Study Guide in ENTREPRENEURIAL MANAGEMENT

FM Elec 103: ENTREPRENEURIAL MANAGEMENT Module No. 8

STUDY GUIDE FOR MODULE NO. ___

8

BUSINESS PLANS:
SEEING AUDIENCES AND YOUR BUSINESS CLEARLY
MODULE OVERVIEW

When you are serious about your business or when a lot of money of your own or someone else’s is
at stake, creating a business plan is perhaps the most critical activity you can undertake. The plan is
important, but what is even more important is the understanding you get from the planning process.

A business plan is a document designed to detail the major characteristics of a firm—its product or
service, its industry, its market, its manner of operating (production, marketing, management),and its
financial outcomes with an emphasis on the firm’s present and future. This module talks about the
parts of a business plan including the tips on how to pitch the business to an investor.

MODULE LEARNING OBJECTIVES

After you complete this chapter, you will be able to:

 Understand why and when to develop a business plan.
 Know how to tell the business plan story.
 Learn the major sections of the business plan.
 Focus business plan sections to meet specific needs.
 Identify the major risks to business plan success.
 Master pitching your business plan to others

LEARNING CONTENTS

Two circumstances under which creating a business plan is absolutely necessary:

 External legitimacy–One is when outsiders expect it. Creating a business plan is the
acknowledged best way to build external legitimacy for your firm. When you are seeking outside
support—whether financial or expert—you do a business plan to signal your professionalism and
how serious you are about the business. Investors, whether they are venture capitalists, informal
investors (called angels), government bureaucrats, bankers, or your two great-aunts, are going to
expect to see a business plan before considering investing in your business. If you are pursuing a
partnership or joint venture with a larger firm, a plan is the only way you are going to get the
attention of outsiders.
 The most common use of business plans is when you are raising money for your business.
 The plan becomes a way to introduce your idea, your business, yourself, and your deal to the
reader.
 The plan is a sales document, but also the first installment in the relationship you are hoping to
build with an investor. You want your plan to be easy to read, to make clear who you are and
what you are offering, both as your goods or service and as a potential investment. Remember
that many potential investors, especially family and friends, may not have an extensive
background in your proposed business, so the plan needs to explain how your industry (i.e., you

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versus your competitors) works and how your business fits into and builds its opportunities in its
market (i.e., with your customers).
 On the other hand, if you are presenting to accomplished angel investors individually or in
groups, they will want to know a great deal about your business market potential.
 As the lean business practices method has become more widespread, you will hear from
followers of that approach that “the business plan is dead.” They argue that all investors want to
see is a pitch deck, maybe a business model canvas, and maybe a set of financials.
 Lean business practices started in Silicon Valley, and in that one very special place, business
plans aren’t needed—the investors in the Valley generally know the people they’re hearing from
and those people’s track record or supporters. They have so many deals coming in (50 percent of
all venture capital deals and 20–25 percent of all angel deals nationally come from California,
with more than three-quarters from Silicon Valley alone) that they claim they don’t have time to
deal with business plans. So savvy Silicon Valley entrepreneurs give the Silicon Valley investors
what they want—pitch decks.

 Second circumstance under which a business plan is needed: for internal understanding. This is
when you want to get all the aspects of the business clear in your mind and the minds of others in
the business, such as your partners or your key employees.
 Generally, if you need outside support to get a business going, those you are seeking support
from will want to see a business plan—and you will want to make sure the plan addresses their
concerns.
 Also, if you are trying to start or run your business in a professional or ambitious way, a business
plan is vitally important.
 It is important to know that research suggests that firms without a business plan are more likely
to close down than firms with plans.
 While having a business plan does not guarantee higher profits, it is essential to qualify to be
considered by business professionals for investments, loans, or credit lines.
 It is important to realize that these days there are more ways to plan than ever before. These
embody different types of planning processes, focusing on particular aspects of the proposed
business, and the undeniable fact is that regardless of the exact types of plans an entrepreneur
pursues, engaging in the process of planning—even if it is only in your head—is what helps you
avoid problems and think about the best way to move your business along. In your head or on
paper, sooner or later most businesses need to do some sort of plan.

Business Plan Story: Starting Small and Building Up

Four types of business planning presentations:
1. Vision Statement–is a very simple 5- to 10-wordsentence or, better yet, a tagline that
expresses the fundamental idea or goal of the firm. Related to the vision statement is a
mission statement, which is typically longer (20–50 words) and often adds the firm’s
competitive advantage.
2. Elevator Pitch - A 30-second (100 words or less) action-oriented description of a business
designed to sell the idea of the business to another.
3. Executive summary - A one- to two-page (250–500 words) overview of the business, its
business model, market, expectations, and immediate goals. It is typically put at the start of a
business plan and is the most popular summary form for a business plan.
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They give much more detail about the business than the vision or elevator pitch. Executive
summaries are usually organized in a series of short paragraphs (three or four sentences) and
typically cover five key topics. These topics are:
 Problem: Describes the need for the product or service.
 Product: Describes the product or service and how it is used.
 Market: Describes the size and characteristics of the customer group and how they
will buy the product or service (e.g., in person, online, catalog).
 Competitive advantages: Explain what makes the product or service unique, often
in terms of an entry wedge.
 Business/team: Describes the current stage of the business, the timeline, and the
team behind the product.
 Financial summary: Gives sales, growth, and profitability information, and if
funding is sought, an overview of that.
4. Business Plan - business plan remains the standard for describing the business in detail. The
business plan takes all the elements introduced so far and includes them in a complete
description of the major elements of the business.

The Business Plan

A document designed to detail the major characteristics of a firm—its product or service, its
industry, its market, its manner of operating (production, marketing, management), and its financial
outcomes on the firm’s present and future.
Business Plan Outline
1. Cover letter (1 page, but is separate from plan)
2. Title page and table of contents (1 page, not counted toward limit)
3. Executive summary (1 page)
4. The company, product/service, and industry (2 pages total)
4a. Company description (1 paragraph)
4a1. Vision statement
4a2. Company background
4b. Product/service and industry (1–2 pages)
4b1. Product/service description and value proposition
4b2. Industry description
5. The market (3–4 pages total)
5a. Market and target customer (1–2 pages)
5b. Competition and competitive advantage (1 page)
5c. Marketing strategy (1 page)
5c1. Overall strategy
5c2. Sales plan
5c3. Competitive plan
5c4. R&D/growth plan or next steps
6. The organization (1 page total)
6a. Legal and organizational structures and IP and locations
6b. Key personnel
6c. Key partners, advisers, and related service providers
6d. Key activities and operations

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7. Financial summary: sales, profits, “the ask and deal” (1 page total)
8. The appendixes (typically 7 pages maximum)
8a. Financial statements (3 pages): Income statement, cash flow projection, balance
sheet, start-up costs, assumptions, schedule
8b. Supports: Owner 1-paragraph biographies, product or service pictures, details or
specifications, indicators of success

Cover Letter- A one-page document on business stationery (also called letterhead ) that introduces
the business plan and the business owner to the recipient and indicates why the recipient is being
asked to read the plan.
Signature block- A snippet of text (or text and images), typically inserted at the bottom of an email,
that contains contact information for the sender of the email.
Title Page - typically contains the following information:
o Company name (usually in large type, with a logo if you have one).
o Contact information (owner name[s], company address, telephone and fax numbers, email,
website, and social media addresses).
o Date this version of the plan was completed.
o Proprietary statement to protect your ideas: For example, “This document contains
confidential and proprietary information belonging exclusively to [your company’s name
goes here].
Table of Contents- typically puts the major section headings (e.g., executive summary, company,
market, etc.) in boldface type and the sections underneath each in regular type.
Executive Summary- A one- to two-page (250–500 words) overview of the business, its business
model, market, expectations, and immediate goals. It is typically put at the start of a business plan
and is the most popular summary form for a business plan
Company, Product/Service, and Industry- The first section of a business plan tells the story of
your product or service, and the company that will deliver it. It usually consists of two subsections—
one that provides an overall description of the business and another focusing on its product or
service.
Company Description (1 paragraph) -Typically this paragraph gives the vision or tagline of the
company and a brief description of the business—its age, current status and location, as well as the
markets it serves or plans to serve. The firm’s most recent milestone achieved is often mentioned
(received initial investments, finalized product design, tested a prototype, completed market testing,
made first sales, and so on).
Product/Service and Value Proposition (1–2 pages)- In many ways this is the most important
section of the plan because it is where readers come to understand what your business is all about—
the product or service.
Proprietary technology- A product or service or an aspect of one that is kept as a trade secret or is
protected legally using patent, copyright, trademark, or service mark.
Industry (1 paragraph) - The paragraph usually has the industry’s formal name (possibly including
its NAICS or SIC number), its size (in number of firms and sales), and whether the industry is

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growing, stable, or in decline (with some measure of this).

The Market - The market section talks about your customers—who they are and what they are like,
who else is pursuing them, and how you plan to get and keep your customers.
Market and Target Customer (1–2 pages)
The market refers to the total population of people or firms to whom you plan to sell. Markets
are usually described in terms of their size (both in numbers of customers and size of sales) and
scope. The target customer section focuses attention on the individual who would buy your product
or service. Target customers are described in terms of demographics (such as age, gender, education,
income, experience), their relation to the product or service (will they use it themselves, gift it, resell
it, etc.), how often they buy (once a day, once a week, twice a month, etc.), their past experience
with your kind of product or service, and what they are looking for when buying your product or
service.
Competition and Competitive Advantage (1 page)- The table identifies the major competitors for
your market by name. The accompanying paragraph summarizes the table’s results and focuses on
your firm’s competitive advantage—what makes your product or service or firm unique—and how
your competitive advantage gives you an opportunity to win sales from competing firms. The
advantage of having it here is that it connects your market description to what you will do to sell
your product or service against the competition.
Marketing Strategy (1 page)- A good marketing strategy section focuses on three ideas: (1) the
overall strategy your firm pursues in the market, (2) the sales plan that shows the specific ways you
apply strategy to secure sales from your customers, and (3) the longer-term competitive plan that
shows how you protect your firm from efforts of the competition to unseat you.
Preselling- This involves introducing your future product to potential customers and taking orders
for later delivery.
R&D/Growth Plan or Next Steps (1–2 paragraphs)- The part of a business (and a business plan)
that is focused on creating new products or services and preparing new technologies, ideas, products,
or services for the firm’s market.
The Organization- In this section you lay out the components and supports for the firm itself. The
goal for this section is to convince the reader that the business will be successful because it has
access to high-quality people both within the firm and within the larger business community, and the
organization itself is structured to make the best use of those people.
Legal and Organization Structures and IP and Locations (1 paragraph) - This subsection
describes the legal form of the business (LLC, C corp, sole proprietorship, etc.) and where it is
formally registered (topics discussed in Chapter 17) and located (both physically and on the
Internet).
Key Personnel (1–2 paragraphs) - The goal for the key personnel subsection is to inspire that
confidence in your reader.
Related Service Providers (1 paragraph)- These days, small businesses are rarely alone, and the
quality of the professionals surrounding you tells people a lot about how good you might be. Taking
a paragraph or two to identify your bank and banker, your attorney and legal firm, accountant or
bookkeeper, and other consultants can help show that you have high-quality supports
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Key Activities and Operations (1 paragraph) - Many times your business will operate in very
standard ways. Letting people know that you will operate in a familiar way is useful. Also, if there
are key activities—things you must get right to be successful—or specialized operations that you
want investors or partners to know about to prove you have mastered your business, this is a place to
put that information.
The Financial Summary - The one-page financial summary section starts with a paragraph (often
with a summary table) showing the overall financial results (in sales and profits). It is followed by
“the ask,” which is what you are seeking from others, the use of the investment funds, and the
projected returns.
The Appendixes- The financial statements expected include (1) income statements (also called a
P&L for profit and loss) and its assumptions; (2) cash flow and its assumptions; and (3) balance
sheet and its assumptions. For start-up businesses, it is also common to include a listing of the
expenses incurred in the start-up process. For an existing business, the financials report the last two
years of actual data, and then offer three-year projections for the income, cash flow, and balance
sheet. For a start-up business, the tradition is to offer three years of data projections. If you will take
three or more years to show a profit, it makes sense to give projections for five years.
Data room- An online repository (e.g., Drop box, Box, Share Vault) for the documentation that
back ups and details the specifics of your business and business plan. The contents of the data room
are very similar to those of the threering-binder personal edition of the plan held and used by the
founder.
Due diligence - The process of investigating a business to determine its value and potential for
investment. Reviewing the company’s potential financial statements. Critical process that gives
informed decision.
Focusing Your Business Plan
Businesses face four situations in which reader needs are specific enough and distinct enough that it
makes sense to write the plan with particular emphases in mind.
1. Plans for a pioneering business: When your product or service is truly new to every-one, it
is considered a pioneering business.
 With a pioneering business, your greatest problems are: (1) helping people understand
how it works, (2) showing them how they would use it, (3) estimating how many
people would want it, and (4) estimating how much they would be willing to pay for
it.
 Test marketing - selling your product or service in a limited area, for a limited time
2. Plans for a new entrant business: When your product or service already exists but your
firm is the first of its kind in your market, it is considered a new entrant business. As such it
is always harder to prove that your product or service will work.
3. Plans for an existing business: When writing a plan for an existing business, you have the
benefit of knowing the history, the existing market, and the financial track record of the firm.
 These form a foundation for the plan, so the projections about future markets, sales,
and profits should clearly build on these historical facts.
 It can make sense to gather information on existing customers to help clearly define
the market, and often suppliers and trade associations can provide more in-depth
information on market shares and competitors.

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4. Plans for a business with significant government involvement: Some businesses depend
on government approvals to go forward. Examples include salvage yards, garbage dumps,
companies using toxic chemicals, nursing homes, service stations, and even in many places,
day-care centers.
 Working around approvals usually hinges on selling services or products that are part
of the business but do not require specific approval.

Once you have written the complete business plan, you are positioned to create special purpose
versions of the plan to meet the needs of a wide variety of people important to your business.
Usually these special-purpose plans use a subset of the total plan.
The seven other special-purpose types of plan are the following:
1. Screening Plan - Also called a mini-plan, gives the basic overview of the firm and a detailed
look at the financials.
 Screening plans usually consist of the cover letter, title page, executive summary, and
financials sections of the business plan.
 Michael McMyne won one of the Global Student Entrepreneur Awards for his
consulting business.
2. Informational Plan - A business plan that gives potential customers or suppliers information
typically consist of company and organization sections.
3. Proof-of-Concept Website - A special form that based on Internet-based, and it is a business
plan that provides information or demonstration of a product or service designed to solicit
information on customer interest.
 The goal is to inform customers and partners about the firm and the product, so proof-
of-concept websites consist of the vision and mission statements, the product/service
description, and often an animated or interactive demonstration of the product or
service.
4. Key Employee/Partner Plan - A summary plan that provides information on the company,
product/service, market, and critical risks to prospective business or marketing partners or to
prospective key employees including the all materials of an informational plan.
5. Invention Plan - focus on the plan that focus on the details of an invention, including
intellectual property rights
6. Operational Plan - A business plan designed to be used internally for management purposes
and serve as working documents within a business.
7. Private Placement Memorandum (PPM) - A specialized legal form or the other type of
plan that adds to a business plan crafted by lawyers for the purpose of soliciting formal
investments.
 PPMs are the official version of a business plan offered to potential investors.

The Most Common Critical Risks in a Plan

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Every business faces risks in the real world, so every business plan needs to spend some time
addressing them. Each of the risks can be handled, but the best test is to have people in your target
audiences give you feedback on your plan.
1. Overstated numbers: Examples include sales or profits that are too optimistic, owner
salaries above the minimum needed to live when the firm is just starting out.
2. Numbers that are wrong: Examples include balance sheets that do not balance, numbers
in the financials that do not flow from one section to the next, no assumptions given for
the financials, and ratios that do not match RMA or other standards (Standard &Poors,
BizMiner), with no explanation given for the differences.
3. Inadequate cushion: The number one killer of young firms? Not enough money. Having
enough cash (called working capital) to survive three to six months goes a long way to
avoiding this risk.
4. Inadequate payback: There are always opportunities out there; is yours worth
someone’s time, energy, and (maybe) money? Any plan that does not clearly specify the
key paybacks to readers will fail to sell them on the idea. Don’t offer an investor a 10
percent return when corporate bonds offer nearly that with little risk of default.
5. Narrative and financials that do not fit: If you have a plan that calls for a large
marketing campaign, but financials do not show costs for one, there is a problem.
6. No direct customer connection: If it sounds like you have not actually talked to
potential customers about your product/service, readers will consider that a major
problem.
7. Uncertain sales (especially conversion rates): You need to prove your sales estimate.
The best way is to know your conversion rate (alias hit rate), which is the percentage of
people who buy out of the total population of people you approach. You get this from test
marketing or preselling (introducing your product to potential customers and taking
orders for later delivery).
8. Overlooked competition: Be broad in your search for competitors.
9. Experience deficits: Do you (or someone else in your firm) have experience in (a) the
line of business, (b) the industry, (c) the locality, (d) managing?31 Have it, find it, or say
how you’ll learn it.
10. “What” problems: For the product or service, make sure it is explained clearly enough
so anyone could understand it. Also make sure the plan (or cover letter) is clear about
what is being asked of the reader (e.g., invest, make a loan, give feedback, partner, etc.).
11. Deadly aggravations: Looking and sounding professional is key. A plan with
misspellings looks amateurish. Lacking a table of contents or page numbers in the plan
makes life harder for people you want to impress. Selling instead of summarizing in the
executive summary comes across as hucksterism.
 Important terms to remember:
Risks- The parts of a business or business plan that expose the firm to any kind of loss-
profits, sales, reputation, assets, customers, and so on.
Working capital- The cash immediately available to the firm for the day-to-day expenses
and operations of the firm.

Pitching Your Plan

Pitch

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 Has a very clear tradition about how it is supposed to be done. Knowing this
tradition can help you quickly learn what is expected when pitching a plan to
others.
 Pitch provides an overview of the key points of the business plan—a chance to sell your
ideas and, most of all, a chance to sell yourself.
 Name given to the formal presentation of a slideshow summarizing your business plan
given before judges or potential investors or partners.
Pitch Deck- The name of a slideshow presentation that summarizes a business or more often a
business plan. A pitch deck is a brief presentation that provides investors with an overview of your
business. It usually focused on showcasing your product,
The key things an influential person looks for in questions are:
(1) your passion for the business, (2) your expertise about the business and the plan, (3) how
professional you are in your work, and (4) how easy it would be to work with you. How
do you show these?
 Passion for the business: When pitching, do not read. Think of yourself as telling a story—
a fascinating story—about your business.
 Expertise about the business and the plan: Practice answering questions about the plan.
Expect really tough questions. Assume people do not trust your assumptions when they first
read them. Be ready to explain where you get your assumptions, your numbers, and your
ideas. Be ready to mention sources. Be ready with comparisons to competitors and their
offerings. (This is where your three-ring binder with the backup information becomes
invaluable to you.) Know how every number in the plan came about and what it means.
 How professional you are in your work: Your plan should look professionally done. It
should be neat and orderly, with perfect spelling and grammar. When you present it, you
should be in business attire, clean and pressed.
 How easy it would be to work with you: Typically when you are presenting a business
plan, you are doing it with the goal of establishing an ongoing relationship with the listener.
All relationships carry an element of liking. It is easier to see yourself establishing a
relationship with someone you like than with someone you do not like. Part of the goal in the
presentation is to get the listeners to like you. How? The techniques are simple— use eye
contact, use people’s names, remember what they might be interested in or in what they have
shown an interest before, smile, and above all, be honest. When they ask tough questions, try
not to get nervous, upset, angry, or defensive. If you do not have

Crafting Your Pitch Deck

Pitch Deck Slide Categories
1. Introductory Slide: This slide introduces your firm by name, as well as you and any other
people from your firm whom you have brought with you.
2. Company Purpose Slide: Present and explain the purpose of the business as well as the purpose
of this presentation of the plan (e.g., financial, partnering).
3. Problem Slide: This slide tries to make real to the listener what is the problem customer’s face
or what is missing from their experiences.
4. Solution Slide: This slide demonstrates how your product or service solves the problem or
provides a much-needed benefit.
5. Product Slide(s) (1–2): Explain deeper or in detail how your product or service works.
6. Why Now Slide: What makes this point in time the right one for your business idea?

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7. Market Size Slide: This slide gives the size of the overall market (customers/sales) as well as
the specific target market you can sell to, address, or service.
8. Business Model Slides (2–3): This section explains how you will market, distribute, and get
sales made, with an eye toward how you will generate revenues and profits.
9. Competition Slide(s) (1–2): Identify the major competing firms or products/services and shows
how you compare to them, it usually shows how you will successfully compete against these
firms and what is your general strategy and distinctive competence.
10. Team Slide(s) (1–2): Presents the key people with the one or two skills they have that are most
persuasive in proving their expertise or their contributions to the business.
11. Financials Slide: Here you give the sales, breakeven, and profit projections for the firm for the
period covered in the plan.
12. The Ask and the Deal Slide: “The ask” can be funding, partnership, mentoring, network access,
or just general support and feedback. Explain briefly what the use of the listener’s resources will
be. There should also be a line on the slide for what is offered in return (for the items above—the
opportunity to grow sales, savings moved to a bank, stock in the firm for investors, or a chance to
help a great young firm grow). This is what is called “The Deal” by investors.
13. Closing Slide: Slide decks end with a slide that says thanks and asks for questions.

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LEARNING ACTIVITY

 Identify the term in this chapter being asked for using the four pictures. Additional clues are
given through the boxes below. One box stands for one letter.

4 Pics 1 Word

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FINAL PROJECT

Your final project is a business plan using the parts discussed in this chapter. You may add or
remove some parts as you deem necessary. You do not need to follow the number of pages. Your
business plans will be graded based on quality not on quantity.

 Format + Executive Summary 20 points

 Company, product & Industry 20 points
 Market 20 points
 Organization 20 points
 Financials 20 points
 Additional details not written in the format (Applications of Entrepreneurial Management
Concepts) 20 points
 Overall attractiveness of business idea 30 points

Total: 150 points

LAST QUIZ (Quiz #9) and FINAL EXAM

Also, kindly prepare for a quiz that covers this module and also for your final exam. Final exam
covers SG 5-8. Thank you for a wonderful semester! Good luck and God bless! 😊

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REFERENCES

 Katz, Jerome A., author. | Green, Richard P., author. Entrepreneurial small business/Jerome
A. Katz, Saint Louis University, Richard P. Green II, Texas A&M University/San Antonio.
Fifth edition. | New York, NY : McGraw-Hill Education, [2018] LCCN 2017002694 | ISBN
9781259573798 (alk. paper) LCSH: Small business—Management. | New business enterprises—
Management. | Entrepreneurship. LCC HD62.7 .K385 2018 | DDC 658.02/2—dc23 LC record
available at https://lccn.loc.gov/2017002694

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