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Business Planning

  • Writer: Ethen Dent
    Ethen Dent
  • Nov 23, 2021
  • 2 min read

Today's lecture covers methods to think about our business ideas in different ways in a real world setting.


  • How do you get paid?

  • Is there a market and where is it?

  • What products and services do you sell?


These are all quesions, and more, designed to develop a business plan.

MAPPING ASSESSMENT TO BUSINESS PLANS

Mapping Assessment

Business Plans

Executive Summary

  • Background

Company Description

  • Key Team Members

  • Organization Chart

  • Products and Services (summarized)

Products and Services

  • Products and Services

Market Analysis

  • Target Markets

  • New Markets

Strategy and Implementation

  • Risk Analysis

  • SWOT Analysis

  • PEST/LE Analysis

  • Competitors

Financial Plan and Projections

  • Financial Forecast

  • Investment/Funding

WORKING BACKWARDS

EVENT

  • A student subscribes to one of Oddwatch's payment plans

  • A student rents out a space for a short term (1 week).

  • A group of young adults rent a VR space for an afternoon.

DISCOVERY

  • Advertisement through social media platforms

  • Word of mouth

PRODUCTION STEPS

  • Paypal payment options implemented

  • Website implementation

  • Research/data analysis and implementation

  • Distribution

  • Welcome package

  • Advertisement costs

  • Branding

  • R&D

  • Campaign

  • Affiliations

REFLECTION

"Creating hypothetical situations, where are business is established, allows us to think about all the procedures that allow the business to function normally. Although the purpose of a business is to acquire a revenue, I hadn't considered how the customer would actually pay for my services. Would it be cash-in-hand?... A payment plan through our website? Through PayPal? Setting up a business plan has made me think about parts I have overlooked or didn't think about before. Using this information, I intend to delve much deeper and develop some sort of 'Business Plan' document that uses the above method to get a better sense of a plan from the business side of the project. It should be a much improvement than my short/mid/long term strategies on their own."

What I’ve been listening to:


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