Entrepreneurship in Technology
Read the 1st 10 pages of the Guidebook and talk about it
I read the 1st paragraph and was already a little terrified as it was saying that most businesses in the tech industry tends to fail and only a small percentage actually becomes a profitable business. Looking back at my business idea I have, it makes me a little worried that potentially I can put a lot into start up and eventually not break even depending on the market. For me to actually make this business a success, I really do need to do some research and make a superb business plan. My main reason I want to create a business isn't for money, but more as a passion and a goal.
The 1st chapter talks about how to write a business plan. It is broken down into separate sections and tells you pretty much everything an investor would want to know about your business. It helps with planning to see if your business can actually be a business and funding your business. The sections it goes over are Executive Summary, Company Description, Market Size, Technology Description, Competition, Sales/Revenue generation, Finances, and Management.
Executive Summary
The executive summary summarizes all the major points of your business plan. I believe that having an executive summary is important as most investors don't really read everything in the plan as they only skim for key details. To me, this would be one of the hardest things to write as it is pretty much the first impression of your plan.
Company Description
The company description explains your company vision to the investor. My business idea as of right now is to create a gaming cafe. We are going to be a service business. Our business will offer customers to be able to play games, hang out, and have a cafe for snacks. We will offer weekly tournaments for prospective individuals who are interested in playing games professionally.
Market Size
The market size identifies how big the market is and if it is profitable and realistic. I would need to do more research to identify my market, but I do know that the gaming market is expanding at a fast rate.
Technology Description
Technology description is important for a business that is creating a new technology. For me, I am creating more of a service with technology.
Competition
Competition is crucial to a business. You need to identify all your competitors and try to differentiate
yourself from the other companies. My gaming cafe is pretty similar to most gaming lounges, but mine is going to incorporate a cafe next to it and I am going to offer more incentives to come to my gaming cafe with cash tournaments and sponsorship for pro gaming. The cafe will include great healthy snacks and offer a great spot to hang out for studying and even have small interviews with businesses.
Sales/Revenue Generation
I have done a little but of research on how I will charge for my services. This is not final but a rough draft idea of what I should expect. I want to charge per hour around $7 and $25 for all day. For tournaments, we will offer a cash prize pool and people would need to buy in to participate. I will also include a participation gift for those who play and don't win to keep them motivated to try again. We will offer drinks and snacks at the cafe. The catch we could do is that if you are a loyal customer, You can join our monthly subscription club and you can play unlimited for the month and get loyalty points for as many hours spent than can be used to purchase snacks from the cafe.
Finances
This is the hardest part for me. I need to figure out how much money is going to be needed and If I will even see a return in my investment down the road. I would need to find space that can incorporate at least 20 computers, 4 couches, and an entire cafe. Then I would need to purchase all the tools needed for a bakery, buy all the computers, desks, keyboards, chairs, tables, tv's, couches, games, ovens, signs, and whatever else I need to start the business. This will be the most expensive part as I don't know how much I would need. I would expect maybe around 100,000. But for me to see my money back, I would have to see how much money I can make on my business. I know over time if my business is sustainable that I will eventually earn back my money.
Management
Management is important because if the manage fails, the business will fail. I need to hire motivated individuals to promote my business, and keep my business running. I will most likely put a lot of my time and effort to start the business. But once my business is up and running, I will hire and train personnel to run the business for me. I need to hire someone to manage social media and Human resources for all the employees. I also have to manage the cafe side as well, as my wife will most likely be my business partner and she will operate the cafe.
I read the 1st paragraph and was already a little terrified as it was saying that most businesses in the tech industry tends to fail and only a small percentage actually becomes a profitable business. Looking back at my business idea I have, it makes me a little worried that potentially I can put a lot into start up and eventually not break even depending on the market. For me to actually make this business a success, I really do need to do some research and make a superb business plan. My main reason I want to create a business isn't for money, but more as a passion and a goal.
The 1st chapter talks about how to write a business plan. It is broken down into separate sections and tells you pretty much everything an investor would want to know about your business. It helps with planning to see if your business can actually be a business and funding your business. The sections it goes over are Executive Summary, Company Description, Market Size, Technology Description, Competition, Sales/Revenue generation, Finances, and Management.
Executive Summary
The executive summary summarizes all the major points of your business plan. I believe that having an executive summary is important as most investors don't really read everything in the plan as they only skim for key details. To me, this would be one of the hardest things to write as it is pretty much the first impression of your plan.
Company Description
The company description explains your company vision to the investor. My business idea as of right now is to create a gaming cafe. We are going to be a service business. Our business will offer customers to be able to play games, hang out, and have a cafe for snacks. We will offer weekly tournaments for prospective individuals who are interested in playing games professionally.
Market Size
The market size identifies how big the market is and if it is profitable and realistic. I would need to do more research to identify my market, but I do know that the gaming market is expanding at a fast rate.
Technology Description
Technology description is important for a business that is creating a new technology. For me, I am creating more of a service with technology.
Competition
Competition is crucial to a business. You need to identify all your competitors and try to differentiate
yourself from the other companies. My gaming cafe is pretty similar to most gaming lounges, but mine is going to incorporate a cafe next to it and I am going to offer more incentives to come to my gaming cafe with cash tournaments and sponsorship for pro gaming. The cafe will include great healthy snacks and offer a great spot to hang out for studying and even have small interviews with businesses.
Sales/Revenue Generation
I have done a little but of research on how I will charge for my services. This is not final but a rough draft idea of what I should expect. I want to charge per hour around $7 and $25 for all day. For tournaments, we will offer a cash prize pool and people would need to buy in to participate. I will also include a participation gift for those who play and don't win to keep them motivated to try again. We will offer drinks and snacks at the cafe. The catch we could do is that if you are a loyal customer, You can join our monthly subscription club and you can play unlimited for the month and get loyalty points for as many hours spent than can be used to purchase snacks from the cafe.
Finances
This is the hardest part for me. I need to figure out how much money is going to be needed and If I will even see a return in my investment down the road. I would need to find space that can incorporate at least 20 computers, 4 couches, and an entire cafe. Then I would need to purchase all the tools needed for a bakery, buy all the computers, desks, keyboards, chairs, tables, tv's, couches, games, ovens, signs, and whatever else I need to start the business. This will be the most expensive part as I don't know how much I would need. I would expect maybe around 100,000. But for me to see my money back, I would have to see how much money I can make on my business. I know over time if my business is sustainable that I will eventually earn back my money.
Management
Management is important because if the manage fails, the business will fail. I need to hire motivated individuals to promote my business, and keep my business running. I will most likely put a lot of my time and effort to start the business. But once my business is up and running, I will hire and train personnel to run the business for me. I need to hire someone to manage social media and Human resources for all the employees. I also have to manage the cafe side as well, as my wife will most likely be my business partner and she will operate the cafe.
Comments
Post a Comment