ENTREPRENEURSHIP-Q1-WEEK-3.pptx

ENTREPRENEURSHIP FIRST QUARTER Presented by: MYLA C. MAGDARAOG Teacher III CALAMBA CITY SCIENCE INTEGRATED SCHOOL Chipeco Avenue, Brgy. 3, Calamba City, Laguna 4027 TOPIC: The Business Plan CALibrated and SE...

ENTREPRENEURSHIP FIRST QUARTER Presented by: MYLA C. MAGDARAOG Teacher III CALAMBA CITY SCIENCE INTEGRATED SCHOOL Chipeco Avenue, Brgy. 3, Calamba City, Laguna 4027 TOPIC: The Business Plan CALibrated and SENsible The future is now. Make it happen! Objectives: MELC: define a business plan identify the elements of a business plan Identify the different parts of a business plan identify the different kinds of a business plan write a sample business plan CALibrated and SENsible The future is now. Make it happen! Activity: Charade the plan The students will be grouped into five. Each group will select 1 member to stand in front and act the word. The rest of the members will guess the word or phrase/s CALibrated and SENsible The future is now. Make it happen! Business Plan A business plan is a fundamental document that any startup business needs to have in place prior to beginning operations. Good business plans should include an executive summary, products and services, marketing strategy and analysis, financial planning, and a budget. CALibrated and SENsible The future is now. Make it happen!  Business Plan Questions: 1. Why did you choose these to be part of your plan? 2. What factors will make your plan successful? 3. What factors are deemed as obstacles to your plans? 4. What are the common activities people of your age love to do? 5. What are your unique skills that you can do without support? 6. What are the things that your community needs? Are these needs supplied well? 7. What are the things that your community wants? 8. Can your products be affordable for your target market? 9. How do you see yourself addressing the community needs? CALibrated and SENsible The future is now. Make it happen!  Purpose of Business Plan Presents a general picture of the enterprise Provides guidance for investment decisions and capital expenditures Serves as a guide in the implementation of the plan for business including marketing, production, organizational and financial aspects of the enterprise CALibrated and SENsible The future is now. Make it happen!  Purpose of Business Plan Serves as selling tool for encouraging investment and financing CALibrated and SENsible The future is now. Make it happen! Essential Questions in making business plan What problem does the product or service solve? What need does it fill? What niche will it address? Who are the customers of the enterprise? How will the enterprise sell its products or service to them? What is the size of the market to be serve? How will the business make money? (Revenue- Cost=Profit) CALibrated and SENsible The future is now. Make it happen! Essential Questions in making business plan What other products pose competition to the business and how will the enterprise maintain its competitive advantage? How will the enterprise adjust its systems of management as the business grows? Who will run the company and what are their capabilities to manage business? What are the risks and threats confronting the business and what are the resources needed? CALibrated and SENsible The future is now. Make it happen! Essential Questions in making business plan What will be the future financial requirement of your business? CALibrated and SENsible The future is now. Make it happen! Activity: Name that Part! It contains a brief description of each part of the business plan. It is usually the first section of a business plan Answer: Executive SummaryCALibrated and SENsible The future is now. Make it happen! Executive Summary How to write an executive summary The first paragraph of the executive summary should generally include: Business name Business location Your product or service Purpose of your plan CALibrated and SENsible The future is now. Make it happen! Executive Summary How to write an executive summary Another paragraph should highlight important points such as: Projected sales and profits Unit sales Profitability Keys to success Include a bar chart that shows sales, gross margin and profits for the next three years CALibrated and SENsible The future is now. Make it happen! Activity: Name that Part! It covers the compelling reason for selecting a particular project being proposed. This should include the idea, the rationale for the business, the problems being addressed, and the potential benefits to interested financers or investors. Answer: Introduction CALibrated and SENsible The future is now. Make it happen! Introduction How to write the introduction The introduction should include the following: The business concept Available opportunity Industry the business belongs Target market Key personnel in your business Financial requirement of the business CALibrated and SENsible The future is now. Make it happen! Activity: Name that Part! This segment tackles the characteristics and the details of the proposed idea Answer: Product or Service Description CALibrated and SENsible The future is now. Make it happen! Product/Service Description How to write the Product/Service Description The name of the product or service should be described first. A clear understanding of the product must be settled first before other details are identified. These details are as follow: Properties, features, characteristics and possible sources of raw materials or ingredients Potential market or customers CALibrated and SENsible The future is now. Make it happen! Activity: Name that Part! This section shows a situational presentation, at least three to five years of current data, trends and the latest updates of the industry the business is under. Answer: Industry Analysis CALibrated and SENsible The future is now. Make it happen! Industry Analysis How to write the Industry Analysis Aside from forecasts of industry trends and updates, your industry analysis should include: The group of businesses in the same orientation Target market Understanding the gap or the need of the industry The size, growth, structure and other factors that may contribute to the success of the industry CALibrated and SENsible The future is now. Make it happen! Activity: Name that Part! It involves the search for, and analysis of, data that can be used to identify, isolate, describe and quantify a given market or group of customers. Answer: Market Analysis CALibrated and SENsible The future is now. Make it happen!  Market Analysis Steps of the Market Analysis 1. Define the objectives of the study Who is your target market? What is the size of the market and your production capacity? What will be nature of the operation and industry orientation of the business being planned? How much sales is being projected? What is the price of the product or service being offered? How will the product reach the customers in the most efficient manner? CALibrated and SENsible The future is now. Make it happen! Market Analysis Steps of the Market Analysis 2. Conduct a situational analysis of the market – this step seeks the background information on the relationship between the product and the market it wishes to serve. An interview with key people is necessary to generate as many information to make the result of the analysis more reliable. CALibrated and SENsible The future is now. Make it happen!  Market Analysis Steps of the Market Analysis 3. Collect secondary data (if necessary) Secondary sources of data: Internal company records Government publications Registration data Trade and professional associations Private business research firms Private directories University research organizations Foundations and institutes Investment and brokerage firms CALibrated and SENsible The future is now. Make it happen! Activity: Name that Part! It is a comprehensive document or blueprint that outlines a business’ advertising and marketing efforts for the coming year. It describes the business activities involved in accomplishing specific marketing objectives within a set time frame. Answer: Marketing Plan CALibrated and SENsible The future is now. Make it happen! Marketing Plan A marketing plan identifies almost all you need to know about your target customers, how your product will reach them, and how you will maintain their loyalty to expect a repeat purchase. The marketing plan is guided by the P’s of marketing: Product People Place Packaging Price Positioning Promotion Productivity (and Quality) CALibrated and SENsible The future is now. Make it happen! Production or Operational Plan This section lays down the specifics of operating or running the business. The production/operational plan is guided by the four M’s Materials Machines Manpower (and Women) Method CALibrated and SENsible The future is now. Make it happen! Organizational Plan The organizational plan details the human resource complement of the business. It also describes the legal form that the business will take: Sole Proprietorship Partnership Corporation CALibrated and SENsible The future is now. Make it happen! Financial Plan The financial plan shows the financial or funding requirement of the business. It also shows the financial projections of the business from its startup stage up to the time it registers positive income. Included in this section will be some projected financial statements. CALibrated and SENsible The future is now. Make it happen! Appendices This section is intended for miscellaneous items which may not be put in the main part of the business plan such as photos, contracts, forms, certificates, permits, and other papers related to the business. CALibrated and SENsible The future is now. Make it happen!  Performance Task: By group, create your own business plan and to be submitted next week. CALibrated and SENsible The future is now. Make it happen! References Books Aduana, N.L(2017), Entrepreneurship in Philippine Setting for SHS, C&E Publishing, Inc. Batisan, R. S. (2016), Entrepreneurship, DIWA Learning Systems Inc. Websites Colander, M., Accounting Basics for Students, Retrieved from www.accounting-basics-for-students.com The Accounting Cycle, Maclay, K., Retrieved from content.personalfinancelab.com/finance- knowledge/accounting/the-accounting-cycle/?v=c4782f5abe5c What are the Basic Phases of Accounting, Newton, C. (2019), Retrieved from bizfluent.com/info- 10070882-usual-sequence-steps-recording-process-accounting.html Why should I keep records? Retrieved from www.irs.gov/businesses/small-businesses-self- employed/why-should-i-keep-records# Elements of Accounting, Retrieved from www.accountingverse.com/accounting-basics/elements-of- accounting.html CALAMBA CITY SCIENCE INTEGRATED SCHOOL Chipeco Avenue, Brgy. 3, Calamba City, Laguna 4027 THANK YOU AND GOD BLESS! CALAMBA CITY SCIENCE INTEGRATED SCHOOL Chipeco Avenue, Brgy. 3, Calamba City, Laguna 4027