- Who is eligible to participate in Empresario?
Empresario is an open B-Plan competition organised by Entrepreneurship Cell, IIT
Kharagpur. Entries, under any stage of development, are eligible to participate. The
competition aims at transforming raw ideas into full-fledged business models.
- Why participate in Empresario?
Starting a company from scratch involves a lot of obstacles. The 3 major obstacles
which are common to all such start ups are as follows:
E-Cell provides a perfect platform to such ventures by helping them in terms of
funding, mentorship and connecting them to the right people in the industries. By
participating in Emprersario, the teams are not only eligible for funding but are also
linked to mentors. Finalists also get a chance to pitch their ideas before Venture
Capitalists and Angel Investors. In the process, the start-ups get ample of
opportunity to improve upon their B-plan and overcome the shortcomings, while it is
still in its gestation period.
- What is a Business Plan (B Plan)?
A business plan is a document that summarizes the operational and financial
objectives of a business, focuses on key points, allocates resources and contains the
detailed plans and budgets showing how the objectives are to be realized. Because
the business plan contains detailed financial projections, forecasts about your
business's performance, and a marketing plan, it's an incredibly useful tool for
planning of your business.
- Why need a B-Plan?
To test the feasibility of the idea. Writing a business plan is the best way to test the
feasibility of an idea. The marketing and competitive feasibility of an idea can be
tested through evaluation of a b-plan.
To secure funding. Business institutions and investors play a leading role in
providing the operational and start-up capital. A good business plan provides a
sound platform for attracting venture capitalists and funding from the financial
To make business planning manageable and effective. A business plan is an
important tool for establishing business. The business plan can help in strategizing
the goals to be accomplished, changes required and the directions a company’s
growth needs to take.
- How detailed should it be?
Business advisors, experienced entrepreneurs, bankers, and investors generally
agree that you should develop a business plan before you start a business. A plan
can help you move forward, make decisions, and make your business successful.
However, not all business plans are the same, not every business needs the same
level of detail. You might develop a fairly simple plan first as you start a small
business, and that might be enough for you. You can also start simple and then
elaborate as you prepare to approach bankers or investors.
For an example, imagine yourself doing a business in your own backyard selling
lemonade. A business plan could give you a chance to step back from the normal
flow and look at ways to develop and improve the business. The planning process
should help you understand your business. It should help you define what you want
from the business, understand what your customers want, and decide how to
optimize your business on your own terms. You might benefit from developing a
simple sales and expense forecast, maybe even a profit and loss, so you can plan
how to use and develop your resources. You might not need to create detailed cash
flow, balance sheet, and business ratios. A simple plan may be just what you need to
However, not all startups are that simple. Many of them need product development,
packaging, retail fittings and signage, office equipment, websites, and sometimes
months or even years of payroll before the sales start. Unless you’re wealthy enough
to finance these expenditures on your own, then you’ll need to deal with bank loans
or investors or both; and for that you’ll need a more extensive business plan. Startup
company or not, the plan has to meet expectations.
- Is there a standard B-plan format?
A normal business plan (one that follows the advice of business experts) includes a
standard set of elements, as shown below. Plan formats and outlines vary, but
generally a plan will include components such as descriptions of the company,
product or service, market, forecasts, management team, and financial analysis.
- Can you suggest a standard format of a b-plan?
f you have the main components, the order doesn’t matter that much, but here’s the
outline order we suggest.
For more details visit http://www.bplans.com/business_plan_template/
- Executive Summary It is just a page or two of highlights, but very critical to
make the first impression.
- Company Description Legal establishment, history, start-up plans, etc.
- Product or Service Describe what you’re selling. Focus on customer benefits.
- Market Analysis You need to know your market, customer needs, where they
are, how to reach them, etc.
- Strategy and Implementation Be specific. Include management
responsibilities with dates and budget.
- Management Team Include backgrounds of key members of the team,
personnel strategy, and details.
- Financial Plan Include profit and loss, cash flow, balance sheet, break-even
analysis, assumptions, business ratios, etc.
- What is the ideal length of a B-plan?
Page count is not a good way to measure length. A 20-page plan with dense text
and no graphics is much longer than a 35-page plan broken up into readable bullet
points, useful illustrations of locations or products, and business charts to illustrate
Measure a plan by readability and summarization. A good business plan should
leave a reader a good general idea of its main contents even after only a quick
skimming, browsing the main points, in 15 minutes. Format, headings, white space,
and illustrations make a big difference. Summaries are very important. Main points
should show up in a business plan as quickly as they do in a business presentation.