Term 3 - Recap and endgame

To recap the entrepreneurship lessons and tasks up to now I created a treasure map for you to clarify what we need and what needs to go into it.

I will be assessing your entrepreneurship year based upon:

1. Your participation in the blog and weekly questions.

2. Your Business Plan and Pitch.

Up until now we have been learning about entrepreneurship:

Entrepreneurs are people who can solve problems and turn them into opportunities for making life easier

Once an entrepreneur has found this opportunity he finds a solution to this problem and assesses it to see if it:

• Works
• Is wanted by sufficient customers to warrant producing and selling it

Once satisfied a plan can be drafted and we used a Lean Model Business Canvas to map the five most important foundations to commercial success:

• Product
• Customer
• Transaction
• Marketing
• Profit

4, You were tasked with discovering all this information and then creating an MVP, Lean Model Business Canvas, Business Plan and then to end off and review a pitch to investors.

5. Here is a fun recap for this class, I have made a treasure map illustration for a different perspective on the topic:

Follow this link to see it now!

https://drive.google.com/file/d/1n2OrzsTeqnridTy52gmLmwhiXA9jlI5w/view?usp=sharing

I will be expecting submissions of your business plans as well as video representation of your pitch no later than:

FRIDAY 11 OCTOBER 2024

This will allow me to review, advise and help you guys in getting the ideal business plan and pitch for the Investors.

The Top 5 Pitches will qualify for submission to the Investors.

I will be looking for the business plan that makes the most sense and the business who can convince me that they can achieve the highest profit.

Good luck and have fun with this and ask questions if you need, I am here to guide and mentor you to your success!

All About Business Plans!

Hey everyone, and welcome back to this week's blog! 

Lets talk about business plans...

Imagine you want to open a bakery. You've got amazing cupcake ideas and a secret frosting recipe, but before you start mixing flour and sugar, there's some planning to do. That's where a business plan comes in! Whether you’re starting a new venture or growing an existing one, a well-crafted business plan is essential.

What's a Business Plan?

A business plan is like a roadmap for your business. It helps you see where you are now, where you want to go, and how you’re going to get there. Think of it as a detailed guide that explains what your business is about, how it will make money, and what you need to do to succeed.

Why Do You Need One?

Here are some reasons:

1. Be Your Own Boss: Even the coolest bakery needs planning. A business plan helps YOU figure out things like how much money you'll need, who you'll sell to, and how you'll compete with other bakeries.

2. Helps you stay on track: It keeps you focused on your goals and the steps you need to take to achieve them.

3. Impress the Grown-Ups: If you ever want to borrow money from a bank or convince an investor to fund your bakery, a well-written business plan is essential. It shows them you're serious and have a thought-out plan for success.

4. Attracts investors: If you need money to start or grow your business, a solid business plan can convince investors to support you.

5. Improves decision-making: It helps you make informed decisions by outlining your business strategies and goals.

How to Cook Up a Winning Business Plan:

Here are the key ingredients for your business plan recipe:

1. Executive Summary: This is a quick overview of your entire plan (elevator pitch). Think of it as a yummy smell wafting from your bakery, enticing people to come in. It should be short and catchy, explaining what your business does and what you hope to achieve, including its name, products/services, and target market. Your pitch needs to be practiced until you are able to deliver it quickly and confidently, when practicing in front of friends and family take note of the feedback, and see if there is any that will improve your plan and its presentation.

2. Products or Services (Product): Describe what you’re selling. How does your product or service benefit your customers? What makes it better than what your competitors offer?

3. Market Analysis (Customer): Not everyone loves cupcakes. This section helps you understand your target customers – who will buy your goodies? Include information about your target audience, your competitors, and the trends in your industry

4. Business Description (Transaction): Here's where you explain what your business is all about! What delicious treats will you sell? What makes your bakery special? Talk about what your business does, the products or services you offer, and what makes your business unique. Include business name, address and other relevant details. Highlight your business’s unique selling proposition.

5. Company Description: Detailed information about your business, its structure (e.g., LLC, sole proprietorship), and key employees.

6. Management Team (Transaction): Even superheroes need a team! This section highlights the skills and experience of the people who will run your bakery.

7. Logistics and Operations Plan: Behind-the-scenes details to make your business function smoothly.

8. Funding Request (Transaction): If you need money to start or grow your business, this is where you explain how much you need and how you plan to use it.

9. Marketing Plan (Advertise): How will you convince people your bakery is the best? This is where you talk about advertising, social media, and those eye-catching window displays.

10. Financial Projections (Profit): This is where the numbers come in. How much will it cost to get your bakery started? How much will you earn selling cupcakes? Include projected income statements, cash flow statements, and balance sheets. Set financial and brand awareness goals. Regularly assess progress and adjust as needed. Break down startup costs and revenue projections.

Real-World Examples of Delicious Business Plans:

Let's say your friend wants to open a dog-walking service. Their business plan would explain their love for animals, the growing pet industry, and how their service will be reliable and affordable.

Another friend might have a plan for a cool T-shirt business. Their plan would detail their unique designs, their target market (teens who love video games?), and how they'll use online platforms to sell their shirts.

Let’s look at a simple example of a business plan for a lemonade stand:

1. Executive Summary: "Lemon Delight is a neighborhood lemonade stand that sells refreshing homemade lemonade. Our goal is to become the go-to spot for delicious lemonade in our community."

2. Products or Services: "We offer classic lemonade, strawberry lemonade, and mint lemonade. Our products are made from fresh, organic lemons and natural sweeteners."

3. Market Analysis: "Our target market is families and children in our neighborhood. Our competitors are other local drink vendors, but we stand out because of our unique flavors and commitment to using fresh ingredients."

4. Business Description: "Lemon Delight offers a variety of lemonade flavors made from fresh lemons and natural ingredients. We aim to provide a healthy and tasty alternative to sugary drinks."

5. Organization and Management: "Lemon Delight is run by Jane and John, who handle all aspects of the business, from making lemonade to managing sales and marketing."

6. Funding Request: "We need R100 to buy lemons, sugar, cups, and a stand. We plan to repay this amount from our sales within two months."

7. Marketing and Sales Strategy: "We will use social media to promote our stand and offer discounts to first-time customers. We plan to set up our stand at local events and parks."

8. Financial Projections: "We project sales of R50 per week, with expenses of R20 per week. This will give us a profit of R30 per week."

9. Appendix: "Attached are our permits to sell food and copies of our marketing materials."

Business Model Canvas

The canvas that we have been working with up to now is a very basic sketch of your planning and thoughts, we can now move onto and start populating a more detailed and comprehensive canvas (if you are satisfied to continue with this product)

Is your product a business?

 As we draw closer to the end of the year I hope that you guys have been making progress on your business plans. Remember that the business plan is going to provide the content and answer questions when you present your pitch.

It all began with an idea....you looked for a problem to solve and you understood who the problem was being solved for where after you tested the market by creating your MVP and made a decision based upon the response you received for it.

Now its time for planning, we were introduced to the basic Lean Model Business Canvas which indicates the five most critical areas of your plan.

So now we need to ask: Is my product a business?

                                                          Check out the Vid

The answer can be yes or no, a business is a "vehicle" for getting products into the hands of the people it was created for with the intent of completing a mutually beneficial exchange of value.

Business Types

Business to Business

If you manufacture your own product then you need to consider manufacturing costs and what needs to happen for it to get to the customer, who in this instance is another business that will be selling your product to their customers. Your marketing and pitching will have to be adjusted accordingly and the required steps and costing must be compiled into a business plan.

You may also have a retail store of your own that should be a different business.

Business to Customer 

This business stocks items purchased from other businesses to supply to their customers.

Check out the Vid

Decide which of these best suits your idea and begin using the Lean Model Business Canvas that we have been looking at for completion on the website to qualify to pitch to the Investors on the 31st October 2024.

By now we need to be working on the process of how the product is getting to the customer, remember picture the moment of the transaction taking place, freeze frame and list everything in the image and then how it came to be.

Market Research and Validation

How do we establish if our product or service will sell? We need to ask and take surveys collecting information on how people respond to what you are offering. We did this exercise when creating your website MVP's, we set up a payment portal to collect pre-orders that would indicate the demand for your product.

Once you have completed your market research please upload using this button.

Instructions for the rest of the year

 Now that you guys know what we are doing for the rest of the year it is all up to you to achieve the goal that we have set.

To refresh everyone:

We will be pitching on the 31st October 2024.

Only pitches that qualify will get the opportunity to pitch:

    There needs to be a complete business plan.

    The initial pitches will be reviewed by myself and the successful pitches will be approved for        the investors to see.

    There will be a prize of R10 000.00 awarded to the team who demonstrates the highest net           profit for their operations.

    The investors are serious investors so if you have a plan that shows real viability                       you stand the chance of winning real investment into your operation.

    All the information you need is on the class website and the resources and                           lessons necessary will be there too.

Keep checking on your weekly blog for lessons and hidden opportunities to get you to your business goal as successfully as possible.

Ideation

Ideation is all about coming up with those amazing ideas that could turn into successful businesses! It's like planting a seed in your mind and watching it grow into something incredible. Here's how it works:

1. Problem Finders:

The first step is to identify problems people face in their everyday lives. Think about things that bug you, your classmates, your family, or even your teachers. Is there something that could be made easier, more fun, or more efficient?

2. Brainstorming Bonanza:

Now comes the fun part! Once you have a problem, gather your classmates and unleash your creativity. Throw out all sorts of ideas, no matter how silly they may seem at first. Write them all down, draw pictures, act them out – anything goes!

3. Building on Ideas:

This is where the magic happens! Take those initial ideas and build on them. Can you combine them? Improve them? Make them even more unique? The best ideas often come from taking something existing and adding a new twist.

4. Think Like an Entrepreneur:

As you brainstorm, keep these questions in mind:

• Who would use this product or service? (Is it for students, teachers, families?)
• Why would they use it? (What problem does it solve? What makes it special?)
• How would you make and sell it? (What materials do you need? How would you reach your customers?)

Remember: There are no bad ideas in ideation! The more ideas you generate, the better chance you have of finding a truly winning concept for your business.

Here are some bonus tips:

• Look for inspiration: Pay attention to businesses you encounter daily. What could be done differently?
• Challenge assumptions: Don't be afraid to question how things are done. There might be a better way!
• Work as a team: Sometimes the best ideas come from collaborating with others.

Now go forth, grade 8 entrepreneurs, and brainstorm some brilliant business ideas!