The Ultimate Guide to Entrepreneurship and Business Planning
7 Ps of Marketing
- Product
- Place
- Price
- Promotion
- People
- Packaging
- Positioning
The 4 Ms of Operations
- Manpower
- Method
- Machine
- Materials
Famous Entrepreneurs
Henry Sy – ShoeMart
Tony Tan Caktiong – Jollibee Foods
Socorro Ramos – National Book Store
John Gokongwei Jr. – J.G. Holdings
Edgar Sia – Mang Inasal
Mariano Que – Mercury Drug
Cresida Tueres – Greenwich Pizza
Cecilio Kwok Pedro – Lamoiyan Corporation
Alfredo Yao – Zest-O
Gregorio Sanchez Jr – Lacto PAFI
Joe Magsaysay – Potato Corner
Milagros, Clarita, and Doris Leelin – Goldilocks
Who is an Entrepreneur?
The term entrepreneur is coined from the French words entre, which means “between” and prendre, which means “to take.”
An entrepreneur is a unique individual with the innate ability and extraordinary dedication to establish and manage a business, recognizing all the risks and reaping their rewards. It needs diverse business experience to be called one, ranging from advertising and marketing knowledge to versatility in operations and financial skills.
Key Aspects of Entrepreneurship
Innovation
New concepts, technologies, or methods.
Opportunity Seeking and Exploitation
Evaluating and pursuing market-based activities. Example: Lending money, securing a good location.
Resource Mobilizing
New Business Development. Example: Investment
Encountering Risk and Uncertainties
Assuming responsibility and decision-making.
Economic and Personal Rewards
Money, Benefits, and Perks
What is a Business Plan?
A business plan is an essential written document that provides a description and overview of your company’s future.
Types of Business Plans
Types of business plans include, but are not limited to, start-up, internal, strategic, feasibility, operations, and growth plans.
Different Business Plan Types Explained
- Start-Up Business Plans – Foundational Blueprint
- Internal Business Plans – Operational Guide
- Strategic Business Plans – Long-Term Roadmap
- Feasibility Business Plans – Viability Assessment
- Operations Business Plans – Process Manual
- Growth or Expansion Business Plans – Expansion Blueprint
How to Create a Business Plan
- Conduct Research
- Identify the Purpose of the Business Plan
- Develop a Company Profile
- Document All Parts of the Business
- Create a Strategic Marketing Plan
- Make the Plan Adaptable
- Explain Your Passion
Parts of a Business Plan
- Executive Summary
- Introduction
- Product or Service Description
- Industry Analysis
- Market Analysis
- Marketing Plan
- Production or Operation Plan
- Organizational Plan
- Financial Plan
- Appendices
Detailed Explanation of Each Part
1. Executive Summary
A concise overview of the entire business plan, highlighting the key points, such as the business concept, financial highlights, and the overall strategy. It is typically written last but appears first in the plan.
2. Introduction
An introduction to the business, including the company’s mission, vision, goals, and the background of the business idea. It sets the stage for the detailed content that follows.
3. Product or Service Description
A detailed explanation of the product or service the business offers, including its features, benefits, and unique selling proposition (USP). This section may also cover the product’s lifecycle and development plans.
4. Industry Analysis
An examination of the industry in which the business operates, including trends, key players, regulatory environment, and competitive landscape. This section helps to demonstrate an understanding of the market dynamics.
5. Market Analysis
A study of the target market, including customer demographics, needs, buying behavior, and market size. It often includes a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) and an assessment of the competitive environment.
6. Marketing Plan
A strategy for promoting and selling the product or service. It includes pricing, distribution channels, promotional tactics, and sales strategies. This section outlines how the business will attract and retain customers.
7. Production or Operation Plan
A description of how the business will produce its product or deliver its service. It includes details on facilities, equipment, production processes, and supply chain management. For service-based businesses, it may focus on the process of service delivery.
8. Organizational Plan
An outline of the business’s organizational structure, including the management team, roles, and responsibilities. It also covers staffing plans and may include an overview of the company’s culture and leadership style.
9. Financial Plan
A comprehensive financial overview, including projections for income, cash flow, and expenses. This section also includes the break-even analysis, funding requirements, and a discussion of financial risks and contingencies.
10. Appendices
Supplementary information that supports the main sections of the business plan. This may include resumes of key team members, product photos, detailed market research data, legal documents, and any other relevant materials.