ENTREP

• Planning


  • Serves a great purpose in any business venture
  • Offers success in cases of uncertainties
  • Provides less room to make mistakes and fail
• Focus of the entrepreneur

  • Implementation of the plan
  • Getting the product and/or service to the marketplace in the shortest time possible to begin earning profits
• A small venture may not be interested to write a long plan
• Entrepreneurs even how small their businesses are must need to create a plan
• Advantages of creating a plan for a business venture

  • Concentrate on goals
  • Keep track of finances
  • Keep track of the business progress
  • Convey the risks of what to expect in advance
  • Understand deviations and failure
• TRIM framework


  • An acronym for team, resources, idea and market
  • A planning tool that pinpoints the kinds of people essential to form the founding team, the resources at hand and required, the fine points of the idea, and the possible market for the product or service
• Types of plans included in the TRIM framework


  • Back of the napkin
  • Sketches on a page
  • Business model canvas
  • Business brief
  • Feasibility study
  • Pitch deck
  • Business plan
• Back of the envelope/napkin plan

  • A quick and rough estimation of a business or product idea that is written on any accessible scrap of paper such as an envelope or napkin
  • Better than a guess but not a precise calculation
  • Uses very simple assumptions
• Business Model Canvas


  • A visual chart with elements describing a business' or product's value proposition, infrastructure, customers, and finances
  • A strategic management and lean startup outline for developing new or writing down existing business model of a venture
  • Used to align the business' activities by detailing possible trade-offs
  • Has nine building blocks
• Business Brief

  • A document that offers the explanation on the reason why a particular model leads to success in a given scenario
  • Used to endorse goods and services to customers, increase profits, offer solutions to industry problems or intensify consumer awareness of business activities
  • Written in a persuasive active voice to encourage customers and other companies to make investment in the business idea of an entrepreneur
  • Short, usually no more than one or two pages in length, but should cover sufficient information on whatever purpose it intends to serve
• Writing a Business Brief

  1. Describe completely the task/purpose

  2. Provide some background

  3. Explain fully what the target is

  4. Provide a clear timeline
• Feasibility Study


  • An assessment the viability of a proposed project or system
  • Takes into account all of a project's significant factors such as economic, technical, legal, and scheduling concerns
  • Objective and rational is to find out the strengths and weaknesses of an existing business or proposed venture, discover the opportunities and threats existing in the natural environment, the resources essential to carry through, and finally the forecasts for success
• Contents of a well-written feasibility study

  • History of the business
  • Detailed description of the product and/or service
  • Accounting statements
  • Details of the functional areas
  • Marketing research and policies
  • Financial data
  • Legal requirements and tax obligations
• Common elements in a feasibility study

  • Executive Summary
  • Clear Project Description
  • Competitive Landscape
  • Material Requirements
  • Labor Requirements
  • Transportation and Shipping Requirements
  • Marketing Requirements
  • Physical Location
  • Technology Requirements
  • Target Dates
  • Financial Projections
  • Recommendations and Findings
• r hardware and software, and inventory management.
• Target Dates


  Important dates in the study. Every single activity must be covered. A GANTT chart would be a useful tool to create. The dates must be practical and reasonable. There is no such thing as a miraculous deadline.
• Financial Projections


  Most investors are interested over the financials in a feasibility study to make certain that a venture can generate the kind of ascendable profits that merit their approval. The operating requirements and financial data should reconcile. Experts often recommend using the break-even analysis which is a timeline view of the moment a venture can pay for itself.
• Recommendations and Findings


  The summary of all the previous feasibility study elements. The recommendations and findings can outline the result of a business proposal. This section provides an opportunity to enhance a venture by pointing out areas of a business prospect. Having a great idea for a product or business is not enough, how an entrepreneur can make money from it is the best consideration.
• Pitch Deck


  The first communication instrument that provides an overview of the business in order to raise funds. It is usually created using PowerPoint, Keynote or Prezi to give audience a brief idea about the business venture. This is usually presented to either on face-to-face or online meetings to possible investors, customers, partners, and co-founders. Unlike the business model canvas, a pitch deck is a representative tool for the external audience which is used to represent the business model and structure for better understanding.
• Business Plan


  Money is important to start or operate a business. A well-written business plan shows potential investors the various aspects of the business and its potentials. It helps in making forecasts through trends that may impact the business positively and negatively, helps remain on track, helps in good management of the business, makes budgeting easier, and helps in the start or continue the business decision.
• Entrepreneurs often succeed because of their strong will. They continue to try repeatedly when others usually would give up. They are not easily depressed or frustrated when things do not go based on plans. When things go well, it is easy for them to take personal credit. However, when poor business decisions result in failure, it is really more difficult. Really successful entrepreneurs are ready to take responsibility for their mistakes.
• Truths about Failure in Entrepreneurship


  • No success without failure
  • Failure and success are similar
  • Failure arises from curiosity
  • Failure is an asset
  • Nobody wants to fail
  • Failure does not mean quitting
  • Each failure gets easier
• Reasons for Failure


  • Lack of right vision
  • Proper selection of a business
  • Lack of appropriate planning
  • Having inadequate capital
  • Poor execution of the plan
  • The hiring of wrong people
  • Failure in marketing
  • Expanding too soon
  • Miscalculating competition
  • Giving up too soon
• Promotion


  • Very reliable process that can meaningfully and highly contribute to any business success
• Expanding too soon


  Can lead the business into demise
• Expansion


  Entrepreneur should extensively and carefully review and analyze first all aspects of his business before deciding on an expansion
• Miscalculating competition


  Risky to undertake by any entrepreneur
• Competition must be identified before taking a portion of the market
• Giving up too soon


  Commonly a cause of failure of every entrepreneur
• The route of becoming a successful entrepreneur is full of hurdles and obstructions
• Instead of quitting, an entrepreneur must learn from his mistakes and just try harder not to repeat them
• Before a business could start its operation it must secure the necessary documents for legality
• The new business should figure out the intellectual properties (IP) it needs
• Doing its IP right at the start will end up costing less, gives financial security and it could spark interest in investors
• Domestic and regional market opportunities in the Philippines

  • The local market of the Philippines provides numerous business opportunities with its consumer-driven population of 100 million
  • Can serve as a profitable position for further Asia-Pacific business expansion
• Favorable economic conditions in the Philippines

  • Many incentives have been launched and implemented by the Philippine government since early 90s
  • Provided rewarding business climate for both local and foreign business investors
• Comfort of travel in the Philippines

  • Places are well-connected
  • Filipino people are eager, capable, and glad to assist anyone in moving from one place to another
• Business conducted in English in the Philippines


  • English is the chief language used to conduct business worldwide
  • This is a major advantage for anyone who comes from a country where the inherent language is English
• Sole proprietorship


  The simplest form of business entity where one person is responsible for all a company's profits and debts
• Advantages of sole proprietorship

  • Easy setup
  • Low cost
  • Tax deduction
  • Easy exit