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New Business Plan Executive Summary Plan is a major part of structure of a company. Day by day it is improving. Develop entrepreneurship is the development of a business plan. After identifying and valuing business opportunities a potential entrepreneur has to develop a perfect business plan. When the field of operation is identified, entrepreneur has to go for planning. Methodology Our main source of the collection of primary data is taken from the Planning of our group member to thinking of this Assignment.
Most of the secondary data we gathered from our book Entrepreneurship – ROBERT D HISRICH. We also used some information from other website like http://www. google. com. Limitations/Problems When we go to prepare our assignment we faced some problems such as time shortage. If we got much time we could get rather information on our topic. Entrepreneur: An entrepreneur is the one who is engaged in producing a new commodity or producing an old one in a new way. Entrepreneur Strategy: Entrepreneur strategy is the process or way to start a new business. Process of Developing Entrepreneurship:
Entrepreneurship is a key instrument for the economic development of a country. It is in fact the force of creating new ventures business that leads to the economic development of a country. The essence of the term lies in the perception and exploration of new opportunities in the realm of business. It plays an important role of increasing national income. As such, there is a paramount importance of developing entrepreneurship in a series of sequential steps. These steps are inter-related and inter-dependent in their nature. The steps are discussed below. 1 . Decide to be an Entrepreneur:
For developing entrepreneurship first of all decision should be taken to become an entrepreneur. This means persons who are interested to take risk and initiative should decide to establish new ventures or new businesses. Paternal entrepreneurs first decide and give mental judgment in favor of becoming entrepreneur. This is the yardstick of taking a series of decisions in future. A person who has decided to become an entrepreneur has to consider and analyze the following factors: ? Strengths and weaknesses of the decision. ? Continuation of the business or establishment of new venture. Products or services choice that best fit with strengths and weaknesses, as well as, desires. 2. Identify and Evaluate Business Opportunities: After analyzing the various aspects of decisions, an entrepreneur has to proceed to identify and evaluate business opportunities. Opportunities are potential positive factors that are beyond the control of the entrepreneur in future. Opportunities may exist at present or may exist in future. These opportunities include growing demand of existing products, scarcity of product in local market, favorable govt. policy, etc.
The entrepreneur has to see and identify the new opportunity. For the identification and evaluation of opportunities the following factors should be considered: ? Ask people to find out what their needs are ? Modify the products for better satisfaction of the needs ? Observe changing life ? style of people and have exclusive thought about what products or services they would desire Study new products or services ? Travel around to find out new products, services and ideas. 3. Development of Business Plan: The third step to develop entrepreneurship is the development of a business plan.
After identifying and valuing business opportunities a potential entrepreneur has to develop a perfect business plan. When the field of operation is identified, entrepreneur has to go for this step. To prepare a business plan the following factors should be considered: ? Market research for the planned products or services ? Forecasting the share of market ? Selection of a site for the planned business ? Development of production, marketing, personnel and financial plans ? Decision to design the form of organization ? Decision on records and reports ? Development of insurance plan. . Mobilize Resources: Only development of business plan is not enough to start a new venture. It is necessary to mobilize resources after preparing the business plan. Entrepreneur his to collect financial and non-financial resources that are required for the business plan. Here the entrepreneur has to consider and identify the various ways and means of procuring resources. The activities that are to be performed for mobilizing resources are as follows. ? Identification of various types of resources, like, physical human, financial resources. Identification of the source of resources. Negotiation about the terms and conditions related to the required resources ? Assessment of cost and benefit of the resources which will be mobilized ? Acquiring the resources ? Allocating the resources. 5. Set Up the Enterprise: The mot important step for developing entrepreneurship is to set up the Enterprise. it he enterprise is not established all efforts will go in vain. To set up the enterprise the entrepreneur has to consider the following factors: ? Registration of the enterprise ? Hire, lease or purchase required land, building, machinery, etc. Arrangements of additional facilities, like, electricity, water supply, etc. ? Recruit and train personnel ? Develop work and information system 6. Managing the Enterprise: After setting up the enterprise, an entrepreneur has to manage the enterprise efficiently. In this stage, he performs managerial functions like planning, organizing, directing and controlling. For ensuring the proper management of the enterprise, entrepreneur should accomplish the following tasks: ? Formulating plans relating to production, marketing, procurement, etc. ? Organizing people, materials, machinery, etc. Leading, directing, supervising, etc. ? Controlling the input, behavior and output. 7. Managing the Growth: The last step of the process of developing entrepreneurship is managing the growth of the enterprise. The enterprise at this stage has to sustain the growth of the enterprise and thus, he has to manage the growth. For this purpose, enterprise should follow some steps, such as: ? Identification of growth opportunities ? Evaluation of the opportunities ? Formulation of strategy for further improvement ? Mobilizing resources necessary for the growth strategy ?
Implementation of the strategy ? Monitoring the growth strategy and activities The mentioned steps should be followed to develop entrepreneur ship or new venture in a particular economy. These steps are sequential and follow one after another. High-Voltage A New Business Plan (Dinner Theatre Business First In BD) • Executive Summary: Will be a restaurant and exciting Theater Show located in Gulshan-1. hat celebrates the era of cultural refinement, social elegance, and general prosperity in the last decades of the 19th and first decade of the 20th centuries.
The decor will be similar to that of the restaurant/dance hall/theatres of 1990s, and feature artwork of the Impressionists such as Star cine complex, The combination of a Dj dance hall, bon vivants, famous artist and lively music is why our restaurant is so dynamic. The exciting and exhilarating aspect of this restaurant is that it transcends beyond decorations and moves into a real life, first person experience – face to face. From the singing aloud of ditty’s, to the hearty, back-slapping laughter or breathtaking can-can dancing – every second is a treasured, emotional meeting with Alfred Dreyfus or Madam La Goulue, “look-alikes. Our menu is a varied, international, tasteful extravaganza. Each page is highly illustrated with artists drawings of the regional cuisine, a tiny map of the world showing the region and indigenous ingredients. The majority of the menu is the cuisine of France, and America, though we will offer specialties from Japan, Korea, Phillipines, Italy, Germany, France, Mexico, Spain, Belgium and Middle East. • Objectives: Build and create a restaurant that celebrates better quality food in the history of Bangladesh .
Celebrating the high society of that era will be done via , acts, drinks, music, demonstrations, food, a small museum, fantastic show and dance. The measurable objectives will be: Opening night in full regalia and profitability within two months Gross sales receipts of Tk1,000,000 by third month Food costs not to exceed 35% total operation Deliver a stunning, unbelievable, international menu to the local and summer “swell” community that produces 96% satisfaction surveys or higher and profits in excess of 200% Return on Investment (ROI).
Surveys to be done for sixteen weeks by an independent third-party review agency. The international menu will reflect the late 19th and early 20th centuries. This objective will be reviewed by a number of friends who are Presidents and Continental Directors of their respective countries in the World Association of Cooks Societies (WACS). Continuous analysis and outsider inspections will be held to fine-tune objectives via goal planning, Directives, Operations, Objectives ands Milestones (DOOM) and weekly Best Objectives Review Evaluation (BORE) meetings.
Objectives will be handled in a planning and strategy sense espoused by business leaders. Business will be conducted monitoring our Profit and Loss statement numbers, local business owners of restaurants and their own marketing ploy, advertising and profits. Consultants will be on minor, as needed retainers not to exceed Tk 10,000 per annum. • Mission: High-voltage offers an impressive, blockbuster revue of international food, fare and drink centreed around the high culture and exuberant night life of the Dhaka district of 19th century Bagladesh. Our combination is wonderful food and Impressionist history.
This revue also includes our shows, acts, skits, original music and entertainment for the customer – whom we live to impress and make happy. Our focus includes community service, involvement and family. We will always be deeply involved with the community and people of Gulshan-1 is also an excellent place to work, a professional environment that is challenging, rewarding, creative, and respectful of ideas and individuals. High –Voltage ultimately provides excellent value to its customers and fair reward to its owners and employees. • Company Summary:
High –Voltage is a restaurant with lunch and dinner menus and a theme show for dinner only. It welcomes artists, historians, living history interpreters, and re-enactors to its grounds for, plein aire painting sessions, historical shows and events. It features the culinary adventures and exquisite tastes of late 19th century Bangladesh as prepared under the exacting standards of Executive Chef Mozammel Hossain. • Start-up Summary: Start-up expenses include legal costs, artwork, property lease or purchase, refurbishing, logo design, computer software, stationery, liquor license, and related expenses.
Start-up assets required include current assets (office furniture, table wear and glass wear, signage, and small kitchen equipment and utensils, kitchen and server uniforms and costumes etc. ) and initial cash to handle the first few months of operations – as sales and accounts receivable play through the cash flow. Stock for the first two weeks of operations will need to be ordered and delivered in the week prior to opening. Fixed assets include office computers, serving staff workstations, kitchen terminals, POS terminals, security and fire alarm systems, shelving, food storage.
This plan assumes moving into a retrofit of a former restaurant where tables, chairs and kitchen stoves and equipment are in place. If that is not available an additional Tk500, 000 to Tk600, 000 will be needed for a scratch start. [pic] • Services: High –Voltage offers a first-of-its-kind in the area entertainment and dining concept with excellent, tasty food. The interaction with live human actors from 1990s Banglsadesh is fascinating. The concept is not content to just deliver the service of good food and friendliness though.
It offers colorful, haute culture actors by day, and an entertaining, optional MonPura evening dinner show that will amaze and delight. Our table side service is extremely fun and unique. • Market Segmentation: We use this topic to explain the Market Analysis. Our analysis is based on a list of potential customer groups, each of which is a market segment. The family segment looking for fun while on their week of vacation. The local residents included in the summer population looking to see something new or to take guests in town out to a great, proud place.
Local residents are increasing with condominium ownership and increased building. Long distance drivers coming in especially to experience our dinner show. This last geographic segment will normally travel one driving day or up to 300 miles for a short weekend stay. • Target Market Segment Strategy: We cannot survive just waiting for customers to come to us. Instead, we must focus on the specific market segments whose needs match our offerings. Focusing on targeted segments is the key to our future.
We will attract customers with live performances and distribution of brochures. Therefore, we need to focus our marketing message and our product offerings. We need to develop our message, communicate it, and make good on it. The Marketing Strategy topic contains the details of our tactics and programmers. • Financial Plan: We are assuming a low start-up funding figure of approximated Tk 500,000. The business will grow exponentially by a net worth of about taka two million per year and this growth is based off of sheer cash profits and managerial excellence.
Growth will be self financed. No additional funding will be needed. • Important Assumptions: The financial plan depends on important assumptions, most of which are shown in the following table as annual assumptions. From the beginning, we recognize that our direct marketing will be critical to advertising, a factor we can influence easily. Weather and catastrophe cannot be so easily planned on and would delay project by a year (hurricane, tornado, etc… ) At least we are planning on the potential problem, and dealing with it.
Interest rates, tax rates, and personnel burden are based on conservative assumptions. Two of the more important underlying assumptions are: 1. We assume a strong economy, without major recession. 2. We assume funding will be maintained and strongly backed. One item of particular note is that we have set our cost of goods for food sales at high percentage factors of 30% to 36%. The majority of seasoned managers would raise an eyebrow at those percentages. Bibliography ? WWW. google. com (google search) ? Entrepreneurship – ROBERT D HISRICH (Sixth Edition)[pic]