Student Training for Entrepreneurial Promotion

Student Training for

Entrepreneurial
Promotion

Session 04: Planning and Implementing Plans

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Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 Agenda

1. Goal Setting

2. Development Plan

3. Personal Initiative

Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion 2
 Action Principle - Planning

What do you think? Why is planning important?

Whether you are entering the workforce or nearing

retirement age, planning for the future is critical.

Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion 3
 The Framework for this Session

By the end of this session, we will have:

Set milestones for our group business.
Developed a Development Plan for our group business.
Set Long-Term Goals for our group business.
Why is this important for your business?
Milestones, a Development Plan, and Long-Term Goals structure our efforts to successfully
start-up a business and help us keeping on track.
How will we achieve this?
We will discuss steps and milestones we have to take to start the business.
We will discuss actions we have to take in order to reach the steps and milestones.
We will discuss long-term goals we want to achieve with our business.
We will discuss techniques (goal-setting, being self-starting) to fast and actively
implement our plans. 4
Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 Understanding Planning and
Implementing Plans for Entrepreneurship

Entrepreneurship requires action

Planning and implementing plans

Planning Implementing Plans

(Personal Initiative)
1. Goal Setting 1. Being Self-starting
2. Development Plan 2. Being Pro-Active
3. Being Persistent
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Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 Goal Setting

Goal = Something that you hope to achieve in the future.

Make sure your goals are SMART.

 Simple Not complicated and easy to understand

 Measurable How much/many – to track progress

 Achievable Challenging, but possible
 Realistic You can achieve it, it is accurate

 Time-bound Exact time fixed you want achieve the goal

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Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 Transforming goals into SMART Goals

Bad formulated goals SMART formulated goal

Introduce competitive prices for

New marketing strategy. products within next 6 months that
are 10% below current prices.

Increase market share from 10%

Perform better than competitors.
to 20% within next two years.

Increase customer satisfaction

Improve my business. rates from 75 to 90% within 12
months. 7
Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 The Principles of Action in Goal Setting

Set yourself goals!

• Set short- (when the business is starting), mid- (after a few
months into the business), and long-term (after at least a
year for small businesses) goals.
• Set goals that are SMART (simple, measurable, achievable,
realistic, and time-bound).
• Be committed to your goals. If necessary change plans,
but be stable on your goals (business may change but not
goals).
• Prioritize your goals: Focus on the most important goals. 8
Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 The Development Plan

Next steps for launching the business:

A “To-Do”-list of tasks and goals that have to be accomplished

to get the business up and running.
A “schedule” for the next weeks that highlights the steps and
milestones in the process of getting the business up and running.

Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion 9
 Relevancy of the Development Plan

 Helps planning your next steps.

 Helps getting an idea of where you are and where you are
going to be with your company in the following weeks and
months.
 Includes the most important milestones for set-up of the
business.
 Can also include the steps and milestones you have
accomplished so far to provide a history of your achievements
for the business.
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Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 An Example of a Development Plan

Wee Wee Wee Wee Wee Wee …

Steps and Milestones
k1 k2 k3 k4 k5 k6
Develop an Operations
1. X
Plan

2. Produce model of product X X

Testing product on
3. X X
customers
4. Finding suppliers X
5. Ordering raw materials X
6.
…
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Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 The Development Plan –
Developing Milestones
 Possible Milestones
 developing an operations plan
 producing the product / service or development of a model
 approaching potential customers
 testing the product / service or model
 approaching potential capital providers
 looking for material, facilities, and equipment
 calculating the costs for the product / service
 assembling material, facilities, and equipment
 developing a marketing strategy (price, place, promotion, packaging)
 delivering / first sales
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Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 Exercise: The Development Plan –
Short- and Midterm Development Plan
AWS
Complete Action Working Sheet page 28.
04
 List the next steps for your group business (short- & mid-term goals).
 List all tasks that you have to accomplish to get your business up and running in 3
months.
 What are milestones (major points to achieve) on your way to get your business up
and running?
 Write next to each step, milestone (short- and mid-term goals) the day / week when
it should be accomplished.
 Make sure that the goals are SMART: Simple, Measurable, Achievement Oriented,
Realistic, Time-Bound.

Prepare a Development Plan that shows what you

do to make money in three months time! 13
Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 Exercise: The Development Plan –
Short- and Midterm Development Plan
AWS
Complete Action Working Sheet page 29.
04
Steps and Milestones Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9 Week 10

1 Develop an Operations Plan X

2 Produce model of product X X

3 Testing product on customers X X

4 Finding suppliers X

5 Ordering raw materials X

….

Order the list of steps and milestones according to the time they are due. Start with the step you have to do next.
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Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 The Development Plan

 Long-term Goals and Objectives

 An overview of your long-term (one year) goals for the

business
 A list of the corresponding objectives that you have to
accomplish to achieve the long-term goals

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Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 The Development Plan –
Developing Long-Term Goals
 Possible long-term Goals
 Product performance goals (product quality, customer service)
 Financial performance goals (survival, growth in profit, revenues)
 Market share goals
 Reducing production costs
 Broader product line
 Better distribution network (e.g., using internet)
 A stronger brand (being recognized and remembered better by target group)
 Superior on-time delivery
 Wider geographic coverage
 Higher customer satisfaction 16
Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 The Development Plan

An Example of a Long-Term Goal Plan

Goals Objectives (progress markers) to be accomplished (month / year)
1. Brand awareness of 1. Designing Corporate Branding March 2012
40% in the general 2. Developing merchandising articles March 2012
population
3. Visiting three fairs April 2012
4. Forming alliance with Soda Cola for joint May 2012
promotion activities
2. Return on Investments 1. Paying-off all short term loans August 2012
of 30% 2. Training all employees to with new August 2012
“Deficient-Cup Reduction Training”
3. Finding supplier from overseas September 2012
3. … 1.
2.
3.
17
4.
Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 Exercise: The Development Plan –
Long-Term Goals and Objectives
AWS
Complete Action Working Sheet page 30.
04

 List your long-term goals of your company. What could you achieve in one year?

 List objectives on the way to the long-term goal. What do you have to
accomplish to achieve your long-term goals?

 Write next to each objective the time when you want to have it accomplished.

 Make sure that the goals are SMART: Simple, Measurable, Achievement Oriented,
Realistic, Time-Bound.

Prepare a Long-Term Plan for your business

describing the goals for your business!
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Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 The Development Plan

A Long-Term Goal Plan for your group business

Goals Objectives (progress markers) to be accomplished (month / year)
1. 1.
2.
3.
4.
2. 1.
2.
3.
4.
3. 1.
2.
3.
4. 19
Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 Achieving Your Goals:
The Role of Good Action Plans
Make Action Plans!
• Formulate concrete actions to achieve the goal, and the time you
want to carry out a step (schedule, timeline).
• Check if you can answer the questions What, When, Where, and
How will I do it regarding each action step.
• Formulate sub-goals if your ultimate goal is too complex.
• Think about materials you need to achieve your goals and to
carry out your actions.
• Formulate back-up plans for problems that might occur.
• Be stable on goals but adjust action plans if necessary. 20
Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 Exercise: The Development Plan –
Action Plans
AWS
Complete Action Working Sheet page 31.
04

 Review your Development Plan and your Long-Term Goals.

 Formulate Action Plans
 Write down: What, When, Where, and How you are going to do it.
 Consider what you need to reach the goals (e.g., materials, other
persons, information, time).
 Formulate sub-goals if ultimate goal is too complex.
 Formulate back-up plans in case problems / barriers occur.

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Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 Implementing Plans: Changing
Environment and Changing
Circumstances

There are three types of people in the world:

those who make things happen, those who watch
”
things happen, and those who wonder what
happened.

“
- Mary Kay Ash -

Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion 22
 Implementing Plans: Changing
Environment and Changing
Circumstances
 To what type of people do you want to belong?
 To those who make things happen?

 To those who watch things happen?

 To those who wonder what happened?

 If you want to make things happen

 You have to be entrepreneurial!

 You have to act!

You have to be self-starting, pro-active, and persistent.

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Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 Personal Initiative

 Personal Initiative =
inner power that Self-Starting
starts all actions

Pro-active Persistent

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Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 The Principles for Action for Self-Starting

 Develop a detailed and elaborate plan how you will achieve your
goal.
 Strive for the non-obvious. Do something that is new, different,
unusual, something that adds a new quality and that goes beyond.
 Be willing to spend extra energy and to go the extra mile.
 Seek information that helps you carrying out your plan.
 Seek feedback to monitor the progress in your goal attainment.

Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion 25
 Pro-Activity:
Long-term Focus and Future Orientation
 Pro-Activity means preparing for
 future problems
 future opportunities
 Formulating long-term goals (see previous exercise)
 Gather information about areas that might become problematic
 Formulate back-up plans for problems that might occur
 Pre-Signals: telling you something is wrong before it is wrong (e.g.,
dropping customer numbers)

Pro-Activity means being prepared for the future – now!

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Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 The principles of action for Pro-Activity

Be pro-active!
• Prepare for eventualities and consider potential problem areas before
problems occur in these areas.
• Anticipate future opportunities and develop plans how to act on future
opportunities (see SWOT-analysis in next session).
• Develop back-up plans (plan B) for problems or barriers that might
occur.
• Develop pre-signals that point to potential problems before they occur.
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Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 Exercise: The Development Plan –
Barriers to your goals
AWS
Complete Action Working Sheet page 32.
04

 Review your Long-Term Goals

 List events that might hinder achievement of your long-term goals (potential
threats to your long-term goals).
 Develop back-up plans how you would deal with the problems to achieve
your long-term goal in spite of these problems.
 Think of pre-signals. Signals that can show something will go wrong in the
near future (before it actually happens).
 List opportunities that might happen and that promote your goal
achievement if you act on those opportunities.
 Develop plans how you would act on those opportunities.

Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion 28
 Summary: The purpose of today’s session

 What did we achieve with the session?

 We set milestones for our group business.
 We developed a Development Plan for our group business.
 We set Long-Term Goals for our group business.

 Why is this important for your business?

 Milestones, a Development Plan, and Long-Term Goals structure our efforts to successfully start-up a
business and help us keeping on track.

 How did we achieve this?

 We discussed steps and milestones we have to take to start the business.
 We discussed actions we have to take in order to reach the steps and milestones.
 We discussed long-term goals we want to achieve with our business.
 We discussed techniques (goal-setting, being self-starting) to fast and actively implement our
plans. 29
Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion
 Take-Home Assignments

 Action Working Sheet 02 – Development Plan

Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion 30
 Meta-Task for Trainers

Please think about difficulties that your students might encounter during the
sessions, either with the material or during the work on given tasks.

How would you deal with these issues when giving the
training to help your students?

Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion 31
 Definitions

Term Definition

Action Plan A detailed set of instructions to follow in order to solve a problem or achieve
something.
A sequence of steps that must be taken for a strategy to succeed.

Development Intended future achievements including a description how they will be achieved.
Plan

Milestone A significant stage or event in the development of something.

Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion 32
 This presentation of the Student Training for Entrepreneurial
Promotion and its content is copyright of the STEP Consortium.
Any content may not be used, sold, licensed, transferred,
copied, distributed or reproduced in whole or in part in any
manner or in or on any media to any person without the prior
written authorization of the STEP Consortium.

Student Training for Entrepreneurial Promotion

Bicol University and Leuphana University of Luneberg │STEP – Student Training for Entrepreneurial Promotion 33