In entrepreneurship, a business plan is not just a document, but a treasure map that is a crucial guide paving the way for a successful business venture. Hi, my name is Shane Patrick Irvine, and I want to help you understand the components necessary to building a viable business plan. An entrepreneur, the driving force behind a business, is someone who initiates and manages a business, often with limited resources. They bear the brunt of all the risks and reap the rewards, or a portion of the rewards, from their business endeavor.
Entrepreneurship is when an individual with an idea acts on it and attempts to develop a market share with an innovative new idea or seeks to reuse or redesign an existing product or service. For the self-styled entrepreneur, self-funding often begins with informal investors. Startup finance frequently starts with the 4 F’s of entrepreneurship. Founders and informal investors are sometimes called the Four Fs: founders, family, friends, and foolhardy investors. In this course, we will be going beyond the four “Ps” as we will also be learning more about putting together a business plan to attract more serious investors, as well.
There are four types of entrepreneurship: Small Business Entrepreneurship,
Scalable Startup Entrepreneurship,
Social Entrepreneurship and
Large Company Entrepreneurship.
We will be focusing on small business startups and what is required to launch them. All of this has to be included in the business plan, along with the logistics, such as finance, stepping stones, and the primary objective necessary to meet certain milestones. Before you can complete a business plan outline, you must have a working knowledge of how business works. This course offers chapters on:
management strategies,
advertising,
online business,
marketing orientation,
branding,
finance strategies,
business structuring,
corporate/LLC filings, and
tax structuring.
The book for this course is available at Barnes & Noble, and has been designed to help make you aware of what common business knowledge is available and help you pick and choose which components you believe will benefit your business plan. Your business plan can be something you can take to the bank. Bankers and lenders require a written memorandum explaining how somebody will use their money. They want to hear about both the negative and the positive points. The business plan is what they have to guide their decisions. Your job is to convince lenders you have what it takes to make everybody prosperous and that you can mitigate the negative factors. At the same time, you also want to protect your intellectual property rights should they like your business plan but not like you.
