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Business Plan: Risks & Challenges

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A presentation I gave to the CUCG AISEC group on some risks and challenges to consider in the preparation of a Business Plan.

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Business Plan: Risks & Challenges

  1. 1. Business Plan: Risks & Challenges Kofi Kafui Kornu @qaphui http://dominicmary.blogspot.com
  2. 2. What’s a Business Plan? • A summary of how a business owner, manager, or entrepreneur intends to organize an entrepreneurial endeavour and implement activities necessary and sufficient for the venture to succeed.- Wiktionary
  3. 3. Risk Analysis • The identification and assessment of factors that may hinder the progress of a project (in this case, the start-up) or the achievement of a goal. • It also helps to define preventive measures to reduce the probability of the risks arising, or possible solutions to such risks. • REMEMBER: “If you fail to plan, you plan to fail”
  4. 4. Why do people shy away from risk assessment in a Business Plan? • Start-up entrepreneurs are afraid of scaring off potential investors! • Others think a SWOT Analysis is enough. IT. IS. NOT!
  5. 5. Why the need to assess risks Shows investors: •That one has thought through some risks •That the entrepreneur knows how to plan for risks •That the business plan (and therefore the business) can survive
  6. 6. Types of Risks • Product risk: risk that a product cannot be created. Example: Biotech companies • Market risk: risk that market may not grow as expected. • People risk: occurs when the company depends on having ‘certain’ employees • Financial risk: risk of the company mismanaging funds or running out of money • Competitive risk: risk of competing service/product
  7. 7. Sample risk questions: • What if your KEY employees quit? • What if demand for your service/product decreases? • What if your major suppliers run into financial difficulties? • What are the technological advances in your business and are you able to keep up? • What if you run out of cash? How do you pay bills? • In case of injury to you, do you have someone to take over management role(S)?
  8. 8. Business Plan Apps • Enloop (web-based) • StratPad (iPad only)
  9. 9. References: • Robbins, Steve. (2004). Retrieved from www.entrepreneur.com/article/49042 • Schlough, Charles. (2001). Knowing Your Market – The Most Challenging Part of a Business Plan.
  10. 10. Resources • Steve Blank’s Lean Launchpad Course on Udacity’s website • Business Model Canvas

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