SUMMARY

CHAPTER 1:
§ Entrepreneurs are those individuals who discover market needs and launch new business
to meet those needs. They take risk and provide an impetus for change, innovation, and
progress in economic life.
§ Meanwhile, small business owner manage their businesses by expecting stable sales,
profits, and growth
§ Rewards of Entrepreneurship: Profit ; personal satisfaction; Independence; Personal
Fulfillment; Freedom
§ The ten myths of Entrepreneurship were discussed to better understand
§ Overview of Motivation ; Characteristics; Dark side ; Stress; Deal to stress within
entrepreneurship
§ Entrepreneurial firms make two indispensable contributions to an economy
CHAPTER 2:
§ Examining Your Personal Objectives
§ Ideas for new businesses come from many sources
§ Evaluation criteria for a start-up
§ Nature of Creativity and Innovation
§ Review the misconceptions associated with innovation
CHAPTER 3
§ Observations are a good technique to uncover the reality of the customer’s experience.
§ These observations limit any potential bias or behavioral influence because they
eliminate the subject engagement.
§ Have an empathy picture/analysis that frames the problem they are trying to solve before
they jump to a solution.
§ Learn a technique to gain insight into the small details of a customer’s interaction with
their environment that customer may not think to express in interviews.
CHAPTER 4
§ Business plan and its value
§ The benefits of a business plan
§ The viewpoints of those who read a business plan
§ The importance of coordinating the business plan segments
§ Key recommendations by venture capital experts regarding a plan
CHAPTER 1: INTRODUCTION TO ENTREPRENEURSHIP
KEYCONCEPT:
Entrepreneurship—a dynamic process of vision, change, and creation requiring an application
of energy and passion toward the creation of and implementation of new ideas and creative
solutions.
Entrepreneur—an innovator or developer who recognizes and seizes opportunities; converts
those opportunities into workable/marketable ideas; adds value through time, effort, money, or
skills; and assumes the risks of the competitive marketplace to implement these ideas.
Entrepreneurial management—an entrepreneur can exist in an existing large institution or can
be an individual starting his or her own new venture singlehandedly

The entrepreneur is the person who gets out of the shower and acts on those ideas.
Entrepreneurs are those individuals who discover market needs and launch new business to
meet those needs. They take risk and provide an impetus for change, innovation, and progress in
economic life.
An entrepreneur is an individual who, rather than working as an employee, founds and runs a
small business, assuming all the risks and rewards of the venture. The entrepreneur is commonly
seen as an innovator, a source of new ideas, goods, services and business/or procedures

ENTREPRENEURS V.S. SMALL BUSINESS OWNERS: A DISTINCTION

Small Businesses Owners: Manage their businesses by expecting stable sales, profits, and
growth
Small Businesses Owners: are independently owned and operated, are not dominant in their field
and do not engage in many new or innovative practices
• Financing for the business is provided by one individual or a group of individuals
• Except for its marketing function, the business’s operations are geographically localized.
• Compared to the biggest firms in the industry, the business is small.
• The number of employees in the business is less than 100.
Entrepreneurs: Focus their efforts on innovation, profitability and sustainable growth

REWARDS OF ENTREPRENEURSHIP:
Profit: Financial gain proportionate to personal achievement
Personal satisfaction: Enjoyment of satisfying way of life
Independence: Power to make own business decisions
Personal Fulfillment: Contribution to the community
Freedom: Escape from an undesirable situation

THE DARK SIDE OF ENTREPRENEURSHIP

The Entrepreneur’s Confrontation with Risk
Financial risk versus profit (return) motive varies in entrepreneurs’ desire for wealth.
Career risk—loss of employment security
Family and social risk—competing commitments of work and family
Psychic risk—psychological impact of failure on the well-being of entrepreneurs

STRESS AND THE ENTREPRENEUR

Entrepreneurial Stress
The extent to which entrepreneurs’ work demands and expectations exceed their abilities to
perform as venture initiators, they are likely to experience stress.
Causes of Entrepreneurial Stress
• Loneliness
• Immersion in business
• People problems
• Need to achieve

DEALING WITH STRESS

• Networking (relieve the loneliness)
• Getting away from it all (holidays, )
• Communicating with employees (close contact with staffs to assess their concerns)
• Finding satisfaction outside the company (more passionate about lifestyle, new
perspectives , not only business)
• Delegating
• Exercising Rigorously

MOTIVATION
The chances of success will increase, if one thoroughly understands the motive of starting own
business.
• Understanding the basic reason for starting a business
• Analyze the type of business in mind
• Understand the skills required for the business
• Personal qualities required to bring up the business
• Strengths and weaknesses as a business owner
THE MYTHS OF ENTREPRENEURSHIP
Myth 1: Entrepreneurs Are Doers, Not Thinkers
Myth 2: Entrepreneurs Are Born, Not Made
Myth 3: Entrepreneurs Are Always Inventors
Myth 4: Entrepreneurs Are Academic and Social Misfits
Myth 5: Entrepreneurs Must Fit the “Profile”
Myth 6: All Entrepreneurs Need Is Money
Myth 7: All Entrepreneurs Need Is Luck
Myth 8: Ignorance Is Bliss For Entrepreneurs
Myth 9: Entrepreneurs Seek Success But Experience High Failure Rates
Myth 10: Entrepreneurs Are Extreme Risk Takers (Gamblers)

CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS

Timmons and Spinelli have summarized research on entrepreneurial characteristics:
Commitment and determination: Tenacious, decisive, and persistent in problem solving.
Leadership: Self-starters and team builders and focus on honesty in their business relationships.
Opportunity obsession: They are aware of market and customer needs.
Tolerance of risk, ambiguity, and uncertainty: They are risk takers, risk minimizers, and
uncertainty tolerates.
Creativity, self-reliance, and adaptability: Open-minded, flexible, uncomfortable with the
status quo, and quick learners.
Motivation to exceed: Goal oriented and aware of their weaknesses and strengths.

THE ENTREPRENEURIAL EGO

Self-Destructive Characteristics
• Overbearing need for control
• Sense of distrust
• Overriding desire for success
• Unrealistic optimism

THE AGE OF GAZELLES

A “Gazelle”
A business establishment with at least 20% sales growth in each year for five years,
starting with a base of at least $100,000 in annual sales.
Gazelles as leaders in innovation:
• Produce twice as many product innovations per employee as do larger firms.
• Have been responsible for 55% of the innovations in 362 different industries and 95%
of all radical innovations.
• Obtain more patents per sales dollar than do larger firms.
ENTREPRENEURIAL FIRMS’ IMPACT
Entrepreneurial components of the U.S. Economy:
• Large firms have increased profitability by returning to their “core competencies
through restructuring and downsizing.
• New entrepreneurial companies have been blossoming in new technologies and new
markets.
• Thousands of smaller firms established by women, minorities, and immigrants have
strengthened the economy.
Entrepreneurial firms make two indispensable contributions to an economy:
• They are an integral part of the renewal process that pervades and defines market
economies.
• They are the essential mechanism by which millions enter the economic and
social mainstream of society.

21ST CENTURY TRENDS IN ENTREPRENEURSHIP RESEARCH

Venture Financing: venture capital and angel capital financing and other financing techniques
strengthened in the 1990s.
Corporate Entrepreneurship and the need for entrepreneurial cultures has drawn increased
attention.
Social Entrepreneurship has unprecedented strength within the new generation of
entrepreneurs.
Entrepreneurial Cognition is providing new insights into the psychological aspects of the
entrepreneurial process.
Women and Minority Entrepreneurs appear to face obstacles and difficulties different from
those that other entrepreneurs face.
The Global Entrepreneurial Movement is increasing.
Family Businesses have become a stronger focus of research.
Entrepreneurial Education has become one of the hottest topics in business and engineering
schools throughout the world.
CHAPTER 2: GENERATE IDEA

OPPORTUNITY IDENTIFICATION: THE SEARCH FOR NEW IDEAS

The first step for any entrepreneur is the identification of a “good idea.”
• The search for good ideas is never easy.
• Opportunity recognition can lead to both personal and societal wealth.
Opportunity identification is central to entrepreneurship and involves:
• The creative pursuit of ideas
• The innovation process

ENTREPRENEURIAL IMAGINATION AND CREATIVITY

How entrepreneurs do what they do:
• Creative thinking + systematic analysis = Success
• Seek out unique opportunities to fill needs and wants
• Turn problems into opportunities
• Recognize that problems are to solutions what demand is to supply

CREATIVITY AND INNOVATION

Ideas for new businesses come from many sources :
• A personal interest: hobbies, special knowledge or skills, experience, etc.
• Any task or responsibility people don’t like to do or don’t have time to do can be the
basis for a service business: House cleaning, home repairs, gardening, shopping, etc.
• An inventive entrepreneur can develop a new product or improve an existing one
(AirBnB; Uber; Grab;etc.)

SOURCES OF INNOVATION IDEAS

HOW DO YOU COME UP WITH GOOD BUSINESS IDEAS?
This exercise will show you how in two steps:
1. You’ll brainstorm types of people you’d be excited to help.
2. You’ll hypothesize the emotional needs (i.e., problems) those people might have.

CHANGE-BASED SOURCES OF ENTREPRENEURIAL OPPORTUNITIES

Source Definition Examples
Unexpected Unanticipated events lead to Unexpected success: Apple Computer
occurrences either enterprise success or (microcomputers)
failure. Unexpected tragedy: 9-11 terrorist
attack
Incongruities What is expected is out of line Current technology is insufficient to
with what will work. (different address an emerging challenge.
btw expectation and reality)
Process needs Current technology is Sugar-free products ; gas-electric hydrid
insufficient to address an cars to deal with rising energy cost
emerging challenge. Caffeine-free coffee
Microwave ovens
Industry and Changes in technology, markets, Health care industry: changing to home
market changes etc., alter industry dynamics. health care
Demographic Shifts in population size, age Rest homes or retirement centers for
changes structure, ethnicity, and income older people
distribution impact product
demand.
Perceptual Perceptuel variations determine Exercise (aerobics) and the growing
changes Product demand. concern for fitness

EVALUATION CRITERIA FOR A START-UP

Assuming you have sound reasons for considering a start-up, you should still address several
basic questions before making the commitment:
• What are some other types of start-up ideas you might consider?
• What are some sources for additional new business ideas?
• How can you identify a genuine opportunity that creates value, for both the customer and
the company’s owner(s)?
• How should you refine your business idea?
• What could you do to increase the odds of success in your business?
• What competitive advantage could your business have over its rivals?
Evaluation Criteria:
• Market Factors
• Competitive Advantages
• Barriers to Entry
• Economics
Market Factors:
Criteria Favorable Unfavorable
Need for the product Well identified Unfocused
Customers Reachable Unreachable; strong loyalty to
competitor’s product or service
Value created for Significant Not significant
customers
Market Structure Emergingindustry; nothighly Matureordecliningindustry; highly
competitive concentrated competition
Market Growth Rate Growing by at least 15% a year Growing by less than 10% a year

Competitive Advantages
Criteria Favorable Unfavorable
Control over prices, costs, Moderate to strong Weak to nonexistent
and distribution

Barriers to Entry
Criteria Favorable Unfavorable
Proprietary information or Have or can develop Not possible
regulatory protection
Response/lead time Competition slow, Unable to gain an edge
advantage nonresponsive
Legal/contractual Proprietary or exclusive Nonexistent
advantage
Contacts and networks Welldeveloped;accessible Poorly developed; limited

Economics
Criteria Favorable Unfavorable
Return on investment 25% or more; sustainable Less
than15%;unpredictable
Investment requirements Small to moderate; easily Large; difficult to finance
financed
Time required to break Under 2 years More than 4 years
even
or to reach positive
cashfows
Management capability Management team with Solo entrepreneur with no
diverse skills and relevant related Experience
experience
Fatal flaws None One or more
THE ROLE OF CREATIVE THINKING
Creativity
The generation of ideas that result in the improved efficiency or effectiveness of a system.

Two important aspects of creativity exist:

Process
• The process is goal oriented; it is designed to attain a solution to a problem.
People
• The resources that determine the solution.

THE MOST COMMON IDEA “KILLERS

1. “Naah.”
2. “Can’t” (said with a shake of the head and an air of finality).
3. “That’s the dumbest thing I’ve ever heard.”
4. “Yeah, but if you did that . . .” (poses an extreme or unlikely disaster case).
5. “We already tried that—years ago.”
6. “I don’t see anything wrong with the way we’re doing it now.”
7. “We’ve never done anything like that before.”
8. “We’ve got deadlines to meet—we don’t have time to consider that.”
9. “It’s not in the budget.”
10. “Where do you get these weird ideas?”

DEVELOPING YOUR CREATIVITY

Recognizing Relationships
Looking for different or unorthodox relationships among the elements and people around you.
Developing a Functional Perspective
Viewing things and people in terms of how they can satisfy his or her needs and help complete a
project.
Using Your Brains
The right brain helps us understand analogies, imagine things, and synthesize information.
The left brain helps us analyze, verbalize, and use rational approaches to problem solving.

TYPES OF CREATIVITY
• Idea Creativity
• Material Creativity
• Organization Creativity
• Relationship Creativity
• Event Creativity
• Inner Creativity
• Spontaneous Creativity
INNOVATION AND THE ENTREPRENEUR
Innovation:
Is the process by which entrepreneurs convert opportunities into marketable ideas.
Is a combination of the vision to create a good idea and the perseverance and dedication to
remain with the concept through implementation.
Is a key function in the entrepreneurial process.
Is the specific function of entrepreneurship.

INNOVATION IN ACTION

Type Description Examples

Invention Totally new product, service, or Wright brothers—airplane

process Thomas Edison—light bulb
Alexander Graham Bell—telephone

Extension New use or different application of an Ray Kroc—McDonald’s

already existing product, service, or Mark Zuckerberg—Facebook
process Barry Sternlicht—Starwood Hotels
& Resorts

Duplication Creative replication of an existing Wal-Mart—department stores

concept Gateway—personal computers
Pizza Hut—pizza parlor

Synthesis Combination of existing concepts and Fred Smith—Fed Ex

factors into a new formulation or use Howard Schultz—Starbucks
MAJOR INNOVATION MYTHS
Myth 1: Innovation is planned and predictable
Myth 2: Technical specifications should be thoroughly prepared
Myth 3: Creativity relies on dreams and blue-sky ideas
Myth 4: Big projects will develop better innovations than smaller ones
Myth 5: Technology is the driving force of innovation success

PRINCIPLES OF INNOVATION
• Be action oriented.
• Make the product, process, or service simple and understandable.
• Make the product, process, or service customer-based.
• Start small.
• Aim high.
• Try/test/revise.
• Learn from failures
• Follow a milestone schedule.
• Reward heroic activity.
• Work, work, work.
CHAPTER 3: “OBSERVATIONS” TECHNIQUE
“Entrepreneurs can't trust numbers alone. In order to improve the world, we must see, feel and
experience it for ourselves!
If you focus observations on the problems your customers’ behavior indicates you are
experiencing, you could develop more impactful ideas

Do you realize that what you think are different with its reality?
There exists a significant gap between what most people say they will (or won’t) do and what
they actually do (or don’t). People can say one thing but do the opposite

In class, we realize that you guys likely focus on one of two things
1. The surface-level activity (i.e., students were talking to each other, students were exercising,
etc.)
2. The perspective of the product or business (i.e., there were not enough seats in the food court,
many treadmills were not in use)

Did you experience the subjects’ situation ?

Only focus their observations on the subjects’ problems; did not empathize with the subjects’
experience.
Most of the ideas you develop will not actually solve a problem.

Basic steps to Observe your customers

Step 1: Write down questions they are trying to answer with the observation
Step 2: Define major themes to look for.
Step 3: Identify who the customer for your ideas would be. Start bringing up what problems
would be solved for those potential customers.
Step 4: Identifying patterns, pain points, and places where subjects struggle to do something
Step 5: use whatever tools (video,picture,etc.) at their disposal to gather as much information
about activities and patterns.
CHAPTER 4: DEVELOPING THE NEW VENTURE BUSINESS PLAN

WHAT IS A BUSINESS PLAN?

A business plan is a formal statement of a set of business goals, which are believed to be
attainable, and the plan for reaching those goals.
A business plan is a document that outlines the basic idea underlying a business and describes
related start-up considerations.

WHO USE THE BUSINESS PLAN?

BENEFITS OF A BUSINESS PLAN

For the Entrepreneur:
• The time, effort, research, and discipline required to create a formal business plan forces
the entrepreneur to view operating strategies and expected results critically and
objectively.
For Outside Evaluators:
• The business plan provides a tool for use in communications with outside financial
sources.
Specifically for the Financial Sources:
• Details the market potential and plans for securing a share of that market.
• Shows how the venture’s intends to service debt or provide an adequate return on equity.
• Identifies critical risks and crucial events with a discussion of contingency plans
• Contains the necessary information for a thorough business and financial evaluation.
HOW MANY ELEMENTS OF A BUSINESS PLAN?
Section I: Executive Summary
Section II: Business Description
1. General description of business
2. Industry background
3. Goals and potential of the business and milestones (if any)
4. Uniqueness of product or service
Section III: Marketing
1. Research and analysis
a. Target market (customers) identified
b. Market size and trends
c. Competition
d. Estimated market share
2. Marketing plan
a. Market strategy-sales and distribution
b. Pricing policy
c. Advertising and promotions plans
Section IV: Operations
1. Identify location
a. Advantages
b. Zoning
c. Taxes
2. Proximity to suppliers
3. Access to transportation
Section V: Management
1. Management team—key personnel
2. Legal structure—stock and employment agreements, and ownership
3. Board of directors, advisors, and consultants
Section VI: Financial
1. Financial forecast (pro forma financial statements)
a. Profit and loss
b. Cash flow
c. Break-even analysis
d. Cost controls
e. Budgeting plans
Section VII: Critical Risks
1. Potential problems
2. Obstacles and risks
3. Alternative courses of action
Section VIII: Harvest Strategy
1. Transfer of asset
2. Continuity of business strategy
3. Identity of successor
Section IX: Milestone Schedule
1. Timing and objectives
2. Deadlines and milestones
3. Relationship of events
Section X: Appendix or Bibliography
SECTION I: EXECUTIVE SUMMARY
• No more than three pages. This is the most crucial part of your plan because you must
capture the reader’ s interest
• What , how , why , where, and so must be summarized
• Complete this part after you have a finished business plan

SECTION II: BUSINESS DESCRIPTION

• The name of your business
• A background of the industry with history of your company (if any) should be covered
here
• The potential of the new venture should be described clearly
• Any uniqueness or distinctive features of this venture should be described clearly

SECTION III: MARKETING

• Convince investors that sales projections and competition can be met
• Use and disclose market studies
• Identify target market, market position, and market share
• Evaluate all competition and specifically cover why and how you will be better than your
competitors
• Demonstrate pricing strategy . Your price must penetrate and maintain a market share to
produce profits; thus , the lowest price is not necessarily the best price
• Identify your advertising plans with cost estimates to validate proposed strategy

How do you understand “ Marketing” ?

Simply selling a product or service.
• Marketing is always different things to different people.
• Others see marketing as those activities directing the flow of goods and services from
producer to consumer or user.
• It consists of many activities, some of which occur even before a product is produced and
made ready for distribution and sale
A business provides satisfaction to its customers, not merely the tangible product or
intangible service that is the focus of the exchange.

The three levels of a product/service

• In keeping with the company’s strong commitment to helping customers make the right
purchase, Thegiodidong’s website provides a great deal of extra information.
• This assistance, along with competitive prices and free shipping, is part of the bundle of
satisfaction offered.
 Market Analysis :
• The entrepreneur describes the target market
• A detailed discussion of the major benefits to customers provided by the new product or
service should also be included in this section of the plan.
• Obviously, these benefits must be reasonable and consistent with statements in the
product/service section of the plan
• The actual sales forecast: include three sales forecasts covering the “most likely,”
“pessimistic,” and “optimistic” scenarios.

Competition:
• A brief discussion of competitors’ overall strengths and weaknesses should be a part of
the competition section of the plan
• Related products currently being marketed or tested by competitors should be noted.
• A SWOT analysis is always a good idea.

Marketing Strategy:
Four areas of marketing strategy that should be addressed include:
• Product decisions that will transform the basic product or service idea into a bundle of
satisfaction
• Distribution activities regarding the delivery of the product to customers
• Pricing decisions that will set an acceptable exchange value on the total product or
service
• Promotion activities that will communicate the necessary information to target markets

SECTION IV: OPERATIONS

• Describe the advantages of your location (zoning, tax laws, wage rates). List the
production needs in terms of facilities (plant, storage, office space) and equipment
(machinery, furnishing, supplies)
• Describe the specific operations of the venture
• Indicate proximity to your suppliers
• Mention the need and use of personnel in the operation
• Provide estimates of operation costs – But be careful : too many entrepreneurs
underestimate their costs

Location Plan:
An entrepreneur has several options when deciding where to locate his or her business either:
• In a brick-and- mortar building ; or co-working space ( for small start-up)
• At home
• On the Web
• In some combination of the above places
Location options for the start-up

Importance of Location Decision:

• The importance of the initial decision is where to locate a traditional physical building, a
brick-and-mortar store which is underscored by both the high cost of such a store and
the hassle of pulling up stakes and moving an established business.
• The choice of a good location is much more vital to some businesses than to others.
Ex: the site chosen for a dress shop vs. the physical location of the office of a painting
contractor

Five key factors in determining a good business location

• Other factors relevant to location include neighbor mix, security and safety, services, past
tenants’ fate, and the life-cycle stage of the area
• In this particular situation, one factor may carry more weight than others
Customer accessibility:
• Retail outlets and service firms are typical examples of businesses that must be located so
as to make access convenient for target customers
• Convenient access for customers is one reason small businesses have successfully created
such a strong presence on the Internet. With the appropriate computer connection,
customers can access a small business’s home page from anywhere in the world

Business environment conditions:

• Weather is one important environmental factor that influences the location decision, as
well as the demand for many products
Ex. air conditioners and outdoor swimming pools.
• Competition, legal requirements, and tax structure are a few of the other critical
environmental factors
Sometimes, Local authority government regulations that restrict new business operations
under certain circumstances.
Ex: Traffic limitation, parking, signage , etc.

Availability of resources:
• The availability of resources (ex.Raw materials, labour supply, and transportation)
associated with producing a product and operating a business should be considered in
selecting a location
• Suitability of labour supply : Availability of workers, wage rates, labour productivity ,
skilled labour with surplus labour.
• Availability of transportation: For example, good highways and bus systems provide
customers with convenient access to retail stores. For small manufacturers ,they must
carefully evaluate all the trucking routes to know where to reduce cost to increase
competitively priced.

Personal preference of the entrepreneur:

• Many entrepreneurs discount customer accessibility, business environment conditions,
and resource availability and consider only their personal preference in locating a
business .
• In fact, it offers certain advantages
• The entrepreneur generally appreciates and feels comfortable with the atmosphere
of the home community.
• The entrepreneur can more easily establish credit.
• Hometown bankers can be dealt with more confidently, and other business persons
may be of great service in helping evaluate a given opportunity.

Site availability and costs:

• Once an entrepreneur has settled on a certain area of the country, a specific site must still
be chosen.
• If an entrepreneur’s top choices are unavailable, other options must be considered. One
choice is shared facilities , ex.: Business or Start-up incubators ; co-working space
• The site selection process must depend on evaluation of relevant costs (building ona new
site or purchasing existing structure site ; lease or buy
SECTION V: MANAGEMENT
• Supply resumes of all key people in the management of your venture
• Carefully describe the legal structure of your venture (sole proprietorship, partnership, or
corporation).
• Cover the added assistance (if any) of advisors, consultants, and directors
• Give information on how and how much everyone is to be compensated

SECTION VI: FINANCE

• Give actual estimated statements
• Describe the needed sources for your funds and the uses your intend for the money
• Develop and present a budget
• Create stages of financing for purposes of allowing evaluation by investors at various
points
The purpose of preformat financial statements is to answer three questions:
• How profitable can the firm be expected to be given the projected sales levels and the
expected sales–expense relationships?
• How much and what type of financing (debt or equity) will be used?
• Will the firm have adequate cash flows? If so, how will they be used; if not, where will
the additional cash come from?

SECTION VII: CRITICAL RISKS

Discuss potential risks before investors point them out-for example:
• Price cutting by competitors
• Any potentially unfavorable industry-wide trends
• Design or manufacturing costs in excess of estimates
• Sales projections not achieved
• Product development schedule not met
• Difficulties or long lead times encountered in the procurement of parts or raw materials
• Greater than expected innovation and development costs to stay competitive
Provide some alternative courses of action

SECTION VIII: HARVEST STRATEGY

• Outline a plan for liquidity event –IPO or sale
• Describe the plan for transition of leadership
• Mention the preparations (insurance, trusts, and so on) needed for continuity of the
business

SECTION IX: MILESTONE SCHEDULE

Develop a timetable or chart to demonstrate when each phase of the venture is to be completed.
This shows the relationship of events and provides a deadline for accomplishment.

SECTION X: APPENDIX OR BIBLIOGRAPHY

DEVELOPING A WELL-CONCEIVED BUSINESS PLAN
The Five-Minute Reading
1. Determine the characteristics of the venture and its industry.
2. Determine the financial structure of the plan (amount of debt or equity investment
required).
3. Read the latest balance sheet (to determine liquidity, net worth, and debt/equity).
4. Determine the quality of entrepreneurs in the venture (sometimes the most important
step).
5. Establish the unique feature in this venture (find out what is different).
6. Read the entire plan over lightly (this is when the entire package is paged through for a
casual look at graphs, charts, exhibits, and other plan components).