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Business Plan: Risks & Challenges
Kofi Kafui Kornu
@qaphui
http://dominicmary.blogspot.com
What’s a Business Plan?
• A summary of how a business owner,
manager, or entrepreneur intends to organize
an entrepreneurial endeavour and implement
activities necessary and sufficient for the
venture to succeed.- Wiktionary
Risk Analysis
• The identification and assessment of factors
that may hinder the progress of a project (in
this case, the start-up) or the achievement of
a goal.
• It also helps to define preventive measures to
reduce the probability of the risks arising, or
possible solutions to such risks.
• REMEMBER: “If you fail to plan, you plan to
fail”
Why do people shy away from risk
assessment in a Business Plan?
• Start-up entrepreneurs are afraid of scaring
off potential investors!
• Others think a SWOT Analysis is enough.
IT. IS. NOT!
Why the need to assess risks
Shows investors:
•That one has thought through some risks
•That the entrepreneur knows how to plan for
risks
•That the business plan (and therefore the
business) can survive
Types of Risks
• Product risk: risk that a product cannot be
created. Example: Biotech companies
• Market risk: risk that market may not grow as
expected.
• People risk: occurs when the company depends
on having ‘certain’ employees
• Financial risk: risk of the company mismanaging
funds or running out of money
• Competitive risk: risk of competing
service/product
Sample risk questions:
• What if your KEY employees quit?
• What if demand for your service/product decreases?
• What if your major suppliers run into financial
difficulties?
• What are the technological advances in your
business and are you able to keep up?
• What if you run out of cash? How do you pay bills?
• In case of injury to you, do you have someone to
take over management role(S)?
Business Plan Apps
• Enloop (web-based)
• StratPad (iPad only)
References:
• Robbins, Steve. (2004). Retrieved from
www.entrepreneur.com/article/49042
• Schlough, Charles. (2001). Knowing Your
Market – The Most Challenging Part of a
Business Plan.
Resources
• Steve Blank’s Lean Launchpad Course on
Udacity’s website
• Business Model Canvas

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Business Plan: Risks & Challenges

  • 1. Business Plan: Risks & Challenges Kofi Kafui Kornu @qaphui http://dominicmary.blogspot.com
  • 2. What’s a Business Plan? • A summary of how a business owner, manager, or entrepreneur intends to organize an entrepreneurial endeavour and implement activities necessary and sufficient for the venture to succeed.- Wiktionary
  • 3. Risk Analysis • The identification and assessment of factors that may hinder the progress of a project (in this case, the start-up) or the achievement of a goal. • It also helps to define preventive measures to reduce the probability of the risks arising, or possible solutions to such risks. • REMEMBER: “If you fail to plan, you plan to fail”
  • 4. Why do people shy away from risk assessment in a Business Plan? • Start-up entrepreneurs are afraid of scaring off potential investors! • Others think a SWOT Analysis is enough. IT. IS. NOT!
  • 5. Why the need to assess risks Shows investors: •That one has thought through some risks •That the entrepreneur knows how to plan for risks •That the business plan (and therefore the business) can survive
  • 6. Types of Risks • Product risk: risk that a product cannot be created. Example: Biotech companies • Market risk: risk that market may not grow as expected. • People risk: occurs when the company depends on having ‘certain’ employees • Financial risk: risk of the company mismanaging funds or running out of money • Competitive risk: risk of competing service/product
  • 7. Sample risk questions: • What if your KEY employees quit? • What if demand for your service/product decreases? • What if your major suppliers run into financial difficulties? • What are the technological advances in your business and are you able to keep up? • What if you run out of cash? How do you pay bills? • In case of injury to you, do you have someone to take over management role(S)?
  • 8. Business Plan Apps • Enloop (web-based) • StratPad (iPad only)
  • 9. References: • Robbins, Steve. (2004). Retrieved from www.entrepreneur.com/article/49042 • Schlough, Charles. (2001). Knowing Your Market – The Most Challenging Part of a Business Plan.
  • 10. Resources • Steve Blank’s Lean Launchpad Course on Udacity’s website • Business Model Canvas