Developing the

Business Plan

Table of Contents
Objectives 2
Entrepreneurial Phases 3

Identifying Business 8
Opportunities
Developing the Business Plan 15
Identifying the Target Market 20
Expounding the Marketing Plan 22

Branding 23
Branding Guidelines 25

ICT 11 Entrepreneurship
Objective
s
• Recognize potential market
• Describe the USP and value
• Determine the possible product(s)or proposition
service(s) that will meet the market
• Identify the competitors in the
need
business
• Screen the proposed solutions(s)
• Recognize the importance of
based on viability
Marketing Mix in the development of
• Select the best product or service marketing strategy
that will meet the market need
• Develop the Brand Name (PT)
• Recognize and understand the
market
Entrepreneurial Phases
The entrepreneurial process consists of
finding, evaluating, and developing
business opportunities. Identify and Develop the
It is not a straightforward or “smooth- Business Opportunity(Phase
1)
sailing” process, it is about creating Develop a
something new by overcoming Business Plan(Phase 2)
challenges. Determine the
Resources required(Phase 3)
Although these phases flow in this order,
no stage is dealt with in isolation from Manage or Implement
other phases or is completed before the the Enterprise(Phase 4)
activities in other phases occur.
Adapted from “Aspects of Entrepreneurial Process,”
Entrepreneurship,
Robert Hisrich, Michel Peters and Shepherd, Dean McGraw-Hill
International
Identify and Develop the
Business Opportunity(Phase
1)
Entrepreneurs must be alert to business
possibilities that may come from various
sources.
Regardless of sources, you need to screen and
evaluate the opportunity.
The evaluation process will examine the
opportunities based on different factors, such
as perceived value, potential risks, and their fit
with your personal goal, skills, and personality.
Develop a
Business Plan(Phase 2)

You need to prepare a good business plan to

secure the defined opportunity.
Writing a good business plan requires careful
thinking and analysis.
A good business plan is essential to
developing the opportunity, determining the
resources required, obtaining the resources,
and ultimately, managing the chosen venture.
Determine the
Resources required(Phase 3)

You must determine the resources you need

to address the opportunity.
You need to acquire those resources on time
and consider into account the quality and
costs involved.
To do this, you must identify alternative
sources for your suppliers that will enable you
to compare their offers and get the best
possible deal.
Manage or Implement
the Enterprise(Phase 4)

After acquiring the required resources, you are

now ready to implement the business plan. In
operating your business, you need to sharpen
your management skills by ensuring that your
plans are carried out in an effective and
timely manner.
You need to solve operational and human-
related problems.
Identifying Business
Opportunities

Initial steps to be able to select your chosen

business project – identifying the business Two Main Approaches for
opportunities, screening, and evaluating Opportunity Identification
the alternative business opportunities
1. Finding Approach
2. Building Approach
A potential market refers to a specific need or
problem of a group of people. Factors that will guide in
Identifying Business
Entrepreneurs develop a mindset of Opportunity
recognizing and seizing opportunities, not all A. Macro Environmental Factors
can recognize a business opportunity even if
B. Micro Environmental Factors
it is right in front of them.
Two Main Approaches for
Opportunity Identification

1. Finding
Approach Factors that will guide in
Involves scanning the environment for Identifying Business
information to provide ideas for starting up Opportunity
a business. It is commonly used for A. Macro Environmental Factors
identifying opportunities because you rely These factors generally affect
on available information to guide your the overall economy and state
of business.
business ideas. In using this approach, you
gather information from the external B. Micro Environmental Factors
environment related to the business and These factors directly affect
trends. specific types of industries.
 A. Macro Environmental Factors

Sociocultural Changes in social conditions such as educational needs,

housing needs, food preferences, leisure, lifestyle
Technology Innovations in technology and inventions on products and
Advancements services.
Economic Trends Changes in economic conditions that directly affect the
business climate such as labor costs, unemployment rates,
interest rates, inflation rates, imports/exports
Environmental or Risks related to natural disasters, health pandemic
Ecological factors
Political situation Changes in government policies and regulatory standards
that directly affect the business

Five Macro environmental factors influence Business

Opportunities
Political/ Sociocultural Environmental
Legal
Economic/Industry Technology
 A. Micro Environmental Factors

Competitor moves Increase/decrease in the number of competitors, tactics of

competitors that impact the business
Suppliers Increase/decrease in the number of suppliers that affect
production and inventory levels
Increase of Entry/exit of substitute products that affect competition
Substitute Products

Micro environmental factors influence Business Opportunities

Competitor Moves Suppliers Substitute Products

Two Main Approaches for
Opportunity Identification

2. Building Approach
This approach involves creating a business opportunity that does not exist in
the environment. The business idea originated or builds on the entrepreneur’s
creativity, talents, skills, prior knowledge and experience, personal network,
and internal resources.
As such, this approach assumes that opportunities are within the entrepreneur
as an individual. Also, gathers information from the environment, but it uses
them to create something unique.

The building approach takes more serious effort as compared to the finding
approach. Creating a new product means that you stand apart from existing
products and services which would give you a strong competitive advantage.
Screening Business
Opportunities to select the
business venture
Opportunity screening is the process of assessing potential business
opportunities and selecting the best opportunity to invest. A compelling
business opportunity must be viable and doable.

Viable means that the business can start, grow, and survive. The business
must have the capacity to generate value. In a commercial enterprise,
economic value is most important - it must generate profits. In social
enterprise, its social value is most important, which means attaining profits
may be a lesser priority.

The feasibility of the business means it is achievable, practical, or workable

given the resources and time. Here are the factors to screen business
opportunities you can use to assess business opportunity viability.
 Opportunity Attractiveness
Matrix
Alignment with if the business is aligned with your values, ability, passion,
Personal Values, interest, and family or friend’s support
Interests, Resources
Market Potential If there are enough customers who will buy your product or
service that will earn a profit so that the business can run
continuously

Operating Potential If the process, methods, and technology are available for the
product and service
Financial If the business generates profit
Potential If the working capital required is minimum and can be met
Threat from If the presence or sudden moves of competitors would
Competitors severely threaten your business
Potential Damage If certain unforeseen events such as those related to
from Unforeseen weather, security, and public health would severely harm
Risks your business
Developing the Business
Plan:
Start with the Marketing Plan
- strategic plan on how you are going to
implement your chosen venture.
Why is a business plan important?
- written document that describes all the
relevant external and internal factors or -it helps determine the viability
elements involved in starting a new venture. -provides guidance to the
- covers the main functional areas in managing entrepreneur to organize
-tool for obtaining financing
a business, namely, marketing, operations,
organization, and finance. How do you start a business plan?

A business plan contains the integration of the -it starts by focusing first on the
customer
marketing plan, operations plan, -no business will exist without
organization plan, and financial plan. the customers, that is why a
Detailed planning process that you undertake business plan starts with a
before you implement your business venture. marketing plan.
Marketing Plan

A marketing plan is a plan of the strategies that

you will use to know your customers and how
to attract them to buy your product or service.

You must be able to offer something different,

you must communicate to your target customer
your unique selling proposition and the
value proposition of your product or service.

Therefore, USP and VP should be formulated

even at the beginning of the venture and
refined as you go through the details of your
marketing plan.
Unique Selling Proposition and
Value Proposition

USP
- a statement that describes the most
compelling attribute of your product/services
- It carries a powerful message that will
stick in the minds of the customers
Example
- is the statement about how unique the s
We’ve got it all for you!
product and service is, allowing the
SM Dept Stores
customers to recall it easily. USP is usually
more concise, direct, and attention- Nakasisiguro, gamot ay laging bago
grabbing. Mercury Drug
Unique Selling Proposition
and
Value Proposition
VP
- a statement that identifies the benefits
or value that a product or service can
offer to the customers.

-Value is what the customers pay for your

product or service.
Examples
-As an entrepreneur, you must know the
Jollibee promises to provide high-quality
strong value of your business, of what
food, fast and friendly service in a clean
your business is very good at so that you and comfortable environment tailored to
can properly communicate this to your the Filipino palate. It is now the biggest
customers. fast-food chain in the country.
Unique Selling Proposition and
Value Proposition

In crafting a Unique Selling Proposition and Value Proposition, always

remember that there are four ways by which businesses compete. You can think of
these four main strategies in determining the unique features of your product or
service: innovation, cost, quality, and speed.

To focus on innovation, introduce something new or unique to the product or

service.

To focus on cost, maintain lower operating costs to be able to offer a competitive or a

lower price that attracts customers.

To focus on quality, ensure that the product or service offers better features, is long-
lasting, durable, or has characteristics desired by the customers.

To focus on speed, deliver or provide the product/service at the quickest time

possible.
Identifying the Target
Market
• Refers to your target customers or the specific group of persons whom
you intend to sell your product/service.
• Marketing strategy itself because it gives focus and clear direction to
your business.
• Compels you to determine your specific customers

Market Segmentation
• identify your target market, you have to know the market segments they
belong to
• is the process of dividing the market into small homogeneous groups
• classifying customers according to their demographic (age, gender, and
education), geographic (location), psychographics (personalities,
lifestyle), and behavioral (buying habits)
Conducting a Market
Research
Involves the gathering of data to determine vital information such as the
following:

a. Who will buy the product?

b. What is the size of the potential market?
c. What price should be charged?
d. What is the most appropriate distribution channel?
e. What is the most effective promotion strategy?
Steps in doing market research

1. Define the purpose or objective of the market research.

2. Gather data from secondary sources.
3. Gather data from primary sources.
4. Analyze and interpret the results
Expounding the Marketing Plan

• Identifying Competitors in the Market

• Preparing the Marketing Mix (7Ps)
Product Main product/service and supplementary services

Place Distribution strategy of your business

Price -Combines Marketing research and financial analysis
-costs, markups and margins, and competitors
Promotions Enables entrepreneurs to inform potential consumers about the
product’s availability
People Focuses on the role of human resource in propelling the growth of
the business
Packaging how your product/service is presented
Positioning This marketing concept considers how your product or service
offering is positioned in the minds of your customers.
Brandin
g
In essence, branding is about who you are, who you want to be, and how people
perceive you. It's about creating a memorable impression that fosters customer
loyalty, implying a certain level of quality, reliability, or type of experience that is
associated with your product or service.

A brand is a name or symbol associated with the product or service that

communicates messages to target customers. It can be channeled through
advertising, distribution, and packaging. Brand names will evoke positive images
or emotions in customers.

A brand guide is a set of guidelines for how you’ll communicate your

brand identity and values through words and graphic elements. It
establishes rules that allow you to express your brand personality,
purpose, and differentiators with consistency.
Branding Guideline (Performance Task)

Creating a brand guideline is an essential step for any organization to ensure

consistency and professionalism across all forms of communication. When
creating brand guidelines, it's important to simplify the concepts and make the
process engaging. Here’s a step-by-step guide

Step 1: Understand the Brand

Discuss the Brand’s Core Values:

Start with a brainstorming session about what the school stands for, its core
values, mission, and vision. What makes the school unique? This could be its
commitment to excellence, community service, or a nurturing environment.

•Define the Target Audience:

Identify who the brand guidelines will communicate with.

Branding Guideline (Performance Task)

Step 1:
Understand the Brand
Discuss the Brand’s Core Values
Define the Target Audience

Step 2:
Create the Brand Elements
Break down the brand elements into manageable parts and work on each separately.

1. Logo Design
Logo Philosophy, Primary, and logo variations
2. Color Palette
3. Typography
4. Brand Imagery and Photography Style
5. Mood Board
6. Iconography
7. Mockup
8. Brief Company Philosophy
Branding Guideline (Performance Task)

Step 3:
Compile the Guidelines
Create a Document:
Use a simple design tool (CANVA) to compile the guidelines.
The document should be easy to read and visually appealing.

Include Examples:
Provide clear examples of do’s and don’ts for each element of the brand.

Step 4:
File Sending
Send the link to the assigned worksheet with the standard filename structure;

Section Code-GN-Group Members(Surname)-Activity Code

AND-01-Barte, Bueno, De Guzman, Celso, Patacsil, Sy Su – BG PT

follow the link below to learn more about brand guidelines:

[Link]
Different Types of
Logo Variations

follow the link below to learn more

[Link]
What is a primary logo?

A primary logo is the main logo used to

represent your brand. All other brand logos
stem from this primary logo design.

Primary logos are typically horizontal, and the

most comprehensive of all brand designs. Any
tagline(s), established dates, illustrations, icons,
locations, etc., usually make their way into this
grandeur logo.

Your primary logo design needs lots of space

because of its intricacies and size. Use your main
logo in places where it has plenty of room to
breathe and isn’t restricted by space.

Placements: Desktop website header, large

print collateral (e.g., signs).
What is a secondary logo?

Depending on your industry, a secondary logo

can be vertical or horizontal. Alternate
secondary logos tend to be stripped-down,
stacked versions of your primary logo.

Your secondary logo is also known as an alternate

logo. Think of it in terms of sports: If my primary
player were out due to an injury (e.g., your primary
logo can’t fit in the desired location), I’d put in an
alternate.

I tend to remove any creative elements or taglines

from secondary logo designs and focus on the brand
name (also known as a wordmark logo).

A vertical secondary logo works well on hang tags for

clothing brands, while a horizontal version is great for
smaller print collateral pieces.

Placements: Business cards, invoices.

What is a submark logo?

Submark logos (also known as logo submarks,

brandmarks, and alternate marks) are simple,
small, but identifiable brand designs.

Some submark designs include the full business

name and/or a creative element. If the submark only
uses your brand’s initials, it’s known as a lettermark.

Submarks fit in condensed spaces where the larger

logo variations won’t work.

It can be a challenge to size down a large primary

logo into a tiny submark, but the result is an
extremely versatile and creative logo variation!

Placements: Social media profile images,

website footer, mobile website header.
What is a secondary logo?

Favi-what? Fav-icon. Think, “icon.” Favicons are

similar to submarks, but an even smaller design
mark that only includes your brand initials OR a tiny
illustration.

Usually, favicons go unnoticed (until they’re missing).

If you’re reading from a desktop, do you see the branded
icons on the left of all the tabs you’ve got open on your
browser window? Those are called favicons; typically a
square or circular brand mini-mark.

A favicon serves one purpose: to provide a final branded

touch to your website.

If a website doesn’t have a branded favicon, the website

platform’s logo displays instead. For example,
Squarespace will use its black box favicon on your website
if you don’t upload your own, which just looks tacky.

Placement: Website browser tab.

 Thank You.

ICT Entrepreneurship
11