​Ethics and Ethical Behavior

The system of rules which a particular country or community recognizes as regulating the actions of its members and which it may enforce by the imposition of penalties.

Laws

A set of moral principles that govern decisions and actions.

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Ethics

The way in which one acts or conducts oneself, especially toward others.

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Behavior

A person's standards of behavior or beliefs concerning what is and is not acceptable for them to do

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​Morals

A situation in which the concerns or aims of two different parties are incompatible

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​Conflict of Interest

​SOCIAL Responsibilty

Social responsibility means that businesses, in addition to maximizing shareholder value, must act in a manner that benefits society

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Business Plan

A business plan is a statement of your business goals, the reasons you think these goals can be met, and how you are going to achieve them.

Business Plan

Concept: What is your product or service and how is it different from similar products or services?

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​The Three C’s of a Business Plan

Customer: Who will be buying your
product or service and why?

​The Three C’s of a Business Plan

Capital: How will you secure the initial
money that your business will need?
What will be your costs and what kind
of profit can you expect?

​The Three C’s of a Business Plan

Identify and describe the components of a business plan

• Executive Summary

• Company Description

• Products and Services.

• Market analysis

• Strategy and Implementation

• Organization and Management Team

• Financial plan and projections

• The first section should be a concise overview of your business plan. It should be short, and must be well written. Your goal is to draw readers in so they want to learn more about your company.

• The executive summary for a business plan should include:

  • Your business name and location

  • Products and/or services offered

  • Mission and vision statements

  • The specific purpose of the plan (to secure investors, set strategies, etc.)

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Executive Summary

• This high-level view of your business should explain who you are, how you operate and what your goals are.

• The company description should feature:

  • The legal structure of your business (corporation, sole proprietorship, etc.)

  • A brief history, the nature of your business, and the needs or demands you plan to supply

  • An overview of your products/services, customers, and suppliers

  • A summary of company growth, including financial or market highlights

  • A summary of your short- and long-term business goals, and how you plan to make a profit

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Company Description

Clearly describe what you’re selling, with a focus on customer benefits.

Include details about suppliers, product or service costs, and the net revenue expected from the sale of those products or services. Consider adding pictures or diagrams.

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Products and Services

In general, this section should include:

• A detailed description of your product/service that emphasizes customer benefits

• An explanation of the market role of your product/service and advantages it has over competitors

• Information about the product/service's life cycle

• Relevant copyright, patent, or trade secret data

• Research and development activities that may lead to new products and services

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Products and Services

Show your industry knowledge, and present conclusions based on thorough market research. Place detailed findings of any studies in an appendix.

Your market analysis should include:

• A sketch of targeted customer segments, including size and demographics of each group

• An industry description and outlook, including statistics

• Historical, current and projected marketing data for your product/services

• A detailed evaluation of your competitors, highlighting their strengths and weaknesses

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Market analysis

Strategy and Implementation:

​Summarize your sales and marketing strategy, and how you’ll implement them with an operating plan.

This section should include:

• An explanation of how you’ll promote your business to customers and enter the market

• Details about costs, pricing, promotions, and distribution/logistics

• An explanation of how the company will function, including the operations cycle (from acquisition of supplies through production to delivery)

• Information on sources of labor and number of employees

• Data on operating hours and facilities

Outline your company's organizational structure. Identify the owners, management team and board of directors.

Include the following:

• An organizational chart with descriptions of departments and key employees

• Information about owners, including their names, percentage of ownership, extent of involvement within the company and a biography listing their background and skills

• Profiles of your management team, including their names, positions, main responsibilities and past experience

• List of any advisors, such as board members, accountants, and attorneys

Organization and Management Team:

Financial plan and projections

​This last section of your business plan should be developed with a professional accountant after you've completed a market analysis and set goals for your company.

Some of the important financial statements that should be part of your plan include:

• Historical financial data (if you own an established business), including income statements, balance sheets and cash flow statements for the past three to five years

• Realistic prospective financial information, including forecasted income statements, balance sheets, cash flow statements and capital expenditure budgets for the next five years

• A brief analysis of your financial data, featuring a ratio and trend analysis for all financial statements

​Trends

Identify changes and trends as a source of new enterprise ideas

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1. The Tight Labor Market

2. The Importance Of Health and Wellness Benefits

3. The Rise Of The Remote Worker

4. An Emphasis On Wearable Technology

5. Consistent And Transparent Employee Communication

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​Brainstorming

1. Brainstorming is meant to be less focused on the quality of idea than on the idea itself.

2. Brainstorming can help you think of creative ideas and ways to solve problem

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The easy way to generate new ideas is by answering a question. If you are looking for a business to start, a question might be which business will help you achieve your objective.

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​Start with a question.

Here are the steps for mind mapping:

1. Start with a word, question, or image in the center of the page.

2. Draw a line from the center outward and add a related word, question, or concept. You can have as many of these second-tier ideas as you like.

3. From those second-level concepts, draw one or more lines and add words related to the subtopic.

4. Continue drawing lines with related keywords as ideas come to you.

Use a mind map

Similar to a mind map, a word map is a visual way to brainstorm about things like your company name or slogan. Start by writing down all the words related to your business brand. For example, if you want to start an organic product business, you can write”organic” and” gardening” For each word, write down the related words you can think of. For example, you can write””safe””””clean”” and””vegetables””

​Word map

Factors for Selecting the type of Business to Open

• Nature of business activity: .

• Scale of operations

• Capital requirements:

• Degree of control and management

• Degree of risk and liability

• Stability of business:

• Flexibility of administration:

• Division of profit

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• In small trading businesses, professions, and personal service trades, sole-proprietorship is predominant.

• The partnership is suitable in all those cases where sole proprietorship is suitable, provided the business is to be carried on a slightly bigger scale.

• Manufacturing contains the highest percentage of companies among all industries. Similarly large chain stores, multiple shops, super-bazaars, engineering companies are in the form of companies.

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​Nature of business activity: .

If the scale of operations of business activities is small, sole proprietorship is suitable; if this scale of operations is modest — neither too small nor too large — partnership is preferable; whereas, in case of large scale of operations, the company form is advantageous.

Scale of operations:

• Requirement of capital is closely related to the type of business and scale of operations.

• Apart from the initial capital required to start a business, the future capital requirements—to meet modernization, Expansion and diversification plans.

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Capital requirements:

The degree of control and management that an entrepreneur desires to have over business affects the choice of ownership organisation.

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Degree of control and management

The size of risk and the willingness of owners to bear it is an important consideration in the selection of a legal form of ownership organisation. The amount of risk involved in a business depends, among other, on the nature and size of business. Smaller the size of business, smaller the amount of risk.

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Degree of risk and liability

Stability of business is yet another factor that governs the choice of an ownership organisation. A stable business is preferred by the owners insofar as it helps him in attracting suppliers of capital who look for safety of investment and regular return, and also helps in getting competent workers and managers who look for security of service and opportunities of advancement.

Stability of business:

The form of organization chosen should allow flexibility of administration. The flexibility of administration is closely related to the internal organization of a business, i.e., the manner in which organizational activities are structured into departments, sections, and units with a clear definition of authority and responsibility.

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Flexibility of administration:

Profit is the guiding force of private business and it has a tremendous influence on the selection of a particular form of ownership organization. An entrepreneur desiring to pocket all the profits of business will naturally prefer sole proprietorship. If an entrepreneur is willing to share the profits partnership is best. In company organization, however, the profits (whenever the Board of Directors decides) are distributed among shareholders in proportion to their shareholding, but the liability is also limited. The rate of dividend is generally quite low.

Division of profit

​How personal goals, lifestyle, background, hobbies, interests, experience, abilities and financial resources will impact a business.

If you are someone who likes to work with fitness as a hobby then you might create a business about fitness or some kind of athletic corporation, with the skills of knowing how to lead and manage money, you can make a successful business

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