MODULE 2: DEVELOPING THE BUSINESS PLAN

• The entrepreneurial process consists of

  finding, evaluating, and developing
• Finding Approach involves scanning the environment for information to provide ideas for starting up a business. This approach assumes that business opportunities exist “outside” of the entrepreneur
• Phase 1

  Identify and develop the business opportunity
• Phase 2

  Develop a Business Plan
• Phase 3

  Determine the resources required
• Phase 4

  Manage/ Implement the Enterprise
• Sociocultural changes in social conditions such as educational needs, housing needs, food preferences, leisure, lifestyles.
• Technological Advancements innovations in technology and inventions on products and services.
• Economic Trends changes in economic conditions that directly affect the business climate such as labor costs, unemployment rates, interest rates, inflation rates, imports/exports.
• Industry Trends changes in the growth or decline of specific industries belonging to manufacturing, services, and agriculture sectors.
• Environmental or Ecological Factors risks related to natural disasters, health pandemic
• Political Situation changes in government policies and regulatory standards that directly affect the business.
• Competitor Moves increase/decrease in number of competitors, tactics of competitors that impact the business.
• Suppliers increase in the number of suppliers that affect production and inventory levels
• Increase of Substitute Products entry/exit of substitute products that affect competition.
• Strengths namely the advantages or strengths of a company that is owned, which can provide benefits.
• Weakness, which means the company's weakness, can be compared with competitors, can also be a weakness that is considered currently internally
• Opportunities are opportunities that arise outside your company or project and can be used to make a difference to your ability to compete.
• Threats are negative factors from the environment that provide obstacles to the development or running of an organization and program.
• Building Approach involves creating a business opportunity that does not exist in the environment. The business idea originates or builds on the entrepreneur’s creativity, talents, skills, prior knowledge and experience, personal network, and internal resources.
• Opportunity screening is the process of assessing potential business opportunities and selecting the best opportunity to invest in. A compelling business opportunity must be viable and doable.
• Viablity means that the business has the ability to start, grow and survive.
• Feasibility of the business means that it is achievable, practical, or workable given the resources and time you have to implement it.
• Opportunity Attractive Matrix 1.Alignment with Personal Values, Interests, Resources 2.Market Potential 3.Operating Potential 4.Financial Potential 5.Threat from Competitors Potential Damage from unforeseen Risks
• Marketing Plan is a plan of the strategies that you will use to know your customers and how to attract them to buy your product or service.
• Unique Selling Proposition refers to a statement that describes the most compelling attribute of your product or service that sets it apart from your competitors.
• Value Proposition is a definitive statement that clearly identifies the benefits or value that a product or service can offer to the customers.
• Four ways to compete enable entrepreneurs to craft ideas in writing their USP and VP. 1. Innovation 2. Cost 3. Quality 4. Speed
• Identifying the Target Market your target market allows you to differentiate your marketing strategies across customer segments.
• Market segmentation is the process of dividing the market into small homogenous groups.
• Conducting a Market Research

  Step 1: Define the purpose or objectives of the market research.

  Step 2: Gather data from secondary sources.

  Step 3: Gather data from primary sources.

    Observation

    Experimentation

    Networking

  Step 4: Analyze and interpret the results.

  Interviews

  Focused Group Discussion

  Surveys
• What is the definition of grasslands?


  Plain land occupied by grasses.
• What is the soil composition of grasslands?


  Rich in nutrients and organic matter.
• What are the types of grasslands?

  • Tropical Grassland (Savanna)
  • Temperate Grassland
  • Polar Grassland
• What characterizes a tropical grassland (savanna)?

  Continuous groundcover of grasses with an open canopy of shrubs or trees.
• Why are tropical grasslands vulnerable to human exploitation?

  They are often converted for agricultural use and urban development.
• Where do tropical grasslands typically occur?

  North and south of tropical dry forests, such as south of the Sahara Desert.
• What is the water permeability of tropical grassland soils?

  Low water permeability; scattered trees only grow where soils are well-drained.
• What is another name for temperate grassland?


  Sea of grass.
• On which continents do temperate grasslands occur?


  Every continent except Antarctica.