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Delve into the critical aspects of entrepreneurship, from the process of developing a business, to how to identify and expand in the marketplace, and how to pitch to new investors.

24/03/2021

Creating a Business Plan

TEXT: Learning Objectives

1. Learn the value in creating a business plan.

2. Identify the primary elements needed to make it successful.]

In this lesson, you will learn the value in creating a business plan and identify the primary elements needed to make it successful.

Writing a business plan is not complicated, but you have to understand the fundamentals. If you have a great idea for an innovative venture and want to start a business based on that idea, you will need to attract team members and secure capital. The best way to do this is with a solid business plan.

To convince others to join you in this exciting adventure, you will have to pitch investors and funders. Before they put up any money, they will ask you many questions about your idea, and you will need the answers! The business plan will help you formulate the responses that will satisfy their questions.
But even before you go out and pitch your idea, the business plan will help you work out the potential issues and come up with solutions. This is important, whether you’re working alone or leading a team.

So what are the primary elements of a business plan? In clear and concise language, your business plan should explain your idea as well as its market potential. It should list the problems that you expect to encounter, and how you intend to solve them. It should detail the risks associated with your venture and how you intend to reduce those risks.

Your business plan should always begin with the sales demand side. For example, if your idea is to sell a new type of battery for mobile phones, you’ll need to make assumptions and determine how many batteries you think you can sell in a given market in the first year. And then in the second, third, and fourth year. By the fifth year, perhaps you will expand into new markets and begin selling different types of batteries and associated services.

24/03/2020

Fundamentals of Starting and Running a Business

Developing a Business Model

Fundamentals of Starting and Running and Business > Developing a Business Model

DEVELOPING A BUSINESS MODEL
Presenter: Evan Burfield, Co-Founder, 1776

Entrepreneurship

[TEXT: YOUNG AFRICAN LEADERS INITIATIVE ONLINE TRAINING SERIES]

[TEXT: Entrepreneurship Developing a Business Model]

[TEXT: Learning Objectives

1. What is a business model?

2. What does scalability mean?

3. What is the essence of a great pitch?]

[TEXT: Evan Burfield, Co -Founder, 1776]

Developing the business model for your startup.

There’s going to be three learning objectives during this module.

First, what is a business model?

Second, what does scalability mean?

And third, what is the essence of a great pitch?

Fifteen years ago, investors expected startups to spend great amounts of time writing long business plans filled with forecasts that were unlikely to ever be true. Today, sophisticated investors expect startup founders to focus on developing a business model for their startup, ideally one that scales.

A business model is the collection of assumptions that must be true in order for your startup to generate a consistent profit. These assumptions include a precise description of the customers you will engage, the problem you will solve for those customers, the features of the solution to that problem, the messages and channels you will use to connect to those customers, and the economics around what and how you will charge for your solution — and what it will cost you to provide it.

A scalable business model for your startup is one that not only enables the business to generate a profit but one that is well-suited to grow rapidly — and ideally become more profitable as the business becomes large.

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