FAQ

• 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:
• Funding
• Mentoring
• Incubation
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 institutions. 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 get going. 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.
• 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.
For more details visit http://www.bplans.com/business_plan_template/
• 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 important projections. 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.