Discovery Education (@DiscoveryEd)
Do your students have what it takes to be the next great entrepreneur? Find out with the student interactive @ http://t.co/UzYXsd9Sqv
(https://twitter.com/DiscoveryEd/status/590952044602777600?s=03)
Do your students have what it takes to be the next great entrepreneur? Find out with the student interactive @ http://t.co/UzYXsd9Sqv
(https://twitter.com/DiscoveryEd/status/590952044602777600?s=03)
Articles and Links from YouthBizCentral
U.S. Entrepreneurship Hits Record High
History of American Entrepreneurship
The Making of an Entrepreneur
The 5 Traits that will Separate a Great Leader from the Pack
Minority Women Entrepreneurs: Go-Getters Without Resources
Build Your Management Team
Defining an Entrepreneur
Entrepreneur: What's IN a Definition?
Profile of an Entrepreneur
Myths about Entrepreneurs
Entrepreneur Quizzes
Are You an Entrepreneur?
Entrepreneur Test
Quiz:
Do You Have What It Takes to Be an Entrepreneur?
Are you a Self-Starter?
Do you have the Mind of an Entrepreneur?
Self Analysis
Self-Analysis
History of American Entrepreneurship
The Making of an Entrepreneur
The 5 Traits that will Separate a Great Leader from the Pack
Minority Women Entrepreneurs: Go-Getters Without Resources
Build Your Management Team
Defining an Entrepreneur
Entrepreneur: What's IN a Definition?
Profile of an Entrepreneur
Myths about Entrepreneurs
Entrepreneur Quizzes
Are You an Entrepreneur?
Entrepreneur Test
Quiz:
Do You Have What It Takes to Be an Entrepreneur?
Are you a Self-Starter?
Do you have the Mind of an Entrepreneur?
Self Analysis
Self-Analysis
Teacher Resources
Modules zip File
http://www.nxlevel.org/
The NxLeveL Instructor Resources password is: Entrepreneurship (case
sensitive).
Mindmapping Tools
Articles tied to Business Plans
Americans Throw Away Food
http://www.nxlevel.org/
The NxLeveL Instructor Resources password is: Entrepreneurship (case
sensitive).
Mindmapping Tools
Articles tied to Business Plans
Americans Throw Away Food
The BizPlan - Student Business Planning Template is included with the $99 purchase of a YouthBizCentral license.
Learn more
Getting Started
Please review the current template. Struck entries will not be displayed on the students page.
Product and Service PlanYour Business Idea
What is the name of your business?
Describe your business idea:
If you have conducted market research, include testimonials as well as results from market surveys and focus studies that demonstrate customer's interest in your product or service.
Unique Features and BenefitsIdentify the unique features of the product, such as cost, design, quality, capabilities.
(Product business only - delete/ignore this section if your business is service-oriented)
Is your product finished or are you still developing it?
Provide projected dates for achieving other stages of development.
Production/Manufacturing(Product business only - delete/ignore this section if your business is service-oriented)
Describe the production process.
Management and Organization PlanManagement TeamDescribe the management team (If you are operating this business solely, highlight your expertise)
Marketing PlanIndustry ProfileLocation and Facilities
Identify your competitive advantage.
Identify an approximate number of potential customers you can expect and identify approximately how much money each customer will spend on your product or service
Pricing ProfileDescribe how you will price your product or service.
Financial PlanAssumptionsStart-up Costs
Monitoring and MeasuringMonitoring & MeasuringDescribe how will you know whether you met your sales, communications, market penetration and profit objectives
Describe what your contingency plan is to evaluate your operation. You may want to use a specific time frame such as 3 months, 6 months, 1 year, etc. (Titles to the table may be changed for customizing your plan)
Exit StrategyExit StrategyPlan time of business closure, select a future date because you have many steps yet to accomplish
Tax implications: contact a tax consultant to find the current tax implications that best address you present situation. Set up a plan of action that needs to take place, identify specific dates so your goals are met.
Legal notification of closure, confer with your lawyer as to the course of action needed to be taken. i.e: in selling the business, in gifting the business, in dissolving partnership, in selling business shares. etc.
Distribution of Assets
AppendixDocuments to AttachAttatch your resume, net worth statement, income statement, cash flow projection, break even analysis, and financial analysis.
Executive SummaryYour Executive Summary*Note - The Executive Summary is often the last part of the business plan written. It is a summary of your buiness plan. Investors use the Executive Summary as a quick way to evaluate business ideas. The Executive Summary needs to catch their attention and make them WANT to read more.
*Note - If your business is already operational, you should include the history of your business, an overview of your marketing efforts, and a summary of sales and profits.
Overview of your business idea.
Learn more
Getting Started
Please review the current template. Struck entries will not be displayed on the students page.
Product and Service PlanYour Business Idea
What is the name of your business?
Describe your business idea:
- What product do you sell or what service do you provide?
- How does it benefit the customer?
- Describe how your business solves a problem or meets a need.
- Service, retail, manufacturing.
If you have conducted market research, include testimonials as well as results from market surveys and focus studies that demonstrate customer's interest in your product or service.
Unique Features and BenefitsIdentify the unique features of the product, such as cost, design, quality, capabilities.
- Describe the unique features in terms of benefits to the customer.
- Example: Airbags are a unique feature offered in a car; safety is the benefit in which customers are interested.
(Product business only - delete/ignore this section if your business is service-oriented)
Is your product finished or are you still developing it?
Provide projected dates for achieving other stages of development.
Production/Manufacturing(Product business only - delete/ignore this section if your business is service-oriented)
Describe the production process.
- How much of your product will be produced internally and how much of the production will be subcontracted out?
- What are the costs and services involved in subcontracting?
- Home-based, office, retail, manufacturing.
Management and Organization PlanManagement TeamDescribe the management team (If you are operating this business solely, highlight your expertise)
- Describe the qualifications - experience, talents, training, and special expertise - of the team.
- Identify your support team - list names, job titles, qualifications
- Consider including key advisors, such as accountants, lawyers, bankers.
- Who do you or your family know that understands the basics of running a business?
Marketing PlanIndustry ProfileLocation and Facilities
- Describe and explain the location of your business. (example: address, mobile service, building, van, truck, own or rent...)
- Describe the industry for this product or service
- Consider the national, regional, state and local levels
- Use the Internet to research dollars spent annually and/or units consumed annually in this industry.
- Describe whether this is a growth, stable, or declining industry
- What are the trends in the industry?
- How does technology, including the Internet, effect your business?
- Describe the special seasons in your industry.
- Does your business depend upon the seasons? For example, lawncare, snow removal, holiday cards, etc.
- Will your business be affected by holiday buying patterns?
- Describe your existing distribution networks through which your product or service can be sold.
- Are there local retailers willing to sell your product on commission?
- Are there local businesses that would reccommend your product/service to their customers?
- How do you plan to get your product or service to your customer?
Identify your competitive advantage.
- How do you compete in these areas:
Note: Use Competitive Matrix chart to compare your business and the competition- Price
- Quality
- Unique features & benefits
- Distribution
- Marketing/advertising
- Strengths/weaknesses
- Consider age, gender, profession, income, geographic location, etc.
- May also consider customer psychographics – attitudes, values, belief systems, and social status.
Identify an approximate number of potential customers you can expect and identify approximately how much money each customer will spend on your product or service
Pricing ProfileDescribe how you will price your product or service.
- Consider developing a pricing sheet for customers showing purchase price, quantity discounts, shipping procedures, billing procedures, and warranties/maintenance contracts.
- Describe how you will advertise and promote your business, i.e. flyers, business cards, word-of-mouth, website plan, trade show, sample products, newspaper article (press release), radio, etc. If you are paying for advertising, include the cost.
Financial PlanAssumptionsStart-up Costs
- List everything that you need in order to start your business and the cost associated with each item.
- Explain how much cash the business needs and from what sources the cash will be obtained.
- Owner investment
- Outside investment
- Loans
- Payback Plan
- Describe an average "sale" for your business. Forecast your sales, taking into consideration variances between each of the months (why will you sell more one month than another – season, heavy marketing, exposure, repeat business, etc.).
- Refer to your monthly and six-month income statement & your six-month cash flow projection. Include income statements and cash flow projection in business plan.
Monitoring and MeasuringMonitoring & MeasuringDescribe how will you know whether you met your sales, communications, market penetration and profit objectives
Describe what your contingency plan is to evaluate your operation. You may want to use a specific time frame such as 3 months, 6 months, 1 year, etc. (Titles to the table may be changed for customizing your plan)
- Identify which areas of your business you intend to measure, how you will monitor your success, and describe your contingency plan of action if a business area measures below average.
Exit StrategyExit StrategyPlan time of business closure, select a future date because you have many steps yet to accomplish
Tax implications: contact a tax consultant to find the current tax implications that best address you present situation. Set up a plan of action that needs to take place, identify specific dates so your goals are met.
Legal notification of closure, confer with your lawyer as to the course of action needed to be taken. i.e: in selling the business, in gifting the business, in dissolving partnership, in selling business shares. etc.
- Identify action steps that need to take place
- Identify specific dates of meetings or deadlines
- Identify people involved
- List important papers needed
- Identify letters that need to be written and to who declaring closure of your business
Distribution of Assets
- Create an inventory list of assets owned, include the amount and their dollar value.
- Identify what course of action you will be taking with each item.
(Example: sell, gift, trade, auction, throw it out, etc.)- Create a list of individuals who need to be contacted:
Realtor, Auctioneer, Dealer, Trash Disposal, etc.
- Create a list of individuals who need to be contacted:
- If there is to be a transition of ownership:
- List all documents needed
- Bring all Financial Statements up to date
- Identify who do you need to contact? Lawyer, Realtor, Banker, Individual(s) involved?
- Identify the steps of action needed to take place throughout the transitioning plan.
- Identify a time line for the action steps.
AppendixDocuments to AttachAttatch your resume, net worth statement, income statement, cash flow projection, break even analysis, and financial analysis.
Executive SummaryYour Executive Summary*Note - The Executive Summary is often the last part of the business plan written. It is a summary of your buiness plan. Investors use the Executive Summary as a quick way to evaluate business ideas. The Executive Summary needs to catch their attention and make them WANT to read more.
*Note - If your business is already operational, you should include the history of your business, an overview of your marketing efforts, and a summary of sales and profits.
Overview of your business idea.
- Promote what is unique about your business idea.
- If you have any advisors (parents, family, friends) with skills that will benefit you, list them here.
- Who is your customer and what are their needs?
- How will you get your product/service into the hands of your customers?
- Identify major competitors, list their strengths and weaknesses.
- How much money do you need to start your business?
- How much money can you invest in your business?
- How do you plan to raise money and what is your plan for paying the money back to investors?
