Business Plan Intro
Failing to Plan is
Planning to Fail
Mention 3 main purposes of a business plan:
To create an effective strategy for growth, to determine your future financial needs, and to attract investors and lenders
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How to feel or see what people want or need?
Make surveys, check statistics, talk to the people.
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How long does it take to write a business plan?
No real definitive time
Why many people do not do a business plan?
To “save time”
What are revenue streams:
The ways that you will be making money.
How to reach your target group?
Targeted marketing for them
What is the 80/20 Rule ( Pareto principle )
80% of outcomes come from 20% of causes
Why is a business plan important?
To have a strategy and a journey and a place where you want to reach apart from studying the market the needs, and plan what you will be doing.
Mention 3 main reasons why startups fail:
Not investigating the market, bad business planning, lack of finance, Bad Location, Inflexibility, Rapid expansion.
Why do banks ask to see your business plan before giving you a loan?
To see that you have a real plan and that you are realistic in your targets and thus see if they will risk a lot and if they will take their money back.
What is a marketing strategy?
A plan of action designed to promote and sell a product or service.
Are Milestones important in a business plan?
Yes
How many start ups fail in the first year?
10% of startups fail within the first year. Across all industries, start-up failure rates seem to be close to the same. Failure is most common for startups during years two through five, with 70% falling into this category
Who can help you build a successful business plan?
Mentors, Incubator center, experienced business people.
What is meant by the term break even?
The break-even point is the point at which total cost and total revenue are equal, meaning there is no loss or gain for your small business. In other words, you've reached the level of production at which the costs of production equals the revenues for a product.
Mention 3 different types of marketing strategies:
Paid advertising, Cause marketing, Relationship marketing, Undercover marketing, World of mouth, internet marketing.
Why is evaluation and feedback from others important when planning a business plan?
It helps you to receive feedback and learn about problems you were not able to detect.
Some disadvantages of a business plan:
A business plan can turn out to be inaccurate. Too much time can be spent on analysis, it creates an environment of false certainty.
Market analysis is…..?
A process where one gathers information about factors and conditions that affect your industry.
How to make financial projections for your business?
Check what you have to spend, including wages and buying of material, plus some money saved for emergencies.
What is gamification?
The application of typical elements of game playing, to other areas of activity, typically as an online marketing technique to encourage engagement with a product or service.
What is the purple cow theory?
A type of marketing Strategy