Business Plan Writing 101: Wharton Entrepreneurship Series
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- Опубликовано: 7 фев 2025
- Wharton Entrepreneurship Workshop, “Business Plan Writing 101,” featuring Patrick FitzGerald, C’97, Managing Director of DreamIt Ventures. FitzGerald discusses what is required to write an effective business plan.
#entrepreneur #businessplan #wharton
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Writing a business plan, plain and simple. An information video for those starting up.
"You are going to build it and no one is going to come. How are you going to get people to use your product/service?" This whole seminar was fantastic. I loved the audience engagement throughout- thank you a ton!
that is what advertisings for.
Lies again? Powered By AWS
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It's funny how no one in the room really has any idea of what they want to do. This is why studying entrepreneurship in a classroom is ironic.
I wouldn't be here if I didn't have a crystal clear vision of what I'm building.
This is the beauty of youtube. As someone who couldn't afford a Wharton degree and probably wouldn't get in any way I'm able to access the same resources as those who did.
Stay hungry.
May you all build the companies that shape the future of our great country.
agree with you.
FINALY, A VIDEO THAT REALLY EXPLAINS HOW TO MAKE BUSINESS PLAN!!! THANK YOUUUUUUUUUUUUUUUUUU!!!
Nice
THANK you!!!!!!
Is there a part 2?
thankl you samir
there is the classic store
let's call it 1.0
products almost never change
the owner chose the products
it is boring
now, there must be a new store
let's call it 2.0
products always change
people choose the products there will be via an app
on the app, there is a huge catalog, people choose the products that will show up in the store
the store is constantly being supplied with the products people choose
00:08 - Opening
01:52 - Outline
02:54 - 1) What is the company? (Intro)
05:54 - 2) Who am I giving $$ to? (Mgmt Team/Bio)
08:50 - 3) How does it work? (Operations/User Experience)
20:10 - 4) Where does it belong? (Marketplace)
29:29 - 5) Why hasn't this been done? (Competition)
23:23 - 6) How quickly will I know if I will make or lose my money? (To Market Strategy/Roadmap)
33:12 - 7) What are the numbers? (Revenues)
37:55 - 8) How much do you need? (The Ask)
40:11 - Questions
Thank you for the timestamps. They really helped me revise the lecture.
This should be pinned.
Yeah good idea
or just watch the video... what a concept....
Not all hero’s wear capes
This was one of the most important videos for me when I was starting my business, cannot recommend this enough this guy knows his stuff
God Bless the guy who came up with recording it!! By getting a degree in Business I still have never received such a good lecture. Thanks from the bottom of my heart!
SERIOUSLY!!
This video just helped me land a deal for larger manufacturing space, additional mid-volume manufacturing contracts, and 6 months of working capital in an equity deal. All in one day! Great work y’all!
Congratulations Tyler. That's amazing stuff. All the best!
There are so many different variables in running a business. One of the biggest issues is how diverse that business may be with the people/employees and how they can make up a solid foundation for any type of business.
Strategies, meetings, decisions, etc… All of this comes from a group of individuals that have their own way of viewing and doing business.
Their diversity is what makes them strong.
Thanks for sharing this amazing post.
diversity is not a strength. this is a b-school platitude. businesses require 100% alignment of vision.
it's 2024 and I'm only 7 minutes in and I'm learning so much 💕💕 This is getting me pumped!
Its great videos like this that I love YT for .
This guy is a great teacher. He gave me the same feeling that I get from watching Shark Tank.
🎯 Key points for quick navigation:
00:08 *📝 Importance of having a business plan*
- Writing a business plan is valuable preparation for investor or customer meetings
- Debate on whether a business plan is necessary
- Examples of successful companies with and without business plans
02:02 *🗒️ Elements of a business plan*
- Importance of clearly defining the company
- Crafting a concise pitch for the company
- Highlighting the key components that should be included in a business plan
05:54 *🚀 Emphasizing the importance of team and selling as an entrepreneur*
- Selling yourself as an entrepreneur is crucial
- Building a strong team or advisory board compensates for lack of experience
- Leveraging educational background and personal connections in business pitches
18:25 *📊 Business Plan Content: Business plan content should focus on what you've built, how you will build it, and the future impact.*
- Business plans need to address how the company will execute its ideas.
- Assumptions and intentions should be clearly outlined in the business plan.
19:50 *💡 Becoming an Expert: To succeed, become an expert in your industry.*
- Being an expert in your industry builds credibility.
- Understanding industry trends and insights is key in business planning.
23:49 *🛤️ Building a Roadmap: A detailed roadmap is essential in a business plan.*
- A roadmap outlines plans to move a business forward.
- Clearly defined milestones and strategies for success are crucial in a roadmap.
36:06 *💰 Business plan length and financial projections*
- Business plans for competitions are generally under 25 pages.
- Financial projections should focus on telling a story of how the business can make money.
- Ancillary revenue streams can be included for experimentation but should not be the main focus.
37:06 *💸 Asking for capital and setting clear goals*
- A business plan should end with a clear ask for the amount of money needed.
- The ask should be specific and focused on funding key activities outlined in the plan.
- Avoid making unrealistic promises about returns or terms in the ask section.
41:00 *🚀 Starting a business plan early and hiring decisions*
- Start working on a business plan early to solidify goals and roadmap.
- Hiring should focus on building a team as early as possible.
- Consider offering equity and options to attract talent when starting up.
44:25 *💡 Validating ideas and team building*
- Validate business ideas through customer feedback before proceeding.
- Focus on what you can't do and build a team to complement your skills.
- Do not base decisions solely on personal beliefs; seek validation from the market.
Made with HARPA AI
An important aspect of entrepreneurship that tends to go undiscussed. Thanks for sharing.
How are you going to make money?
What are your costs?
How are you going to grow?
How are you going to take your company to the next inflection point?
Deceptively simple questions. Thank you for this insightful video!
This was perfect. This guy can start an online class he would kill it.
Even the student knew "Fiverr" was on to something special just by her mentioning the company in its infancy. Impressive on Fiverr's part & the keen "eye" of the student.
My compliments to Wharton School for this concrete video related to business plan writing, that touches all main aspects of business planning
6. Competition - Why hasn't this been done?
- be careful, an idea without a competitor means there's not enough traction
- try to find competitors even if it's loosely connected, highlight strengths+weaknesses, 4-5 max competitors
- show that it's a healthy space, not a brand new space
- what could be a competitor? try to find people you think could acquire you
- industry competitors (not exactly what you're doing, but in your space, could do what you do with some capital)
7. Revenue - What are the numbers
How are you going to make money? - revenue stream: core/ancillary
- core revenue stream has to be clearly defined
What are your costs?
8. The Ask - How much do you need
X amount of money to do the things in the roadmap, to fund user experience,
simple, basic BE CLEAR: ex) $400,000 for 18mths, looking to achieve 4 things in roadmap
hire with equity and options, hire slow and fire fast. don't necessarily need to hire, can give options not equity.
- don't mention the deal, (structuring) gotta get them excited, don't throw ppl off
The ME Test: test it against yourself,
The WE Test: go out into the world
once you can nail the 2-sentence pitch, the rest you should be able to do in 8 sentences.
Appreciate it
Is it me or he looks slightly like Chandler?
Great video anyway. Very informative, real life example but yet not boring. That's exceptional. Plus he looks really a humble guy. Like if i meet him and ask "Sir can you help me with this busniess plan, he will actually sit and help me write it."
I believe he really would!
The diagram has life u see everything a business need to come alive, genius work done by a genius. Thanks
I came here to learn how to trade after listening to a guy on radio talk about the importance of investing and how he made 460,000k in 4 months from 160k. Somehow this video has helped shed light on some things, but I'm confused, I'm a newbie and I'm open to ideas.
Investing in stocks is a good idea, a good trading system would put you through many days of success..
@@Gracej34 I’ve been on both end of the spectrum, I was investing on my own for about 3years, did my own study and analysis before actually buying, things became rather difficult after the pandemic which was right about when I reached out to a portfoIio-advisor for guidance, It’s been over 2 years and I’ve scaled up a stagnant reserve of $280K to $700k in just about 24months.
@@FeliciaJudge
@@jamesclay234 The adviser I'm in touch with is ''Elizabeth Pan Holt'' she works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else, for me her strategy works hence my result. she provides entry and exit point for the securities I focus on
@@FeliciaJudge I must say you are an inspiration because I started up investing and trading as a scared investor who doesn’t want to lose money, glad to say I’m very profitable now and bought my first house through it
I answered the opening challenge question successfully. It gives me confidence knowing that I am on the right path to financial security combined with being of service to others with my new business venture. This is a phenomenal video for all. Thank you Patrick.
I wish I could have watched this video 10 years ago. However, I hope it will not be too late. Well explained!
The girl with the Fiverr comment was ahead of her time. Big ups
Excellent advice, I’m actively involved in the financial market, since I got to understand how trading works better. I follow these general simply rules and this has worked amazing for me. Diversify, dollar or pounds cost averaging investing method, portfolio re-balance every quarter and I’ve found a mix of managed and index funds has worked out the best for me.
I’m aware it liquidates cash easily on different capital spreads, What are your thoughts on a developed market for long term growth potential?
@Kimothy Olsen about 78% of my portfolio is in passive index funds and ETFs. I’ve an account manager with a taxable brokerage that I invest in stocks and commodities. It’s comfortable for me this way, I made another purchase in September. We’ll see how it does over time I feel like even if 20% of my portfolio underperforms, I’ll still generate income from other spreads. Better than spending my money on an expensive car or vacation lol.
@@davegustavo4726 I have considered putting into practice this investing method. Without doubts i believe a financial consultant is preferred. How do I get to begin with your help?
@@andrescastillo2043 Don’t try to time the market, don’t think you’ll be able to sit in cash until stocks are a good buy. Just dedicate yourself to a managed service, stick with it, rebalance annually and get colossal profits.
*Afx_solution* on telegram
I guess "a student surfing on facebook" is a must for these kind of educational videos.
Wish all my teachers were like this guy
hjjjkkoppppp
Teachers who really know their xxxx usually go to the business, "no one has time to repeatably comfort that ignorant teen." as one of my favorite lyrics goes.
Best presentation ever. Experience was priceless. So helpful. Amazing!
A lot of great info they NEED to teach in school.
This is awesome. Thank you. I will probably watch this video several times over as I write my business plan.
Have you completed it by now?
@@sourabhparit5491 Yup. And I live in a different state now. I have one of my very good friends help me run it. He's my manager.
@@jackiechan6460 Good for you👍👍
@@sourabhparit5491 Thanks. Put in the work and you'll eventually enjoy it.
Did u finally write your business plan?
Very Happy I came across this video. I am sure I will watch this more than once in achieving my written my business plan as well.
Cant believe how greatly detailed this was. Simply Amazing. Thank you.
I’m here too. Let’s see
This was FANTASTIC. Thank you for sharing this high-level knowledge and experience.
I’m starting a business while I’m in undergrad! Very helpful :)
I recommend charlhack on instagram. He helped me to get 50k instagram followers on my instagram business account. If you wish to get yours too. Dm charlhack on instagram
Awesome educational (simple) instruction. Enjoyed. My son wanted to watch too. I chuckled watching the late student in stealth mode with a few on Facebook during class, lol.
😉 Facebook wasn't even developed during my college years, lol.
Very, informative. Suggestion- I would love subtitles for the questions from the students or raise up the audio volume for their voice.
Cecilia Kim I appreciate speakers who specifically repeat the entire question prior to answering it.
I feel like I'm back in school :) Great advice and ideas to start off with.
Seriously first 2:41 seconds has helped more than any other video on this platform!!!
Would have completely this some time ago.. 🥴😐🤔😭
35:12 summarizes it perfectly
36:49
Excellent presentation. Just wrote a business plan while watching this presentation. It is simple and has impact.
How’s the business going
@@Leshgetit2025 - Thanks for asking. I just saw this in my email and forgot all about this seminar. I have a business that I started in 2018 and last year we did 16 million in Revenue - currently facing some challenges and some great opportunities for new growth.
Comprehensive. Educational and effective planning. Thank you 🙏🏼 for this.
people have various idea that they wanna try business. but in school, generally speaking, we cant learn how to start, operate, manage the business in real. because in school a few real entrepreneur is in school. but here, i can write my thoughts based on this '8 things that need to be in a business plan'
so i will gradually fill out my business documents for futrure.
Wow. If you every decide to come to Florida to lecture, I'd be the first one to sign up.
Great info! Needs more views.
5:54 You're always selling as an entrepreneur. If you're not a good salesperson, find someone who is and hire them _tomorrow._ The first thing you're selling is _yourself,_ constantly & all the time.
6:15 Team section in pitch decks is one of the most important components. Who are they? What are they made of? Go very heavy on the team when you're building a business plan, because it's what people flip to right away. If you're weak on team and experience, bring on an advisory board.
7:25 Education - use it, shout it from the mountaintops. Don't undersell the fact that you went to a pretty good school.
15:25 Failure
Wharton is the top in business
I'm in the process of doing this right now. This was super helpful!
what a brilliant presentation! Wow! i've been looking at samples for the past week but the way he explains it is so simple and easy to do. Thank you
Great video - You can tell the guy has had a lot of real world experience
Love this video it really helped me set up my steps and cut it in half my top 500 start-up is close to being finished thanks to your video
10:07 Anybody watching this in 2024 and just got taken way back by the mention of those TerraCycle Capri-Sun pencil pouches at Target? Lol! Wow, when did I become this old?
This was great. I’d love to see a lecture on product pricing. What to consider in the price tag of your services
Awesome lecture! Thanks for sharing!
Apparently there is someone in the front row who cares more about their Facebook account than your lecture.
@10:58 in case you were wondering.
Stephen Allen who cares?
Maybe their business requires Facebook?
Well worth the watch
you have no idea how many times I've raised my hand and said "ME!"
Very nice presentation from Patrick FitzGerald. So clear and well managed disscusion. Felt like I was back at Uni! Thanks.
This is incredibly helpful and precise. Thank you so much!
"So, you're a serial entrepreneur....." I won't bother with the rest but VERY. GOOD. QUESTION by the black student at the end with the glasses.
very excellent presentation for me!
Hoo.This is it.Bring it on.Let’s learn.
I could see this being helpful if I were starting a business with a product I created selling to a market I have to also create. If you're starting up a toy store in a city with no toy stores I dont know why you'd need a one sentance pitch or an advisory team
Thank you very much. Very informative and helpful.
I love how I can get educated without bundling up in the schlepping to class in the freezing cold, sneaking behind the professor because I'm late and paying copious amounts in tuition.
How do you fill your advisory board? How do you pay them? From what I got you give equity or options to the day to day employees in the begining if you cant pay them, but I missed how to attract the advisors? Do you give them equity or options as well?
Wonderful workshop. Thank you.
finally i now know how to make business plan. thanks
The lecture is lovely and practical.
I have learnt a lot. This is an ar I have a lot of interest@Shi
the girl mentioned fiverr and getting things done for 5 to 10 dollars. It is true and I have used them with great results. The reason it is so cheap is because it is people from third world countries where regular pay is about 300 to 400 a month. So if you hire a web designer , he has the same experience as someone here but the pay scale is much lower.
Shared video with my college business class, this video was very informative.
Great lecture! I wish I saw this years ago.
Thank you just wish the audio for question from the class was better it was hard to hear, but that's minor. Thank you again.
Thank you for this video. I got lot of value from it. Love from India :) Great proffesor!
This is great material. 4 step process very good idea
Great session!
At 10:57 the kid is looking at Facebook....A good example for not having WiFi in the classroom. Anyway, great video thank you so much helped tremendously.
glad i found this. very helpful. especially being a philly resident it's nice to know Patrick is in the area. thank you
Awesome and very clear explanation of a topic! Brilliant! Thank you, Patrick!
Loved the lady that mentioned Fiverr
SO HELPFUL. Wish he didn't skim over sections that were relevant to launching a product as opposed to a tech-based business idea, but very valuable information with a lot of applicable ideas.
This was excellent! Thank you
Great video! Thanks for posting this wonderful classroom lecture.
Thank you so very much! Very helpful as I write my business plan
I can verify the advice provided here prior to structuring your business plan. (Former Penn graduate and Wharton student)
You can see this info bro! Clear and concise.
This started to sound like a pretty decent intro into the realm of entrepreneurship. Then all of a sudden It reminded me of this documentary that was introduced to me by a lady I had met about three years ago in Vegas playing in a late-night game ofTexas Hold Em. It was a documentary on cocaine and the behavioral effects it can cause to the human brain. The way this teacher was talking somewhat sounded like a couple of the people in the video. Now don't get me wrong, I'm not the kind of person who would ever judge another without trying to at least get to know them first. And they did sound like they get things done? Except it also looked like they never actually got anywhere. God help me if I ever took any kind of professional advice from them? I probably would end up owning a dozen head shops up and down the West Coast! But I am happy to announce we are opening up a new location in Van Nuys Ca. in late Oct. So come on in starting Oct 21st with your best posthumously COVID 19 costume and have a chance to win a vintage Jerome Baker Mothership.
Thank you for your insight.
Its very informative Post Thanks for Shearing this idea
Great video.
When someone started talking (17:31) about Fiverr, I was like wait how old is this video. 8 years.
Never wrote a business plan... But my financial strategy was strong as fluck. Later I learned it was an actual alternative.
Belmont brought me here.
Learning and knowledge
Thanks for the teaching
Thank you very much, great explenation.
Thanks for a very nice lecture
Wow, Amazing video
Thanks for this video
"Hire slow and fire fast" that's gold.