Module 3: Entrepreneurial Planning (08 Hours) 

3.1 Business model and Lean canvas – Meaning, designing, analysing and improvising; 

3.2 Business Plan – Meaning; Scope and Need; Financial; Marketing; Human Resource; and
Production/Service Plan. Content of Business Plan, Business plan Formats-

3.3Project report preparation and presentation; Common pitfalls of Business Plan;  Idea pitching,
Prospecting funding.

3.1 Business model – Meaning, designing, analysing and improvising;

The business model helps to target the customer base for the company. It helps in making marketing
strategies, projection of revenues and expenses taking into account the type of Business models and
clienteles
1. Business -To- Business Models (B2B):
When the dealings or the transactions take place between two companies or the business then this type of
business model is known as business to business models. It has good market predictability and more
market stability. Since under B2B sale is made in bulk amount this model leads to lower cost for the
businesses. The best example of this type of business model in India is IndiaMart InterMesh which is a
wholesale B2B marketplace. It offers millions of products to its customers which includes consumer
electronics, machinery, apparel and many more.
2. Business -To-Consumer Models (B2C):
Business-2-consumer business model is a model that refers to businesses that sell their services or the
products directly to the consumer who are the end users of the products or services. There is an ongoing
demand for the products as it provides the essential items. This thus eliminates the risk of fluctuation in
demand and helps in maintaining consistency in the business. Since direct contact is there with the
customer’s so information is shared with them directly and easily. Customers are given products at a low
price compared to its competitors for the business to run smoothly. Example of business to consumer
model is Avenue Supermart which provides goods directly to its customers.
3. Subscription Based Models:
Any application based businesses or software companies have subscription based business models. They
offer their product as a onetime purchase, in return company earns monthly or annual revenues.
This type of business model allows the company to earn regular income by giving the client the
opportunity to pay for the cost of the purchase in 12 equal payments rather asking them to pay the
wholesome amount at one go. One of the leading examples is Infoedge for this type of business model.

4. On-DEMAND BUSINESS MODEL

It is the most recent form of model which is made out on the need by answering immediately. Under this
type of business model is prepared in such a way where all the questions will be answered by just a click
 of a button in seconds. It is very much convenient and easy for customers as even before customers have
visited the particular city they get their hotels or places booked. One of the example is Make my Trip
which allows the customers to plan the holidays and make the bookings in advance.
Advantages of Business Models
 A good business models gives the company a competitive edge in the industry.
 A strong business model provides the company good reputation in the market place encouraging the
investors to remain invested in the company.
 Making the business model strong leads to an ongoing business profit leading to increase in cash reserve
and new investments.
 Proven business model brings a financial stability in the organization.
Business models have disadvantages as well.
Disadvantages of Business Model:
 Once a business model is created, then it restricts to implement new ideas for the product.
 Creating a business model is time consuming as lot of factors needs to be considered.
 There might be a chance that business model may turn out to be inaccurate.
Apart from the disadvantages, business model is mandatory to be prepared before starting of a new
project

17 different types of business models

1. Advertising
The advertising business model has been around a long time and has become more sophisticated as the
world has transitioned from print to online. The fundamentals of the model revolve around creating
content that people want to read or watch and then displaying advertising to the readers or viewers.
In an advertising business model, have to satisfy two customer groups: the readers or viewers, and the
advertisers. Advertising business model examples: DDB Mudra Group, Group M Media India Pvt.
Ltd., Madison Communication Pvt. Ltd.

2. Affiliate
The affiliate business model is related to the advertising business model but has some specific
differences. Most frequently found online, the affiliate model uses links embedded in content instead of
visual advertisements that are easily identifiable. For example, if the firm runs a book review website, the
firm could embed affiliate links to Amazon within the reviews that allow people to buy the book the firm
are reviewing. Amazon will pay the firm a small commission for every sale that the firm refers to them.
Affiliate business model examples: Flipkart Affiliate, Amazon Associates, Big rock affiliate (domain
hosting company), yatra affiliate, optimize (PayTM, Samsung, Amazon, and Agoda)
3. Brokerage
Brokerage businesses connect buyers and sellers and help facilitate a transaction. They charge a fee for
each transaction to either the buyer or the seller and sometimes both. One of the most common brokerage
businesses is a real estate agency, but there are many other types of brokerages such as freight brokers
and brokers who help construction companies find buyers for dirt that they excavate from new
foundations. Brokerage business model examples – Real estate, Financial brokers

4. Customization
Some businesses take existing products or services and add a custom element to the transaction that
makes every sale unique for the given customer. For example, think of custom travel agents who book
trips and experiences for wealthy clients. The firm can also find customization happening at a larger scale
with products like Nike’s custom sneakers. Customization business model examples : Nissan- Nissan
introduced options for the buyers to select choose engine mode, Clothing brands

5. Crowdsourcing
If the firm can bring together a large number of people to contribute content to the site, then the firms are
crowdsourcing. Crowdsourcing business models are most frequently paired with advertising models to
generate revenue, but there are many other iterations of the model. Threadless, for example, lets
designers submit t-shirt designs and gives the designers a percentage of sales. The key to a successful
crowdsourcing business is providing the right rewards to entice the “crowd” while also enabling the firm
to build a viable business. Crowdsourcing business model examples: Kickstarter, Patreon

6. Multi-sided platform model

Any company that offers services to both sides of business carries out a multi-sided business model. The
perfect example is LinkedIn, which provides subscription services to people to find job opportunities as
well as to HR managers to find candidates for their vacancies. Example: LinkedIn, Freelancer.com

7. Fractionalization
Instead of selling an entire product, the firm can sell just part of that product with a fractionalization
business model. One of the best examples of this business model is timeshares. Where a group of people
owns only a portion of a vacation home, enabling them to use it for a certain number of weeks every year.
Fractionalization business model examples: Vacation homes, Villas, farm lands
 8. Franchise
Franchising is common in the restaurant industry, but the firm’ll also find it in all sorts of service
industries from cleaning businesses to staffing agencies. In a franchise business model, the firm is selling
the recipe for starting and running a successful business to someone else. The firm are often also selling
access to a national brand and support services that help the new franchise owner get up and running. In
effect, the firm is selling access to a successful business model that the firm would have developed.
Franchise business model examples McDonald’s, Pizza hut, Subway

9. Freemium
With a freemium business model, the firm’re giving away part of the product or service for free and
charging for premium features or services. Freemium isn’t the same as a free trial where customers only
get access to a product or service for a limited period of time. Instead, freemium models allow for
unlimited use of basic features for free and only charge customers who want access to more advanced
functionality. it can be using apps. Freemium business model examples; LinkedIn, Zoom, Microsoft
Teams

10. Leasing
 Leasing, is like renting. At the end of a lease agreement, a customer needs to return the product that they
were renting from the firm. Leasing is most commonly used for high-priced products where customers
may not be able to afford a full purchase but could instead afford to rent the product for a while. Leasing
business model examples: Cars, Pepperfry.

11. Low-touch
With a low-touch business model, companies lower their prices by providing fewer services. Some of the
best examples of this type of business model are budget airlines and furniture sellers like IKEA. In both
of these cases, the low-touch business model means that customers need to either purchase additional
services or do some things themselves in order to keep costs down. Low-touch business model
examples: IKEA, Go Air, Indigo.

12. Marketplace
Marketplaces allow sellers to list items for sale and provide customers with easy tools for connecting to
sellers. The marketplace business model can generate revenue from a variety of sources including fees to
the buyer or the seller for a successful transaction, additional services for helping advertise seller’s
products, and insurance so buyers have peace of mind. The marketplace model has been used for both
products and services. Marketplace business model examples: eBay, Airbnb

13. Pay-as-the firm-go

Instead of pre-purchasing a certain amount of something, such as electricity or cell phone minutes,
customers get charged for actual usage at the end of a billing period. The pay-as-the firm-go model is
most common in home utilities, but it has been applied to things like printer ink. Pay-as-the firm-go
business model examples; BWSSB, Electricity etc

14. Razor blade

The razor blade business model is named after the product that essentially invented the model: sell a
durable product below cost to increase volume sales of a high-margin, disposable component of that
product. This is why razor blade companies practically give away the razor handle, assuming that the
firm’ll continue to buy a large volume of blades over the long term. The goal is to tie a customer into a
system, ensuring that there are many additional, ongoing purchases over time. Razorblade business model
examples: HP Printers, Nespresso coffee machines, Xbox, Amazon’s Kindle

15. Reverse razor blade

Flipping the razor blade model around, the firm can offer a high-margin product and promote sales of a
low-margin companion product. Similar to the razor blade model, customers are often choosing to join an
ecosystem of products. The add-ons are just there to keep customers using the initially expensive product.
Reverse razorblade business model examples: Apple’s App Store and iTunes sell apps, movies,
songs, etc. at reasonable rates but charges premium prices on its devices like iPhone, iPad, and Mac

16. Reverse auction

A reverse auction business model turns auctions upside down and has sellers present their lowest prices to
buyers. Buyers then have the option to choose the lowest price presented to them. The firm can see
reverse auctions in action when contractors bid to do work on a construction project. The firm also sees
reverse auctions anytime the firm shops for a mortgage or other type of loan. Reverse auction business
model examples: Priceline.com, Lending Tree

17. Subscription
Subscription business models are becoming more and more common. In this business model, consumers
get charged a subscription fee to get access to a service. While magazine and newspaper subscriptions
have been around for a long time, the model has now spread to software and online services and is even
showing up in service industries. Subscription business model examples: Netflix, Salesforce,

18. Open Source: In the open-source model, the free product is built, developed, and in part,
maintained by an open community of developers. Those developers are a part of an independent
community.

19. SaaS Business Model

SaaS or Software as a Service business model is a centrally-hosted software that is hosted
on a cloud infrastructure. Customers pay a subscription fee to utilize the software. EX:
Zoom

20: Ecommerce
The eCommerce model focuses on selling products by creating a web-store on the internet (online shop).
Amazon, Alibaba, ebay, olx, and Walmart are some of the big companies that have adopted an e-
commerce business model.
Business Model Canvas

"Lengthy business plans often increase the risk of failure," wrote Alex Osterwalder in his 2008 book “Business
Model Generation.”The business model canvas offers a way to avoid this, providing a simplified version of a
business plan. A business model canvas is a simple, visual framework that helps teams outline the most
fundamental elements of a business.

Success of business Model Canvas

1. It’s simple and easy to follow: Whether you have a business idea or are managing a large enterprise, having
an easy-to-follow business plan can be immensely helpful. As a precise one-page document, teams can modify
specific business model canvas elements as they go along without completely redoing a 50- or 100-page
document.
2. Focused on being actionable: Every business plan needs to be actionable. Using a business model canvas
helps you accurately define your organization’s core value proposition and keep it aligned to your business
strategy.
3. Flexible and scalable as the business evolves
No business stays the same forever but evolves as it interacts with diverse market dynamics, competitors,
product innovations, and changing consumer needs. To take the idea to market, the firm need a tool that
connects the dots between what the customers want and businesses unique offering, and the desired profitability
streams.
4. Puts the customer first
Ignoring customers sets businesses up for failure. Companies flounder if they direct their energies solely
towards making a great product or service. With a business model canvas template, the firm can focus on the
ultimate end-users of your product.
5. Helps get team and executive buy-in
23% of businesses fail without the right team on their side. Every company needs team members with a diverse
mix of skills, experiences, and talents. Companies require a solid business blueprint for hiring team members or
bringing in investors.
6. Promotes focus on the unique value proposition of your business
19% of companies fail due to being outperformed by their competitors. If there's no difference between your
product and one from another firm, why should customers come to your company?

Components of Business Model Canvas

1. Customer segments
In this fundamental business area, teams identify the core individuals they will help with their product or
service. To do this, they create two to three buyer personas — potential customers that a business seeks to
serve. A buyer persona is a simple but detailed description of a prospective business customer. It assists with
capturing the customer’s real-life problems and motivations, helping the business deliver what they want.
 Mass market: A business model that focuses on mass markets doesn’t group its customers into
segments. Instead, it focuses on the general population or a large group of people with similar needs.
For example, a product like a phone.
 Niche market: Here the focus is centered on a specific group of people with unique needs and traits.
Here the value propositions, distribution channels, and customer relationships should be customized to
meet their specific requirements. An example would be buyers of sports shoes.
 Segmented: Based on slightly different needs, there could be different groups within the main customer
segment. Accordingly, you can create different value propositions, distribution channels, etc. to meet the
different needs of these segments.
 Diversified: A diversified market segment includes customers with very different needs.
 Multi-sided markets: this includes interdependent customer segments. For example, a credit card
company caters to both their credit card holders as well as merchants who accept those cards.

2. Value proposition
The value proposition is the ultimate value that a customer will get from your product or service. It seeks to
answer the question, “Why will a customer buy?” Here are a few popular value propositions for any
organization:
 Customization ability
 Unique product design
 Innovation in product or service
 Exceptional service or product status
 Affordable pricing and clear pricing model definition

3. Channels
In a business model canvas, channels are the platforms through which a company sells its product or service to
end-users. To identify the best channel for your business, look at how you plan to connect with your customers.
A few possible channels can be:
 A self-owned retail store
 A website
 Direct sales staff
 Affiliate marketing platforms
  Google Adsense
 Facebook
A business can either own its channels or partner with other companies that have their own channels.

4. Customer relationships
Customer relationships in a business model canvas define how the company will obtain, retain, and increase
new customers. Let's take a look at how customer relationships are built:
 Identify how to obtain customers and from which platforms (e.g., Google, Facebook ads)
 Gain clarity on how to retain existing customers using different techniques (e.g., exceptional customer
service)
 Discover how to increase the customer base of the business (e.g., sending text or email notifications to
prompt website visits)
 Personal assistance: you interact with the customer in person or by email, through phone call or other
means.
 Dedicated personal assistance: you assign a dedicated customer representative to an individual
customer.
 Self-service: here you maintain no relationship with the customer, but provides what the customer
needs to help themselves.
 Automated services: this includes automated processes or machinery that helps customers perform
services themselves.
 Communities: these include online communities where customers can help each other solve their own
problems with regard to the product or service.
 Co-creation: here the company allows the customer to get involved in the designing or development of
the product. For example, YouTube has given its users the opportunity to create content for its
audience.

5.Revenue streams
Revenue streams help the business owner decide how to generate revenue and achieve their
predefined organizational goals. Key decisions with revenue streams include:
 Choosing from a one-time payment model or monthly subscriptions
 Keeping a free plus paid model or a wholly paid product or service with a free trial
 How payment from customers will be received — website payments, PayPal, or in-store
 Asset sales: by selling the rights of ownership for a product to a buyer
 Usage fee: by charging the customer for the use of its product or service
 Subscription fee: by charging the customer for using its product regularly and consistently
 Lending/ leasing/ renting: the customer pays to get exclusive rights to use an asset for a fixed period of
time
 Licensing: customer pays to get permission to use the company’s intellectual property
 Brokerage fees: revenue generated by acting as an intermediary between two or more parties
  Advertising: by charging the customer to advertise a product, service or brand using company
platforms

6.Key resources
Key resources in your business model canvas represent the assets that are vital to your company’s operation.
Business assets can include anything from the below categories:
 Physical assets, including machines, buildings, IT hardware, and vehicles
 Intellectual assets, including patents, copyrights, partnerships, brands, and employee skills
 Human assets, including talented employees in knowledge industries such as IT, law, and content
marketing
 Financial assets, like cash balances in the bank or lines of credit

7.Key activities
Want to make your business canvas model work? Make sure to list the key activities that will help expand the
business's core value proposition. Key activities can come from any of the below categories:
 Production: How you will deliver your end product to the customers. You may need to order more stock
or upgrade materials
 Platform: For example, the software used to sell your product, which may require upgrades or
maintenance
 Problem-solving: For example, designing innovative solutions for issues that your customers face

8.Key partners
Every business has some non-core activities that should preferably be outsourced. Key partners are the
companies or individuals that complete these non-core activities. Take a company like Facebook, for example
— its key activity is to upgrade and maintain its platform. It doesn't create its own ads, so it also needs to
strike deals with companies that wish to advertise on its platform. Similarly, it doesn’t create its content
— the users do. The primary reasons for choosing key partners can be:
 Achieving economies of scale
 Mitigating risk and unpredictability in business
 Acquiring resources and advertisements for its business (e.g., ads for Facebook)

9.Cost structure
Once the key activities are outlined on the business model canvas, it's time to assign cost structures. Be clear
and precise with the estimated business costs of the planned activities to ensure you reach your profitability
goal.
It can be helpful to see a business model canvas in action to understand its application in real-life situations. In
this example, the nine elements of the business canvas model are being applied to Facebook’s business:
1. Customer segments: Facebook's customers can be divided into two distinct categories — advertisers
and platform users
 2. Value proposition: The primary reasons platform users come to Facebook. Users feel connected to
friends and families, while companies get more leads through advertising on the platform
3. Channels: The website where all data is stored
4. Customer relationships: Facebook incentivizes users to stay on the platform through notifications and
new features, leading more companies to advertise on it
5. Revenue streams: Facebook earns money through advertising, while companies gain new customers
from Facebook ads
6. Key resources: Facebook's key resources are its platforms — Facebook.com, the Messenger application,
and Facebook Ads Manager for advertisers
7. Key activities: Maintaining the website and its infrastructure are two of Facebook’s key strategic
activities
8. Key partnerships: Facebook's key partners are its users and advertisers
9. Cost structures: Major costs incurred by Facebook include managing the software, backend engineering
operations, product development, regular operations, and staff salaries

Business model canvas template exercises that can help your team get started.

1. Customer segments: Can you identify your potential customers?

2. Channels: Once the product or service is ready, how will customers discover it?
3. Key partnerships: Can any non-core business activities be outsourced?
4. Customer relationships: How will your business generate leads and retain and increase your customer
base?
5. Cost structures: Can the business classify its main costs and expenses into fixed and variable? Is there a
way to align costs with the core value proposition and planned revenues?
6. Revenue streams: Has the business decided on a profit margin? How will it make money?
7. Key resources: Which core resources are critical for the business to succeed?
8. Value proposition: Why will customers choose your business? Does the company satisfy any particular
need with its product or service?
9. Key activities: Are there any activities that help your business deliver its unique value proposition to
customers?

Lean model canvas:

If the firm business is still in an idea or in its infancy stage, choosing a lean model canvas makes more sense.
Inspired by the business model canvas, the lean model canvas was created by Ash Maurya. It is a one-page
business plan template that distills the lean startup methodology into the original business model canvas. Lean
model canvas assimilates multiple essential data points to develop a simpler, start-up optimized version of a
business model canvas. It adds four more building blocks to the business model canvas, namely:
 Problem: Identify the problem faced by the customer and focus on solving it
 Solution: Start with a minimum viable product that helps solve the customer problem effectively
 Unfair advantage: List the barriers to entry in a specific sector and your company’s competitive
advantages
 Key metrics: Focus on one goal at one time to ensure you’re doing a good job
Lean model canvas drops four elements from the original business model canvas — key partners, key
activities, key resources, and customer relationships.

3.2 Business Plan – Meaning; Scope and Need; Financial; Marketing; Human
Resource; and Production/Service Plan. Content of Business Plan, Business plan
Formats-
Business Plan is a document in writing that outlines the goals, objectives, and purpose of a business while
laying out the blueprint for its day-to-day operations and key functions such as marketing, finance, and
expansion.
Sections of the Business Plan
A business plan should be structured like a book with the title or cover page first, followed by a table of
contents. Following these two pages, the main parts of the plan normally appear in this order: executive
summary, business mission statement, goals and objectives, background information, organizational matters,
marketing plan, and financial plan.

CONTENTS OF BUSINESS PLAN /PROJECT PROPOSAL

The content of business plan depends upon the objectives and goals set for the business undertaking. A business
plan should include a market plan, financial plan, human plan, resource plan, etc.
 1. Title Page and Table of Contents: A business plan is a professional document and should contain a title
page with the company’s name, logo, and address as well as the name and contact information of the
company’s founders. Many entrepreneurs also include the copy number of the plan and the date on which it was
issued on the title page.

2. Executive Summary/Management Summary: It will usually contain a brief statement of the problem or
proposal covered in the major documents, background information, concise analysis and main conclusions. It is
intended as an aid to decision making by managers. Executive summary should be concise a maximum of two
pages and should summarize all of the relevant points of the business venture.

3. Business Description, Vision & Mission Statement: Business description summarizes the key technology,
concept, or strategy on which the business is based. The mission statement clearly states the company’s long-
term mission. In the mission statement the use words should be such that which would help direct the growth of
the company. For example McDonald’s mission statement reads like this- “To provide the fast food customer
food prepared in the same high-quality manner would world-wide that has consistent taste, serving time, and
price in a low-key décor and friendly atmosphere.

4. Business and Industry Profile: In industry analysis future outlook and trends of the industry needs to be
looked into. A proper analysis of the competitors in the market and industry should also be carried out properly
and the results should reflect in the business plan drafted

5. Description of the Company’s Product or Service: The business plan should include the overall
description of what the company is going to offer to its customers in terms of product/services on offer.
Product/service detail should be written in a terminology-free style so that it is easy for others to understand.

6. Market Analysis: The most important section in the business plan, the market analysis section should
include conclusive information of how the company will react to changes in the market, generate sales, and
explain why the company should be invested in.

The market analysis section should include:

(a)Market opportunity
(b)Competition analysis
©Marketing strategy
(d)Market research
(e)Sales forecasts

7. Management Team: The management team section should share in detail the management team, as
investors usually invest in people not their ideas. Included within this section should be:
(a) Management Talent and Skills
(b)Organizational chart
(c) Policy and strategy for employees
(d)Board of Directors and Advisory Board
8. Managerial and Structural Aspects: In this the entrepreneur needs to decide which kind of organization
structure should be adopted. Further, the authority responsibility relationship also needs to be planned out. It is
also necessary for the organization to specify the type of business process being followed.

9. Technical Analysis: In technical analysis the results of the technical feasibility carried out earlier is drafted.
In this generally the requirements of the plant and machinery, plant capacity utilization, location of the plant
etc. is analyzed and drafted.

10. Production Analysis: In this a comprehensive budgetary proposal with sub-budgets for all necessary
elements is drafted. In addition to this the quality control system of the organization and inventory control
systems detail should be there in the business plan.

11. Financial Plan: In this the source of capital whether it be fixed or working capital is elaborated. Secondly,
the capital structure in a broad based manner should also be a part of the financial plan. Thirdly, schemes and
strategies to ensure financial control and financial discipline needs to be drafted firsthand. Other details such as
agreements or Memorandum of Undertakings (MOU) with banks, financial institutions, underwriters etc.
should also be a part of the financial plan.

12. Human Resource Plan: The manpower planning and the need of human resource for the organization
should be analyzed and assessed. Business would do well to draft the procedures for recruitment, selection,
placement, career advancement plans, training and development programmes, system of personnel
compensation etc. in the business plan to draw in clarity about the priorities of the business.

BUSINESS PLAN FORMAT; Every business plan is unique, reflecting its own elements and
circumstances. However, certain elements are universal and commonly followed.

1. Executive Summary (should not exceed 2 pages)

A. Name, Address, Contact Information of the Company,
B. Contact details of key people of the organization
C. Description of the business, its products and services, and the customer problems being solved
D. Description of the market for the products and services on offer
E. Overview of the venture’s competitive advantages
F. Mentioning the brief description of managerial and technical expertise of key people
G. Highlighting financial forecasts through charts and graphs
2. Vision and Mission Statement

3. Company history (if venture is existing)

4. Business and Industry Profile

A. Industry Analysis • Industry background and overview • Significant trends • Rate of growth • Essential
success factors in the industry

B. Outlook of the Future stages of growth C. Goals and objectives of the venture • Operational Goals •
Financial Goals • Other Goals

5. Business Strategy

A. Desired Image and Position in the Market

B. SWOT Analysis • Strengths • Weaknesses • Opportunities • Threats

C. Competitive Strategy • Cost Leadership • Differentiation • Focus

6. Company Products and Services

A. Description of products and Services

B. Patent or Trademark Protection

C. Description of Production Process

D. Future Product Offerings

7. Marketing Strategy

A. Target Market

B. Customers motivation to buy

C. Market Size and Trends

D. Advertising and Promotion

E. Pricing

F. Distribution Channel

8. Location and layout of the Plant (if applicable)

9. Analysis of the Competitor 10. Management Team Description

11. Plan of Operation

12. Financial Forecasts

13. Loan or Investment proposal

14. Appendices (supporting documents etc.)

Case study question:

How do you devise a marketing plan for event management firm?

MARKETING PLAN AND PROMOTION PLAN FOR EVENT MANAGEMENT FIRM

When there is a need to advertise the events, the team in a firm should be ready to complete various straight
forward actions that truly impact and result in positive outcomes, such as advertising the event
management benefits, making changes in the administration based on the present situation, establishing a
commercial center of the event to control the benefits, and so much more.

How to succeed in the event planning business

The first thing the need to do is manage the time properly. Second, use a top-notch contest management platform.
By integrating the events with social media or trusted public media platforms, such as LinkedIn, Facebook, Twitter,
Reddit, TheTube the firm can create a buzz, etc. The event audience is already associated with these web-based
social networking sites.

How to market an event planning business,

How to market the event business to make an impact and guarantee a great response from the target.

1. Networking: Networking and getting referrals for the business are the first things to do and the best ways to
market an event from the start. Associate the company/frim with nearby business associations. Many
referrals also come from former clients or sales managers. Keep in touch with them and remain on good
terms.
2. Online/offline advertising: If a whole site is dedicated to the upcoming event, name it wisely. The name
should use a keyword that reflects the main idea of t​ he project. This technique will facilitate the search for
the necessary information and also create a memorable image that will be associated with the brand.
3. Online & local listings; Thee are more than 50 top business listing websites where the can advertise the
event business for free. It’s vital to get the business listed on all applicable online directories, either
regionally or worldwide. It may be a Yahoo local listing, which ranks third next to Google and Bing, or
other. Choose the one that best suits the geography and audience or is the most sought after in the business
niche.
 4. Use business cards: Make a business card as unique as the company, and give it out to the customers to
make an impression. From the hundreds of attention-grabbing and high-quality business card designs, choose
one that reflects the individuality and makes the event business stand out.
5. Social media:Social media is a powerful promotional tool in the modern age, so use it to the fullest extent
possible. Focus on the benefits that await everyone who decides to attend the event. For faster sharing of
information, don’t forget to use relevant hashtags.

6. Email marketing : The marketing plan for event planning business should also include email. Now that
most of the important points are in progress, it’s time to start a blog and make a fresh newsletter for everyone
who has subscribed to it.

7.Live streaming the events, post-event video clips: It’s time to organise the event remotely. There are
many reasons why there should be live streaming the events. Streaming events and content live on the web
makes it accessible to a global audience. This means that attention on the content can surpass any capacity
limitations that a physical event would have, while also working to promote the event planning
business globally.

8.SEO, content marketing: One of the most effective ways that event planners drive visitors to the site is
through SEO and content marketing on event blogs and other web platforms.

9.Trade shows: Trade and sales shows are good exhibition opportunities. An industrial fair will let the show
themself and network with relevant people. Event planners attend trade and other shows and walk the floor in
order to interact with prospective clients or partners. At trade shows, the can showcase the self and get extra
mentions via business cards, business collateral flyers, brochures, guest list, booth branding, networking, etc.

10. Volunteer the services: There are many reasons to volunteer the time and efforts for a good cause. There
are committing a few hours to community service and putting extra shine on the brand.

10. Creating the strategy, budget; the most critical keys to planning and implementing an event business is
creating a marketing budget that gets results. So, start with the marketing strategy and allocate a budget.

 Set the marketing budget

 Allocate it according to the goals set
 Implement the marketing budget plan
 Consider the timeline
Regardless of the format and scale of the event, leave some space for the main organisational stage, which is
promotion. Also, use the following effective tips for event planning business promotion.

Success of an Event depends upon; below are some excellent ideas for marketing, advertising and promoting the
event planning business that the can use on the way to the top.
a. Provide excellent service: deliver excellent service to the customers is a challenge? Use real-life
examples and cases from leading event organisers to improve the way they do the business. Collecting
feedback is a good idea. Ask guests to leave feedback on event pages, in a group, or in a reply letter to the
newsletter. Reviews will be a great way to advertise the next event.

b. Offering the services in return for someone else’s: Exchange the skills. The event industry is
dynamic and changeable. Make friends with event specialists and related industry leaders, offer the services
to them, and promote the event business. When the promise to buy something and someone else promises to
sell it to the, the may have just made a contact!
c. Plan the budget

The firm should carefully plan the budget so the can stick to it with our expert guide. Follow our
budget planning tips and keep the finances under control. Remember, the goals don’t have to be set in stone,
but identifying the priorities before the start planning how to promote an event planning business will
definitely help.

d. Contact every large business: The art of event PR does not require an academic degree and
special training. Everyone has the power to attract the attention of the public to the upcoming event. Simply
contact a restaurant or hotel in the area and tell them about the services.

e. Find other event planners: They should also identify the organisations in the area that conduct a lot of
events and seminars and offer to arrange one for them. Join a local group or association for event planners
and attend event industry trade shows to find even more opportunities.

f. Build good relationships with competitors: By diversifying the networks, the build new relationships the
firm should force themself to go beyond the ordinary people in the immediate circle, or those the have known
or worked with for a long time. Instead, contact and nurture a real business relationship with at least one
customer, supplier, and competitor. Some might give the overflow work to the subcontractors, but they may
even ask the to work with them on the projects.

g. Provide customer service: Thee are different ways to start providing great customer service right away.
Provide the help in many different ways to promote them: FAQs, online support, or any other success
solutions. In order to provide good customer service, every approach is a good one. Look out for new ideas
and ways to improve the services they provide.

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3.3Project report preparation and presentation; Common pitfalls of
Business Plan;  Idea pitching, Prospecting funding.
PREPARATION OF PROJECT REPORT

After the preparation of a business plan by evaluating a business idea, the next step is to garner financial
support. For bringing in financial support an entrepreneur requires to submit a detailed project report
which should cover the following basic aspect.

• Information about the promoters of the enterprise

• Information about the basic objective of the enterprise
• Information about the product and the processes involved
• Location of the enterprise
• Size of investments
• Estimated cost of the project and ability of financing thereof
• Technical arrangements • Information about environmental concerns
• Profitability projections and cash flows Management Evaluation

Memorandum and Articles of Association: Object, authorized and paid-up share capital, promoter’s
contribution.
• Constitution and management of the industrial concern
• Present and proposed composition of the board of directors, borrowing powers, list of directors on the
Board, terms of appointment of directors, details of full time directors and their responsibilities, details of
Chief Executive and functional executives.

Technical Feasibility
(a)Technology and manufacturing process:
• novel technology to be used, • basis of selection of technology, • competing technologies,
• performance data of plants based on the technology, • licensor documents.
(b) Location of the Project:
• advantages based on location, • availability of inputs viz., raw material and other resources,
• labour availability, • environmental clearances
©.Plant and Machinery:
• List of machinery & equipment,
• details of suppliers, competitive quotations, technical & commercial evaluation of major equipment
(d) Raw material, Utilities and Manpower
(e) Project monitoring and implementations:
• Mode of implementation, • details of monitoring team, • detailed schedule of implementation.
Environmental Aspects Air, Water and Soil Pollution, list of pollutants/hazardous substances, their
safety, handling and affluent disposal arrangements, compliance with national and International
Standards, clearances and no objection certificates required and obtained etc.
Commercial Viability
• Proposed products existing and potential market demand and supply
• Proposed products share forecasted and analysed with respect to the market
• Manufacturing cost analysis
• Sale price of the proposed product
• Export potential analysis

Financial Feasibility
• Project Cost Analysis
• Operating cost and profits
• Operational performance and financial evaluation
• Financing modes
• Working Capital requirements
• Projections of Profitability : Projected income statement and balance sheets, Cash flow estimates

PROJECT SUBMISSION/PRESENTATION

This is a very important step as it leads to successful delivery of information to external agencies and
financial and nonfinancial institutions. There is always a limited amount of time available and there is a
lot of information to be processed, so the project submission and the presentation should be crisp and to
the point. For a suitable submission review, the entrepreneur should ensure that the reason for bringing
out the report, terms of references, expectation of project report, target audience of the report etc. are
known and drafted very carefully. In order to maximize the effectiveness of the project submission
maximum reader insight and minimum reader effort should be emphasized upon.
Presentation the speaker should demonstrate familiarity with the project emphasizing on the project goals,
project submissions, and flow charts to maximize the impact on the audience. Project presentation should
also include the benefits (social and economic) which could be derived from it for the region.

PROJECT APPRAISAL

Project appraisal is examined prima facie that whether the project is acceptable under certain rules which
could be the experience and background of the applicant, the potential demand of the product, whether
the project is meeting governmental requirements and status etc.

1. Appraisal from External Agencies: Financial Agencies: The financial external agencies appraising
the project, their point in contention is to look for credit appraisal. In this before a credit facility is
provided to the entrepreneur, the proposal is checked rigorously. It involves in-depth study of all the
feasibility aspects studied earlier viz., financial, technical, commercial, managerial etc. Generally, in
order to sanction an amount it is prudent for the banks and other financial institutions to assess the data
provided by the entrepreneur in an unbiased manner. Loan appraisal by financial institutions and banks
require careful scrutiny of the highest level. Loan appraisal signifies the capability of the borrower to
repay the principal loan amount and the interest thereof in the period specified.

2. Appraisal from External Agencies: Non-Financial Agencies Project appraisal done by non-financial
agencies could require a checks and balances on all the aspects of feasibility testing which is carried out
by the entrepreneur in the first step. Project appraisal by non-financial institutions may also involve
examining in a systematic manner proper i.e effective and efficient utilization of resources which could
result into best results and ultimately ensuring product viability.

AREAS OF PROJECT APPRAISAL

1. Market/Marketing Appraisal: In marketing appraisal the emphasis is on ascertaining the demand

projections of the business under perusal. The examination of whether the demand projections are in tune
with the ground reality is done. Further, the adequacy of the marketing infrastructure is assessed by
evaluate the distribution network, transport facilitates, stock levels, promotional efforts etc. The key
marketing managerial personnel are also judged for their level of competency and skills required to get
the job done.

2. Technical Appraisal: In this the focus is on the technical aspects. It is basically an appraisal of the
technical feasibility ascertained by the entrepreneur. In this the overall appraisal of the technology and the
manufacturing process, location decisions, decisions related to plant and machinery, and also the raw
materials and other inputs is done.

3. Managerial Appraisal:
• Promoter’s resourcefulness check
• Credibility of the plan project o Assessment of the organizational structure o Estimated cost of the
project.
• Commitment of the promoters towards the work
Managerial Competence I n managerial competence appraisal the focus is on evaluating the level of
competence of the people at the helm of affairs. The question is whether the management has the and
ability to pull off a project. The emphasis is on the determination of the ability of the project to implement
and carry on the business in a manner desired.

4. Ecological Analysis: Ecological analysis is a part of project appraisal and nowadays it has assumed
specific importance. With the glaring problems like global warming, and climate change the attention is
in those industries viz., pharmaceuticals, chemicals, leather processing etc. adverse impact on the
environment. Also those industries that have a known history of creating detrimental effects on the
environment are asked to correspond to mandatory norms and devise new techniques of production.
COMMON PITFALLS OF BUSINESS PLAN
1. The Plan is Poorly Written
Spelling, punctuation, grammar, and style, SWOT analysis, and strategic planning are important when it comes
to getting the business plan written. Investors are looking for clues about the underlying business and its
leaders when they’re studying your plan.

2. Incomplete Business Plan

The plan is incomplete. Every business has customers, products and services, operations, marketing and sales, a
management team, and competitors. A complete plan should also include a discussion of the industry,
particularly industry trends, such as if the market is growing or shrinking.

3. General Assumptions in A Business Plan

The plan makes unrealistic assumptions. By their very nature, business plans are full of assumptions. The most
important assumption is that your business will succeed. The worst business plans bury these risks throughout
the plan so no one can tell where the assumptions end and the internal and external factors begin.
4. Sticking to the plan
it’s certainly not going to appeal to everyone. Don’t focus on solving multiple problems and focus on multiple
industries: one is always enough and highly recommended.

5. Don’t Let the Business Plan be Boring

In fact, the firm feels exactly the opposite and makes them feel pulled in by the great and well-written business
ideas you have.

6. Being too Optimistic while Measuring Market Size: projecting great revenue potential and vast markets
to your potential investors sounds impressive
7. Not Having the Confidence to Sell Your Service or Product
The last thing you want your potential investors to feel is that you don’t really have confidence in your product.
And if you also ignore the competition your business faces, it shows you are not sophisticated.

8. Being Inconsistent
You’d be surprised how many entrepreneurs who choose to write their own business plans contradict
themselves. When you do that, it immediately shows that you don’t have a good grasp of how you want\should
run your business and this deters investors from seriously considering financing you.

9. Considering Too Many Perspectives

While it’s important to have someone else vet your business plan, you should not exaggerate by identifying
possible flaws in your thinking to the point where the reader is going to find it impossible to follow the
narrative thread.

10. Being Unable to Acknowledge the Competition

Remember that when writing a business plan, you don’t need to make it look like any other out there. All that
matters is that you come up with a proposal that stands out and clearly expresses your personality and idea.
11. Not Getting Professional Help
This is one of the common business plan mistakes that just scream amateur and the sad part is that it’s quite
prevalent when your business plan is not written by a professional.

IDEA PITCHING
To make a successful pitch, entrepreneurs must exhibit several characteristics to convince investors to fund
their innovative ideas. Every entrepreneur needs an intricate understanding of their idea, growth strategy, and
overall business plan. This differentiates your business concept from others, as it solidifies the steps needed to
make it a reality. The perfect pitch will show investors your proof of concept and instill confidence that they
can expect a return on investment. Displaying approachable and confident body language during your pitch
greatly impacts whether investors think your idea is worthwhile. This requires communicating your startup idea
with conviction for others to understand its value

Pitching a business idea is one of the most nerve-wracking parts of any entrepreneur’s journey. It’s what stands
in the way between your vision and the financing needed to turn that vision into reality. Although daunting,
there are steps you can take to ensure a greater chance of success.

HOW TO PITCH A BUSINESS IDEA

1. Know who you’re Pitching: Some entrepreneurs try to get in front of every investor, despite their industry
expertise or firm’s investment stage. The person should perform due diligence and research potential investors
before making the pitch. When researching, ask the following questions:

 What industries do they invest in? Several firms focus on specific sectors. For example, Rethink
Education is a venture capital fund that invests in early- and growth-stage education technology startups,
while Blockchain Capital is dedicated to financing companies innovating in the crypto market.
 What stage do they invest in? If you’re in the earliest stages of business development, you won’t receive
growth equity, which is reserved for mature companies that need capital to expand operations, enter a new
market, or acquire another business.
 What’s the investor’s track record? Dig deeper into the investor’s experience and investment history to
determine the types of companies they typically finance, the background knowledge they might already
have, and whether your personalities will mesh.

2. Consider how you’re Presenting Yourself, Not Simply Your Idea

Although your ideas and skills matter, your personality is equally as important. According to research published
in the Harvard Business Review, venture capitalists’ interest in a startup “was driven less by judgments that the
founder was competent than by perceptions about character and trustworthiness.” Investors also want to know
they’re entering into a partnership with the right people.

3. Tell a Story: When describing your business idea, zero in on the problem you’re addressing and how you’re
solving it better than the competition. You could do this by presenting a real-life scenario in which you describe
the pain point a current or prospective customer faced and how your product or service fixed the issue. This can
help engage investors on a personal level and inspire them to see your idea’s potential.

4. Cover the Details: In the pitch define your value proposition and share a memorable tagline for investors to
leave the meeting with.

 The size of the market

 Your plan to attract and retain customers
 How you can create barriers to competition
 Whether you can run quick, inexpensive tests to determine product-market fit
 Your plan to monetize the business and make revenue
 The amount of capital investment required
5. Show the Roadmap: Although you’re in the early stages of your business, investors want to know how
they’ll cash out in the end. To clinch your pitch, highlight your exit strategy and the options available.
The most common exit strategies include:
 Acquisition: When one company buys most or all of another company’s shares to gain control of it
 Merger: When two existing companies are united into one new company
 Initial Public Offering (IPO): When a private company issues its first sale of stocks to the public and can
start raising capital from public investor

KINDS OF PITCHES FOR ENTREPRENEURS; While all strong pitches share foundational
elements, there are different types to use depending on the scenario. To increase your chances of success, you
must tailor your pitch to your audience and the available time frame.

1. The investor pitch: Most essential in the startup sector, an investor pitch occurs in the initial stage
of raising money with a potential investor. The entrepreneur should convey the business idea and
persuade the investors to invest in the business. It should also include the business's value proposition,
the revenue plan, and a financial breakdown.
2. The Elevator Pitch: This is one of the most popular pitches. Entrepreneurs use this when they need to
communicate their startup’s value in 60 seconds or less. An effective elevator pitch should be concise,
convincing, and convey your startup’s value proposition and differentiators. At the end, include a call to action,
such as the amount of capital required to launch.

3. The Short-Form Pitch: Entrepreneurs should portray their business idea’s value to prospective clients and
investors as efficiently as possible. This means summarizing the most important elements of your idea in a way
that makes them want to hear more. Highlight the market size, how you’ll create barriers for competition, your
plan to monetize the business, and how much financing is needed.

4. The Long-Form Pitch: Sometimes, entrepreneurs are fortunate enough to have more than a few minutes to
pitch their idea. If this opportunity presents itself, it’s important to make the most of your time. This is the
opportunity to address every aspect of your business plan. Detail the market size to demand and clear examples
of how you’ll attract and retain customers, particularly in light of competitors. This will show you’re planning
for—and are ahead of—future challenges.

5. The Twitter pitch: in the latest trend, the Twitter pitch summarizes the business idea in one or two phrases.
Writing a pitch in 280 characters has become popular in the age of social media. A modern twist on the elevator
pitch, the Twitter pitch is even faster and more concise.—xxxxxxxx----