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					     SMALL BUSINESS WORKSHOPS
                FOR THE
CUNY WDI ENTREPRENEURSHIP TRAINING &
     SUPPORT SERVICES PROGRAM
                      AT
       MEDGAR EVERS COLLEGE
               www.mecwdi.com

           (718-270-5110 OR EX. 6106)




                INSTRUCTED BY:

                LOUIS N. PETERS

            loupeters2009@gmail.com

                  917-250-7650

                  December, 2011
                                WELCOME AND CONGRATULATIONS

         Welcome to the Fifth Session: Business Plan Workshop the WDI Entrepreneurship Training and
Support Services Program at Medgar Evers College, and congratulations for venturing into or considering
new opportunities for your business through this program. At a time when the Borough of Brooklyn is
undergoing several massive redevelopments in various communities, it is good to know that you have
decided to own your own business or to improve the business that you have to become an integral part
of this growth process in your community.

         Since the CUNY Workforce Development Initiative (WDI) Entrepreneurship Training and Support
Services Program started at Medgar Evers College, it was designed to make business ownership a career
alternative for those who can’t find work in their communities. To this end, three workshops were
included in this year’s program to help participants get started with their business plan early into the
program. Your first four sessions with Professor Lloyd Grant provided you with various ways to Assess
Your Entrepreneurial Potential; Market Research, Forecasts and Planning; Branding and Marketing
and Business Development and Sales. Now, through these three Group Based Mentoring Workshops
you will be exposed to what can be considered Business Networking that Works.

                 It’s Time to start writing your own Business Plan in these Workshops

Business Plan Workshop No.1 on Saturday December 17, 2011 and Monday December 19, 2011

         The first workshop on Saturday December 17, 2011, you will be preoccupied with Components
of a Business Plan. These components consist of a Cover Sheet; Executive Summary; Description of
your Business; Your Company Structure; Its Management; Operating Procedures; The Market Analysis;
The Marketing Plan; Competition; Pricing; Location, Location, Location; Professional Relationships;
The Financial Plan; and various ways to raise money for your business. After going through our first
year’s program, it became very clear to us that in order for participants to convert their business ideas
into a business plan it’s better to commence writing their business plan early in the program. Once you
know the business that you will like to own, you commence incorporating what you learn with a full
description of the business that you wish to own, its business name as well as where you will like to have
it located. Based on your knowledge of the business that you want to own you may even start to
speculate on the segment of the consuming market that it will serve, as well as what kind of competition
that it will encounter. Although many questions will remain unanswered during the first workshop, it
will provide you with a framework to follow to get your business plan written with adjustments with
practical ideas from your mentors to make it a successful business in your community.
Business Plan Workshop No. 2: Saturday January 28, 2012 and Monday January 30, 2012

        After dealing with issues such as: Business Ownership Structures, Insurance, Licenses and
Permits; Business Financial Planning/Budgeting and Analysis as well as Essentials of Bookkeeping,
Cash Flow, Financial Controls, Income Statements, Balance Sheets, Payroll & Taxes we will come
together again to see how far you reached with your Business Plan, because by then you should have
the complete first draft of your Business Plan ready for your Mentor to review and to help you make
more realistic and practical to operate. This second workshop will deal with the issue of selecting a
mentor, because a mentor is someone that you can use to assist you in your entrepreneurial pursuits
with expert advice, general business advice, encouragement and/or connections.

        By associating this program with organizations such as the Caribbean American Chamber of
Commerce and Industry, Inc. (CACCI), Sovereign Bank, and others as the program develops participants
will have a great source of know-how with information, contacts, wisdom and advice that they will be
able to use for their business plans and eventually for their own businesses. The objective of this section
of the workshop is to identify the six steps that you need to help you select a Match Mentor. Hopefully,
we will be able to use the time between Workshop I and Workshop II to identify willing and cooperative
mentors with the hope that by the time we reach January 28, 2012 and January 30, 2012, we would
have most of the course participants properly matched with mentors of their own choosing or mentors
that are able to match them with.

Business Plan Workshop No. 3: Saturday March 3, 2012 and Monday March 19, 2012

        By the time we reach this workshop, all Business Plans should be completely written, critiqued
by mentors, and ready to enter into the competition that the program designed for rewarding those
plans with the most potentials to successfully enter into the business Community of Central Brooklyn.
Third workshop will be the final evaluation of the actual and completed business plan. It is our fervent
hope that these three mentoring workshops will not only help you establish a realistic and practical
business plan, but also provide you with the confidence and continued passion that you will continue to
to research and pursue all the start-up requirements needed to open your business doors. We wish you
success and divine blessings with your business idea, business plan and its eventual your business
operations
                                             Business Plan Workshop I
Track 1: Saturday Dec.17, 2011                                                     Track 2: Monday Dec. 19, 2011

                                      Your natural Entrepreneurial Characteristics

Since I started instructing persons who wanted to become entrepreneurs, I found a SBA Entrepreneurial Test to be
very helpful because it provides basic personality of entrepreneurs and helps aspiring entrepreneurs in their
evaluation of themselves. This test is a fun tool for you to keep in perspective, because there’s no set formula for
success. To benefit from this exercise just answer each question with the characteristic that best describes you,
and to benefit from it you must answer all questions to be accurate. Give yourself four (4) points for each question
answered.

    1.    I’m persistent. I am persistent.                                                               __Yes __Maybe       __No
    2.    When I’m interested in a project, I need less sleep.                                           __Yes __Maybe       __No
    3.    When there’s something I want, I keep my goal clearly in mind.                                 __Yes __Maybe       __No
    4.    I examine mistakes and I learn from them.                                                      __Yes __Maybe       __No
    5.    I keep New Year’s resolutions.                                                                 __Yes __Maybe       __No
    6.    I have a strong personal need to succeed.                                                      __Yes __Maybe       __No
    7.    I have new and different ideas.                                                                __Yes __Maybe       __No
    8.    I am adaptable.                                                                                __Yes __Maybe       __No
    9.    I am curious.                                                                                  __Yes __Maybe       __No
    10.   I am intuitive.                                                                                __Yes __Maybe       __No
    11.   If something can’t be done, I find a way>                                                      __Yes __Maybe       __No
    12.   I see problems as challenges.                                                                  __Yes __Maybe       __No
    13.   I take chances.                                                                                __Yes __Maybe       __No
    14.   I’ll gamble on a good idea even if it isn’t a sure thing.                                      __Yes __Maybe       __No
    15.   To learn something new, I explore unfamiliar subjects.                                         __Yes __Maybe       __No
    16.   I can recover from emotional setbacks.                                                         __Yes __Maybe       __No
    17.   I feel sure of myself.                                                                         __Yes __Maybe       __No
    18.   I’m a positive person.                                                                         __Yes __Maybe       __No
    19.   I experiment with new ways to do things                                                        __Yes __Maybe       __No
    20.   I’m willing to undergo sacrifices to gain possible long term rewards.                          __Yes __Maybe       __No
    21.   I usually do things my own way.                                                                __Yes __Maybe       __No
    22.   I tend to rebel against authority.                                                             __Yes __Maybe       __No
    23.   I often enjoy being alone.                                                                     __Yes __Maybe       __No
    24.   I like to be in control.                                                                       __Yes __Maybe       __No
    25.   I have a reputation for being stubborn.                                                        __Yes __Maybe       __No

    If you scored between 60 and 75, you can start that business plan. You have the earmarks of an entrepreneur. If you scored between 48
    and 59, you have potential but need to push yourself. You may want to improve your skills in your weaker areas. This can be
    accomplished by either improving yourself in these areas or by hiring someone with these skills. If you scored between 37 and 47, you
    may not want to start a business alone. Look for a business partner who can complement you in the areas where you are weak, and if
    you scored below 37, self - employment may not be for you. You will probably be happier and more successful working for someone
    else. However only you can make that decision.
Page 2/

        Now that you’ve assessed your skills, education, and experience to help your self-employment
decision making process, is sure to make an honest appraisal of your personal skills and education by
remembering all of the things that you know how to do well. Now focus on your business knowledge. If
you know what you are interested in, list what you know about that field or industry. And if you are well
versed, simply outline the general areas. If you are not sure, you should list everything. All experience is
useful, but you should only use the business experience that you may need to develop to run your
business. Now, evaluate your decision making abilities. When you own your business, you are in charge,
and many decisions will have to be made based on what you think. If your normal response is to give
problem solving to someone else, then you will probably have difficulty with running a business.

         Reflect on your life’s experiences, and write down two situations where you solved a problem
and the decision you made worked well. Then write down two situations where the decisions you made
did not work well. Be sure to write down what you learned from these situations. Last, but certainly not
least, identify your entrepreneurial skills. Remember that many successful entrepreneurs have many
initiatives and also take risks, and they have learned from making their own mistakes. And after taking a
clear look at your source of motivation for being self-employed and your belief in yourself, are you sure
that you are prepared for the challenges that come with owning your own business? Probably the best
way to deal with this question is understand that you must be flexible, you must be willing to change
with the market as technology advances, and the ability to trust yourself.

        By evaluating and understanding the whys and how’s of what you have or have not
accomplished up to this point in your life, you can better use this knowledge to your advantage, now
and in the future. The following questions will help you do this. Remember, the more honest you can be
in answering these questions, the more useful the information will be to you.

             What do you feel are your main strengths?
             What do you feel are your more serious weaknesses?
             How do you think someone else might answer the above two questions about you?
             What talents do you possess and in what situations have you been able to use them?
             How would you personally define the idea of having a job or being employed?

Now things are beginning to make sense or you are beginning to have your doubts.
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                                      A Proposed Outline for your Business Plan

The Cover Sheet:             Name of business, names of principals, address of the business, its email address and
                             website, and its phone number.

                                                         Table of Contents

    I.      The Business:
            A. The Executive Summary
            B. Description of the Business
            C. The Structure of the Business
            D. Management
            E. Operating Procedures
            F. The Market Analysis
            G. The Marketing Plan
            H. Competition
            I. Pricing
            J. Location, Location, Location of the Business
            K. Professional Relationships
            L. The Financial Plan
            M. Application and Expected Effect of Loan or Investment

    II.     Financial Data
            A. Sources and Application of funding
            B. Capital Equipment List
            C. Balance Sheet
            D. Breakeven Analysis
            E. Pro-forma Income Projections ( Profit and loss Statements)
                 Three-Year Summary
                 Detailing by Month, First Year
                 Detailing by Quarter, Second and Third Years
                 Notes of Explanations
            F. Pro-Forma Cash Flow
                 Three-Year Summary
                 Detail by Month, First Year
                 Detail by Quarter, Second and Third Years
                 Notes of Explanations
            G. For An Existing Business
                 Budget Deviation Analysis
                 Historical Financial Reports
                 Balance Sheets for Past Three Years
                 Tax Returns
    III.    Supporting Documents
            Personal resumes, job descriptions, personal financial statements, credit reports, letters of reference letters of intent, copies of
            leases, contracts, legal documents, and anything else of relevance to the plan.
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                                          A. Statement of Purpose

This is a brief (one paragraph) statement of the business plan’s objectives.

Questions:

In General:

    1. What is the purpose of this business plan?
       a. Will it be used as an operating guide or a financial proposal?
    2. What is the business structure (i.e. sole proprietorship, partnership, corporation, subchapter S
       corporation)?
    3. Who are the principals?
    4. What is to be done with this business? What needs will this business fulfill?
    5. Why will this business be successful?

For the Financing Proposal:

    6.    Who is asking for money?
    7.    How much money is being requested?
    8.    What is the money needed for?
    9.    How will the funds benefit the business?
    10.   How will the funds be paid back?
    11.   Why does the loan or investment make sense?
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                            A. Statement of Purpose Worksheet




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                                            B. Description of the Business

A General Explanation

    1.    What is the business (or what need will this business fulfill);
    2.    What market doe this business intend to serve, the size of the market, and your expected share of that
          market;
    3.    Why will your business be able to service this market better than its competition?
    4.    Why did you choose its present location?
    5.    What management and other personnel are required and available to control this business operations,
          and
    6.    Why will your investment or someone else’s money (debt/equity) make this business profitable?

Questions

    1.    Type of business: Is it primarily in merchandising, manufacturing or service?
    2.    What is the nature of its product(s) or service(s)?
    3.    Status of the business: start-up, expansion of an ongoing business, or a take-over of an existing business?
    4.    Business form: sole proprietorship, partnership, corporation?
    5.    Who are the customers?
    6.    Why is your business going to be profitable?
    7.    When will (did) your business open?

What hours of the day and days of the week will you be (are you) in operation?

For A New Start-up

          B. Why will you be successful in this business?
          C. What is your experience in this business?
          D. Have you spoken (or mentored with a CACCI member) with other people in this kind of business?
             What was their response?
          E. What will be special about your business?
          F. Have you spoken with prospective trade suppliers to find out what managerial and/or technical
             assistance they will provide?
          G. Have you asked about trade credit?
          H. If you will be doing any contract work, what are the terms? Reference any firm contract and include it
             as a supportive document.
          I. Do you have letters of intent for prospective suppliers of purchases?

For a Take-Over Business

          J.   When and by whom was the business founded?
          K.   Why is the owner selling this business?
          L.   How did you arrive at a purchase price for this business?
          M.   What is the trend of sales?
          N.   If the business sales is going downhill, why? How can you turn it around?
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                          B. Worksheet for the Business Description

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                                              C.   The Market

Generally explain who needs your product or service, and why?

Questions:

   1. Who exactly is your market? Describe characteristics: age, sex, profession, income, etc. of your
       various market segments.
   2. What is the present size of the market?
   3. What percent of the market are you striving to control?
   4. What is the market’s growth potential?
   5. As the market grows, will your share increase or decrease?
   6. How are you going to satisfy your market?
   7. How will you attract and keep this market?
   8. How can you expand your market?
   9. How are you going to price your service, product or merchandise to make a fair profit and, at
       the same time be competitive?
   10. What price do you anticipate getting for your product?
   11. Is the price competitive?
   12. Why will someone pay your price?
   13. How did you arrive at the price? Is it profitable?
   14. What special advantages do you offer that may justify a higher price (you don’t have to engage
       in direct price competition)?
   15. Will you offer credit to your customers (account receivable)? If so, is this really necessary? Can
       you afford to extend credit? Can you afford bad credit?
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                              C. The Worksheet for the Market

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                                     D. Location of the Business

QUESTIONS:

   1. What is your business address?

   2. What are the physical features of your building?

   3. Is your building leased or owned? State the terms.

   4. If renovations are needed, what are they? What is the expected cost? Get quotes in WRITING
      from more than one contractor. Include quotes as supportive documents.

   5. What is the neighborhood like (stable, changing, improving, deteriorating)? Are there other
      special permits or licenses you may need?

   6. Does the zoning permit your kind of business?

   7. What kind of businesses are in the area?

   8. Have you considered other areas? Why is this one the desirable site for your business?

   9. Why is this right building and location for your business?

   10. How does this location affect your operating costs?
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                          D. Worksheet for the Business location

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                                            E. Competition

Question:

   1.   Who are your five nearest competitors? List them by name.
   2.   How will your operation be better than theirs?
   3.   How is their business steady? Increasing? Decreasing? Why?
   4.   How are their operations similar and/or dissimilar to yours?
   5.   What are their strengths and/or weaknesses?
   6.   What have you learned from watching their operations?
Page 14/

                            E. The Worksheet for Competition

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                                                        F. Management Coverage

QUESTIONS:

     1. What is your business background?

     2. What management experience do you have?

     3. What education have you had (including both formal and informal learning experiences) which
        have bearing on your managerial abilities?

     4. Personal data: age, where you live and have lived, special abilities and interests, reasons for
        going into business?

     5. Are you physically suited for the job? Stamina counts.

     6. Why are you going to be successful at this venture?

     7. Do you have direct operational experience in this type of business?

     8. Do you have managerial experience in this type of business?

     9. Do you have managerial experience acquired elsewhere—whether in totally different kinds of
        businesses, or as an offshoot of club or team membership, civic or church work, etc.?

     10. Who does what? Who reports to whom? Where do final decisions get made?

     11. What will management are paid?

     12. What other resources will be available (accountant, lawyer)?


Note: A personal financial statement must be included as a supporting document in your plan if it is a proposal for financing. Include your
resume as a supporting document.
Page 16/

                         F. Worksheet on Management Coverage

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                                         G. Personnel Needs

QUESTIONS:

   1. What are your personnel needs now? In the future? In five years?

   2. What skills must they have?

   3. Are the people you need available?

   4. Will your employees be full or part-time?

   5. Will you pay salaries or hourly wages?

   6. Will you provide fringe benefits? If so, what? Have you calculated the cost of these fringe
      benefits?

   7. Will you utilize overtime?

   8. Will you have to train people? If so, at what cost to the business (both time of more experienced
      workers and money)?
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                          G. Worksheet on Personnel Needs

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                       H. 10 MYTHS THAT YOU SHOULD GET RID OF IMMEDIATELTY

Myth 1: Look at the world the way you want it to be.

Reality 1: Conduct the necessary research to determine if there’s a need for your product or service and at the
price you plan to offer.

Myth 2: Don’t be too aggressive in pursuing your business goals.

Reality 2: Most new business ventures take more –not less—time, energy and stamina than any job you may
have had. Fortunately, the rewards of business ownership usually are worth the effort.

Myth 3: Choose a business because of its intellectual content, not because it sounds exciting.

Reality 3: Find out what it is that ignites your passion. Look at your motivation to start your own business. Is it
to make more money? Be your own boss? Turn a hobby into a career?

Myth 4: Don’t bother learning anything about accounting or financial management.

Reality 4: The more you know about every aspect of business---finance, marketing, management—the better
off you’ll be.

Myth 5: Go it alone.

Reality 5: Use the guidance of experts, mentors and your professional business group.

Myth 6: Give away lots of stock in your business to everyone you know.

Reality 6: What’s the point of going into business for yourself if you are going to give it away?

Myth 7: Tell everybody everything.

Reality 7: There’s a reason why the formula for Coca-Cola is top secret!

Myth 8: Choose a business that requires skills, money, other resources or a personality that you do not
currently have.

Reality 8: Use your strengths and natural talents as a place to start.

Myth 9: Confuse your business and your personal lives.

Reality 9: Both your business and personal lives will suffer without clear boundaries between the two.

Myth 10: Forget what it was that made you want to start a small business in the first place.

Reality 10: Your original dream or reasons for starting your own business may just the thing that sustains you
during tough and challenging times.
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               I.   APPLICATION AND EXPECTED EFFECT OF LOAN OR INVESTMENT



QUESTIONS:

1. How is the loan or investment to be spent? This can be fairly general (working capital, new
   equipment, inventory, supplies).

2. What item or items will be purchased?

3. What are the specific model name and/or number of your purchase(s)?

4. Who is the supplier?

5. What is the price?

6. How much did you (will you) pay in sales tax, installation charges and/or freight fees?

7. How will the loan or investment (your own loan or others) make your business more profitable?
Page 21/

                             J.   Start Up costs for your new business

   Land & Building                                                       $__________________

   Building or Leasehold Improvements                                    $__________________

   Consultant’s Fees                                                     $__________________

   Rent Security                                                         $__________________

   Machinery                                                             $__________________

   Furniture and Fixtures                                                $__________________

   Utility Deposits                                                      $__________________

   Legal & Accounting                                                    $__________________

   Fees (Registration, Licenses, Permits, etc.)                          $__________________

   Communications Installation (Telephone, etc.)                         $__________________

   Printing (Letterhead, Invoices, business cards, etc.)                 $__________________

   Motor Vehicles                                                        $__________________

   Prepaid Insurance                                                     $__________________

   Tools & Supplies                                                      $__________________

   Initial Inventory Purchases                                           $__________________

   Prepaid Taxes                                                         $__________________

   Advertising & Promotion                                               $__________________

   Miscellaneous Supplies                                                $__________________

   Total                                                                 $________________
    Page 22/

                                        SUPPORTING DOCUMENTS

                                         A. PERSONAL DATA SHEET

Name: ______________________________________________Birthdate:_________________________

Address: ________________________________________ Phone: ______________Cell:_____________

Business Address: ____________________________________ Phone: ___________ Cell: __ __________

Marital Status: ____________________ Name of Wife (Husband): _____________ Dependents_______

Education:

High School: ___________________________________________________________________________

Other: _______________________________________________________________________________

Military Service:

Years: __________________________________ Highest Rank Obtained: __________________________

Relevant Training or Work Experience: _____________________________________________________




Work Experience:

Business Address:              Job Title and Duties:           Supervisor:            Dates:

_____________________________________________________________________________________________
_____________________________________________________________________________________________
_____________________________________________________________________________________________
_____________________________________________________________________________________________
_____________________________________________________________________________________________
_____________________________________________________________________________________________
_____________________________________

Trade, Professional or Civic Membership and Activities:
_____________________________________________________________________________________________
_____________________________________________________________________________________________
_____________________________________________________________________________________________
_____________________________________________________________Hobbies Interests, other relevant
Information:
Page 23/                                      Supporting Documents

                                                  B. Credit Inquiry

Name: ________________________________________ Name of Spouse: _________________________

Address: ____________________________________________ Years There: _________ Phone: _______

Former Address: ______________________________________ Years There: ______________________

Birthdate: ________________Marital Status: _______________# Dependents: ____________________

Employer: ___________________________________________ Years There: ______________________

Address: ____________________________________________ Kind of Bus.: ______________________

Position: ____________________________________________ Net Income $:_____________________

Former Employer & Address: ________________________________ Years There: __________________

Spouse’s Employer & Address: _____________________________________________Years There: ____

Other Income Source: $ per month: ________________________________________

                          Bank                      Account #                                   Balance

Checking Account: _____________________________________________________________________

Savings Account: ______________________________________________________________________

Auto Owned (Year/ Make): _____________________________ Purchased From: _________ $: _______

Financed by: ________________________________ Balance Owing: $ _____________Monthly:_______

Rent or Mortgage Payment/ Month $ ______________________ Paid to: _________________________

Real Estate Owned in Name of: ________________________ Purchase Price: ________ Mtge. Bal.: _____

Credit References and all debt owing: Other than above (Bank, Loan or Finance Co.’s, Credit Unions, Budget)

Name                      Address                   Orig. Amt.                BAL.              Mo. Payment

_____________________________________________________________________________________________
_____________________________________________________________________________________________
_____________________________________________________________________

Life Insurance Amt. _________________________________ Company: __________________________

If Co-maker for Others, State Where and For Whom: _________________________________________
Page 24/




                      Steps to take for identifying and taking a mentor

                 Step 1: Determine exactly what kind of assistance you are looking for, and
                  therefore, the role you are hoping she or he will play;

                 Step 2: Identify and research someone who could possibly fill the role. (They
                  can be industry experts, business experts, coach or/and sponsors);

                 Step 3: Conduct basic research to make sure it’s potentially a good fit;

                 Step 4: Arrange an initial meeting or discussion;

                 Step 5: Make sure you are prepared for the meeting and have a specific idea
                  about the assistance that you are seeking. Be prepared and not
                  presumptuous, and

                 Step 6: Explore ways to maintain and strengthen the relationship.


In conclusion, one of the CACCI’s general sentiments is that Business Networking Works and the
same holds true for Mentoring when done properly. There’s always a role for a mentor,
because in business you are always growing and in need for advice.

				
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