • Investment till breakeven • Duration till breakeven, stable, grow & sustain • Losses if closed before breakeven • Profitability expected after stability Making earth little softer
- 29. Business Concept • Benefits for customers • Differentiators for customers • Strategic or nice-to-have • Value added services • What is sensitivity for the business – Cost, Quality, Services, Distribution, Trust? • Exit strategy: IPO, Buyout, Private & Profitable Making earth little softer
- 30. Business Detail • To specify detailed flow chart • Try to capture processes, actors & entities • Product or service • Performance characteristics • Cost characteristics • Delivery mechanism Making earth little softer
- 31. Business Detail Solution Unfair advantage Problem Unique value proposition Customer segment Key activity Channels Cost structure Revenue stream Product Market Making earth little softer
- 32. Business Detail Key activities Customer relationship Key Partners Unique value proposition Customer segment Key resources Channels Cost structure Revenue stream Making earth little softer
- 33. Business Detail Making earth little softer
- 34. Attributes • List 5 competitive attributes • Draw a graph for expected performance • Decide Eliminate, Reduce, Raise or Create Making earth little softer
- 35. Edge • Edge over your competition is your strengths. This also a key feature. • Special achievement & knowledge in team may be a key differentiator and can result into growth • Special viewpoints and ideas • Core competencies • Education or experience Making earth little softer
- 36. Serviceability • Commitment statement on serviceability • Parameters to measure • Defining numbers for pathetic, poor, bad, ok, good, better, excellent services • Client is God. Profit and salary of all employees come from their money. • Always attempt for the best of the client services • Communication • Advices • Response Time • Suggestions • Delivery schedule & Quality Making earth little softer
- 37. Customer Profile • Characteristics of customers • Value proposition • Decision maker • How desperate for solution? Making earth little softer
- 38. Potential customers • One time or every time effort to grab new customer • Pull or push type? • Probably most important feature of the business. • Understand Who are customers? Whom to target and how? • Know the users mind • Who could they be the potential customers • Why would they be customers? Making earth little softer
- 39. Competition • Significant competitor name • Focus of their business • Competitive advantage of your organisation – to define differentiators Weaknesses • Weakness and how we exploit it Strengths • Strength and how we address it Making earth little softer
- 40. Competition & trends • Target market value • Additional prospect base • Existing organisations, their attributes • Significant competitors • Total competitors • Trends – Past, Present, Expected • To capture & review changes in market share, leadership, players, market shifts, costs, pricing, or competition that provide the opportunity for success of your organisation Making earth little softer
- 41. Gems of Wisdom Making earth little softer
- 42. Milestones • Stage 0 : discuss with close friends & expert, seek views, make a judgement & decide • Market survey & feasibility study • Stage 1: Founding the Business • Team, Incorporation, legal documents • Managing funding • Hiring • Ground work, basic systems, building initial product, offer services for selected geography • Beta test and rework product or pilot • Initial product offering • Marketing activity Making earth little softer
- 43. Milestones • Stage 2: Developing the Business • Manage funding • Crank up marketing activity • Aggressively obtain customers • Begin offering second product or expand service offering in various geographies • Emphasize customer acquisition • Entertain any acquisition offers that arise • Stage 3: Stabilizing the Business • Bring in efficiency in operation & management • Manage funding, cash flow, profitability • File for IPO, step towards exist policy Making earth little softer
- 44. Marketing Plan • Target Market, Segment or Demographics • Distribution and sales channels • Franchisee or own sales and marketing offices • Pricing and positioning – This is most critical decision & iterative mechanism • Branding and strategic position • Media & advertisement : Web / Magazine/ Inserts/ NEWS paper/ Trade Shows/ Billboards/ TV/ Radio • Marketing, franchisee, sales team development Making earth little softer
- 45. Resource plan Technology requirements Personnel / Resource requirements Infrasturcture requirements - Building, Furniture, Internet, Communication devices Financial, Distribution, Promotional, Legal Making earth little softer
- 46. Financial Plan • Pricing Model • Preferably at least for 5 years • To forecast direct & indirect cost • To consider every small possible expense • Use conservative price point, may be input as a result of feasibility study • Detail price evolution over time, iterative mechanism • Stabilized gross margins • Gross revenue, net income and growth by year • Cash flow and capitalization needs • Say no to business If margin is less than 25%! Making earth little softer
- 47. Financial summary Monthly plan from 1st year to 5 years • Revenue • Percentage and absolute profit • Accumulated profits/loss • Headcount • Customers count • Cash flow, capitalization needs, assets Other details • Accumulated profits/loss till stabilisation phase • Month of breakeven & accumulated profits/loss • Maximum accumulated loss • % margins post stabilisation Making earth little softer
- 48. Team • Most important one point • Have right people at right slot • Gather the gems • Know the strengths of the people & work with those • List Board of directors & CEO • Vice presidents or Head for various divisions • Previous accomplishments & track record • Domain wise number of years of experience Making earth little softer
- 49. Partnerships • Interested Parties • Investor - Lead Investor organisation • Investor - Venture organisation • Law Firm & Attorney Name • Experienced in aggressive venture planning Making earth little softer
- 50. Risk & Issues • Risk – likely issue in future, probability < 100% • Issue – A problem to be solved • Manage the risk by mitigating & solve the issue • Financial risk • Legal risk • Talent risk • Environmental risk • Political and governmental • Economic • Demographic # Description Issue/Risk Mitigation Making earth little softer
- 51. Barriers • To list likely barriers • What is plan to overcome the barriers • To categorise the barriers like social, government, financial, legal, talent, mental, resources, finance, machinery, communication, etc • To specify level of control & grip to address Making earth little softer
- 52. Time management • Manage time well • Plan the work and work out the plan • Consider efficiencies of various systems to be dealt with & which are out of your control Making earth little softer
- 53. Keep revisiting • Keep revisiting BP & revising as you go in details, make it dynamic • Keep loopholes as minimum • Get it reviewed • Make another BP as a Plan B, so that anytime you can seek in more resources or change the variables Making earth little softer
- 54. Measure success • Keep measuring progress on monthly basis • Set the process & system • List the experiences and possible improvements Making earth little softer
- 55. Expansion Potential • Plan to expand business by way of additional • Customers • Products • Services • Franchisees • Geographies • Define measurable target quarterly & increase it till saturation • Plan to improve on quality of the product & services Making earth little softer
- 56. New Potential segments • Is there a new market ? • How do you plan to grab a new target market ? • Define quarter wise segments to be tapped • Is there any growth in specific sectors ? • How can these be tapped ? • Any specific segment wise strategy needed? Making earth little softer
- 57. Gems of Wisdom Making earth little softer
- 58. Manage change • Aim for sound business model & its execution • Manage implementation & change • To keep evaluating, learning and redesigning • To manage improvement Making earth little softer
- 59. Gems of Wisdom Making earth little softer
- 60. Common pitfalls of B Plan • Failing to communicate realistic goals • Failing to anticipate problems, lack of evident commitment or dedication to the venture • Lack of experience • Failure to demonstrate market niche Making earth little softer
- 61. Summary • What is the venture ? • Why is it new and important? • Who will benefit from it, and how? • How will the idea be executed? • Who is the social entrepreneur, and what unique skill, service, or background does he or she (or they) bring to the venture? • What kind of support for the enterprise is needed, and how much of it? • How much will be the margins? • What will constitute success? Making earth little softer
- 62. Next Steps • To specify immediate, short term and long term needs & actions Making earth little softer
- 63. Checklist • How determined am I? • Am I an expert in the business domain? • Would I be able for form a team of experts? • Am I willing to invest my own money? • What would happen to me if business doesn't work? What are the risks to my career & life? • Am I comfortable taking direction from others? • Would I be able to work with partners? • Am I in accounting & keeping track of profits? • Am I good in relationship management? • Do I have patience to work within the systems? Making earth little softer
- 64. Successful business • Entrepreneurial skills of Entrepreneurs • Skills of the individual owners • Importance of market research • External factors offering opportunity to develop a product idea • Importance of spotting a gap Making earth little softer
- 65. Q&A • To address any question or doubt • To encourage frank discussions Making earth little softer
- 66. Reference business proposal • Taxi service • https://dl.dropbox.com/u/83265908/Earthsoft-City%20Cab%20Proposal.ppsx • https://dl.dropbox.com/u/83265908/Earthsoft%20- %20Travel%20cab%20proposal.xls • Training across India • https://dl.dropbox.com/u/83265908/Earthsoft%20Foundation%20of%20Guida nce-%20Proposal%20for%20NSDC.ppt • https://dl.dropbox.com/u/83265908/Proposal%20for%20Soft%20skill%20dev elopment%20-%20India%20NSDC.xls Making earth little softer
- 67. Good to refer • http://www.slideshare.net/tosime/how-to-write-a-business-plan - Excellent • http://www.boardofinnovation.com - ok • http://www.slideshare.net/colinraney/planningness-2011 - ok • www.companieshouse.gov.uk • http://www.canadabusiness.ca/eng • http://www.slideshare.net/infe/web-20-business-models-270855 – excellent • http://www.slideshare.net/joestump/starting-your-startup - Excellent • http://www.entrepreneur.com • http://www.referenceforbusiness.com • http://www.sba.gov • http://www.carnegielibrary.org • http://www.slideshare.net/vinaya.hs/business-plan • http://www.slideshare.net/arnabray/business-planning-startup-strategies • www.bdc.ca • http://www.slideshare.net/startmeupryerson/rabbani-bdc-start-ups-2 Making earth little softer
- 68. Gems of Wisdom Making earth little softer
- 69. Thank You Making earth little softer