Entrepreneurship Knowledge Rita Bonucchi

Entrepreneurship Knowledge
Rita Bonucchi
.
This work is licensed under the Creative Commons Attribution-NonCommercial-
NoDerivs License. To view a copy of this license, visit
http://creativecommons.org/licenses/by-nc-nd/3.0/
Origami Consulting
2
http://www.origamiconsulting.it/
Axelle Brown-Videau
Linkedin
http://www.linkedin.com/in/axellebrownvideau
3
GetSolution
4
http://www.getsolution.it/
Biscotteria Bettina
http://www.biscotteriabettina.it/home.html 5
Chantillo
6
http://www.chantillo.com/Chantillo/index1.php
The Business Idea
Is it a dream?
How to work on ideas with entrepreneurs
7
Micro ideas for Micro business?
• What is more important, the person or
the idea?
• Coherence between person and idea
• People make the difference
8
Micro ideas for Micro
business?
• The risk of failure
• What happen if there are no ideas or too many
ideas?
• How to analyze and evaluate the business idea
9
The What, Why and How of Writing
a Business Plan
• That First Lasting Impression
– A Business Plan is often the first contact entrepreneurs have with a
funding source.
– Funding sources, e.g., VCs, “angels”, bankers, all review Business Plans.
• A powerful, first class Business Plan
leads to a meeting with a funding source.
10
What is a Business Plan?
• A document written for fund raising
• A document written for myself
• A description of the plans for a
business
• The “road map to success”
• All the above….
11
A Business Plan Describes…
• The business - What business are we in?
• The markets - Where is the opportunity?
• Industry forces - What are the competitive
threats? What’s our competitive edge?
• Who is the team to implement the Plan?
• What resources are available for success?
• How much capital is required?
• How much risk is to be taken? 12
Sections to a Business Plan:
general USA model
• Executive Summary
• Product or Service
• Markets and Customers
• Competitor/Industry Analysis
• Company-Management-Operations
• Financials
• Appendices 13
Executive Summary Describes the
Principal Determinants for Success
• Present an overview of the niche markets your
product serves, show how you will market your
product, compare your product to competitive
products, show revenue/profit/cash flow.
• Present the amount and types of funds needed
and what is the financial return to the investor or
partner for funds/partnering.
• Present a concise Summary of the key points from
each Section of the Business Plan. 14
Appendices
Purpose: to support information presented in the Business
Plan
• Full Financial Statements
• Management Resumes
• Photos/drawings of product, brochures
• Competitive Analyses
• Industry Comparables for Investors’ Exit:
Show how others have made $$$$$ whose performance
is similar to your business model
15
What Resources are Available?
• Text books on “how to”, BPlan “kits”
• Consultants to write it… buyer beware!
• Small Business Administration (sba.gov)
• Incubators
16
BUSINESS PLAN BASICS: an overview
Mission Statement
Elevator Speech
Executive Summary
PowerPoint Presentation
Full Business Plan
Competitive
Technology
Distribution
Projections
Intellectual
Sales and
Financial
Property
Analysis
Analysis Detailed
Market
Team
Support/Foundation
17
BUSINESS PLAN BASICS: The need to Understand
My Business
Why Write a Business Plan?
• The Business Plan is a result of a PLANNING
PROCESS
– Who are your customers?
– Why will the buy your service or product?
– What will they pay?
– How will you make and deliver the service/product
– What resources (people, money, technology) will
you need?
– Can you make money/create value?
18
BUSINESS PLAN BASICS: What Should
Be In A Business Plan?
– The Plan is a SELLING DOCUMENT
– Don't lose sight of the vision
– The excitement must come through
– The Plan should project your image
– BUT: The Plan Must Be Defensible
19
BUSINESS PLAN BASICS:
What should be in a Business Plan?
– Executive Summary
– The Opportunity and the Company and its Services/Products
– Market Research/Analysis
– Economics of the Business
– Marketing Plan
– Design and Development Plan
– Manufacturing and Operations Plan
– Management Team
– Schedule
– Critical Risks, Problems and Assumptions
– The Financial Plan
– Appendices 20
– Cover Page
• Name of Company
• Address
• Telephone/fax/email
• Confidentiality legend
• Securities law legend
• Control numbering of copies
– Table of Contents
• Put one in
• Include page numbers 21
–Executive Summary
• An Executive Summary is
– NOT an abstract of the plan
– NOT an introduction
– NOT a preface
– NOT a random collection of highlights
• An Executive Summary IS the Business Plan
in miniature 22
Assuring coherence between the
Business Idea,
opportunity/environmental restriction and
personal characteristics
• How to assess the entrepreneur
• How to analyze and evaluate the business idea
23
What means planning?
• Planning does not mean to see the
future
• Planning definition: to allocate
resources by objective
24
Planning in enterprise creation
• Information
• (useful to take) Decisions
• (to transform in) Action
• (do not forget) Controlling 25

Business plan
• What is a business plan
• How you write it
• What is it for
• Specifications for international BP
26
PROJECT
MANAGEMENT CYCLE
PHASE 4:
PROJECT EVALUATION
PHASE 1:
PROJECT
DIMENSION
FASE 3:
PROJECT
REALIZATION PHASE 2:
PROJECT PLANNING
How to build the business plan
•
Who we are
• Mission + Vision + Business idea
• Research
• Marketing plan
• Economic and financial forecast
• Technical plans
• Organization
• Detailed programs (who does, what does,
when, with what resources) 28
ANALYSIS PLANNING PROGRAMMING
• Who we • Marketing • Who does
are • Ecofin • What
• B. idea • Organization • When
• research • Technical • With what
plans resources
INFORMATION DECISIONS ACTIONS
CONTROLLING
Introduction to business analysis:
identifying and getting to know the
competition
• Define the business
• Analyze the competitors
• Learn from competitors
• Do we know enough about the competition?
30
Competitor/Industry Analysis
• Identify competitors (domestic and foreign), potential
competitors and possible substitutes in your
marketplace. How do their products compare? How
profitable are these competitors?
• What are the Societal and Industry trends affecting your
product? Describe regulatory issues - federal, state,
local, foreign. Show potential for growth within the
industry.
• What advantages/disadvantages do you have versus
the competition: price, quality, features, maintenance
and service. How can you develop or sustain a
competitive edge? 31
Definition of the Key Success
Factors of the Business
• What have in common the success businesses?
• What is absolutely necessary in order to survive in this specific business?
32
Business analysis: the tools and
the technique
• Field work
– Direct monitoring of competition
– Monitoring the competition through their promotion strategy
• Desk work
– Main sources of information
33
Main sources of information about the
competition
• Business report
• “Grey press”
• Business magazines
• Government papers
• Directories
• Vortals
• ………………………..
34
How to project a research
Already Field
available in
MIS
Desk
Business
Information analysis Existing
research
needed
reports
Research
territories
Market performed by
To be provided research professionals
through
“do-it-
yourself”
Business report outline
• Sector/industry definition
• Industry evolution
• Regulations
• Sector subjects, competitors list
• Intensity of competition
• “Game rules", entry barriers and key
success factors
• Rating
• Bibliography and sources of information
36
Sources
• Business reports
• Degree papers, grey press
• Technical publications
• Business magazines
• Economic press
• Governative documents
• Company documents
• Directories
• Vortals
37
Research through Internet
• Finding information
• Monitoring the competition and studying
the industry
• Identifying and download reports
• Conducting real research programs on
Internet (web surveys)
38
Case study: a women
entrepreneur with a lot of
questions and few answers
39
The story
Everything has happened so quickly: her husband
disappearing, the bank account doing the same, the need
of money becoming higher and stronger, the decision to
start and run a business. And now? She felt lost and
helpless, she started thinking that it was too hard to start
She was very good in cooking and decided to offer a
small service of food catering.
She had spent the first weeks of work analyzing her
situation and dreaming about the company, talking
sometimes to friends about it...
In order to make the main decisions, she needed more
information about the market. Suddenly she realized she
was not sure it was “market”, was it maybe “markets”?
40
She called a former colleague, and spent a quarter of
hour at telephone. The colleague understood
immediately the situation and was willing to cooperate.
She only asked to send her the list of questions she
wanted to be answered, the list of necessary
information, so that she could suggest a research plan
and check what information was already available in
their files.
The only request: “Please, try to be analytical and
complete, because I cannot take care of it personally
and get back to you, as I am working abroad for the
next 4 weeks. I am going to send your list of
requirements to our Research Dept. as it is.”
The would be entrepreneur stopped a bit, thinking,

then started to write….. 41
• …………………………………………….
• …………………………………………….
• …………………………………………….
• …………………………………………….
• …………………………………………….
• …………………………………………….
• …………………………………………….
42
Market Research
• Structure, Contents and Tools
• Analyze information about potential client and trends in the market
• How to get information and identify information sources
43
Market Research
• Basic tools for a “do-it-yourself” research
• How to draw a questionnaire
• How to support the research
44
The “do-it-yourself” market research
• The entrepreneurs generally need to
adapt the data coming from the existing
researches to their own territory and to
the peculiarity of their business idea.
45
Value of the “do-it-yourself“
research
• no precise statistic value
• it has strong learning objectives
• it means a great experience
• it’s connected to the drawing up of a
marketing plan
• it’s the first step of creating the
marketing information system
46
Phases of marketing research
• to decide the research strategy according to the
information needs and to check the information already
collected through a field analysis
• to identify the research tools (questionnaire)
• to decide the sampling technique
• to decide the recruitment technique
• to set up the questionnaire
• to test the questionnaire
• to revise the questionnaire
• to interview people using the questionnaire
47
• to input and elaborate data
Tips for the questionnaire
• prefer personal interviews
• prefer closed questions
• create closed questions through
questionnaire test
• use Likert scales
• neutralise questions
• follow a specific scheme for
setting up the questionnaire 48
Game
• Definition of marketing (20 min)
• In 5 groups, try to define marketing, as
you perceive it now
• Not more than 20 words
• Write on big sheets
49
THE STARTING SITUATION OF AN ENTREPRENEUR WHO IS
PREPARING TO WRITE DOWN A MARKETING PLAN
WHO? WHO SHALL I OFFER

TO? WHO IS MY CUSTOMER?
WHAT DO MY HOW MUCH DO THEY PAY?

CUSTOMERS WANT? (THEY ARE WILLING TO PAY,
WHICH NEEDS HAVE THEY ARE USED TO PAY
THEY GOT? FOR FULFILMENT OF NEEDS)
WHERE DO THEY BUY? HOW DO THEY GET

WHERE ARE THEY USED INFORMATION? WHAT
TO REFER TO? AFFECTS THEIR
DECISIONS?
Template for marketing plan
SEGMENTATION
WHAT I OFFER: MY IN EXCHANGE FOR WHAT:MY

PRODUCT POLICY PRICE POLICY
THROUGH WHICH THROUGH WHICH

CHANNELS: MY PROMOTION: MY
DISTRIBUTION POLICY PROMOTIONAL POLICY
Product or Service
• Describe your product or service in sufficient
detail for the audience to understand its
function and differentiating characteristics.
• Pinpoint the value to your customer.
• Present current stage of development and
your plans to exploit the product fully in the
market.
• Describe the Life Cycle of your product, i.e.,
is it new, mature, a commodity? Proprietary?
Protected by patent or copyright? 52
Addressable Markets
• Demonstrate the demand for your product:
how many units can you sell at what price.
• Support how you determined the above
projections, e.g., market survey, current
buying habits.
• Define your markets – who will buy?
e.g., individuals, businesses, government,
overseas? Where are customers located?
53
Addressable Markets continue…
• Describe how you will reach these
customers, e.g., direct mail, ads, sales force,
trade magazines; describe how long it will
take from initial contact to completing a sale
to getting revenue (sales cycle).
• Present the methods you will use to deliver
your product, i.e., distribution.
• Describe how your customer will pay for the
products. Will you finance? 54
What means operations?
• A function or system that transforms
inputs into outputs of greater value
• Operations management: design,

operation and improvement of
productive system
55
Operation as a Transformation
Process
Input Output
•Material •Goods
•Machines •Services
•Labour
•Management
•Capital
56
Operations Planning
• The Operations Plan describes the
production management system
• It describes what you produce and how you
produce it
• Avoid to disregard it: it helps to better
specify timing, costs and also marketing
57
Operations Planning
• This section should easier for a
producer to develop.
• If your one is a service company, you
may make decisions about servuction
(service production)
58
Operations Planning
• In the operations section of a business
plan, the business manager needs to
adequately communicate that the
business has a sound production
management strategy.
59
Operations Planning
• What are the critical operational procedures
that make will make the business successful?
• Do you know the critical operational functions
that will determine your business’s success?
• It is the critical function that you don’t identify
that can kill your business.
60
Operations Planning
• When starting a new enterprise, visit
similar business’s to identify critical
operational factors.
• This is particularly important if you are

starting a new or creative niche
operation.
61
Operations Planning
• To communicate the Operations plan, this section should discuss:
– The products produced
– The production system
– Resources available and needed
– The role of row materials
– Environmental issues
– Quantity produced
– Production schedule
– Quality control systems
– Permits and regulations
62
Operations vs marketing
• Should I determine my marketing
opportunities and produce to meet the
marketing plan?
• Or should I determine my competitive
production capacity and develop
markets for my products?
63
Operations Planning
• The production plan may also address
how the business will:
– Produce value-added products
– Specialize on a product or a few products
– Diversify the product line
– Transition to a new or niche products
64
Topics of this session
• Visibility on the web
• Keywords
• Make or buy?
• Pay-per-click tools
• AdWord
• AdSense
• Google AdManager
• How to read the web results and statistics
65
• Exercise: define keywords
How Visitors Find You
Search
Direct Engines
Navigation 36%
64%
66
Publicize your site address
Include URL in other communications:
• Business cards
• E-mail signatures
• Publicity materials
• Letterhead
• Printed documents
• Radio and TV ads
• Local newspaper web site 67
Make search engines work for you
• List your site with search engines and
directories
95% of traffic comes from Google and Yahoo!
– bCentral.com
– WebTraffic.com
68
Go find your customers
– eBay
– News groups
– Chat rooms
69
Explore other Web marketing tools
• Pay for search engine placement
– Overture.com
• Pay for ad clicks (PayPerClick)
– Google’s AdWords
• Lead generation and capture tools
– W5.com
• Track your traffic rank
– Alexa.com
• Improve your link popularity
70
Track your results
– Web hosting company statistics
– Commercial web analytic tools
• WebSideStory
• bCentral’s Site Traffic Analysis
71
Web marketing tools
• Web writing
• From paper to web

• Professional writing for a corporate blog
• Corporate Blogs
• Internet PR and corporate reputation
• Advertising on line
• The role of web marketing in a low budget marketing strategy non-
conventional marketing tools (on line and off line) cross marketing
• The interrelation between the web site and other promotional
materials
72
Millennial trends include:
• The need to collaborate and to share socially
• The need to express and be creative
• They expect direct access in their communications…
they sometimes seem to have more audacity in the way
they want to access superiors than those from a more
modern perspective
• They are driven with information and content more so
than an older demographic (and can instinctively
understand when they are being “sold”
• They demand flexibility and want to be worked with on
their terms. 73
74
Blogs
• Blogs first emerged in 1997
• A blog created every second
• Comment modes enable interaction
• The “Blogosphere” is an incredible
network with massive worldwide
reach
75
Blogs – Create your own!
• Blogger.com – owned by Google
• Most popular software – FREE!
• Here’s how to get started:
– http://blogger.com
– Choose title
– Choose design
– Create
– Configure
– Share
76
Ray’s Blogs
• Techo-News – begun in 2000
– Developed as a tool to share current research with
students in graduate seminar
• Selected current readings for required critiques
• Ed Tech – begun at request of state board of ed
• Online Learning Update
– Turned into something more
– Reach and Impact
• Reflections – not just text
77
iPods and Podcasting
• iPods
– First iPod released Oct 23, 2001 – latest (?) generation
is the fifth generation
– http://www.ipodreview.co.uk/#1
– http://www.md3d.com/ (6th generation mock-up by
md3d)
• Podcasting = iPOD + broadCASTING (using blogs)
• iTunes version 4.9 and more recent aggregates the
podcasts (using RSS) and auto-transfers them to iPod
• http://audioblogger.com 415-856-0205
78
RSS
• “Really Simple Syndication” RSS 2.0
• Xml format – concisely describes a site
• Enables a variety of tools to access and
manipulate the feed
• iTunes, Sharp Reader, Yahoo, Firefox… all offer
RSS aggregation
• Have already seen dynamic web sites
• The thread that links many Web 2.0 apps
79
The web: current role in the
European marketing strategy
• The web is becoming the hub for

marketing strategy
• Web marketing is often the only affordable
marketing for SME
80
Internet impact on the marketing
mix
• Internet increases globalization
• Internet increases flexibility
• Internet can decrease the need of
investments
• Internet gives access to SME
81
Internet as a distribution tool
• Definition of e-commerce: from the
window to payments
• How to decide to sell on Internet
• Marketplaces and malls on Internet
82
Internet as a communication
tool
• To be or not be on Internet?
• How to choose among some popular
type of presence on Internet
83
Below the web
• Web means not only web sites, portals and
vortals
84
Low budget web marketing
tools
• E-mail marketing
• Advertising on Internet
• Search engines as a marketing tool
85
Steps to encourage visitors
• Be clear on your objectives
• Design your site
• Get the word out!
• Track your results to identify areas for
improvement
86
Be clear on your objectives
– Define your site’s purpose
– Understand your role
– Know your customers
87
Define your site’s purpose
OR
Internet Intranet
Intranet
Site Site
Site
• Public or private?
• Sales, promotion, entertainment, information, or
organizational transparency 88
Understand your role
Major site developer
OR
Content Contributor
89
Know your customers
• Who do you want to attract?
• Why do you want them there?
• Are they from within your company or outside
your company?
• Are they local or global?
• Do they already know about you or are you a
new player?
90
Design your site
• Find a great domain name
• Design your site with traffic in mind
• Deliver valuable and usable content
91
Find a great domain name
• Company name
• Product descriptor
• Easy to remember
• Easy to spell when heard
• Have multiple names that point to your
site
92
Design your site with traffic in
mind
• Optimize or pack your site with keyword phrases and
meta-tags
• Add a Site Map
• Develop unique and descriptive page titles, including
keywords
• Don’t use frames
• Add useful Web parts
93
Deliver valuable content
• Keep information up-to-date
• E-mail links to documents on your site rather
than the documents themselves. Post:
– Agendas and Minutes
– Reports and Presentations
– Charts and data
• Post documents in various formats
– Onscreen and download
• Adobe Acrobat
• PowerPoint 94
Get the word out!
• Publicize your site address
• Make search engines work for you
• Go find your customers
• Explore other Web marketing tools
95
Web 2.0
• Tim O’Reilly 09/30/05 www.oreillynet.com
96
Web 2.0: the story
• Mid 90s: big portals and e-commerce (Yahoo, Amazon,
eBay, Google…)
• End of 90s: crisis of new economy
• 2000-2004: the dark
• 2005 to now:
– eBay buys Skype
– Time: the person of the year is “YOU”
• …………………………………
97
Web 2.0
What is the next BIG (or little) thing?
Web 2.0 certainly is the context of what is coming!
• It is NOT static – not the web page of the ’90s
• It is a platform that is:
– Dynamic
– Interactive
– Engaging
– Syndicated
98
Web 2.0
• Web 1.0: “commerce”
• Web 2.0: “people”
• It’s about collaboration
99
Web 2.0
• The web as a platform
• Collective intelligence
• Data is the Next Intel Inside
• End of the Software release Cycle
• Lightweight Programming Models
• Software Above the Level of a Single Device
• Rich User Experiences
• The user is in control 100
Web 2.0
• Social Networking
• Blogs
• Digg, delicious
• Flickr
• You Tube/ Daily Motion
• Wikipedia
• Rss
• BaseCamp 101
Web 3.0
• IoT
(http://en.wikipedia.org/wiki/Internet_of_Thing
s)
102
When Do We Move to the Next
Generation?
• Driving forces
1. Innovators and early adopters
2. Financial Considerations (Open Source)
3. Competition (new rules9
• Mitigating factors
1. Knowledge
2. Licensing commitments
3. Transition woes (the reluctant, hosting, support,
training) 103
Forecast
• This second half of the first decade
– Access, access, access – broadband via
seamless mix
– Mobility – via merged devices
– Computers shrink into enhanced cell phones
– Open source rules – 3rd party support rises
104
Enterprise 2.0?
• Is Web 2.0 useful for the enterprises?
• The Long Tail
105
Entrepreneurship knowledge
Rita Bonucchi
.
This work is licensed under the Creative Commons Attribution-NonCommercial-
NoDerivs License. To view a copy of this license, visit
http://creativecommons.org/licenses/by-nc-nd/3.0/

Entrepreneurship Knowledge Rita Bonucchi

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Entrepreneurship Knowledge

How to work on ideas with entrepreneurs

Full Business Plan

• (useful to take) Decisions

• (to transform in) Action

• (do not forget) Controlling 25

INFORMATION DECISIONS ACTIONS

The would be entrepreneur stopped a bit, thinking,

• Analyze information about potential client and trends in the market

• How to get information and identify information sources

WHO? WHO SHALL I OFFER

WHAT DO MY HOW MUCH DO THEY PAY?

WHERE DO THEY BUY? HOW DO THEY GET

WHAT I OFFER: MY IN EXCHANGE FOR WHAT:MY

THROUGH WHICH THROUGH WHICH

• Operations management: design,

• This is particularly important if you are

• From paper to web

• The web is becoming the hub for

• It’s about collaboration

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