execution and business plan technopreneurship pdf

Join Our Newsletter

Join our subscribers list to get the latest news, updates and special offers directly in your inbox

Technopreneurship - Writing The Business Plan

Technopreneurship Development - A Role for Society in Technopreneurship Development, a chapter written in 2002, explains the creative destructive forces at work in practically every aspect of human life and the reasoning for the massive confusion, leading up to revolutions, lack of employment opportunities and governments fiscal deficits. Technology is usually blamed for making the world a smaller place, the writing was on the wall since the late nineties, this chapter refreshes our memories.

Technopreneurship - The Successful Entrepreneur in the New Economy - Daniel Mankani. Published 2003. Pearson Education Asia - All rights, copyright reserved Daniel Mankani { ISBN0-13-046545-3 }

Popular Posts

The Bear is Back for the 4th Turning... Daniel Mankani

dtrader   Jul 4, 2022  0  3054

Deflate or Inflate: The Path Forward - Daniel Mankani

dtrader   Oct 30, 2018  0  2574

Curve Fitting the data - The greatest folly and the sea...

dtrader   Jun 28, 2018  0  2535

1990's The End of Real Innovation and Growth.

dtrader   Jun 19, 2018  0  2489

Animal Spirits, Bubbles, Mania's and Market Peaks. Dani...

dtrader   Dec 24, 2017  0  2412

BITCOIN - A Fraud and Ponzi in a Disillusioned World - ...

dtrader   Nov 5, 2017  0  2115

• Venture Capital (0)
• Trends (14)
• Fintech (2)

Random Posts

Curve Fitting the data - The greatest folly and the search for the Hol...

Animal Spirits, Bubbles, Mania's and Market Peaks. Daniel Mankani

Get Ready! To Party just like 1999. Get Ready to Rocket.

BITCOIN - A Fraud and Ponzi in a Disillusioned World - Daniel Mankani

• unemployment
• artificial intelligence
• information technology
• technopreneur
• Financial Services
• entrepreneur
• cognitive dissonance
• Debt crisis

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies Find out more here

11.4 The Business Plan

Learning objectives.

By the end of this section, you will be able to:

• Describe the different purposes of a business plan
• Describe and develop the components of a brief business plan
• Describe and develop the components of a full business plan

Unlike the brief or lean formats introduced so far, the business plan is a formal document used for the long-range planning of a company’s operation. It typically includes background information, financial information, and a summary of the business. Investors nearly always request a formal business plan because it is an integral part of their evaluation of whether to invest in a company. Although nothing in business is permanent, a business plan typically has components that are more “set in stone” than a business model canvas , which is more commonly used as a first step in the planning process and throughout the early stages of a nascent business. A business plan is likely to describe the business and industry, market strategies, sales potential, and competitive analysis, as well as the company’s long-term goals and objectives. An in-depth formal business plan would follow at later stages after various iterations to business model canvases. The business plan usually projects financial data over a three-year period and is typically required by banks or other investors to secure funding. The business plan is a roadmap for the company to follow over multiple years.

Some entrepreneurs prefer to use the canvas process instead of the business plan, whereas others use a shorter version of the business plan, submitting it to investors after several iterations. There are also entrepreneurs who use the business plan earlier in the entrepreneurial process, either preceding or concurrently with a canvas. For instance, Chris Guillebeau has a one-page business plan template in his book The $100 Startup . 48 His version is basically an extension of a napkin sketch without the detail of a full business plan. As you progress, you can also consider a brief business plan (about two pages)—if you want to support a rapid business launch—and/or a standard business plan.

As with many aspects of entrepreneurship, there are no clear hard and fast rules to achieving entrepreneurial success. You may encounter different people who want different things (canvas, summary, full business plan), and you also have flexibility in following whatever tool works best for you. Like the canvas, the various versions of the business plan are tools that will aid you in your entrepreneurial endeavor.

Business Plan Overview

Most business plans have several distinct sections ( Figure 11.16 ). The business plan can range from a few pages to twenty-five pages or more, depending on the purpose and the intended audience. For our discussion, we’ll describe a brief business plan and a standard business plan. If you are able to successfully design a business model canvas, then you will have the structure for developing a clear business plan that you can submit for financial consideration.

Both types of business plans aim at providing a picture and roadmap to follow from conception to creation. If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept.

The full business plan is aimed at executing the vision concept, dealing with the proverbial devil in the details. Developing a full business plan will assist those of you who need a more detailed and structured roadmap, or those of you with little to no background in business. The business planning process includes the business model, a feasibility analysis, and a full business plan, which we will discuss later in this section. Next, we explore how a business plan can meet several different needs.

Purposes of a Business Plan

A business plan can serve many different purposes—some internal, others external. As we discussed previously, you can use a business plan as an internal early planning device, an extension of a napkin sketch, and as a follow-up to one of the canvas tools. A business plan can be an organizational roadmap , that is, an internal planning tool and working plan that you can apply to your business in order to reach your desired goals over the course of several years. The business plan should be written by the owners of the venture, since it forces a firsthand examination of the business operations and allows them to focus on areas that need improvement.

Refer to the business venture throughout the document. Generally speaking, a business plan should not be written in the first person.

A major external purpose for the business plan is as an investment tool that outlines financial projections, becoming a document designed to attract investors. In many instances, a business plan can complement a formal investor’s pitch. In this context, the business plan is a presentation plan, intended for an outside audience that may or may not be familiar with your industry, your business, and your competitors.

You can also use your business plan as a contingency plan by outlining some “what-if” scenarios and exploring how you might respond if these scenarios unfold. Pretty Young Professional launched in November 2010 as an online resource to guide an emerging generation of female leaders. The site focused on recent female college graduates and current students searching for professional roles and those in their first professional roles. It was founded by four friends who were coworkers at the global consultancy firm McKinsey. But after positions and equity were decided among them, fundamental differences of opinion about the direction of the business emerged between two factions, according to the cofounder and former CEO Kathryn Minshew . “I think, naively, we assumed that if we kicked the can down the road on some of those things, we’d be able to sort them out,” Minshew said. Minshew went on to found a different professional site, The Muse , and took much of the editorial team of Pretty Young Professional with her. 49 Whereas greater planning potentially could have prevented the early demise of Pretty Young Professional, a change in planning led to overnight success for Joshua Esnard and The Cut Buddy team. Esnard invented and patented the plastic hair template that he was selling online out of his Fort Lauderdale garage while working a full-time job at Broward College and running a side business. Esnard had hundreds of boxes of Cut Buddies sitting in his home when he changed his marketing plan to enlist companies specializing in making videos go viral. It worked so well that a promotional video for the product garnered 8 million views in hours. The Cut Buddy sold over 4,000 products in a few hours when Esnard only had hundreds remaining. Demand greatly exceeded his supply, so Esnard had to scramble to increase manufacturing and offered customers two-for-one deals to make up for delays. This led to selling 55,000 units, generating $700,000 in sales in 2017. 50 After appearing on Shark Tank and landing a deal with Daymond John that gave the “shark” a 20-percent equity stake in return for $300,000, The Cut Buddy has added new distribution channels to include retail sales along with online commerce. Changing one aspect of a business plan—the marketing plan—yielded success for The Cut Buddy.

Link to Learning

Watch this video of Cut Buddy’s founder, Joshua Esnard, telling his company’s story to learn more.

If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept. This version is used to interest potential investors, employees, and other stakeholders, and will include a financial summary “box,” but it must have a disclaimer, and the founder/entrepreneur may need to have the people who receive it sign a nondisclosure agreement (NDA) . The full business plan is aimed at executing the vision concept, providing supporting details, and would be required by financial institutions and others as they formally become stakeholders in the venture. Both are aimed at providing a picture and roadmap to go from conception to creation.

Types of Business Plans

The brief business plan is similar to an extended executive summary from the full business plan. This concise document provides a broad overview of your entrepreneurial concept, your team members, how and why you will execute on your plans, and why you are the ones to do so. You can think of a brief business plan as a scene setter or—since we began this chapter with a film reference—as a trailer to the full movie. The brief business plan is the commercial equivalent to a trailer for Field of Dreams , whereas the full plan is the full-length movie equivalent.

Brief Business Plan or Executive Summary

As the name implies, the brief business plan or executive summary summarizes key elements of the entire business plan, such as the business concept, financial features, and current business position. The executive summary version of the business plan is your opportunity to broadly articulate the overall concept and vision of the company for yourself, for prospective investors, and for current and future employees.

A typical executive summary is generally no longer than a page, but because the brief business plan is essentially an extended executive summary, the executive summary section is vital. This is the “ask” to an investor. You should begin by clearly stating what you are asking for in the summary.

In the business concept phase, you’ll describe the business, its product, and its markets. Describe the customer segment it serves and why your company will hold a competitive advantage. This section may align roughly with the customer segments and value-proposition segments of a canvas.

Next, highlight the important financial features, including sales, profits, cash flows, and return on investment. Like the financial portion of a feasibility analysis, the financial analysis component of a business plan may typically include items like a twelve-month profit and loss projection, a three- or four-year profit and loss projection, a cash-flow projection, a projected balance sheet, and a breakeven calculation. You can explore a feasibility study and financial projections in more depth in the formal business plan. Here, you want to focus on the big picture of your numbers and what they mean.

The current business position section can furnish relevant information about you and your team members and the company at large. This is your opportunity to tell the story of how you formed the company, to describe its legal status (form of operation), and to list the principal players. In one part of the extended executive summary, you can cover your reasons for starting the business: Here is an opportunity to clearly define the needs you think you can meet and perhaps get into the pains and gains of customers. You also can provide a summary of the overall strategic direction in which you intend to take the company. Describe the company’s mission, vision, goals and objectives, overall business model, and value proposition.

Rice University’s Student Business Plan Competition, one of the largest and overall best-regarded graduate school business-plan competitions (see Telling Your Entrepreneurial Story and Pitching the Idea ), requires an executive summary of up to five pages to apply. 51 , 52 Its suggested sections are shown in Table 11.2 .

Are You Ready?

Create a brief business plan.

Fill out a canvas of your choosing for a well-known startup: Uber, Netflix, Dropbox, Etsy, Airbnb, Bird/Lime, Warby Parker, or any of the companies featured throughout this chapter or one of your choice. Then create a brief business plan for that business. See if you can find a version of the company’s actual executive summary, business plan, or canvas. Compare and contrast your vision with what the company has articulated.

• These companies are well established but is there a component of what you charted that you would advise the company to change to ensure future viability?
• Map out a contingency plan for a “what-if” scenario if one key aspect of the company or the environment it operates in were drastically is altered?

Full Business Plan

Even full business plans can vary in length, scale, and scope. Rice University sets a ten-page cap on business plans submitted for the full competition. The IndUS Entrepreneurs , one of the largest global networks of entrepreneurs, also holds business plan competitions for students through its Tie Young Entrepreneurs program. In contrast, business plans submitted for that competition can usually be up to twenty-five pages. These are just two examples. Some components may differ slightly; common elements are typically found in a formal business plan outline. The next section will provide sample components of a full business plan for a fictional business.

Executive Summary

The executive summary should provide an overview of your business with key points and issues. Because the summary is intended to summarize the entire document, it is most helpful to write this section last, even though it comes first in sequence. The writing in this section should be especially concise. Readers should be able to understand your needs and capabilities at first glance. The section should tell the reader what you want and your “ask” should be explicitly stated in the summary.

Describe your business, its product or service, and the intended customers. Explain what will be sold, who it will be sold to, and what competitive advantages the business has. Table 11.3 shows a sample executive summary for the fictional company La Vida Lola.

Business Description

This section describes the industry, your product, and the business and success factors. It should provide a current outlook as well as future trends and developments. You also should address your company’s mission, vision, goals, and objectives. Summarize your overall strategic direction, your reasons for starting the business, a description of your products and services, your business model, and your company’s value proposition. Consider including the Standard Industrial Classification/North American Industry Classification System (SIC/NAICS) code to specify the industry and insure correct identification. The industry extends beyond where the business is located and operates, and should include national and global dynamics. Table 11.4 shows a sample business description for La Vida Lola.

Industry Analysis and Market Strategies

Here you should define your market in terms of size, structure, growth prospects, trends, and sales potential. You’ll want to include your TAM and forecast the SAM . (Both these terms are discussed in Conducting a Feasibility Analysis .) This is a place to address market segmentation strategies by geography, customer attributes, or product orientation. Describe your positioning relative to your competitors’ in terms of pricing, distribution, promotion plan, and sales potential. Table 11.5 shows an example industry analysis and market strategy for La Vida Lola.

Competitive Analysis

The competitive analysis is a statement of the business strategy as it relates to the competition. You want to be able to identify who are your major competitors and assess what are their market shares, markets served, strategies employed, and expected response to entry? You likely want to conduct a classic SWOT analysis (Strengths Weaknesses Opportunities Threats) and complete a competitive-strength grid or competitive matrix. Outline your company’s competitive strengths relative to those of the competition in regard to product, distribution, pricing, promotion, and advertising. What are your company’s competitive advantages and their likely impacts on its success? The key is to construct it properly for the relevant features/benefits (by weight, according to customers) and how the startup compares to incumbents. The competitive matrix should show clearly how and why the startup has a clear (if not currently measurable) competitive advantage. Some common features in the example include price, benefits, quality, type of features, locations, and distribution/sales. Sample templates are shown in Figure 11.17 and Figure 11.18 . A competitive analysis helps you create a marketing strategy that will identify assets or skills that your competitors are lacking so you can plan to fill those gaps, giving you a distinct competitive advantage. When creating a competitor analysis, it is important to focus on the key features and elements that matter to customers, rather than focusing too heavily on the entrepreneur’s idea and desires.

Operations and Management Plan

In this section, outline how you will manage your company. Describe its organizational structure. Here you can address the form of ownership and, if warranted, include an organizational chart/structure. Highlight the backgrounds, experiences, qualifications, areas of expertise, and roles of members of the management team. This is also the place to mention any other stakeholders, such as a board of directors or advisory board(s), and their relevant relationship to the founder, experience and value to help make the venture successful, and professional service firms providing management support, such as accounting services and legal counsel.

Table 11.6 shows a sample operations and management plan for La Vida Lola.

Marketing Plan

Here you should outline and describe an effective overall marketing strategy for your venture, providing details regarding pricing, promotion, advertising, distribution, media usage, public relations, and a digital presence. Fully describe your sales management plan and the composition of your sales force, along with a comprehensive and detailed budget for the marketing plan. Table 11.7 shows a sample marketing plan for La Vida Lola.

Financial Plan

A financial plan seeks to forecast revenue and expenses; project a financial narrative; and estimate project costs, valuations, and cash flow projections. This section should present an accurate, realistic, and achievable financial plan for your venture (see Entrepreneurial Finance and Accounting for detailed discussions about conducting these projections). Include sales forecasts and income projections, pro forma financial statements ( Building the Entrepreneurial Dream Team , a breakeven analysis, and a capital budget. Identify your possible sources of financing (discussed in Conducting a Feasibility Analysis ). Figure 11.19 shows a template of cash-flow needs for La Vida Lola.

Entrepreneur In Action

Laughing man coffee.

Hugh Jackman ( Figure 11.20 ) may best be known for portraying a comic-book superhero who used his mutant abilities to protect the world from villains. But the Wolverine actor is also working to make the planet a better place for real, not through adamantium claws but through social entrepreneurship.

A love of java jolted Jackman into action in 2009, when he traveled to Ethiopia with a Christian humanitarian group to shoot a documentary about the impact of fair-trade certification on coffee growers there. He decided to launch a business and follow in the footsteps of the late Paul Newman, another famous actor turned philanthropist via food ventures.

Jackman launched Laughing Man Coffee two years later; he sold the line to Keurig in 2015. One Laughing Man Coffee café in New York continues to operate independently, investing its proceeds into charitable programs that support better housing, health, and educational initiatives within fair-trade farming communities. 55 Although the New York location is the only café, the coffee brand is still distributed, with Keurig donating an undisclosed portion of Laughing Man proceeds to those causes (whereas Jackman donates all his profits). The company initially donated its profits to World Vision, the Christian humanitarian group Jackman accompanied in 2009. In 2017, it created the Laughing Man Foundation to be more active with its money management and distribution.

• You be the entrepreneur. If you were Jackman, would you have sold the company to Keurig? Why or why not?
• Would you have started the Laughing Man Foundation?
• What else can Jackman do to aid fair-trade practices for coffee growers?

What Can You Do?

Textbooks for change.

Founded in 2014, Textbooks for Change uses a cross-compensation model, in which one customer segment pays for a product or service, and the profit from that revenue is used to provide the same product or service to another, underserved segment. Textbooks for Change partners with student organizations to collect used college textbooks, some of which are re-sold while others are donated to students in need at underserved universities across the globe. The organization has reused or recycled 250,000 textbooks, providing 220,000 students with access through seven campus partners in East Africa. This B-corp social enterprise tackles a problem and offers a solution that is directly relevant to college students like yourself. Have you observed a problem on your college campus or other campuses that is not being served properly? Could it result in a social enterprise?

Work It Out

Franchisee set out.

A franchisee of East Coast Wings, a chain with dozens of restaurants in the United States, has decided to part ways with the chain. The new store will feature the same basic sports-bar-and-restaurant concept and serve the same basic foods: chicken wings, burgers, sandwiches, and the like. The new restaurant can’t rely on the same distributors and suppliers. A new business plan is needed.

• What steps should the new restaurant take to create a new business plan?
• Should it attempt to serve the same customers? Why or why not?

This New York Times video, “An Unlikely Business Plan,” describes entrepreneurial resurgence in Detroit, Michigan.

• 48 Chris Guillebeau. The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future . New York: Crown Business/Random House, 2012.
• 49 Jonathan Chan. “What These 4 Startup Case Studies Can Teach You about Failure.” Foundr.com . July 12, 2015. https://foundr.com/4-startup-case-studies-failure/
• 50 Amy Feldman. “Inventor of the Cut Buddy Paid YouTubers to Spark Sales. He Wasn’t Ready for a Video to Go Viral.” Forbes. February 15, 2017. https://www.forbes.com/sites/forbestreptalks/2017/02/15/inventor-of-the-cut-buddy-paid-youtubers-to-spark-sales-he-wasnt-ready-for-a-video-to-go-viral/#3eb540ce798a
• 51 Jennifer Post. “National Business Plan Competitions for Entrepreneurs.” Business News Daily . August 30, 2018. https://www.businessnewsdaily.com/6902-business-plan-competitions-entrepreneurs.html
• 52 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition . March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf
• 53 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition. March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf; Based on 2019 RBPC Competition Rules and Format April 4–6, 2019. https://rbpc.rice.edu/sites/g/files/bxs806/f/2019-RBPC-Competition-Rules%20-Format.pdf
• 54 Foodstart. http://foodstart.com
• 55 “Hugh Jackman Journey to Starting a Social Enterprise Coffee Company.” Giving Compass. April 8, 2018. https://givingcompass.org/article/hugh-jackman-journey-to-starting-a-social-enterprise-coffee-company/

As an Amazon Associate we earn from qualifying purchases.

This book may not be used in the training of large language models or otherwise be ingested into large language models or generative AI offerings without OpenStax's permission.

Want to cite, share, or modify this book? This book uses the Creative Commons Attribution License and you must attribute OpenStax.

Access for free at https://openstax.org/books/entrepreneurship/pages/1-introduction

• Authors: Michael Laverty, Chris Littel
• Publisher/website: OpenStax
• Book title: Entrepreneurship
• Publication date: Jan 16, 2020
• Location: Houston, Texas
• Book URL: https://openstax.org/books/entrepreneurship/pages/1-introduction
• Section URL: https://openstax.org/books/entrepreneurship/pages/11-4-the-business-plan

© Jan 4, 2024 OpenStax. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution License . The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo are not subject to the Creative Commons license and may not be reproduced without the prior and express written consent of Rice University.

• Our Programs
• News & Journal
• Events Page
• Support PhilDev

Technopreneurship 101

About this program.

Technopreneurship 101, is a subject written and crafted by PhilDev, that encourages science and engineering students to explore their entrepreneurial and R&D career paths. The class is based on PhilDev’s entrepreneurship modules which cover topics such as introduction to entrepreneurship, idea creation, feasibility and differentiation, market validation, and business planning and execution. Technopreneurship 101 is implemented by CHED across all 539 HEIs that offer engineering programs in the Philippines

Course Objectives

The course should be designed to explore the entrepreneurial mindset and culture utilizing a technology or engineering background. This should fit into goals of starting a company or being involved in an entrepreneurial or R&D effort in companies of all sizes and industries. Hence this should be applicable also in training future scientist and engineers to participate in Research and Development (R&D) activities.

The course should enable the student to

• Understand and experience the entrepreneurial process from the generation of creative ideas,
• understand the market needs or provide a solution to a key problem,
• explore the feasibility and creation of a business enterprise,
• implementation of creative ideas into real products, and
• experience the dynamics of participating on a business team, create and present a business plan for a technology idea. All of the objectives and the activities of the course should provide the background, tools, and life skills to participate in the entrepreneurial process within a large company as an engineer, in a new venture, or as an investor.

Course Outline

• The course can be designed as a 3 -credit course (1 semester) or a sequence of 2-3 credits per semester (2 semester) course. At the minimum, Technopreneurship 101 is a 3-credit required course for ALL Engineering Majors.
• The context of teaching it in the Philippines will require understanding the limitations in time, modifications of existing curriculum and requirements, and availability of resource persons for guest lectures, interviews or surveys, including materials for study and approaching potential investors.
• Every effort should be made to adapt it to the reality of Philippine culture, regulations, and business environment or opportunities to start a venture business.

Pre-requisite

• Must be given to a student of Sophomore Standing who is trained in the sciences and engineering disciplines with a rounded general education in arts, languages, and humanities.
• For a graduate student in engineering (MS or Ph.D.) , the course can be offered as an elective
• No specific subject pre-requisites.

The course can be divided into three elements or stages:

Introducing the entrepreneurial way and philosophy, idea generation and market analysis, business planning and execution.

Ideally all three elements are integrated from start to finish. While it is possible to implement at the earliest possible phase the business planning, the whole course should be presented in a “real-world” format. Students should be able to take the roles of company founders and investors, inventors and innovators, creating a vision and execution plan for their company, and raising funds — exactly as would be done in a true entrepreneurial endeavor. Another format is that a student can take the role of a principal investigator in a research laboratory (R&D) setting and is guided by entrepreneurial principles to come up with the best solution or products that the company will adapt or consider for R&D investment.

The Entrepreneurial Way

Introduction to Entrepreneurship — Introduction to Technology Entrepreneurship and as Entrepreneurs, Technology Ventures, Role of Engineering, research, and development, Success and Failures, Attributes and Myths of Technology Entrepreneurs, Engineers Mindset as an Entrepreneurial Leader, Problem Solving, and Entrepreneurial Value Proposition.

• This will constitute mostly lectures, reading assignments, and discussions.
• This part of the course should establish clearly for the student why entrepreneurship is vital for training and economic growth.
• Resource Speakers from Successful Engineers, Start-up Founders, and Venture Capitalists should be invited including networking opportunities.

Idea Creation and Feasibility Analysis

Creativity, What is innovation? Innovationeering, Success and Failure Case studies, Entrepreneurial Idea Generation and Feasibility Analysis, Science and Engineering differentiation, Technology Commercialization Potential and limits, Paths and Barriers from Idea to Market, Assessing and Presenting opportunities.

• This will constitute some lectures but mostly team exercises, discussions, and surveys.
• This phase should define the principles behind creativity, design, and innovation. Solutions to existing problems complement identifying opportunities from inefficiencies and price. It should also clearly establish the role of applied science and engineering as an economic driver and in value proposition.

Business Planning and Execution

Business and Venture planning, Business Structuring and Strategy, Value of Networking, Financial Analysis and Projections; Market and Competitive Analysis, Presentation of the Opportunity, Intellectual Property Strategies for Technology Companies; Marketing, Sales and Distribution Strategies, Investment and Financial Strategies, Venture Growth and Value Harvesting.

• Team planning and activities should focus on preparation for a pitch competition.
• Product validation and market scoping and segmenting.
• The final outcome should be a business plan on a technology or solution to be implemented that will have a market and a pathway for funding.
• Provide networking activities

Essential Topics

Note: In a 1 semester course, these topics are considered essentials (*), the rest can be covered if there is ample time or introduced but not covered in depth. In a second semester course or elective course, the other topics can be fully developed or covered more extensively.

Essential Course Topics or Lecture Division

Topic 1: Innovation and Ideas*

• What is innovation?
• Research vs development – translational research
• Types of innovation: product, process, and business model
• Innovation‐driven vs small‐medium enterprise
• Organization‐driven vs market‐driven ideas

Topic 2: Value Proposition*

• Benefits vs features, relation to needs, and high value adding
• Solution driven or efficiency improvement
• Value = benefits/cost
• Value proposition statement including Needs, Approach, Benefits per cost, Competition

Topic 3: Customers*

• Customer needs, pain points and demographics
• Market research and validation
• The decision-making process
• Target customer profile, persona

Topic 4: Competitive Advantage, Markets*

• Classes of competitors=
• Product differentiation, positioning
• Market structures
• Market segments, size
• Beachhead market and creating your market

Topic 5: Introduction to Intellectual Property*

• What is IP? why have IP protection? Cost of protection
• Copyright, trademarks
• Patents, trade secrets, contracts, non‐disclosure and non‐compete agreements

Topic 6: Execution and Business Plan*

• Roadmap for research, development, and production
• Budget and timeline
• Sales and marketing plans; cost of customer acquisition, customer lifetime value
• Plans for R&D, operations, sales and marketing, human resources
• Lean concepts and organization

Topic 7: Financial Analysis and Accounting Basics*

• Cash flow statements and projection
• Income (P&L) statements; accrual accounting, depreciation, operating expenses
• Balance sheets; equity, liability Breakeven time

Topic 8: Raising Capital*

• Sources: debt and venture capital
• Incubators, accelerators
• Grants, competitions

ADDITIONAL TOPICS (cover when able or spread out in the course)

Topic 9: The Product or Service

• What is the core that makes it special
• Minimum viable product and iterative design
• Cost of goods sold
• Product development plan, Gantt chart

Topic 10: Business Models

• Time value of money
• Revenue generation
• Price structure; price elasticity
• Channels of distribution
• Strategic partners

Topic 11: Ethics and social responsibility

• Ethics. codes of ethics; theoretical frameworks; broader ethical considerations
• Social businesses

Topic 12: Globalization

• Cultural differences in communication
• Ethical issues

Communication and Team Exercise Topics or Projects

Note: These topics are designed to enable creativity, group participation, competition, and experiential learning. It should be included either as a capstone activity or project in a 1-semester course. In a 2-semester course, these team and interactive exercises should be more of the norm.

For a 1-semester course, these capstone activities (*) are choices, but at least 1 activity should be selected and accomplished within the semester.

Topic A: Elevator pitch and pitch competition*

Topic B: Business pitch (to investors/management)

Topic C: Visual communication of results

Topic D: References, literature searches

Topic E: Conference presentations (preparing and giving oral/ poster presentations) *

Topic F: Scientific papers and technology reviews

Topic G: Proposals (R&D) Preparation and Presentation*

Topic H: Presentations to companies

Topic I: Networking with Invited Speakers and Potential Investors*

Topic J: Attendance at an Entrepreneurship/Technopreneurship Conference or Activity*

Sign up to our mailing list to be one of the first to receive the latest updates about our programs and initiatives.

By signing up, you acknowledge that you have read and agreed to PhilDev's Privacy Policy in processing of your personal data

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. For more information, please visit our Privacy Policy.

Privacy Preference Center

Privacy preferences.

• Skip to content.
• Jump to Page Footer.

Webinar: Foreign Investment in 2024

Discover the secrets to prospecting and selecting relevant investors, and unlock the potential of international funding opportunities. Our expert speakers provide invaluable insights on engaging with investors, creating an international investment strategy, and navigating term sheet negotiations.

What is an execution plan?

The execution plan is the “how-to” for your venture. It is a necessary input to your financial plan , slide pitch deck and business plan . It should also be a tool that you use with your team on a regular basis to manage the business, to communicate your critical goals and timing of deliverables, and to celebrate your successes.

What are the elements of an execution plan?

A good execution plan covers milestones and tasks for your business to achieve as well as what resources will be required to make them happen.

Milestones are the goals critical to the success of any new venture. In The Art of the Start, Guy Kawasaki provides this simple list which applies generically to all technology-oriented ventures:

• prove your concept (both technical and business model)
• complete design specifications
• finish a prototype
• raise capital
• ship a testable version to customers
• ship the final version to customers
• achieve break-even

These milestones can vary significantly in time and scope from business to business and will be generally broken down into additional steps for your internal team. For example, in a biopharmaceutical life sciences company, it may take many years to complete the design and testing process for products that will be injected into or ingested by humans, while a mobile software application may only take several months of effort to rapidly prototype an early version of a product to send to friendly customers for testing. For each milestone, you will need to determine the amount of resources (headcount and other expenses) required, and the approximate timing involved. This information will be used to develop your financing plan for the business and to determine the type of investor you should approach about funding the next investment round, based on your development stage .

A list of tasks helps you appreciate everything that your organization needs to accomplish and is a means to ensuring that nothing slips through the cracks in the early days. Task lists might include:

• incorporating your business
• renting office space
• finding and engaging key vendors
• setting up accounting and payroll systems
• securing employment agreements with key personnel
• filing legal and taxation documents
• purchasing insurance policies
• setting up your website

For each task, you will also need to make sure that the resources required to complete the task are included in your financial plan. The task list is generally an internal tool, although some of the tasks may appear on an investor’s due diligence list. For example, investors tend to review the terms of employment agreements to confirm that the company’s intellectual property rights have been adequately protected, so you’ll need those documents in place. Some tasks may also form part of the conditions under which an investor is willing to proceed with an investment. For example, an investor is unlikely to be willing to serve on your board of directors unless the company provides a minimum level of directors’ and officers’ liability insurance.

Kawasaki, G. (2004). The Art of the Start: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything . Toronto: Penguin Canada.

Sign up for our monthly Startup Resources newsletter about building high-growth companies.

• Enter your email *

You may unsubscribe at any time. To find out more, please visit our Privacy Policy .

The Crucial Role of Execution in Entrepreneurial Success

• August 27, 2023
• Entrepreneurship & Startups

Are you ready to take your entrepreneurial journey to the next level?

Well, buckle up because we’re about to reveal the key to your success: execution.

Yes, that’s right. The crucial role of execution in entrepreneurial success cannot be overstated.

It’s not just about having a brilliant idea, it’s about making things happen.

In this article, we’ll dive into the strategies, challenges, and power of execution in entrepreneurship.

Get ready to unlock your potential and maximize your results.

Let’s get started!

Table of Contents

Key Takeaways

• Execution is a crucial aspect of entrepreneurship and simply having a great idea is not enough.
• Scalability is an important factor for investors, and a scalable idea has the potential for growth and expansion.
• Many people have misconceptions about entrepreneurship, thinking that having a great idea is all it takes, but successful entrepreneurs understand the importance of execution.
• Execution determines the outcome of an entrepreneurial venture and requires careful planning, attention to detail, and adaptability.

The Impact of Effective Execution

Effective execution is what sets successful entrepreneurs apart from those who fail, as it allows you to turn your ideas into tangible results and achieve your goals. Measuring execution effectiveness is crucial in determining the success of an entrepreneurial venture.

It involves assessing how well you are executing your plans and strategies, and making necessary adjustments along the way. A key factor in effective execution is the role of mindset. Having a growth mindset, being adaptable, and embracing challenges are essential in overcoming obstacles and achieving success.

A positive mindset can drive motivation, innovation, and resilience, enabling you to persevere through challenges and setbacks. By focusing on developing a strong execution mindset, you can maximize your chances of success and create meaningful impact in the world of entrepreneurship.

Unlocking Entrepreneurial Success Through Execution

To unlock your entrepreneurial success, you need to prioritize turning your ideas into actionable plans and implementing them efficiently. Here are some key execution techniques and mindset to adopt:

Embrace agility: Being flexible and adaptable is crucial in the fast-paced world of entrepreneurship. Be open to adjusting your plans and strategies as needed to stay ahead of the competition.

Set clear goals: Clearly define your objectives and break them down into smaller, achievable milestones. This will help you stay focused and motivated throughout the execution process.

Foster collaboration: Surround yourself with a team of talented individuals who share your vision and can contribute their unique skills and perspectives to the execution of your ideas.

Emphasize continuous improvement: Constantly seek feedback, analyze results, and learn from your mistakes. This iterative approach will allow you to refine your execution strategies and optimize your chances of success.

Strategies for Successful Execution in Entrepreneurship

Embrace agility and be open to adjusting your plans and strategies as needed to stay ahead of the competition in entrepreneurship. Successful execution is crucial for entrepreneurial success.

To implement effective strategies, you need to focus on execution techniques. First, set clear goals and objectives that align with your vision. Break down these goals into actionable steps and create a timeline for execution.

Next, prioritize tasks based on their importance and urgency. This will help you stay organized and efficient. Communication is also vital for successful execution. Ensure that your team is aligned and informed about the goals and tasks at hand.

Regularly assess your progress and make adjustments as necessary. Finally, embrace a growth mindset and consistently seek opportunities for learning and improvement.

Overcoming Challenges Through Effective Execution

Overcoming challenges in entrepreneurship requires you to remain adaptable and make necessary adjustments to your plans and strategies. To achieve your goals, you must be willing to adapt to obstacles that may arise along the way.

Here are four key ways to overcome challenges through effective execution:

Embrace a growth mindset: View challenges as opportunities for growth and learning. Be open to new ideas and feedback, and be willing to adjust your approach when necessary.

Foster a strong support network: Surround yourself with like-minded individuals who can provide guidance and support. Seek mentorship from experienced entrepreneurs who have successfully overcome similar challenges.

Stay focused on your goals: Keep your long-term vision in mind and stay committed to achieving your goals. Develop a clear roadmap and break down your objectives into smaller, actionable steps.

Learn from failure: Failure is a natural part of entrepreneurship. Instead of being discouraged, use failures as valuable learning experiences. Analyze what went wrong and make necessary adjustments to improve your execution.

Maximizing Results: The Power of Execution in Entrepreneurship

Maximizing results in entrepreneurship requires you to effectively execute your plans and strategies. Execution techniques for efficient entrepreneurship play a vital role in leveraging execution for business growth. By implementing the right execution techniques, you can ensure the success and growth of your business.

Here is a table that highlights some key execution techniques for efficient entrepreneurship:

Frequently Asked Questions

How do entrepreneurial skills contribute to effective execution.

Your entrepreneurial skills play a vital role in effective execution. By utilizing problem-solving, decision-making, and leadership abilities, you can implement execution techniques that turn ideas into successful ventures.

What Are Some Common Misconceptions About the Role of Execution in Entrepreneurship?

Misunderstandings about the importance of execution in entrepreneurship are common. Many believe it’s only about having a great idea. However, successful entrepreneurs know execution is equally important for turning ideas into reality and achieving success.

How Can Entrepreneurs Ensure They Are Effectively Implementing Their Strategies and Plans?

To effectively implement your strategies and plans, focus on clear goals and objectives. Regularly measure execution success through metrics and feedback. Adapt and make adjustments as needed. Your commitment and attention to detail will drive success.

What Are Some Key Characteristics of a Scalable Idea?

Scalable ideas are vital in entrepreneurship. They have growth potential, address market needs, and attract a larger customer base. Successful entrepreneurs understand the importance of scalable ideas and how they drive entrepreneurial innovation.

How Does Poor Execution Impact the Success of an Entrepreneurial Venture?

Poor execution can have long-term consequences for an entrepreneurial venture. It can lead to financial implications, wasted resources, and missed opportunities. Successful execution is crucial for achieving success and requires careful planning and adaptability.

Business Execution Plan

Do you belong to a few people who are interested in starting a new business ? If you are, then you’re either here looking for information that will help you in achieving your business goals, or you’re looking for fresh business ideas. Whichever your reason is, you are in the right place. Starting a business is not a typical task. It takes more than hard work for an individual to start a business successfully. So, if you want to start a new business, it’s time for you to learn about a business execution plan.

11+ Business Execution Plan Examples in PDF | MS Word

1. business execution plan template.

2. Business Execution Plan

Size: 681 KB

3. Sample Business Execution Plan

4. Simple Business Execution Plan

5. Strategic Business Execution Plan

6. Basic Business Execution Plan

7. Formal Business Execution Plan

Size: 935 KB

8. Business Operations Execution Plan

9. Business Process Execution Plan

Size: 133 KB

10. Business Plan Execution Coaching

11. Basic Business Execution Plan Example

12. Project Business Execution Plan Example

Size: 50 KB

What Is a Business Execution Plan?

A business execution plan is a type of document that is made by entrepreneurs who are planning to start a new business. It contains processes and strategies that are going to help them achieve the goals of the business execution plan. An entrepreneur must be careful and lenient in creating a business execution plan; this document must be void of any errors since it can cause problems that might be difficult to assess. Creating a new business is difficult work. A statista survey revealed that 45% agreed that starting a new business is very challenging. A business execution plan is not only for starting a new business but also for creating new business projects or ventures to expand the business ideals of a company or an individual. An entrepreneur must plan his or her business execution accordingly because a poor business execution plan might lead to the failure of the whole business project.

Factors To Consider In Creating a New Business or Project

There are a lot of key factors that you must consider before diving into the actual business execution plan. You must think and analyze it so that you will know what to do in the actual business execution. These are some of the key factors that you might want to consider:

1. Business Competitors

As you may know, you are not the only one who is thinking about starting a new business or creating a new project. There are many competitors in the business industry that you must be aware of so that you can be ahead of the competition. Observing and analyzing their business approach can be a huge advantage because you can use the information on creating a more strategic business plan .

2. Latest Trends

You must be updated to the latest business trends in the market so that you will have an insight as to what are the demands of the consumer. As an entrepreneur, you must know all about consumer demands because it is how you will gain customers by producing the products or services that they want.

3. Target Audience

Upon creating your new project or business, think about who will be your target customers so that you can have a plan on how to approach them accordingly. It is essential to plan who your target customers will be. It is one of the bases of creating a product or service that is in demand on your target consumers. For example, if your target audience is vegetarians, you must check what their demands are in the market. Then the information you gathered will be used in creating the product or service that vegetarians are requesting.

How To Create a Business Execution Plan

You can find many sample templates of the business execution plan online. But if you want to create your execution plan, here are some steps and guidelines for you to follow:

1. Gather Data and Information

In crafting your business execution plan, you must gather the right data and information that you’re going to need, such as the latest market and business trends. You need to do a lot of research so that you will have the right information that is going to be of significant use later as you execute your business plan.

2. Strategize

You must strategize every step you’re going to take in your business execution plan. Strategy execution is effective in achieving the goals of starting your new business or project. It covers all the essential aspects of risk factors that you might face upon developing your business execution plan.

3. Manage Your Resources

In creating your business execution plan, you must analyze if you have the right resources. Your resources can be your business capital or the material resources that you’re going to need in starting your new business. You must analyze if you have enough resources for your business execution plan so that you can implement the operations accordingly.

4. Develop a Prototype

Whether it is a new product or service you are creating, prototypes are essential in testing it out whether your target customers like what you have developed. You must create a prototype model for the sake of getting the feedback of your target audience. It is one of the easiest ways of determining the lacking elements of your product or service by asking for feedback from your customers. In that way, you can develop a better and improved version of your product or service.

5. Create a Timeline

You must keep track of how many working days you need to have in order to finish a particular operation. A timeline is a helpful tool in managing the time for the different tasks and processes in your business execution plan. It helps you in finishing specific tasks so that you will not be behind the schedule of executing your new business ventures.

Can I hire a project manager for my business execution plan?

Yes, a project manager has the skills and abilities to handle project management . They can give you insights and advice on the easiest paths to take to achieve success for your new business.

What is a startup business?

A startup business means that a company or organization is new to the industry and is still in the first stages of business development. This type of business is focused on developing products or services that are in demand of the consumers.

How can I keep up with the new business trends?

You can keep up with the latest business trends by doing innovative operations. Instead of focusing on creating new products and services, you can make use of the old ones and apply innovative concepts so that you can keep up with the latest trends.

A business execution plan is part of the entrepreneurship journey. Entrepreneurs always make a business execution plan for a new business or developing a new project. This type of document is essential in business because it covers all the important aspects and acts as risk management upon the development of a new business venture. A business execution plan is a solid foundation for creating new and fresh business ideas.

Text prompt

• Instructive
• Professional

Create a study plan for final exams in high school

Develop a project timeline for a middle school science fair.