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Terrence Halt
Joined: Apr 19, 2006
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School Project: Business Planning (any tips?)
April 20, 2006 - 12:23 PM
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Hi. I'm a High School student and I have a Business class project that I would like some tips on. It involves creating a business plan, (fake) bank loan/funding requests, etc. I have chosen to start a (fake) videogame production company, just like Bungie or Insomniac Games. If you have tips for me, or if you share my interest of creating videogames for a living (or even if you just like videogames!), feel free to post! Who knows... I may just end up doing this one day for real!
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Hugh Switzer
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Re: School Project: Business Planning (any tips?)
April 20, 2006 - 01:27 AM
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Hey!
This is great to hear!
I did a 15 page business plan for school as well, so I'm pretty good at it. I also have a huge book on starting businesses etc, so if you have any questions at all, I'd be happy to help!
I would start off by writing a few things down like.
Why is your business going to succeed?
How is your business different from others in the industry already?
Why have others failed and why will you succeed?
When doing the business plan:
Develop a vision statement
Formulated a mission statement
Develop clear and specific objectives
Then the body of the plan should include:
Desctiption of the company and the industry
Overview of your product that you are offering
Market Analysis
Marketing plan
Development plan
Production/operations plan
Management team
Implementation schedule
Financial Plan
I hope this gets you started! Feel free to post any questions or whatnot.
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Terrence Halt
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Re: School Project: Business Planning (any tips?)
April 20, 2006 - 02:09 AM
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Thanks for that! This should help alot.
Umm... Just one thing...
Let's pretend I don't know what a Vision or Mission Statement is for a minute. Is that kind of like "Where will my company be in (#) years?" and "This is what we do and why.", or am I mistaken?
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Hugh Switzer
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Re: School Project: Business Planning (any tips?)
April 20, 2006 - 05:02 AM
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hehe... no problem 
Vision statement: A vision statement focuses on the "what" of your business. It should describe your ideal perception of what your business will look like under perfect conditions.
For example, a vision statement for a sporting goods retailer might be:
The Hockey House plans to provide a wide range of hockey-related products and services to casual skaters, minor hockey players, community clubs and organizations, and competitive hockey teams and players.
Write short phrases to describe each of the three elements in your vision statement:
- the name of your planned venture
- your product/service offering
- the target markets that you plan to serve
Combine that into one sentence
Mission statement: A mission statement focuses on the "how" of your business. It defines the purpose of the venture, outlines the reason for the existence of your business and provides some understanding of how your business will be operated.
An example taken from the hockey house could be:
The HH will provide a broad range of skates, sticks, pads and other related hockey queipment and services intended to meet the requirements of the ice and inline hockey players at all levels of ability; from beginners to semi-pro and professional. It will also sell related supplies and equipment such as goal nets and timers, with a view to being the one-stop shop for hockey in Ontario. It will sell to individuals, teams and community clubs though a retail outlet located next to a major hockey complex in Toronto but will also produce a catalogue. Our principal competitive edge will be the breadth of selection we can offer and the quality of service we plan to provide. *whew that was long!!*
Write short phrases to describe each of the three elements in your vision statement:
- what your business will do
- its market focus, niche, or particular image
- its planned location and market served
- how growth of the business will be achieved
- your sustainable uniqueness or distinguishing characteristics
Combine those into short, linked sentences.
Hope that isn't too long
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Terrence Halt
Joined: Apr 19, 2006
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Re: School Project: Business Planning (any tips?)
April 21, 2006 - 01:14 AM
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Thanks a bunch! I'll post if there's anything else I need, but this should be more than enough.
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