Creating a winning business plan

27th webinar organized by ihub on 02nd may 2020

Speaker – Babulal Yadav, CEO startup xpress 

Objective – The motive of the webinar is to give suggestions to new startups and entrepreneurs. One needs to understand that he must have practical view of startup plan. 

The brief discussion points are as below. 

• Startup dreams – your hero 

• To be a bill gates, mark zuckerberg, Dhirubhai ambani, karsanbhai patel and so on.

• One of them happens to be your hero or role model whenever you decided to enter into startup business.

• You must define which feature of their startup success inspired you most. 

• You also need to study about their past.

• Risk Analysis – 

• Business means risk. Risk levels are different at different levels.

• High risk – till your prototype’s testing

• Proven risk – successful prototype testing till commissioning and stability 

• Leverage risk – after operational stability 

• While the above is applicable for business size, risk-management becomes highly critical for a startup as its risk-bearing capacity is minimal. 

• Determination – 

• The students or early startup should gain some seriousness while they want to enter into a business.

• Study the past of your ‘Role model’ to determine their lives.

• Promote SWOT – 

• Analyze the business plan you have on the basis of SWOT analysis

• Strength – Qualification, experience, industry knowledge 

• Weakness – industry experience, lack of resources 

• Opportunity – related to your strength 

• Threats – lack of expertise 

• Look forward to associations which fulfill the gaps in weakness and threats.

• Create product differentiations – 

• Identify features which distinguish your product from competitors.

• Develop USP (Unique Selling Proposition)

• Create and secure brand to safeguard product identification. 

• Microscopic planning – 

• Last mile details about customer behavior or trade/business practices are must to convert potential into real sale transaction.

• Without such details project may get stuck.

• Phase wise implementation – 

• A startup is normally short of resources. So it needs to be implemented into following phases:

• Minimum capacity level 

• Optimum capacity level 

• Full capacity level 

• Prioritize spending –

• Priority should be given for spending in productive assets and with minimum risk.

• Not to create non-productive assets in the initial phases. 

• Provide for delay and unforeseen costs – 

• Despite best planning, unforeseen events hit the project and causes delays. 

• If provisions are not made for such contingencies, project implementation is stuck. 

• A part of total project cost should be reserved for this purpose.

• Success its own time –

• About 3 years is a rough time to achieve project stabilization.

• Startup should be mentally and resourcefully prepared to sustain this developing phases.

• In any case, he should not give up in frustration. 

• Be prepared for failure – 

• Failure in business is a kind of risk which every businessman will take.

• So, plan for failure, the worst case scenario. 

• Incubators will coach you for success case scenario. 

• Nowadays failure is considered as a step towards success.