Study Session Overview PDF

**Study Session Overview** - **Duration:** 1 hour - **Structure:** - Legal Aspects - Feasibility Study - Financial Statements **1. Legal Aspects of Entrepreneurship** **Objective:** Understand the key legal considerations for starting and running a business. **Key Topic...

**Study Session Overview** - **Duration:** 1 hour - **Structure:** - Legal Aspects - Feasibility Study - Financial Statements **1. Legal Aspects of Entrepreneurship** **Objective:** Understand the key legal considerations for starting and running a business. **Key Topics to Cover** 1. **Business Registration** - Importance of registering a business **-\>** tax compliance, funding opportunity. - Types of business structures (sole proprietorship, partnership, company). -- -- -- -- -- -- 2. **Competitive Analysis** - **SWOT** - **PESTLE/PEETSLE/SLEPT- Social, Economic, Political, Technological, Legal, Environmental (Ethical not so important in competitive analysis but operations)** 3. **Intellectual Property (IP):** - *Copyrights, trademarks, and patents.* **Term** **Definition** ------------------ ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- **Copyright** A legal right that protects original works of authorship, such as literature, music, art, and software, from being used without permission. It grants the creator exclusive rights to reproduce, distribute, perform, and display their work. **WRITTEN** **Trademark** A recognizable sign, design, word, or phrase that identifies and distinguishes the source of a product or service from others. Examples include logos, brand names, and slogans. It helps prevent consumer confusion and protects brand identity. **SIGN, SYMBOL AND IMAGES** **Trade Secret** Confidential business information that provides a company with a competitive edge, such as formulas, processes, methods, or customer lists. Protection lasts as long as the information remains secret and provides value. **KRABBY PATTY RECEPE** **Patent** A legal right granted to an inventor that provides exclusive rights to make, use, or sell an invention for a certain period (usually 20 years). The invention must be novel, useful, and non-obvious to qualify for a patent. 4. **Taxation & Compliance:** - Common taxes for entrepreneurs (income tax, corporate tax, VAT). - Penalties for non-compliance **-\> FINES** **2. Feasibility Study** **Objective:** Learn how to assess if a business idea is viable. **IT REALLY MEK SENSE?** **Key Topics to Cover:** 1. **Definition & Importance:** - A feasibility study helps determine if a business idea is practical and profitable. 2. **Components of a Feasibility Study:** - **Market Feasibility:** Assess target audience, demand, and competitors. - **Technical Feasibility:** Resources, location, and technology required. - **Financial Feasibility:** Estimated costs and potential revenue. - **Legal Feasibility:** Regulations and permits required. 3. **Steps in Conducting a Feasibility Study:** - Identifying the problem/opportunity. - Researching and analyzing data. - Writing recommendations. **Activity : Quick Feasibility Plan** - **Scenario:** \"You want to start a smoothie business near your campus.\" 1. Identify the target market (e.g., students, staff). 2. Suggest 2 competitors nearby. 3. List 2 resources needed to start (e.g., blender, fruits). **\ ** 4. **Business Model canvas** **Study Guide: Business Model Canvas (BMC)** **The Business Model Canvas (BMC) is a strategic tool used to visually describe, design, and analyze a business model. It consists of 9 building blocks that show how a company creates, delivers, and captures value.** **Overview of the Business Model Canvas** **Building Block** **Definition** **Key Questions** ------------------------------- --------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- **1. Customer Segments** **Defines the different groups of people or organizations a business serves.** **Who are our most important customers? What are their needs and preferences?** **2. Value Propositions** **Describes the unique products or services that deliver value to a specific customer segment.** **What problem are we solving? What value are we delivering to customers?** **3. Channels** **Outlines how a company delivers its value proposition to its customers.** **How do we reach our customers? Through what platforms or delivery methods?** **4. Customer Relationships** **Describes the type of relationship a company establishes with its customer segments.** **How do we interact with our customers? How do we retain and grow our customer base?** **5. Revenue Streams** **Represents the cash a company generates from each customer segment.** **How does the business make money? What are customers willing to pay for?** **6. Key Resources** **Lists the assets essential to delivering the value proposition, reaching customers, and earning revenue.** **What resources do we need (e.g., human, financial, physical, intellectual)?** **7. Key Activities** **Describes the most important actions a business must take to operate successfully.** **What are the critical activities required to deliver our value proposition?** **8. Key Partnerships** **Identifies external companies, suppliers, or partners that the business collaborates with to achieve its goals.** **Who are our key partners? What suppliers or alliances do we rely on?** **9. Cost Structure** **Summarizes all costs involved in operating the business model, including fixed and variable costs.** **What are the most important costs? Which resources and activities are the most expensive?** **Sample Business Model Canvas Example** **Building Block** **Example: Taste and buy Coffee Shop** ---------------------------- -------------------------------------------------------------------------------------- **Customer Segments** **Office workers, students, and local residents.** **Value Propositions** **High-quality coffee, a cozy environment, and fast Wi-Fi.** **Channels** **Physical store, delivery via apps, and social media marketing.** **Customer Relationships** **Personalized service, loyalty cards, and online engagement through social media.** **Revenue Streams** **Coffee sales, food items, and branded merchandise.** **Key Resources** **Coffee machines, skilled baristas, and high-quality ingredients.** **Key Activities** **Brewing coffee, managing inventory, and promoting the business.** **Key Partnerships** **Local coffee bean suppliers and food vendors.** **Cost Structure** **Rent, salaries, raw materials (coffee beans, milk, etc.), and utilities.**