Day One-- Assessing a Business Plan
All this week you should be writing your business plan, your
budget, your video and marketing materials, putting everything into your wiki pages.
- How far reaching do you plan to make your business? Are you planning to sell just in your neighborhood or world wide?
- Do you plan to do this to make your living or just to supplement your income?
- How will you get the materials required to make your product or perform your service?
- Will you have to buy or rent any special equipment to make your product?
- What are your initial costs before you can even begin to sell anything?
- What traits do these entrepreneurs share? And what traits do you share with them?
- How will you become stronger in the traits that you need help with?
- What have you done in the past that makes you feel confident that you can do the things you need to do for this company?
- What kind of people will you need to hire to help run your business?
Read the questions, then watch the series at the link below and analyze for answers. How can you use the video testimonies to help you writing the business plan and budgeting?
THESE ARE GREAT QUESTIONS! See below.
What exactly has to be in the business plan? Is it general or
detailed?
ANSWER: Here's a template to download: https://docs.google.com/a/pavcs.us/document/d/14ftyrffHGcdDHlyUie63BvdH8nnKR-Js-h5mEa4MO20/edit
The pics for on our mockstarter project - What kind and should
they be in the video? Do they have to be real pics of us doing the project
or can we find general pics on the internet?
ANSWERL:Pics of yourself should be real, but make yourself look
professional. Pics of your goods or services can be from the free stuff on line. DO NOT USE copyrighted material.
The Bio for this week's assignment - should it be now or in the future? hypothetical or real?
ANSWER: Bios should be 'hypothetical'
Do we need future objectives (like 5 or 10 years from now) in the business
plan?
ANSWER: See the last part of your business plan template. I recommend thinking long
term? Will this last? It depends on what your group is creating. Restaurants
should plan to last for years, but a band making an album just needs to get
this album done.
Are we to consider hiring employees since there are 5 owners or do it with
just us?
ANSWER: That depends on your group's good or service. Can you do it solo or do
you need more? A band would need to hire a studio. A restaurant needs servers
and folks to bus tables.
With your video - does it have to look like a real coffee house or just talk into the camera?
ANSWER: What will 'sell' your idea best and what is do-able?
detailed?
ANSWER: Here's a template to download: https://docs.google.com/a/pavcs.us/document/d/14ftyrffHGcdDHlyUie63BvdH8nnKR-Js-h5mEa4MO20/edit
The pics for on our mockstarter project - What kind and should
they be in the video? Do they have to be real pics of us doing the project
or can we find general pics on the internet?
ANSWERL:Pics of yourself should be real, but make yourself look
professional. Pics of your goods or services can be from the free stuff on line. DO NOT USE copyrighted material.
The Bio for this week's assignment - should it be now or in the future? hypothetical or real?
ANSWER: Bios should be 'hypothetical'
Do we need future objectives (like 5 or 10 years from now) in the business
plan?
ANSWER: See the last part of your business plan template. I recommend thinking long
term? Will this last? It depends on what your group is creating. Restaurants
should plan to last for years, but a band making an album just needs to get
this album done.
Are we to consider hiring employees since there are 5 owners or do it with
just us?
ANSWER: That depends on your group's good or service. Can you do it solo or do
you need more? A band would need to hire a studio. A restaurant needs servers
and folks to bus tables.
With your video - does it have to look like a real coffee house or just talk into the camera?
ANSWER: What will 'sell' your idea best and what is do-able?
Day Two
How will you problem solve to create a unique product/service? How will you work together and bring your expertise and ability to the project?
What are some problems you encounter in your life? How could they be made better? Have you ever accidently done something different than you normally would and found that it worked better? What do you wish you could have or could provide to other people? What are you good at that other people might not be? What could you make from things that others would throw away?
What are some problems you encounter in your life? How could they be made better? Have you ever accidently done something different than you normally would and found that it worked better? What do you wish you could have or could provide to other people? What are you good at that other people might not be? What could you make from things that others would throw away?
FROM THE STORY...
before you start calling this uptick in millennial entrepreneurship an economic
victory, consider that it's still very risky to start a business from scratch.
Studies show that about 80 percent of all startups fail within the first few
years.
Now, add that sobering statistic to the findings of a University of Tennessee study.
The No. 1 reason new businesses fall short? Inexperience.
Handmade and Profitable
From the NPR Story:
Etsy has gotten very big, very fast. This year, sales are at about $800 million.
"Their growth on all the major metrics you want to look at has accelerated really
consistently," says journalist Rob Walker.
Walker recently wrote a story for Wired Magazine with
the headline, "Can Etsy Go Pro Without Losing Its Soul?" Here's why: Etsy makes
money from its sellers: 20 cents every time they list an item and 3.5 percent of
every sale. Today, there are some 800,000 sellers.
Etsy has gotten very big, very fast. This year, sales are at about $800 million.
"Their growth on all the major metrics you want to look at has accelerated really
consistently," says journalist Rob Walker.
Walker recently wrote a story for Wired Magazine with
the headline, "Can Etsy Go Pro Without Losing Its Soul?" Here's why: Etsy makes
money from its sellers: 20 cents every time they list an item and 3.5 percent of
every sale. Today, there are some 800,000 sellers.