The secret of getting ahead is

getting started.
NEVER SAY “I CAN’T”….ASK YOURSELF “HOW CAN I?”
ACCOUNTANCY, BUSINESS & MANAGEMENT

What is ABM Strand?

The Accountancy, Business, and Management Strand—or ABM strand
—seeks to prepare the young business leaders of tomorrow. ABM
strand paves the way for business-related college degrees. It teaches the
basic concepts of financial management, accounting, and corporate
operations.
ABM strand programs will help young entrepreneurs, like you, to adopt
the right mindset for brighter careers.
 What is entrepreneurship?
Essentially, entrepreneurship is the process
of developing, organizing, and running a
new business to generate profit while taking
on financial risk.

ENTREPRENEURSHIP
WHY START YOUR BUSINESS?

1. Control: to be their own boss

2. Ambition: to start something from scratch themselves
3. Profit: opportunity to earn more money
Deciding what kind of business to start
Finding a need or opportunity in the market and
filling it is at the core of entrepreneurship and
small business success. That doesn't mean that
starting a business similar to one already in
existence can't be successful, however.
In considering what kind of business to start,
assess:
 a habitual or characteristic mental
attitude that determines how you will
interpret and respond to situations.
WHAT IS THE ENTREPRENEURIAL
MINDSET

Becoming a successful entrepreneur starts with

bringing an entrepreneurial mindset to your business
venture. The entrepreneurial mindset a set of skills,
beliefs, and thought processes entrepreneurs bring to
the task of building a new business.
 THE MAIN
ELEMENTS OF
THIS MINDSET
ARE: CURIOSITY
INDEPENCDENCE
RESILIENCY
PERSUASIVENESS
AUTHENTICITY
 INTERESTS

Beginning a start-up as an aspiring entrepreneur generally requires:

• A business concept or idea involving a product, service, process, or new technology
• People to support the work, whether as employees, vendors, or advisors
• A process by which the product or service will be delivered, or the technology will be
developed
• Enough funding to support the development of the idea to the point that it generates
revenue
• A peer reviewed business plan
PLANNING YOUR INTEREST
YOUR BACKGROUND AND
EXPERIENCES
YOUR FINANCIAL RESOURCES
UNMET MARKET NEEDS
PROBLEMS YOU CAN SOLVE
YOUR NETWORK &
CONNECTIONS
COMMON TRAITS OF ENTREPRENEURS
• Enjoy freedom and flexibility
• Are inventive
• Are goal orientated and ambitious
• Think creatively
• Are fearless
• Problem solvers
• High self-initiative
• Understand basic finance principles

IF YOU CAN THINK IT, YOU CAN DO IT!

 Pros and cons of entrepreneurship
While aspiring entrepreneurs have the potential to earn massive fame and fortune by starting a
successful business, entrepreneurship is not without its hazards. Here are some of the pros and
cons.

PROS CONS
 Work flexibility  Financial Risk
 Ability to follow your passion  Long hours
 Total control  Greater responsibility
 Creativity  High competition
 Unlimited earning potential  Personal stress
BUSINESS PLAN

BUSINESS PLAN- is
document that defines in detail
a company’s objectives and
how it plans to achieve.
IMPORTANCE:

It is the road map for the firm

from marketing, financial, and
operational standpoints.
The plan will also help
summarize what the business
is about, why it exists, and
where it will get to.
1. It will help you steer your business as
you start and grow.

Think of a business plan as a GPS to get your business

going. A good business plan guides you through each
stage of starting and managing your business. You’ll use
your business plan like a GPS for how to structure, run,
and grow your new business. It’s a way to think through
and detail all the key elements of how your business will
run.
2. It is not as hard as you think.

A business plan is a written tool about your business

that projects 3-5 years ahead and outlines the path your
business intends to take to make money and grow
revenue. Think of it as a living project for your business,
and not as a one-time document. Break it down into
mini-plans – one for sales and marketing, one for
pricing, one for operations, and so on.
3. It will help you to reach business milestones.

A well-thought-out business plan helps you to step

back and think objectively about the key elements of
your business and informs your decision making as
you move forward. It is essential whether you need
to secure a business loan or not. Keep in mind that
the plan does not have to be like an encyclopedia
and does not have to have all the answers.
 4. It can help you get funding.

Business plans can help you get funding or bring on new

business partners. Having one in place will help investors feel
confident that they will see a return on their investment. Your
business plan is the tool you will use to persuade others that
working with you (or investing in your business) is a smart
decision.
5. There’s no wrong way to write a
business plan.
There is no right or wrong way to write a business plan. You
can pick a plan format that works best for you. What’s
important is that your business plan meets your needs. Most
business plans fall into one of two common categories:
traditional or lean startup.
A mission statement defines the organization's business. It is a
concise explanation of the organization's reason for existence. It
describes the organization's purpose and its overall intention.

A vision statement details where the organization aspires to go.

Why does your company exist, and “What” the organization
wants to achieve in Future.
 Objectives
Business objectives are the specific, measurable results that
companies hope to maintain as their organisation grows. When
you create a set of business objectives, you focus on specifics
 Performance targets

commonly known as key

performance indicators or KPIs, are
an essential element of any
business plan.
 To increase sales by 5% over the next 12 months

Minimize plastic usage by 27% by

introducing a range of small-sized bags
for small orders.
Secure deals with long-term suppliers to
reduce the unit cost of our production.

Incorporate different marketing strategies to improve

the sales and gross margins by 15% and 9%,
respectively.
Design PR campaigns to generate 10,000 impressions in a duration of one
month.
INSTAGRAM
Instagram Mission and Vision Statement Analysis
Instagram mission statement is “to capture and share the
world’s moments.” Instagram branding revolves around creating
visual impressions that leave its clients with long-lasting memories, and this is
what this mission statement alludes to. It can be associated with the following
components.
Vision Statement

Instagram vision statement is “to solve three simple problems:

Mobile photos always come out looking mediocre.
Our awesome looking filters transform your photos into
professional-looking snapshots.
Most uploading experiences are clumsy and take forever – we’ve
optimized the experience to be fast and efficient.”
Main sections of a business plan and
what each should include.
1. Executive Summary

The first section should be a concise overview of your

business plan. It should be short, and must be well
written. Your goal is to draw readers in so they want to
learn more about your company.
Though this section appears first, consider writing it
last, after you've worked out the details of your plan and
can summarize your thoughts succinctly and accurately.
 The executive summary for a business plan
should include:

Your business name and location

Products and/or services offered
Mission and vision statements
The specific purpose of the plan (to secure
investors, set strategies, etc.)
Related: How to Create Mission and Vision
Statements for Your Business
2. Business Description
This high-level view of your business should explain who you are, how you
operate and what your goals are.

The company description should feature:

The legal structure of your business (corporation, sole proprietorship, etc.)

A brief history, the nature of your business, and the needs or demands you plan to
supply
An overview of your products/services, customers, and suppliers
A summary of company growth, including financial or market highlights
A summary of your short- and long-term business goals, and how you plan to
make a profit
3. Market analysis and strategy
The purpose of the market analysis and strategy component of
a business plan is to research and identify a company's
primary target audience and where to find this audience.
Factors to cover in this section include:

The goal of this section is to clearly define your target

audience so that you can make strategic estimations about how
your product or service might perform with this audience.
4. Marketing and sales plan

This part of your business plan covers the specifics of how you plan
to market and sell your products and services. This section includes:
•Your anticipated marketing and promotion strategies

•Pricing plans for your company's products and services

•Your strategies for making sales
•Reasons for your target audience to purchase from your company
versus your competition
•Your organization's unique selling proposal
•How you plan to get your products and services in front of your
target audience
5. Management and organization description.

This section of your business plan explores the details of

your business's management and organization strategy.
Introduce your company leaders and their qualifications and
responsibilities within your business. You can also include
human resources requirements and the legal structure of
your company.
6. Products and services description

Use this section to further expand on the details of the

products and services your company offers that you covered
in the executive summary. Include all relevant information
about your products and services. This includes how you
plan to manufacture them, how long they can last, what
needs they may meet and how much you project it might
cost to create them.
7. Competitive analysis
Add a detailed competitive analysis that clearly outlines a
comparison of your organization to your competitors. Outline
your competitors' weaknesses and strengths and how you
expect your company might compare to these. Include any
advantages or distinctions your competition has in the
marketplace. In addition, explore what makes your business
different from other companies in the industry, along with any
potential issues you may face when entering the marketplace, if
applicable.
8. Operating plan

This part of your business plan describes how you plan to

operate your company. Include information regarding how
and where your company plans to operate, such as
shipping logistics or patents for intellectual property. The
operating plan also details operations related to personnel,
like how many employees you hope to hire in various
departments.
9. Financial projection and needs

The financial section of your business plan explains how

you anticipate bringing in revenue. If you need funding
for your business, this section also describes the sources
and amounts for that funding. Include your financial
statements, an analysis of these statements and a cash
flow projection.
10. Exhibits and appendices

The last section of your business plan provides any extra

information to further support the details outlined in your plan.
You can also include exhibits and appendices to support the
viability of your business plan and give investors a clear
understanding of the research that backs your plan. Common
information to put in this section includes:
•Resumes of company management and other stakeholders
•Marketing research
•Permits
•Proposed or current marketing materials
•Relevant legal documentation
•Pictures of your product
•Financial documents
MARKET DEMAND & SUPPLY
 OPPURTUNITY
SEEKING,SCREENING AND
SEIZING
Opportunities are everywhere. Trouble is, you
must find it yourself.
RESEARCH:

How Apple’s phone created and

destroyed industries and changed
the world?
 Opportunity Seeking

Entrepreneurs are innovative opportunity seekers. They have

endless curiosity to discover new or different ideas and see
whether these ideas will work in the marketplace.
Entrepreneurs create value by introducing new products or
services or finding better ways of making them. These may
include innovation in terms of product design or addition of new
product features to existing ones.
Essential to an entrepreneur's
opportunity seeking are:
1.The entrepreneurial mind frame
allows the entrepreneur to see things in a very positive
and optimistic light in the midst of crisis or difficult
situations.

Instead of being discouraged, the entrepreneur is able to

use these problematic situations as inspiration in creating
something innovative.
2. Entrepreneurial
heart flame
Driven by passion, they are
drawn to find fulfillment in
the act and process of
discovery.
 3. Entrepreneurial gut game
This refers to the ability of the entrepreneur to sense without
using the five senses. This is also known as intuition.

The gut game also connotes courage.

It is simply confidence in one's self and the firm belief that

everything is within reach so long as you aspire for it.