Business Ideation to Business Plan Preparation (Part 1)


The big question for a person who wants to start a new enterprise is “What Business to start?”

Identifying the right Business Opportunity is the core of success for any startup. A systematic and scientific approach is necessary for Opportunity Identification and we have opportunity to learn the process and structure, since it is not advisable to blindly copy any other’s business idea, which is generally done by people at large, resulting in start-up failures, because ideas which succeed in some places may not succeed in the same way in other places. Lots of due diligence and checks have to be done to ensure minimizing chances of failure.

This is one of the important attributes of an entrepreneur. An entrepreneur takes ‘calculated risk’ and not ‘risk’, it means it is a sound decision taken on the basis of extensive research and due diligence.

For the success of any enterprise, three things are very important on top of other criteria, viz., MONEY, PERSON and BUSINESS IDEA. If these three things are to rank in terms of their importance:


i- The prime important component is the “Person” behind the business. If the person behind the business idea is not entrepreneurial, the business is bound to fail no matter if the business idea is 100% viable and sufficient money is invested in the business. Beyond workable ideas and able to monetizing, a “motivation” factor on the person is very much crucial. Mclelland studies show energy or motivation contributes over 43% of business success, and there are several psychometric tests to justify the above traits either GETT (General Enterprise Tendency test, Motivation Trigger Color test or SRQ (Self-Rating Questionnaire). And yes, some of these tests being conducted beforehand by start-up incubators in some countries.

ii- The second most important component is the ‘Business Idea’ because the success of the business depends on the viability of the idea.

iii- The last important component is “Money”.

What do you think the most important aspect of Enterprises?

In the next posting, We will share on ‘Business Ideation Process’ & Business Plan Preparation

Business and Finance Series Training 2020

PART OF OUR FINANCE LEARNING SERIES

Basic/Advanced Accounting.
Report and Budgeting.
Advanced Accounting.
Business Finance: Understanding Basic Financial Statement & Draft Business Plan.
Business And Finance Appreciation.
Personal Finance For Individuals and Business (SME).
Building Finance Into Your Management Practice.

1- Finance Workshop for Non-Financial Executives (2-3 Days)
From finance basics to understanding the essence of cash flow to corporate value creation, this comprehensive training program covers all aspects of corporate finance. Get a complete financial education in just four days…and be prepared to make more powerful, informed business decisions. From understanding the essence of cash flow to learning how to create value on a corporate level, this comprehensive program covers all the principles of corporate finance.

2- Managing Your Costs and Budget More Effectively (2-3 Days)
Do you know the costs associated with every area you oversee? Do you fully understand the financial impact of your decisions? Are you familiar with the ins and outs of forecasting and budgeting?
In this course, you will discover how to quantify the results of your work. Determine whether the profit earned is higher than the costs of site space, machines, inventory, customer credit, etc. And measure the value you create.
How You Will Benefit

3- Building Finance Into Your Management Practices (2-3 Days)
Do you “get” economic and financial performance? Are you familiar with the language of finance? Aware of the financial consequences of your decisions? Did you know that your decisions are actually all financial decisions? That’s why it is essential for you to understand the financial consequences of your actions. Once you clearly understand the ins and outs of economic and financial performance, better decision-making will follow.

4- Understanding Basic Financial Statement and Draft Business Plan (2 Days)
Do you know that many Small Business Owners fail to understand key components in financial statements, alarming cash flow and to read a simple profit and loss as well as key elements within? This workshop focus is driven on instilling an understanding of the basic financial report, key elements to focus on determining an organization’s financial health check. To lead and guide draft key success factors in business plan, areas that focus on funding or seeking investors.

5- Personal Finance for Individuals and Business (SMEs) (2 Days)
Do you know that keeping and managing wealth is as important as building the wealth itself, failing to manage it may cost financial distress and up to depression as managing wealth normally arise at a post-retirement stage, where one is no longer in service and has no active income! Understand the importance of financial cycle in life, understand the financial instrument in the markets, assist to smoothen personal life goals and SME’s. Avoid making financial mistakes and guide towards best practice in personal finance from personal debt management, investment, risk management, building asset column up to post-retirement strategy.

6- Business and Finance Appreciation (2 Days)
Do you understand what it takes to understand your business, a simple approach to understand how a business and financial component works. Focus drove on the understanding of business concepts, elements, and principles. Types of business models available. Component of the business plan. Marketing.Operations. Customer service. Accounting and finance.

In-House Program
In-House Program provides a greats opportunity for personnel from the same organization to focus on specific workplace issues.Click here for full program —> FMC Training Consultancy

Reach Us
We conduct Training Need Analysis and if you look forward to further inquire programs that suit your business climate, we are here to listen and cater to your unique needs. We may be contacted at admin@faisalmalikco.com

11 Characteristics Of Debt-Free People

Whether you’ve resolved to get debt-free in 2019 or you have a long way to go, it’s good to be inspired. Look at people you know who are already living debt-free lives. Whether it’s a friend, family member or co-worker, the person you are thinking of probably shares similar qualities with other debt-free people.

Here are 11 common characteristics you can copy to live within your means.

1. They Pay Attention to Details

You won’t notice that recurring fee on your credit card for the gym you’ve stopped using if you’re not checking your statement regularly. People without debt monitor their personal finances closely. They are less likely to waste money by forgetting about payment due dates or overdraft fees. You can start paying more attention also. The key is just to start. Try looking at your credit card statements every month. Next monitor all of your spending. Now add up your income. Compare the two and see where you could cut back. Re-visit this budget a few times a year to stay on track.

2. They Know Their Stuff

Debt-free people do their own research. They might have an accountant, but they don’t send over paperwork or sign their taxes without looking them over. If you want control over your finances, you need to learn about them. It may feel overwhelming but the sense of security you will feel in understanding what’s happening with your money will outweigh the discomfort.

3. They Pretend They Make Less

Even if you are already deep in debt, you can start to improve your situation by immediately changing the way you look at your money. Imagine you make 10%, 25% or even 50% less than you do. Make a budget using that math. It may be impossible at first, but start making cuts to your spending. Debt-free people live on less than they make. This allows them to put money aside for buying a house, retirement and an emergency fund. This provides financial independence that allows you more options in the future.

4. They Think Long Term

When the focus isn’t on immediate gratification, you can make smarter decisions. Sure, it would be nice to have this season’s hottest shoes, but how will they help your long-term financial goals? This doesn’t mean you can’t ever buy shoes! It just means you have to save up before you buy them. This also gives you the time to consider if you really even like the shoes and avoid impulse purchases.

5. They Aren’t Afraid to Ask

Ask for help. Ask for lower interest rates. Ask for forgiveness when they make one late payment. Debt-free people take control of their finances and they aren’t meek about it. If you know someone who has met a financial milestone you admire (saved $1 million for retirement, bought a car in cash, etc.), don’t be afraid to ask how they did it.

6. They Save

Whether you got a significant bonus or a $100 ‘angpow’ from Grandma, you should think first of paying yourself. This is true of your regular paycheck as well. You know you have to pay the rent (or mortgage), so treat your savings account the same way. Make it a habit. And better yet, make it a mindless habit by setting up an automatic deposit. Debt-free people know adding even small amounts now will give you more financial freedom later.

7. They Set Goals

You’ll find it easier to put aside money if you have a strong sense of what it’s going toward, it’s not about 3-5 years, it can go up to 20 years! This works for when you are saving up for house ownership, vacation, thinking about retirement. Debt-free people set specific goals so they know what they are striving for. This helps you stay on track. Retirement can be a hard one for young people. It seems so far away! Think about what sounds appealing about retirement. If it’s travel, imagine the places you will visit. Now the goal seems more specific.

8. They Say No

You may get lots of tempting offers throughout the week for lunch with co-workers or dinner with friends. Don’t be afraid to say no. Debt-free people know that saying no to smaller expenses can add up to big savings. This doesn’t mean you can’t have any fun. Host a potluck dinner instead of trying out the new, expensive restaurant. Meet up with friends in the park for a walk instead of taking an expensive exercise class.

9. They Know the Value of Cash

Debt-free people know the value of a dollar… because they see it! It can be easy to overspend when you are never seeing actual money. Having to part with some cash can remind you of the transaction you are making is real. Plus, once that cash is gone, it’s gone. Try only using cash for a while and see how it changes your perception of purchasing.

10. They Value Experiences Over Stuff

Debt-free people aren’t focused on things. They value experiences more than having the latest things. The average person will list family and friends high on what they value. But are your choices reflecting that? If you are working extra hours to pay for a fancy meal with the family, think about the tradeoffs. Would you be better off not working late and having two (or five or six) meals at home with the family? To become debt-free, you are going to have to shed some of your current bad habits and take on some new, more constructive ones. Use the people who already living debt-free as inspiration.

11. They know it’s for long term

One should know the time frame to harvest chili which usually takes 4 months, banana usually takes 1 year, D24 or Musang King will usually take 7-10 years to harvest. And even plant timber for 40 years for their generations to reap.

11 Retirement Threat

FMC are willing to hear your aspirations outside and ready to extend our expertise in consulting, training, guidance and professional services, contact our team at admin@faisalmalikco.com