Professor Ramachandran spoke about Entrepreneurial opportunities and Organization Building - A Road Map. He spoke about identifying the type of opportunity, the graph of time against turnover for a startup and elements of a business plan.
Opportunities are identified through a pent up need or customer dissatisfaction in the existing offerings. By mapping the pent up need (Discontentment) on one axis and Criticality (dissatisfaction) on the other different kinds of opportunites can be identified.
Any organization needs to balance Financial Needs, Technology Needs, Marketing Needs and Entrepreneurial Capability. If an entrepreneur can manage the four of these then his organization will be a shining diamond.
Business plans force dicipline and it is always good to write a business plan oneself and this task should not be delegated. One needs to keep revisiting and updating their business plan. Need to make a 3-5 year business plan. Don't underestimate working capital and it is important to keep working capital low.
Elements of a Business Plan
- Executive Summary - Clean, Completing and Concise
- Product or Service Description - Explain how it will continously provide value
- Management Team - Capability and Company Description. It is important to have a good advisory team. A good board of advisors help in attracting customers and investment.
- Market and Competition - Clear understanding of customer needs should be showcased. Good to talk about future competition too.
Feature Competitor 1 Competitor 2 ... You Feature ** ** ** **
- Marketing and Sales
- Technology and Operations
- Implementation Schedule
- Managing Risks
- Financial Planning
- Exit and Growth