Business Plan Flashcards
What is a business plan
A business plan is a written statement that describes and analyzes your business and gives detailed projections about its future.
Why write a business plan??
Key tools for funding
– Lenders and investors require it
– It shows where your revenue will come from and what kind of
expenditure you will have
Helps you decide to proceed or stop a venture
Improves your odds of success
Helps you keep on track
Helps you improve your business concept
What is an elevator pitch
An elevator pitch is a brief, persuasive speech that you use to
spark interest in what your organization does.
A good elevator pitch should last no longer than a short elevator
ride of 20 to 30 seconds, hence the name.
What is an exective summary
Should include a concise presentation of those
aspects of your business that are critical to a
potential investor or lender.
Appears first in the final plan, but should only be written after you have completed all other section of the business plan
What is a business model
A business
model describes
the rationale of
how an
organisation
creates, delivers
and captures
value
What are feautres in a business model
KP| KA | KR
Key partners
Key activities
Key resources
Value Proposition
CR | CS | CH
Customer relationship
Customer segemnts
Channels
Cost structure
Revenue Streams
What is the full meaning of PESTEL and SWOT
P.E.S.T.E.L : Pollitical, Economic, Social, Techonology, Environment and Legal
S.W.O.T : Stregnths, Weakness, Opportunities and Threats
What is income statement
The income statement subtracts all the cost incurred to operate your enterprise from the amounts received from selling goods and services. The result is a net income or a net loss for the year.
What is cash flow statement
The Cash Flow Statement will show the amount of cash you have available at any given time during
your business plan.
How many sections is the balance sheet divided into
They are divided into 2: assets and liabilities including shareholders’ equity
The two sections must always be in balance
Example of current assets
cash
accessible resources
short term investements
account recievable
example of fixed assets
land
equipments
buildings
example of long term investments
copyrights, patents, stocks
examples of current liabilities
payable within one year
examples of long term liabilities
mortages,
contract obligations
What is ROI
Net income divded by investement capital
What is payback period
Time period to recover the investment capital. This can be
computed by dividing the cash flow over a period by the investment capital
What is Corporte Affairs Commission(CAC)
Corporate Affairs Commision was established by CAMA and is the governmental agency with responsibility of incorporating businesses in Nigeria
What is the structure of business in nigeria
Business names
Partnerships
Companies
Incorporated trustees
What are some formation of businesses
- Sole proprietorships
- Private Company
- Public Limited Company
- Limited libability partnerships
- Incorporated Trustees
What is CAMA and CAC
CAMA stands for Company and Allied Matters Act
CAC stands for Corporate Affairs Commision
What are some legal requirements
- Company and Allied Matters Act
- Partnership Laws
- Laws on intellectual property
- Laws on Taxation
Mention some regulatory bodies
- National Agency for Food and Drug Administration and Control
(NAFDAC) - Central Bank of Nigeria (CBN)
- Department of Petroleum Resources (DPR)
-Security and Exchange Commission (SEC)
Mention Dispute Resolution
Negotiation
* Mediation
* Arbitration
* Litigation
What is intellectual property
According to the Legal Dictionary, IP is an intangible right protecting the products of human intelligence and creation.
In other words it is the fruit of mental labour
Types of IP managment and laws
Patents
Designs
Copyright
Trademarks
What is a patent
A patent is granted by the fedral governement and provides the power to exclude others making, using or selling an invention without permission.
What is copyrights
Copyright is the right to exclude others from substantial copying of the material form of such works
What is a trade mark
A trademark can be any word, phrase, symbol, design, or a combination of these things that identifies your goods or services.
What is IP management
This is the process of managing IP content for the inventor, owner so they can achieve maximum value such as commercial advantage.
Mention of objectives of IP managment
Societial progress
Cultural Heritage Protection
Human rights protection
Full social value and exclusive rights to creator except consent is granted
Sources of IP infringment in Nigeria.
Counterfeit Goods
Illegal rebroadcasting
Piracty of music, movies for trade
Use of image without consent from creator
Challenges with IP managment in Nigeria.
Lack of resource allocation
Little public awareness
Lack of support by distributors
Lack of adequate skills by examiners of IP
Opportunities for IP managment
University education on IP
Open education of IP to citizens
Full government cooperation on the coordination
and enforcement of IP laws
