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Comprehensive Guide to Starting a Profitable Business

This business proposal outlines the essential steps to begin a successful venture, focusing on the trade of goods and services. It highlights the significance of passion and skills in entrepreneurial success, using examples from renowned figures like Bill Gates and Walt Disney. Critical elements include identifying the right business idea, understanding business types and ownership, and the importance of a well-crafted business plan. This document serves as a roadmap for aspiring entrepreneurs, offering guidance on planning, financing, and executing their business concepts effectively.

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Comprehensive Guide to Starting a Profitable Business

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  1. Lim SeiKee @ cK DIP – A preliminary business proposal

  2. Business • Trade of goods • Trade of services • MAIN objective: Making profit

  3. How to start a business? • RIGHT BUSINESS IDEA! • Simple idea, a solution to a problem or a dream in someone’s head

  4. Remember successful entrepreneurs? • What do they have? • PASSION • EG: Software (Bill Gates), Real Estate (Donald Trump), Entertainment (Walt Disney) • What else?

  5. Other than passion, what is important? • Skills! Good cook  open café Good mechanic  open garage Good teacher  open tuition school

  6. How to start a business? • What type of business? • Nature of business? • Name? • Location? • Resources? • Cost of product / service? • Price?

  7. Business ownership Which type suits your business idea? Sole proprietorship? Partnership? OR others?

  8. Appoint key personnel • MAX 10 students per group for the upcoming business project. • Personnel: Project manager? Group leader? CEO? Boss?

  9. INTRODUCTION • Planning is a process leading to the formulation of a plan • A plan is the outcome of the planning process • The planning process (thinking, researching, consulting, discussing) is at least as important as the final written plan

  10. BUSINESS PLAN – What is it? • A report showing the plans of the business, often used to attract finance from investors and creditors • A document that is designed to provide information about a new business or venture to persuade financial backer to invest in a business • The business plan describes out the market opportunities the business intends to exploit, how it will do so and what resources are required

  11. Business plans & raising finance A business plan is essential to: • Persuade people to invest in an enterprise • Convince creditors about the credit worthiness of the enterprise

  12. To persuade banks and others to lend or invest money it is necessary to: • Demonstrate the lender/investor has a good chance of being repaid or getting a good return on their investment • Build confidence about the firm and owners’ capabilities • Demonstrate that there is a good market for the product or service

  13. Internal uses of a business plan • Clarify objectives • Provide a sense of direction, purpose and urgency • Plan all aspects and ensure that nothing is overlooked • Provide a checklist to help run and control the business • Monitor progress and success

  14. Common mistakes in producing a business plan • Failing to plan in the first place • Shrugging off values and vision - these are there to remind the entrepreneur where he/she wants to go • Ignoring the firms own strengths and weaknesses • Mistaking a budget for a plan • Shying away from reasonable risk

  15. Objectives @ 16th January 2014 • Choose your team members • Select One viable idea • Select One idea for contingency • Identify and embed a social responsibility of a business • Write a short business proposal* • Make oral presentation*

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