BAZE UNIVERSITY

ENTREPRENEURSHIP 202
TOPIC:
❑Writing a Business Plan
❑Competitive and Industry Analysis
❑Guideline to Presentation of our Business Plans
❑Review of experience from existing entrepreneurs

February 23, 2024

REMINDERS AND NOTICES

❑We will have our Continuous Assessment / Test

Friday, March 1, 2024.
❑Group Presentations Will Commence Friday
March 8, 2024.
 OUTLINE OF TODAY’S CLASS

✓Additional insight and guide to writing a

business plan
✓Competitive and industry analysis
✓Guidelines on presentation / submission of
Business Plan
✓Discussion and Outcome Review of the
exercise of understudying an entrepreneur
✓Test We need to manage time and achieve
these goals
 24A Business Plan Assessment Guidelines
❑Each Student is to submit a copy of the group Business Plan
on google class (Due by March 7, 2024).
❑Each group to present on the assigned date of presentation,
within the assigned time (5mins).
❑All students must be present whilst the group is presenting
❑Each student is to make an individual 5mins video
presentation on the Group’s Business Plan (this is a
summary/highlight of the entire business plan to be
submitted on google class) . Due by March 8, 2024.

LATE SUBMISSIONS WILL NOT BE ATTENDED TO

 QUOTES FROM RENOWNED NIGERIAN
ENTREPRENEURS
“One of the key factors
“Only entrepreneurship for success in business is
“When you have a business
can create opportunity you must have that
model, you must adhere
where none seemingly mental attitude to walk
strictly according to what
exists.” Tony Elumelu boldly through the fog of
you want to achieve.”
Femi Otedola uncertainty.” Hakeem
Bello Osagie

“Dreams are about

“Your success as an
“To succeed in business, building things, not
entrepreneur depends on your
you must build a brand and illusions. You can build an
app or a company or a ability to build and inspire a
never destroy it.” Aliko
Dangote product or service. I team that is individually
happened to build a committed to a group effort.”
bank.” Jim Ovia Mo Abudu
 CORE ELEMENTS OF ENTREPRENEURSHIP

HOPE IS NOT
A STRATEGY VISION ❑ Vision: future state, what the
MISSION business chose to be
❑ Mission: why the business
VALUES exists, the core purpose
❑ Value: Culture and beliefs
GOALS ❑ Goals: measurable success
targets
STRATEGIES ❑ Strategies: plans to achieve
our goals
INITIATIVES ❑ Initiatives: focus, what is
done to support the strategies
PROJECTS ❑ Projects: projects to achieve
the set initiatives
CONTENT OF A BUSINESS PLAN

[Link] Summary
[Link] Description
[Link] Analysis YOUR BUSINESS IDEA/ MODEL
[Link] or Services MUST INCORPORATE
[Link] and Sales Strategy E-ENTREPRENEURSHIP
[Link] and Management
[Link] Analysis
[Link] Requirements
[Link] Projections
[Link] Strategy (Optional)
[Link] and Timeline ALL GROUP BUSINESS PLAN MUST FOLLOW THE FORMAT
STATED ABOVE (ALL SUBMISSIONS WILL BE IN WORD
[Link] DOCUMENT FORMAT)
 ELEMENTS OF THE BUSINESS PLAN
o Company Description:
o Executive Summary:
o Provide an overview of your company's history and background.
o Briefly describe your business idea.
o Explain your mission statement and core values.
o Summarize your business goals and objectives.
o Describe your business's legal structure (e.g., sole proprietorship, LLC,
o Highlight key points from each section of the plan. corporation).

o Market Analysis: o Products or Services:

o Conduct market research to understand your target market. o Detail the products or services you offer.
o Define your target audience and buyer personas. o Explain how your offerings meet customer needs.
o Analyse industry trends and competition. o Highlight any unique selling points (USPs).
o Identify market gaps and opportunities. o Discuss the development or production process.

o Marketing and Sales Strategy: o Organization and Management:

o Outline your marketing and advertising plans. o Introduce key team members and their roles.
o Describe your sales approach and channels (e.g., online, o Provide resumes and background information for leadership.
retail, wholesale).
o Discuss your organizational structure.
o Set pricing strategies and sales goals.
o Highlight any key partnerships or advisors.
o Include a marketing budget.
o Funding Requirements:
o SWOT Analysis:
o Explain how much capital you need to start or grow your business.
o Identify your business's strengths, weaknesses, opportunities,
o Specify how you intend to use the funds.
and threats.
o Use this analysis to develop strategies and mitigate risks. o Provide a detailed financial plan. o Milestones and Timeline :
o Set key milestones and timelines for
o Appendix : achieving business goals.
o Financial Projections: o Include any additional documents or
o Create a financial forecast for the next 3-5 years. information that supports your plan.
o Exit Strategy (Optional):
o This may include market research
o Include income statements, balance sheets, and cash flow o If relevant, outline your exit
statements. data, product images, legal
strategy, such as selling the
documents, etc.
o Project revenue, expenses, and profitability. business or going public.
 INDUSTRY AND
COMPETITIVE ANALYSIS
 The authors of the Blue Ocean Strategy provide a step-by-step guide for
businesses looking to implement the Blue Ocean Strategy. They recommend
starting with a thorough analysis of the industry and identifying the key factors
that drive customer demand. From there, businesses should identify areas of
opportunity and develop a strategy for creating a new market space.
 INTRODUCTION

• An industry is a group of firms

producing similar products or service. • An Industry and Competitive analysis is an
For Example: Telecommunication , integral part of any strategy development
Aviation, Agriculture, IT, Construction in organization.
etc.
• This is a critical part of your business
plan
• Industry Analysis is a business • It is an important part of the marketing
research that focuses on the plan as it helps establish what makes
potential of an industry. To your product or service unique
commence a new venture, it is
important to carry out an Industry • It gives insight to the aspect of the
Analysis. This helps to determine if business you focus on in order to attract
the business is favorable for a new the desired target market.
 KEY QUESTIONS TO PONDER ON

Question 1
Is the industry accessible?

Question 2
Is the industry a realistic place for a new venture to enter?

Question 3
Does the industry contain markets that has potential for growth?

Questions 4
Are there demands for products or services in the said industry for a new
venture
 COMPETITOR ANALYSIS

• Competitor Analysis in marketing and Strategic Management is an assessment of

the strength and weaknesses of current and potential competitors.
• This Analysis provides a strategic content to identify opportunities and threats.
• It is used to examine the past trends in the industry, the current demand, the
supply mechanics, and the future outlook of the industry.
• This is to enable you determine the strengths and weaknesses of your
competitors within the market
• Strategies that will provide you with a distinct advantage
• The barriers that will be developed in order to prevent competition from
entering your market
 IDENTIFYING YOUR COMPETITOR

Identify your competitors by placing them in strategic groups according to how

directly they compete for a share of the customers’ money. For each competitor, it
is important to list their :
✓product and services
✓its profitability
✓growth pattern
✓marketing objectives and assumptions
✓current and past strategies
✓organizational and cost structure
✓strengths and weaknesses
✓size of the competitor’s business.
 WHY DO WE NEED TO IDENTIFY OUR
COMPETITOR

This will enable you answer the following:

✓Who are your competitors
✓What products and services do they sell?
✓What is each competitor’s market share
✓What are their current strategies
✓What type of media is used to market their products or services?
✓What advert campaigns are carried out
✓What are their strengths and weaknesses
✓What potential threats do your competitors pose?
✓What potential opportunities do they make available to you
 HOW TO IDENTIFY YOUR COMPETITION

STEP 1
• Identifying current and potential competitor:
• This can be done through :
• looking at the market from a customer’s point of view – that is how much is a customer
willing to pay for Company X or Y’s product
• Group competitors according to their various competitive strategies so you can
understand what motivates them
STEP 2
• Once you have identified and grouped your competitors, you analyze their strategies and
identify areas were they are most vulnerable (from their weakness and strength).
ANALYZING THE INDUSTRY

❑ The competitive Strategies has four areas:

❑ Cost leadership strategy (Increasing profits by reducing costs)
❑ Differentiation strategy (making your products or services different
from and more attractive than those of your competitors)
❑ Best Cost strategy (high quality and low price of a product; a situation
where the company tries to achieve the best (lowest cost)
❑ Focus Strategy (market niche- concentrate on particular niche markets
and, by understanding the dynamics of that market and the unique
needs of customers within it)

This can be achieved through maximizing the following :

1. Product 2. Distribution
3. Pricing [Link]/ Advertising
ANALYZING THE INDUSTRY
❑Steps :
✓ Review available reports/ data
✓ Detailed research is the first step in an Industry Analysis
✓ Approach the correct industry (sub)
✓ Examine your competitors
✓ Analyze competitive data
✓ Evaluate your position
✓ Demand and supply scenarios (profit)
✓ SWOT analysis
✓ Competitive forces model
 WHY PERFORM A COMPETITOR ANALYSIS

The Goal of performing a competitor analysis:

✓Determine the competitor to compete with
✓Identify competitor strategies and action planned
✓Predict a competitor reaction to your actions
✓How to use the behavior of the competitor for your firm’s
advantage.
 TOOLS FOR PERFORMING A COMPETITOR
ANALYSIS

• TOOLS: • PESTEL
• Porter’s Five Forces ✓Political, • SWOT Analysis
✓Threats of new ✓Economic, ✓Strengths
entrants ✓Social, ✓Weaknesses
✓Supplier powers ✓Technology, ✓Opportunities
✓Consumer/ Buyers ✓Environment, ✓Threats
power
✓ Legal
✓Threats of
substitution
✓Competitive Rivalry
 WHERE TO GATHER INFORMATION

• Information can be gathered from :

• Sales brochure
• Your sales team
• Other employees
• Their customer services
• Advertising
• Trade Association
• Annual Reports
• Newspaper, Magazines
• Direct Observations
• Your Competitors
FORMAT OF A BUSINESS PLAN

❑Please see below guideline to adopt in writing your business

plan:

❑EACH SUBMISSION MUST HAVE A COVERING PAGE

CONTAINING :
oGroup Number
oGroup members (names and student number)
oAll Business Plans to be in Word Document Format
❑Group leaders are responsible for providing the names of

students who actively participated in the group work.

❑It is crucial that we exclude the names of students who did not

contribute to the group effort.

❑It is emphasized that no individual student will receive grades for

completing this segment of the coursework independently, as it is

designed to be a collaborative group activity.

 UNDERSTUDYING AN ENTREPRENEUR

Skills Acquisition: External Research Presentation

❑Please recall that you had been assigned the task to understudy an
existing entrepreneur.
❑Kindly use the next couple of minutes to discuss highlight of your
finding
❑Please ensure that you had earlier submitted your findings in the
approved format on google class
 24A Business Plan Assessment Guidelines
❑Each Student is to submit a copy of the group Business Plan
on google class (Due by March 7, 2024).
❑Each group to present on the assigned date of presentation,
within the assigned time (5mins).
❑All students must be present whilst the group is presenting
❑Each student is to make an individual 5mins video
presentation on the Group’s Business Plan (this is a
summary/highlight of the entire business plan to be
submitted on google class) . Due by March 10, 2024.

LATE SUBMISSIONS WILL NOT BE ATTENDED TO

REMINDERS AND NOTICES

❑We will have our Continuous Assessment / Test

Friday, March 1, 2024.
❑Group Presentations Will Commence Friday
March 8, 2024.
Questions,
Insights
and Answers