Entre (Part1) Intro

ENTREPRENEURSHIP, TRANSFORMING
INNOVATIONS INTO SUSTAINABLE BUSINESS
www.DynamicBusinessPlan.com
Welcome to the Course
• You’ll get 4 credit units from this course
• Teacher M. Sc. (Economics) Pekka Mytty

• Senior Lecturer at LAB
• Contact Address: pekka.mytty@lab.fi
• Contact the teacher whenever needed
How to study in this course?
THE MAIN GOAL OF THE COURSE:
• You’ll all have your own business venture

at the end of this course…
• Well, actually not exactly a real one,
but a plan for a small enterprise:
A BUSINESS PLAN
So, there’ll be no: - risks involved
- real investments
- real customers,
but otherwise the company seems to be as close to a
real business enterprise as possible!
Entrepreneurship and Business Plan
- How to start your own business
Agenda:
• Presentation of task
• Development of business idea
• Introduction to business plan
• Where to find help?
• Suggested readings: Barringer, Ireland: Entrepreneurship
(you’ll find this book from the library)
• Form teams and choose type of business
LAB University of Applied Sciences

Lecturer: Mr. Pekka Mytty, senior lecturer at LAB
Targets of entrepreneurship course
Objectives for students

• Feel that they dare start a business when the time is right
• Acquire an understanding about starting a business
• Understand drafting of the business concept
• Encounter problems and solve them
• Be able to present their business in a persuasive way
Learning outcomes
• Be able to write a business plan
• Create an establishing and operating budget in a spreadsheet
• Show they have solved problems / challenges
• Plan and execute a presentation of business plan
The task: Plan start of business
• Choose type of business (crazy ideas!)

• Make a business plan
• Present the business plan
The process
• Common introduction of entrepreneurship
• Individual advice in study groups
• Hand over the business plan to lecturer
• Present the business plan in class
The most important factors in
entrepreneurship?
• https://answergarden.ch/2559703
Quality of the business plan
Relevant topics in the plan shall be supported by data.
Three types of data:

• Factual data
- when one table cost 500 €, two must cost 1000 €
• Estimated data
- two customers said they will buy - therefore 20 might also buy ..
• Allegations
- I just believe it is like that …
Presentation of business plan
Max. 12-20 min. oral presentation + OHP / PP /

blackboard to the class and to the lecturer
The following must be included:

• What does the company sell?
• Which and how many customers?
• How to come in contact with the customers?
• Turnover year one?
• Profit year one?
• Need for financing?
Questions from class and lecturer

Rating of the project
The entrepreneurship module will be accepted if:
• The business plan has a certain depth

(Factual and estimated data)
• The presentation gives the audience a clear picture
of your business.
• The presentation shows that you have considered
your decisions
• It is OK if the conclusion is not to start the business
You can also write even your Thesis related to
this topic:
• Examples: Basanta Adhikari:
Vlad Sinchuk:
Ekaterina Zavyalova:
Entrepreneurship in our/your country
Pick one or several topic(s) from the following list. Discuss these topics in your group.
Present the results of your discussion to other groups in the beginning of next
“Entrepreneurship” class!
Definition of an entrepreneur
•Entrepreneurs in your family?
•Top three entrepreneurs in your country?
•What makes a good business?
•Room for more entrepreneurs in the country?
•Government effort to promote entrepreneurship
Homework for Wednesday, September 21, 2022!
• Define a preliminary Business Idea for your company

To Whom? (who is the customer /
customer groups)
What? (products / services)
How? (way of doing business?)
- Present the results of your discussion to other teams

- SELL your idea to three ”business angels” (volunteers)
A good Business Plan includes:
• Descriptions of:
- General Data, such as
- name of the company
- premises/location
- > size, how many square meters (->
rent (€), renovations (200 € / m2, if
electricity / pipes etc. Involved - > even 300 € / m2
-> this information is needed for the
financial statement analysis. How
much money needed to start the company and
where can we get money to execute our plans?
A good Business Plan includes:
Business Idea: To whom? What? How?

•Customer Analysis (who is the customer?)
• - > description of a typical customer
• - > your market segments / segmentation criteria:
e.g. demographic (age, family size, occupation,
income etc.)
psychographic (lifestyle, personality,
social class etc.)
behavioral (user status, loyalty etc.)
•Competitor Analysis
•SWOT analysis
A good business plan includes
• Legal form of the company (according to Finnish company

law)
• Strategic Planning
- Porter’s Generic Strategies
- Ansoff (Positioning Strategy)
- BCG: Portfolioanalysis
- PEST(EL) analysis
- SBA (Strategic Business Areas) (customer/product
matrix)
A good Business Plan includes
• Risk Analysis
• Financial Statement Analysis
- Investments (to the detail)
- Working Capital
- Turnover / Sales Revenue (in rough numbers)
- Profit estimate
* Conclusions: ”In the light of this information
gathered during this process,
would it be possible to start…”
10 Questions your Business Plan should
answer
• 1. Where is your company now?

• 2. What is your product or service?
• 3. What is your market?
• 4. How will you reach the market?
• 5. Who will you be competing against?
• 6. How will your product be produced?
• 7. Who are the people?
• 8. What are your financial projections?
• 9. How much money do you need?
10. What are the risks?

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ENTREPRENEURSHIP, TRANSFORMING

INNOVATIONS INTO SUSTAINABLE BUSINESS

• You’ll get 4 credit units from this course

• Teacher M. Sc. (Economics) Pekka Mytty

• Contact Address: pekka.mytty@lab.fi

• Contact the teacher whenever needed

• You’ll all have your own business venture

LAB University of Applied Sciences

Objectives for students

• Choose type of business (crazy ideas!)

Relevant topics in the plan shall be supported by data.

Three types of data:

Max. 12-20 min. oral presentation + OHP / PP /

The following must be included:

Questions from class and lecturer

The entrepreneurship module will be accepted if:

• The business plan has a certain depth

• Examples: Basanta Adhikari:

• Define a preliminary Business Idea for your company

- Present the results of your discussion to other teams

Business Idea: To whom? What? How?

• Legal form of the company (according to Finnish company

• 1. Where is your company now?

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