Entrepreneurship Skills Training May – June 2016...New ideas for products and services are the life-blood of all businesses. For a business to succeed, it must offer products and

[Entrepreneurship Skills Training May – June 2016] 1

Blessing Uwechia Folake Ojo Precious Abutu Kwang-Yung Jung

Entrepreneurship Skills Training May – June 2016

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Entrepreneurship Skill Training I - 1

BACKGROUND The desire for independence and the passion for creativity have led so many people to become entrepreneurs. Entrepreneurs are the only set of people that have the tendency of fully exploring their potentials and living a more satisfied and fulfilled life. WHAT IS ENTREPRENEURSHIP? Entrepreneurship can be defined as the act of taking the risk to create something new and of value, dedicating time and effort, in order to enjoy a reward later. WHO IS AN ENTREPRNEUER? An entrepreneur is a person who takes the risk to create something new and of value, dedicating time and effort, in order to enjoy a reward later. Generally, entrepreneurs are people who believe first in themselves and what they can do, and are able to convince others. WHAT ARE THE QUALITITES OF AN ENTREPRENEUR?

1. They are enduring, patient and dedicated or committed to what they believe in 2. They are enthusiastic and passionate about what they do, and they possess the drive to

bring their ideas to reality 3. They are creative and innovative 4. They are confident in themselves 5. They are risk takers 6. They are self-disciplined 7. They are responsible and accountable people 8. They are leaders

WHAT ARE THE BENEFITS OF ENTREPRENEURSHIP?

1. It gives you the liberty to be independent and self-reliant 2. Liberty to explore opportunities around, as well as your potentials 3. It gives you leverage to work at your convenience 4. It gives you the opportunity to develop yourself and sharpen yourself 5. Entrepreneurship makes you a job creator and a solution provider which leads to the

reduction of unemployment WHAT ARE THE REASONS WHY PEOPLE WANT TO HAVE THEIR BUSINESS?

1. The desire to be independent and not accountable to anyone 2. To be self-reliant 3. A unique passion for business 4. It is manageable 5. Some people want to have their own business because of its convenience with their

personal life 6. Certain qualifications are not needed to own a business 7. Some businesses do not require much capital to begin

WHAT ARE THE CHALLENGES OF SMALL BUSINESS?

1. Most small business owners do not plan for the future, therefore, the future of the business is not guaranteed

2. Small business requires little or no qualification, this leads to no expansion. 3. New ideas, creativity and innovations are hardly put into consideration knowing that it is a

one man’s business

INTRODUCTION ENTREPRENEURSHIP INTRODUCTION ENTREPRENEURSHIP INTRODUCTION ENTREPRENEURSHIP


4. Profits gotten from small business are usually little and often insufficient 5. Small businesses are usually localized and often restricted

CONCLUSION Generally, every business has challenges unique to it, but the ability to systematically see a potential solution in any given challenge and take calculated risk where necessary, having the required skill and quality of an entrepreneur, leads to great business success.

INTRODUCTION ENTREPRENEURSHIP


OBJECTIVE

Be your own boss PEOPLE OWN BUSINESS FOR THE FOLLOWING REASON

To be self-reliant and independent It is manageable Certain qualifications are not needed to own a business

THESE ARE MY SPECIAL QUALITIES My Interest My Skill

My Education My Training



TAKE HOME ACTIVITY “INTRODUCTION” “I can do following businesses”


Entrepreneurship Skills Training - Module 1: Product and Service -

MODULE 1: PRODUCT AND SERVICE

Entrepreneurship Skill Training 1 - 1

BACKGROUND New ideas for products and services are the life-blood of all businesses. For a business to succeed, it must offer products and services that meet customers' needs, they are willing to pay for it and then profit is being maximized. LEARNING OBJECTIVE

Participants will generate and screen/select good ideas for a business Participants will understand the importance of market survey in business Participants will be able to answer the 5 important marketing questions

WHAT DOES BUSINESS MEAN?

An activity of making, buying or selling goods or providing services in exchange for money An occupation, profession or trade e.g. my business is poultry farming An entity involved in the provision of goods and/or services to consumers An economic activity, which is related with continuous and regular production and distribution

of goods and services for satisfying human wants WHAT IS THE GOAL OF A BUSINESS?

The primary purpose of a business is to meet customers’ needs while maintaining social responsibility for its owner and stakeholders

WHAT IS A PROFIT?

A business makes profit when its revenue from selling a product is higher than the cost of producing that product

WHY SO MUCH EMPHASIS ON PROFIT?

Profit is the most efficient and reliable measure of the efficiency of a business Businesses that survive in a competitive market are those that make profit

WHY DOES BUSINESS FAIL?

There are two kinds of businesses, those that succeed and those that fail WHY BUSINESSES FAIL

Lack of proper planning Not delivering what is promised Not enough difference from competitors Lack of money

WHY BUSINESS SUCCEEDS

Adequate market research Adequate business planning Delivering what is promised/meeting customer needs and wants Quality product, different from competitors Effective customer care services Unique packaging


MODULE 1: PRODUCT AND SERVICE MODULE 1: PRODUCT AND SERVICE

STAGES OF PRODUCT DEVELOPMENT

Idea generation based on consumers’ wants and needs Screening Product analysis Development and testing Commercializing (bringing the product to the market)

WHAT IS IDEA GENERATION?

A good business starts with a good business idea Ideas are developed from:

o Observation o One’s education o Experience o Talent o Competitors' business

YOUR BUSINESS IDEA WILL ANSWER THE FOLLOWING QUESTIONS

WHICH – need your business fulfill for its customers WHAT – product or service your business will sell WHO – your business will sell to HOW – your business is going to sell its products

WHAT IS PRODUCT SCREENING?

Product screening is a way of reducing the number of ideas being worked on. This will allow for the selection of the best ideas. For example, product screening can be done using the following parameters

Demand – how many customers would want/need your product Ability to do the job/qualification of personnel – Do you have the education and training for

the business or do you have a qualified person to do it Is the equipment available? – Where will you get the equipment for the business? Do you

have the money for it? Where can you get the raw material? Is it available? At what cost? Competitors – who are your competitors, how many are they, will you be able to compete

with them? Total – when you add what you get on a scale of 1 – 10 for each point. The result gives you

a direction WHAT IS PRODUCT ANALYSIS?

Product analysis is done after product screening Business owner estimates or calculates how much it will cost him/her to go into the business Whether or not he/she will make profit from sales

WHAT IS PRODUCT DEVELOPMENT?

If a product passes through the screening and analysis stage. The product or service is developed further.

The product idea can be developed into many different product concepts. For example, an entrepreneur that produces packaged Kunu or Zobo can try mixing the two drinks. This is achieved through innovation and market penetration

IDEA GENERATION

IDEAL SCREENING

PRODUCT ANALYSIS

DEVELOPMENT & TESTING

COMMERCIALIZING



WHAT ARE THE STAGES OF PRODUCT DEVELOPMENT?

Innovation and Market penetration WHAT IS INNOVATION?

It is the act of introducing something new or doing something in a different way Innovation is an invention created or designed to satisfy customers’ needs For a new product in the market to standout, it has to offer a unique value. It has to offer

something different WHAT IS PRODUCT TESTING?

Product testing involves taking a product to consumers to observe/analyse their reactions How frequently will they buy it At what price will they buy it What features do they like or dislike Testing continues until a desirable product is arrived at

WHAT IS COMMERCIALIZATION?

Commercialization means promoting a product to distributors and retailers through strong advertising and sales campaigns in other to reach consumers

HOW CAN NEW PRODUCTS BE PROMOTED/ADVERTISED?

TV and radio advertisement Distributors Retailers Consumers Magazines Road shows, etc.

WHAT IS MARKET PENETRATION? Whether you are just starting out or already in business, penetrating a saturated market and surviving in the midst of strong competition takes careful planning. Market penetration is a strategy of increasing sales of existing product in current market. HOW TO PENETRATE THE MARKET

Keep existing customers by rewarding loyalty Explore new markets for the product or service Sustain profits with new offerings related to the business Connect to more distribution channels (wholesale, retail sales, etc.) Invest on research and development innovations Explore measures on how you can decrease price with minimal effect on profit

MARKET SURVEY

Market survey is a search conducted by an entrepreneur to get information on the sale of products/services

A market survey is conducted by: 1. Talking to potential customers 2. Study competitors business 3. Product sales and promotions 4. Seek suppliers, business friend’s opinion about their sale of goods



MARKETS MIX 5 Ps The combination of various products for a better production that would satisfy needs

1. Products and service: anything a business sells that satisfies a need or want 2. Price: the monetary value that a seller seeks from a buyer for a product or service 3. Place: a geographical location where marketing can take place 4. Promotion: the act of convincing customers about a product 5. These are the human resources required/personalities involved

FUNNEL MODEL PROBLEM SOLVING CYCLE

SWOT


5 Ps


OBJECTIVES

Be able to generate & screen/select good ideas for business Understand the importance of market survey in business Be able to answer the 5 important marketing questions

KEY MESSAGES Do not produce a product/service, solve a problem Every good business starts with a good idea Hard work is necessary for its survival The goal of any business is profit The customer is the most important concern

for any business to succeed, why? They have needs that must be met,

if your business identifies and solves them, customers will be willing to pay for it.

LESSONS LEARNT FROM “TO BE OR NOT TO BE”



TAKE HOME ACTIVITY 1 My personal explanation of the things I learnt today.



TAKE HOME ACTIVITY 2 Present your personal business idea and target customer in the next class for experience sharing.

Entrepreneurship Skills Training - Module 2: Unique Selling Proposition -


MODULE 2: UNIQUE SELLING PROPOSITION (USP)

BACKGROUND The success of a business is basically determined by its unique selling proposition. These are strategies and techniques employed by an entrepreneur to promote his business, giving him an edge over his competitors/counterparts. LEARNING OBJECTIVE

Participants will be able to attract customers by offering a unique concept from competitors WHAT IS USP? USP is an entrepreneur’s special and unique style that differentiates his products/services from that of his competitors (it is what you have that competitor’s don’t). E.g. the lowest cost, the highest quality. EXAMPLES OF SOME BRAND NAME THEIR USP

First bank – Oldest bank in Nigeria Coca Cola – World most valuable product Indomie – Number 1 instant noodles MTN – Everywhere you go Dangote cement – The most known cement in Nigeria M&M – Melts in your mouth not in your hand

KEY FACTORS TO FORM A USP ARE

1. Customers (Target group) 2. Their needs (problems) 3. How to satisfy them (solution)

CUSTOMERS …are the target group to which a particular product or service is directed in order to meet their needs. NEEDS …are essential/necessary daily livings that make people lives better and more comfortable. THE KEY FACTORS FOR USP ARE …brand awareness and attractiveness. WHAT IS COMMUNICATION? Communication is the act of sending an idea, information, message etc., from one person to another through a channel and receiving a feedback. What are the causes of communication difficulties?

Lack of information and knowledge Not listening No understanding others needs and not asking questions Making decision without key facts

WHAT ARE THE EFFECTS OF BAD COMMUNICATION IN BUSINESS? Bad Communication can lead to:

Mistakes Loss of business Low productivity


MODULE 2: UNIQUE SELLING PROPOSITION

Frustration and hostility Loss of clients/customers

CONCLUSION The target group for a particular product or service determines/affects an entrepreneur’s unique selling proposition. This is because a good entrepreneur is aware that identifying the need of his customer and satisfying it is paramount for business success. The saying that “the customer is always right” applies.



OBJECTIVE

Be able to attract customers by offering a unique concept (product and service) in business from competitors

KEY MESSAGES

For a business to succeed, it has to be special, unique and different Every business must have a target customer, find them, meet their needs in a special way Every business must create a special quality that will attract its customer Who are your customers, what do they want, how do they want it

WHAT LESSONS DID YOU LEARN FOM “CROSSING THE LINE IN STYLE”?

Draw something that makes you special



TAKE HOME ACTIVITY 1 My personal explanation of the things I learnt today.



TAKE HOME ACTIVITY 2 Put down or draw that special something that makes your business or product/service different.

Entrepreneurship Skills Training - Module 3: Risk Controlling -


MODULE 3: RISK CONTROLLING MODULE 3: RISK CONTROLLING

BACKGROUND Risks are unavoidable occurrence that happens in any business. There is need therefore to prepare for such days in order not to be taken unawares. LEARNING OBJECTIVES

Participants will be able to foresee what could go wrong and what should be done to proffer solutions on businesses

Participants will be able to take decisions based on the DECIDE model WHAT IS RISK? Risk is defined as the dangers or wrongs that could occur in any business. WHAT ARE THE SOURCES OF RISKS? Risks can come from the following sources:

Family Assets Friends Business profits, etc.

WHAT IS RISK MANAGEMENT? This is the practice of identifying potential risks/dangers in advance, analysing them and taking necessary measure to control them. WHAT ARE SOME OF THE WAYS TO RECOVER FROM RISKS? They include:

Insurance Savings

RISK CONTROLLING The act of thinking of the dangers that could occur in the future and finding solutions that can handle it. TYPES OF RISKS

Minor/Ignorable Risks: These are risks with minor likelihood of occurring Nuisance Risks: These are risks that occur as a result of carelessness and lack of proper

management Insurable risks: These are risks that have major consequences but are relatively unlikely to

happen, but should be insured Company risks: These are risks with high relative likelihood of occurrence and have major

consequences TYPES OF COMPANY RISKS

1. Market risk: - Sufficient demand for business 2. Competitive risk: - SWOT, USP 3. Technological/Operational risk: - Technical know-how e.g. machines 4. Financial risk: - Cash out of business 5. People: - right people, temperaments and experiences 6. Systematic: - risk affecting other businesses 7. Legal and Regulatory risks


MODULE 3: RISK CONTROLLING

WHY RISK CONTROLLING?

Entrepreneurial activity usually involves risks that need to be controlled It is requested by banks to determine one’s credit worthiness It gives reliability for customers, timely and quality production of goods

WHAT ARE THE IMPORTANCE OF RISK CONTROLLING? Risk controlling sustains the business

It prevents unnecessary expenses It enables business growth It guarantees profit for the organization in place of a loss

WHAT IS INSURANCE? Insurance is an arrangement with a company in which an entrepreneur pays them a regular amount of money and they agree to pay the cost in the case of eventuality. E.g. life, car, etc. WHAT IS SAVING? Savings are resources not in present use that is stored up for the future, which could be useful in handling future dangers. WHAT ARE THE PROBLEMS IN RISK CONTROLLING?

Lack of proper time management Lack of awareness Absence of expertise/inexperience

WHAT IS THE ACRONYM FOR THE WORD “DECIDE”?

D = Dilemma E = Examine options C = Consider values I = Identify pros and cons D = Decide E = Evaluate

CONCLUSION Risks come in different forms. They can be minor, insurable, nuisance etc., hence there is need to be well informed about them and well equipped to handle them.



OBJECTIVES

Ability to foresee what could go wrong and what should be done to proffer solutions on your business

Be able to make informed decision based on the DECIDE Model KEY MESSAGES

Prepare for the rainy days, think ahead, find solutions The best ways to recover from risks are insurance and savings Risk control enhances business growth The acronyms DECIDE

D = Dilemma E = Examine options C = Consider values I = Identify pros and cons D = Decide E = Evaluate

The DECIDE Model helps you to foresee risks, plan and decide on the action plan to take LIST THE TYPES OF RIKS YOU KNOW WHAT LESSONS DID YOU LEARN FROM “THE BALLOON GAME”?



TAKE HOME ACTIVITY 1 My personal explanations of things I learnt today.



TAKE HOME ACTIVITY 2 Using the DECIDE Model, list various types of risks your business is likely to go through.

Entrepreneurship Skills Training - Module 4: Customer Relationship Management -


MODULE 4: CUSTOMER RELATIONSHIP MANAGEMENT

BACKGROUND Focusing on satisfying the needs of the customer keeps the business on point because the customer is king. LEARNING OBJECTIVE

Participants will understand the place and importance of customers Participants will understand the need to provide quality product and service that meet

customer need CUSTOMER RELATIONSHIP Customer relationship simply means the way business owners treat their customers. WHY IS THE CUSTOMER SO IMPORTANT TO ANY BUSINESS? The customer is so important to any business because he/she determines how successful the business will be. WHAT DO CUSTOMER SATISFACTION, CARE AND FRIENDLY APPROACH MEAN? Customer satisfaction, care and friendly approach means giving the customer the needed attention in order to identify their needs and meet them. WHAT IS LISTENING? Listening is the act of hearing beyond the words spoken, but understanding the whole message. It therefore involves being focused. HOW CAN ONE LISTEN EFFECTIVELY? One can listen effectively by doing the following:

Avoid interrupting people when they speak Avoid being distracted by your own thoughts or opinions Ask questions for proper clarification and avoid misunderstanding Do not try to formulate a person’s response by your opinion Avoid being judgmental and critical while people speak

NB: To listen effectively, one must learn to read people’s body language and tone. WHAT ROLE DOES LISTENING AND ATTENTION PLAY IN CUSTOMER SERVICE? Listening and attention enable the organization to:

Identify the needs of their customers Understand what the customers expects from them Sustain customer relationship Listening places a business ahead of its competitors Listening enables the business to maximally satisfy its customer’s needs

WHAT ARE THE NEEDS OF A CUSTOMER? These are the essentials for daily living that directs a customer to a given business/entity in order to obtain the desired result and satisfaction.



QUALITIES OF GOOD CUSTOMER SERVICE Good customer service involves the following:

Identifying the need of the customer Ensuring that customer’s satisfaction is top on business’ priority list. Maintaining a positive relationship with customers

WHAT ARE THE EFFECTS OF GOOD CUSTOMER SERVICE? Good customer service does the following to a business:

Increase the number of customers attracted to the business which in turn leads to increase in productivity and profit

Good customer service increases the fame and influence of the business in a community Good customer service naturally draws the attention of people to the business

WHAT ARE THE EFFECTS OF BAD CUSTOMER SERVICE?

Bad customer service makes a customer feel neglected Bad customer service will cause a business to lose her customers; this will ultimately lead to

the crumbling of the business CONCLUSION Customers are like evangelists that spread the gospel of a business; either good or bad. They are in fact the best marketers a business has. Offering quality services to customers bring a business to limelight.



OBJECTIVES

Understand the place and importance of your customer Understand the need to prove quality product and services that meet customers need

KEY MESSAGES

The customer is king The customer is the focus of any business There are two types of customers: internal and external A good customer service should pay attention to the customer Communication and listening skills are key to meet customers need and staying ahead of

competition WHAT ARE THE 3 MOST IMPORTANT FACTORS IN CUSTOMER SERVICE? WHAT LESSONS DID YOU LEARN FROM “THE RESTAURANT PLAY”?



TAKE HOME ACTIVITY 1 My personal explanation s of things I learnt today.



TAKE HOME ACTIVITY 2 1. Mention 3 qualities of good customer service that you will employ in your business.

2. Mention 2 effects of bad customer service that will affect your service.

3. Mention 1 effect of good customer service will affect your business positively.

Entrepreneurship Skill Training - Module 5: Organization of a Start-Up -


MODULE 5: ORGANIZATION OF A START-UP

BACKGROUND Having a detailed written statement about your business is of great importance because it keeps the entrepreneur continually focused on achieving the goals penned down, in order to achieve the vision of the organization. LEARNING OBJECTIVES

Participants will understand the importance of planning and information flow in business Participants will understand the administrative and logistic set of a business/entity

ORGANIZATIONAL DEVELOPMENT Organizational development is defined as building a strong foundational structure with a mission that will sustain the business for a long time. WHAT IS A GOAL?

A goal is what a business/entity aims for A goal is the desired result that an organization envisions, plans and commits to achieve

WHY IS GOAL SETTING IMPORTANT? Goal setting is important because:

1. It helps create clarity 2. It helps the entrepreneur to be organized 3. Goal setting gives the entrepreneur direction and focus 4. It also changes the behavior of the entrepreneur, making him more disciplined in order to

achieve success WHAT ARE ‘SMART’ GOALS?

S – Specific M – Measureable A – Achievable R – Realistic T – Time bound

WHAT IS AN ACTION PLAN? An action plan is the process an entrepreneur employs to help him focus on achieving his goals.

What are the steps you need to take to accomplish your goal? What resources do you have, how much time, how much money? What are the deadlines? When can I complete my goal? What will the outcome be?

WHAT ARE THE 9 PILLARS OF ORGANISATIONAL DEVELOPMENT?

1. Vision and mission 2. Organizational structure 3. Leadership 4. Information flow 5. People management 6. Relationship management 7. Equipment/tools 8. Financial management 9. Application of staff and partners



Furthermore, to startup a business, an entrepreneur must have the below items well spelled out and written down. VISION An overall purpose for the existence of a business. MISSION STATEMENT An official statement of the aim of your business/entity. GOALS The list of things you desire to achieve. ACTION PLAN A method or strategy you desire to employ in order to achieve your goals and the vision of your business/entity at large. WHAT ARE THE HINDRANCES TO BUSINESS GROWTH?

Lack of experience Absence of a business plan Financial indiscipline Lack of innovation and creativity Unawareness of customers’ needs Poor customer-entrepreneur’s relationship

WHAT IS COLLABORATION/PARTNERSHIP? It is defined as a legal form of business with two or more owners. Partnership can be either general or limited. CONCLUSION Written down strategies is the best way to achieve any organizations goal and vision. As the saying goes, “the faintest ink is more powerful than the strongest memory”.



OBJECTIVES

Understand the importance of planning and information flows in your business Understand administrative and logistic setup of your entity/business

KEY MESSAGES

The journey of a thousand miles begin with a step Organizational development is building a strong foundation that will sustain the business Starting a business requires vision, mission statement, goals and action plan

LIST AT LEAST 3 OF THE ORGANIZATIONAL PILLARS

WHAT LESSONS DID YOU LEARN FROM “THE ORGANOGRAM EXCERCISE”?






TAKE HOME ACTIVITY 1 1. List 5 companies in your area that folded up and find out why? 2. What will you do in your own business to prevent from folding up?

Entrepreneurship Skills Training - Module 6: Financial Planning -


MODULE 6: FINANCIAL PLANNING

BACKGROUND Finance is the back bone of every business because it determines the direction of the business; either upward or downward. LEARNING OBJECTIVES

Participants will understand the importance of financial planning for their business Participants will be able to make informed financial decision for their business

WHAT IS A FINANCIAL PLAN? This is a document that shows how much money you need, when you will need it and how to make it. WHAT DOES IT MEAN TO SAVE? To save means to keep something from harm or loss. WHERE DOES ONE GET MONEY FROM? We get money from the following:

Sales Gifts from family Loans Collection from saving groups

Money that comes into your business is called “income”. WHAT IS MONEY SPENT ON? We spend money on the followings:

Daily needs Emergencies Fashion Future investments

Money that goes out of your business is called “expenditure”. WHAT IS COSTING? This is defined as knowing the exact amount needed to produce a product or service. WHY IS COSTING IMPORTANT? Costing is important because:

It enables a business/entity plan for the future needs It enables a business make informed decisions It enables a business set appropriate price for products and services

WHAT ARE THE TYPES OF COST?

FIXED COST – Change with the level of production DIRECT COST – Directly connected with production of products and services VARIABLE COST – Changes with the level of production. INDIRECT – This cost relates to the running of business but not directly on the product or

services



WHAT ARE INVESTMENTS? This is a onetime purchase that remains for a long time e.g. land. WHAT IS RECORD KEEPING? Record keeping is a process of entering transactions and events into books for reference purposes. WHAT ARE THE IMPORTANCE OF RECORD KEEPING?

Record keeping enables you to monitor the cash flow Record keeping helps to control expenditure especially unnecessary ones Record keeping helps an organization to keep track of its profit and loss

WHAT IS PROFIT? Profit is money gained from a business. WHAT IS LOSS? Loss is money lost from a business. WHAT IS PRICE? Price is an amount customers pay for a product or service. WHAT FACTORS SHOULD BE CONSIDERED WHEN SETTING PRICE? The following are factors to consider when setting the price of a product or service

Competitor’s price Cost production Cash flow

CONCLUSION The ability to properly manage the finance of your organization determines 50% of business success.



OBJECTIVES

Understand the importance of financial planning for your business Be able to take decisions for your business

KEY MESSAGES

Financial plan shows how much money you need, when you will need it and when to make it Costing is knowing the exact amount needed to produce a product or service Competitors price, cost of production and cash flow are factors to consider when setting

the price of a product or service MENTION THE TYPES OF COSTS YOU KNOW _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ WHAT LESSONS DID YOU LEARN FROM “THE BASKET GAME”?

One

Two

Three






TAKE HOME ACTIVITY 2 Do a personal financial plan for your business, highlighting the following areas:

Costs Price Expected sales in a week

Entrepreneurship Skills Training - Module 7: My Business Plan -


MODULE 7: MY BUSINESS PLAN

BACKGROUND Business plans are critical for the success of any business and it has some essential sections that explain core aspects. LEARNING OBJECTIVES

Participants will identify the essential elements of a business plan Participants will be able develop a simple business plan

WHAT IS A BUSINESS PLAN? A business plan is a detailed explanation of an entrepreneur’s ideas and how he plans to start and run his business. WHAT ARE THE IMPORTANCE OF A BUSINESS PLAN?

Business plan helps you think ahead to avoid mistakes It helps you to decide if you need a loan It helps you to see what needs to be done and when It helps you decide whether your business idea is good enough to spend money and time on Business plan helps you explain your business idea to others It attracts investors It helps you learn about the market you plan to enter

HOW DETAILED SHOULD A BUSINESS PLAN BE?

MINI PLAN: Mini plan needs only the most important information WORKING PLAN: Working plan requires total emphasis on details PRESENTATION PLAN: This requires much emphasis on the market ability of the business.

It is used to give information to banks WHAT ARE THE 7 SEGMENTS OF A BUSINESS PLAN? The 7 segments of a business plan include:

1. Summary 2. Products and Service 3. Founder 4. Financial Plan 5. Marketing Analysis 6. Business and Organization 7. Financial Planning (Outlook)

CONCLUSION A good business plan determines business success; it can be linked to a blue sky that indicates a fair weather.



OBJECTIVES

Understand the value of a proper business plan Be able to develop a simple business plan

KEY MESSAGES

A business plan helps you to get a loan from the bank A business plan helps you to explain your business idea to others A business plan can be in a form of a mini-plan, a work-plan or a presentation

LIST THE 7 SEGMENTS OF A BUSINESS PLAN

WHAT LESSONS DID YOU LEARN FROM “THIS IS ME! BITS AND PIECES! GAME”?

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _






TAKE HOME ACTIVITY 1 Develop a business plan for your business.

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Documents

Entrepreneurship Skills Training May – June 2016...New ideas for products and services are the life-blood of all businesses. For a business to succeed, it must offer products and