Ch 02 From the Idea to the Business Plan

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  FROM THE IDEA TO THE BUSINESS PLAN 1 © 2012 South-Western Cengage Learning ENTREPRENEURIAL FINANCE Leach & Melicher   Describe the process of moving from an idea to a business plan  Understand the components of a sound business model  Identify some of the best practices for high-growth, high-performance firms  Understand the importance of timing in venture success  Describe the use of a SWOT analysis as an initial “litmus test”    Identify the types of questions that a reasonable feasibility assessment addresses  Identify quantitative criteria that assist in helping assess a new venture’s feasibility and its ability to attract external financing  Describe the primary components of a typical business plan 2   Salary-replacement firms: firms that provide their owners with income levels comparable to what they could have earned working for much larger firms. E.g. single store retailer, restaurant owners etc.  Lifestyle firms: firms that allow owners to pursue specific lifestyles while being paid for doing what they like to do e.g. owning & Operating Ski instruction  Entrepreneurial ventures: entrepreneurial firms that are flows- and performance-oriented as reflected in rapid value creation over time 3    4
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