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BMGT 1391 The Business Plan

BMGT 1391 The Business Plan. Unit 1 What Business Do You Want to Start?. Chapter 3 – Creating Business from Opportunity. How do you define your business? Can you articulate your core beliefs your missions your vision What is your competitive advantage?. Business Definition.

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BMGT 1391 The Business Plan

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  1. BMGT 1391The Business Plan Unit 1What Business Do You Want to Start?

  2. Chapter 3 – Creating Business from Opportunity • How do you define your business? • Can you articulate • your core beliefs • your missions • your vision • What is your competitive advantage?

  3. Business Definition • Who will the business serve? • What will the business offer the customers? • Tangible • Intangible • How will the business provide offerings? • Buying, developing, manufacturing product • Identifying customers – selling to them • Producing & delivering product or service • Getting payment

  4. Business Definition • The Offer • What you’re selling • Pricing • Target Market • Who you’re selling to - specific, precise • Focus of marketing efforts • Production & Delivery Capability • How to produce and deliver

  5. What Sort of OrganizationDo You Want? • Core Values • Ethical & moral philosophy & beliefs • Decision-making guiding principles

  6. What Sort of OrganizationDo You Want? • Mission • Passion for business • Commitment to customer satisfaction

  7. What Sort of OrganizationDo You Want? • Vision • Broader – more comprehensive • View of future • Compelling across the organization • OC’s – to be the best community college in the nation • See Pages 95-96

  8. Mission Statements • http://mousepad.mouseplanet.com/archive/index.php/t-15585.html • http://www.businessplans.org/Mission.html • http://www.mindtools.com/pages/article/newLDR_90.htm • http://www.missionvisionstatement.com/

  9. What Sort of OrganizationDo You Want? • Culture • Shaped by leadership • Determined by actual practices

  10. Competitive Advantage • Strategy for beating the competition • Six Factors

  11. Competitive Advantage • Large & growing market • Competition makes a profit • Competition is succeeding but not a barrier • Product/service solves problems • Competitive pricing Research – check out the competition

  12. The Most Chocolate Cake Company Example • Business Definition page 102 • Competitive Advantage page 103 • Comparative Analysis page 104

  13. Competitive Strategy • Definition + Competitive Advantage • Must be sustainable • Tactics • Specific “hows”

  14. Feasibility • Define Unit of Sale page 106 • Cost of Goods Sold • Gross Profit

  15. Business Value • Asset Valuation • Book • Adjusted book • Liquidation • Replacement

  16. Business Value • Earnings Valuation • Historical • Future w/current owner • Future w/new owner • Cash Flow Valuation Projected future cash flow/time value of $

  17. Assignment • BizBuilder Business Plan Questions pg 116 • Executive Summary • Name • Products/services • Mission, Vision, Culture • Mission statement includes competitive advantage, strategy and tactics • Vision • Core beliefs/culture • Plan to be socially responsible

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