Building Blocks of Success: Creating a Comprehensive Business Plan for your Startup

On 29.7.2024 a “Building Blocks of Success: Creating a Comprehensive Business Plan for your Startup” was organized by the Entrepreneurship Development Cell and IIC in association with the Department of Computer Science and Engineering. The session was handled by Dr.T.C.Subbulakshmi, Professor, Department of Information Technology, Francis Xavier Engineering College, Tirunelveli from 1.30 PM - 4.00 PM. 56 students and 2 faculties participated. This event was coordinated by M.Mariammal AP/CSE. This event was conducted with the guidance of Dr.Lourdes Poobala Rayen, EDC Director.

The program started with the welcome address by M.Mariammal, AP/CSE, Francis Xavier Engineering College and introduced the guest speaker. The guest speaker explained the concept of business plan and she said a business plan preparation is the formal composed expression of the entrepreneurial vision, explaining the strategy and operations of the proposed venture. A business plan is like a map for small business owners, showing them where to go and how to get there. Its main purposes are to help you avoid risks, keep everyone on the same page, plan finances, check if your business idea is good, make operations smoother, and adapt to changes.

The business plan templates include seven elements namely the executive summary, company description, products and services, market analysis, marketing strategy, financials, and budget. Additionally, it should state how much capital you need and how it will be used, along with listing short-term and long-term objectives. The Company Description should provide the business’s name, location, and structure, whether it’s a sole proprietorship, partnership, LLC, or corporation. Include a background on how and why the business was started and share the core purpose and values of your company through a mission statement. She said that Marketing and Sales Strategy should define your marketing objectives and strategies, describe your sales process and sales funnel, and explain your pricing model. Outline your plans for promotion and advertising to ensure you reach your target market effectively.

The participants interacted with the resource person and gathered lot of information related to the business plan.