NURSING ENTREP MIDTERM
sell data to company or (Nielsen) - statistics and results
Database
Break down individual tasks into their sub-parts so each step maximizes the upside and minimizes the downside: sub-strategies ad-hoc programs specific tactical action plans
ELABORATION
❒ Short introduction ❒ Makes an impact (lasting 1st impressions) ❒ Tells people who you are and why you're here ❒ Communicates the value proposition of your business strongly
ELEVATOR PITCH
- liability exposure for things like when someone accuses your employees or products you sell of injuring them.
ENTERPRISE
Start-up, or working capital is the funding that will help you pay for equipment, rent, supplies, etc. for the first year or so of operations
STARTUP CAPITAL
Charge based on predetermined periodic usage; Netflix, Internet, electricity, water, mobile phone carrier
Subscription and Usage
TRIM FRAMEWORK
T-eam R-esources I-dea M-arket
Introduce your core team members
TEAM
What do they know? Who do they know? How well are they known?
TEAM
If the main purpose is to enact a harvest, then the business plan must create a value-adding deal structure to attract investors. Common things: viability, profit potential, downside risk, likely life-cycle time, potential areas for dispute or improvement
THE DEAL
Include nice, catchy, professional, appropriate graphics to make it appealing for targeted readers
TITLE PAGE
Focus on the growth, major goals and next steps of your business
TRACTION
Includes an analysis of how the current and expected trends in the political, economic, social, technological, environmental, and legal (PESTEL) factors will impact the development of this business
TREND ANALYSIS
A planning tool that pinpoints the kinds of people essential to form the founding team, the resources that are at hand and required the fine points of the idea and the possible market for the product or service
TRIM FRAMEWORK
obtaining money through pre- orders and use the amount from customers to start the operation of a new venture. By closing sales early & fast, can keep the business operation progressing & making revenues.
USE CUSTOMERS MONEY TO GROW
Define your competition and explain why you're different
COMPETITION
describes what makes you different from others ❒ outlines the list of competitors and their positioning strengths, weaknesses, threats and opportunities
COMPETITION
review of the SWOT
COMPETITIVE LANDSCAPE
Four key aspects describing context within which new venture is intended to function (internal and external environment)
CONTEXT
a summary of previous feasibility study elements outlining the result of a business proposa
RECOMMENDATIONS AND FINDINGS
RUMBA
Realistic, Understandable, Measurable, Believable, and Achievable
There are physical goods/digital products to generate money; sold in a fixed price; dry goods, grocery, textile
Retail/Commercial/Wholesale
how your business will generate money; conceptual structure
Revenue Model
Claiming an insuperable lead or a proprietary market position is naïve. Venture building is like chess: Anticipate several moves in advance View the future as a movie vs. snapshot
SCENARIO INTEGRATION
Seed capital is the money you need to do your initial research and planning for your business
SEED CAPITAL
Present a clear and concise solution that investors can easily follow
SOLUTION
present a concise and clear identified solution ❒ avoid making big promises or grand statements ❒ focus your presentation on your research conducted , drive, commitment and capability in solving the problem.
SOLUTION
easier and faster to start selling using MVP.
START WITH A MINIMUM VIABLE PRODUCT (MVP) AND/OR SERVICE
an outline of the project as defined for the study to provide answers to stakeholders
. CLEAR PROJECT DESCRIPTION
a brief narrative describing details of the project, product, service, plan, or business which stakeholders read with interest
. EXECUTIVE SUMMARY
material requirements; labor requirements; transportation and shipping required; marketing requirements; physical location; technology requirements; target dates (use of GANTT chart; must be practical and reasonable.
. OPERATING REQUIREMENTS
What are the Five Communication Principles?
1. EXPECTATIONS 2. MILESTONES 3. OPPORTUNITIES 4. CONTEXT 5. BUSINESS MODEL
5 CREDIBILITY PRINCIPLES
1. TEAM 2. ELABORATION 3. SCENARIO INTEGRATION 4. FINANCIAL LINK 5. THE DEAL
The business plan is the road map for the development of the business because it
1. defines the VISION for the company 2. ESTABLISH the company's strategy 3. DESCRIBES how the strategy will be implemented 4. provides a FRAMEWORK for analysis of key issues 5. Provides a PLAN for the development of the business 6. is a MEASURMENT and control tool 7. helps the entrepreneur to be REALISTIC and to put theories to the test
1. LOOK FOR SEED MONEY 2. START WITH A MINIMUM VIABLE PRODUCT (MVP) AND/OR SERVICE 3. USE CUSTOMERS MONEY TO GROW
3 STEPS OF BOOTSTRAPPING
1. The entrepreneur gets a wealth of experience using his own money only. 2. The "bootstrapper" reserves the right to all developments. 3. The lack of initial funding makes entrepreneurs innovative & creative in thinking. 4. An entrepreneur can make all the decisions independently & remain autonomous from the investors' instructions
ADVANTAGES OF BOOTSTRAPPING
Sales by charging the one advertising per length of air time (tv,radio,SNS) or size of poster
Advertising
Person selling will give products to the highest bidder (property/product)
Auctions and bids
bridge funding, as its name implies, bridges the gap between your current financing and the next level of financing
BRIDGE CAPITAL
a document that offers an explanation why a particular model leads to success in a given scenario, written in a persuasive, active voice to encourage customers and make investments in the idea.
BUSINESS BRIEF
May include description of history behind the idea and the evolution of the business concept if relevant
BUSINESS IDEA
Brief and clear statement of how an idea actually becomes a business that creates value
BUSINESS MODEL
a theoretical structure that supports the feasibility of a product or company. ❒ a great tool to help you understand a business model in a straightforward, structured way. ❒ provides an insight about the customers you serve, what value propositions are offered through what channels, and how your company makes money.
BUSINESS MODEL
A visual chart with elements and nine building blocks describing a business or a product's value proposition, infrastructure, customers, and finances
BUSINESS MODEL CANVAS
the host might construct a menu of items to include with the meal along with a list of decorations to order, music to play, and costume themes to suggest to the guests. The mix of these kinds of elements chosen by the host will play a role in the success of the party.
BUSINESS MODEL STAGE
otherwise termed as Pitch Deck, Investor Pitch Deck or a Start- up Pitch Deck ❒ the first communication instrument that provides an overview of the business in order to raise funds, usually created using the PPT, Keynote or Prezi presented either face- to face or on online meetings to possible investors, customers, partners, and co- founders.
BUSINESS PITCH
an important precursor to action in new ventures by helping firm founders to make decisions, to balance resource supply and demand, and to turn abstract goals into concrete operational steps
BUSINESS PLANNING
developed for both internal and external purposes.
BUSINESS PLANNING
entrepreneurs use their ingenuity to use their personal savings or existing resources (including physical labor, mental effort, money and time), stretch as far as possible—usually out of necessity until they can transform their venture into one that outside investors will find appealing enough to invest in.
Bootstrap financing (Self- funding)
A host hoping to make a good impression with their anticipated guests might analyze the situation at multiple levels to collect data on new alternatives for healthy ingredients, what ingredients have the best prices and are most readily available at certain times of year, the new trends in party appetizers, what food allergies the expected guests might have, possible party themes to consider, and so on
ESSENTIAL INITIAL RESEARCH STAGE
Can be longer than normal executive summaries, up to three pages Write after remainder of plan is complete Includes information relevant to targeted readers as this is the place where they are most likely to form their first impressions of the business idea and decide whether they wish to read the rest of the plan
EXECUTIVE SUMMARY
Translation of your vision of the venture and how it will perform into a format compatible with the expectations of the readers
EXPECTATIONS
The business plan is often the main method of describing a company to external audiences such as potential sources for financing and key personnel being recruited. It should assist outside parties to understand the current status of the company, its opportunities, and its needs for resources such as capital and personnel. It also provides the most complete source of information for valuation of the business.
EXTERNAL PURPOSES
an assessment on the viability and sustainability of a proposed project or system, taking into account the legal, economic, technical, and scheduling concerns.
FEASIBILITY STUDY
securing loans when needed and otherwise having the right amount of money when you need it
FINANCIAL
Key assumptions related to market size, penetration rates, and timing issues of market context outlined in the business plan should link directly to the financial statements.
FINANCIAL LINK
to be certain that the venture can generate ascendable profits that merit their approval
FINANCIAL PROJECTIONS
Show that you have the financial knowledge to reach your goals
FINANCIALS
❒ securing needed financing is one of the most important functions related to starting a business ❒ understand what sources of financing exist at various stages of venture development❒ determine what kinds of financing provide the most value for the entrepreneur and the new venture. ❒ debt and equity financing decisions must be considered in relation to the cost of the financing and the amount of control that the owner is willing to sacrifice to get the needed resources.
FINANCING CONSIDERATIONS
The final stage—involves the host putting all of the final touches in place for the party in preparation for the arrival of the guests. The final stage involves putting all of the important finishing touches on the business plan so that it will present well to potential investors and others. This involves making sure that the math and links between the written and financial parts are accurate. I
FINISHING THE BUSINESS PLAN The final stage—involves the host putting all
What fixed assets, including equipment and machinery, must be purchased so your venture can conduct its business?
FIXED CAPITAL REQUIREMENTS
Person: business plan writers must strive to communicate their expectations about the nature of an uncertain future. However, the liabilities of newness make communicating the expected future of new ventures difficult (more so than for existing businesses)."
HINDLE AND MAINPRIZE
a process by which management ensures that it has the right number and kinds of people at the right places, and at the right times, who are capable of effectively and efficiently completing those tasks that will help the organization achieve its overall objectives.
HUMAN RESOURSE PLANNING
Includes an analysis of the industry in which this business will operate Commonly uses the Five Forces Model (Porter, 1985) consider whether this is the right place for this analysis: it may be better placed in, for example, the Marketing Plan to enhance the competitor analysis, or in the Financial Plan to provide context to the industry standard ratios in the Investment Analysis section
INDUSTRY ANALYSIS
During this stage, the host will begin to realize that some plans are not feasible and that changes are needed. The required changes might be substantial, like the need to postpone the entire party and ultimately start over in a few months, or less drastic, like the need to change the menu when an invited guest indicates that they can't eat food containing gluten. These changes are incorporated into the plan to make it realistic and feasible in the Making the Business Plan Realistic stage.
INITIAL BUSINESS PLAN DRAFT STAGE
is where the host rolls up his or her sleeves and begins to assemble make some of the food items, put up some of the decorations, send invitations, and generally get everything started for the party.
INITIAL BUSINESS PLAN DRAFT STAGE
Describes the business concept Indicates the purpose of the plan Appeals to targeted readers
INTRODUCTION
Tell people who you are and why you're here
INTRODUCTION
Tell investors what you need from them and why
INVESTMENT AND USE OF FUNDS
entails an explanation of the value proposition ❒ a section where the entrepreneur compares himself with the competition and proves how he is better than them
KEY HIGHLIGHT
list down numbers or indicators that discuss financial details and expected growth in the next 2- 3 years for a particular area or category ❒ discusses current standing, providing a 3-5 year forecast of the business ❒ a projection of income statement, economic plan
KEY METRICS CURRENT STATUS AND FUTURE PROJECTIONS
What is your leadership philosophy? Why is it the most appropriate leadership approach for this venture? Training Performance Appraisals Health and Safety
LEADERSHIP AND MANAGEMENT STRATEGIES
Each table, figure, and appendix included in the plan must be referenced within the text of the plan so the relevance of each of these elements is clear.
LIST OF TABLES
using personal savings, salary from regular job or money from relatives and friends (love money) or from grants and start-up prize money as a start-up money
LOOK FOR SEED MONEY
creator and innovative inventors; patency, copyrighter, trademark = Antivirus software, SPSS-research
Licensing
Describes the major organizational goals Ensures each goal is: Specific, Measurable, Action-Oriented, Realistic, and Timely [SMART] Realistic, Understandable, Measurable, Believable, and Achievable [RUMBA] Perfectly aligns with everything in plan
MAJOR GOALS
involves further changes to the party plan to make it more appealing to both the invited guests and to make it a fun experience for the host. For example, the host might learn that some of the single guests would like to bring dates and others might need to be able to bring their children to be able to attend.
MAKING A PLAN TO APPEAL TO STAKEHOLDERS STAGE
Discusses who your core team members are and delineates their titles and capacities ❒ State during presentation why you believe they are vital
MANAGEMENT TEAM
Identify market size and opportunity in measurable numbers
MARKET SIZE AND OPPORTUNITY
discusses marketing and sale strategies to obtain, overcome and to serve the existing and prospective customers of the product ❒ Statement of funding reflected in a graph based on past market growth and future potential market growth
MARKETING AND SALES
Mezzanine capital is also known as expansion capital, and is funding to help your company grow to the next level, purchase bigger and better equipment, or move to a larger facility
MEZZANINE CAPITAL
Anchoring key events in the plan with specific financial and quantitative values
MILESTONES
Should be very brief—a few sentences or a short paragraph Indicates what your organization does and why it exists—may describe the business strategy and philosophy
MISSION
❒ capital used to set up a new business; refers to the money raised by a new company in order to meet its initial costs. ❒ almost always required by entrepreneurs to move their ideas forward to the point where they can start their ventures. ❒ Determining the amount of money that is actually needed is tricky because that requirement can change as plans evolve.
START-UP CAPITAL
securing needed inventories, recruiting needed employees in tight labor markets, customers you counted on not purchasing product as you had anticipated, theft, arson, natural disasters like fires and floods, etc
OPERATIONAL
Nothing lasts forever—things can change to impact the opportunity: tastes, preferences, technological innovation, competitive landscape
OPPORTUNITIES
❒ a summary of what your business does, what problem it solves, and who your customers are going to be. ❒ describe how you will take advantage of the opportunities and challenges the environment provides. ❒ a problem leads to an opportunity that can be capitalized on
OPPORTUNITY
Person: Trying to predict the future is like trying to drive down a country road at night with no lights while looking out the back window
PETER DRUCKER
an informative presentation during a start- up that helps potential investors learn more about your business; it relates compelling information
PITCH DECK
Identify two or three problems that your product will tackle
PROBLEM
Simple statement focused on the problem/ gap identified by the investor that is not being addressed currently by the market
PROBLEM
Features the actual product or service ❒ The products and services section of your business plan outlines your product or service, why it's needed by your market, and how it will compete with other businesses selling the same or similar products and services.
PRODUCT
Show off the actual product or service your business is telling
PRODUCT
"Money is like gasoline during a road trip. You don't want to run out of gas on your trip, but you're not doing a tour of gas stations"
Tim O'Reilly, founder and CEO of O'Reilly Media
Revenue comes from transactions/intermediated a business deal, brokerage firm
Transaction and Intermediation
Indicates the important values that will guide everything the business will do Outlines the personal commitments members of the organization must make, and what they should consider to be important Defines how people behave and interact with each other. Should help the reader understand the type of culture and operating environment this business intends to develop
VALUES
Generally outlines what the owner intends for the venture to be Should inspire all members of the organization Should help stakeholders aspire to achieve greater things through the venture because of the general direction provided through the vision statemen
VISION
What money is needed to operate the business (separately from the money needed to purchase fixed assets) including the money needed to purchase inventory and pay initial expenses?
WORKING CAPITAL REQUIREMENTS
Internal purpose of business planning
develop business plans to help put the pieces of their business together
External purpose of business planning
for a business plan is to raise capital.
