Business Plan

12 year old African Boy’s
Business Ideal

In the Maasai community where Richard Turere lives with his family, cattle are all-important. But lion attacks were growing more frequent.

In this short, inspiring talk, the young inventor shares the solar-powered solution he designed to safely scare the lions away.

 

Workshops & Activities

 

Click below to download or view the Business Plan Activities:

 

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Description

Develop a Business Plan containing the following components

1. OPPORTUNITIES

Entrepreneurs look out the window and see opportunities that others don’t always recognize. They see new opportunities to make life easier, happier or fun.

They identify problems and seek ways to eliminate pain or hardship  through a product or service.

They ask questions:

  • What would make people happier?

  • What would lead to more positive outcomes?

  • Who could benefit the most from a new or revised product or service?

  • Whose needs or desires are not being addressed?

  • Who would buy or invest in this new product or service?

 

2. CUSTOMER

Who is the group of people experiencing this problem?

Describe them (age range, gender, income range, etc.). The   more fully you know the people with the problem, the better you can understand them and speak to them about their   issues. It is necessary to learn from the people experiencing the problem. They are your future customers.

The customer is the one who purchases your product or service. It is important to focus on a particular customer because not everyone needs your product or will be interested in it.

 

3. SOLUTION

Describe the product or service you are creating that will make people happier or address problems.

  • What need or desire would it address?

  • Is it the right approach? Why?

  • What are the major benefits of the product or service?

  • What is its value proposition which means why is it worth the price you would like to charge?

 

4. INDUSTRY

  • In which industry will your company operate?

  • How big is it in dollars?

  • How many customers are in this industry?

  • Is this industry growing or declining?

  • How much is it growing?

It is better to get into a growing industry because it increases the amount of time you can operate a business in it and grow as the industry grows.

 

5. COMPETITION

If you claim you have no competition, you have not conducted any research. There are direct competitors and   indirect competitors.

1. Direct competitors are selling products similar to yours.

2. Indirect competitors are trying to solve the same customer problem you are, but their products are not the same as yours.

It is important to know who your competitors are in order to succeed in spite of them. It is important to know who your competitors are so you can be different and stand out from the others.

 

6. MARKETING

How will your customers learn about your product or service?

This will depend upon your product and your customers. Not all products or services are successfully advertised in the same manner.

  • Radio

  • T.V.

  • Billboard

  • Newspaper

  • Google AdWords

  • Facebook

  • YouTube Videos

Each of these which will work best for your product or service. Which of these do your particular customers pay attention to?

Not every product will sell because of a Facebook ad. Not every target customer will watch a YouTube video. Learn about your customers. Talk to your customers to learn which types of advertising are important to them, for your product.

 

7. GROWTH

After you have gained success with this first product or service, how will you scale (grow) the business for the long-term future?

There are many ways to grow the company. You need to research and decide which is the best way to grow your company. This can be different for every company.

  • Should you expand by creating additional products?

  • Should you expand by selling to other areas of the country or world?

  • Should you expand by targeting new groups or customers?

 

8. TEAM

What skills and experience do you need to make this product or service, start and run this company?

Usually, more than one person is better because it is easier to acquire a wider range of skills. To operate a business, it is necessary to have people who know about accounting, finance, marketing, and operations.

Depending on the type of products you are creating, you may need engineering, computer, and design experience.

  • Once you know what skills you need, how do you get the right people to become involved in your company?

  • How do you find advisors with these skills to offer advice to you for starting and running your business?

 

9. FINANCES

It is necessary to understand how much money it will take to get your company started. It is necessary to know how you will acquire this money (from your savings, borrow from family, take a bank loan, have someone invest in the company, etc.).

It is important to know how much customers will pay for your product and how much it will cost to manufacture your product.

  • Can you sell it for a profit (selling price is higher than the cost to produce it)?

  • Is this profit high enough to keep the company in business and pay yourself and other founders/employees?

In order to know this, you need to understand all of the costs (manufacturing, supplies, marketing, distribution, labor, etc.)

  • How many products can you sell each year?

  • Can you increase the number of products you sell each year?