"A goal without a plan is just a wish."
Concipio is the annual in house Incubation Program organised by the E-Cell, IIT Kharagpur. The competition promises to bring about a fruitful transition in the regular placement culture of the institute with the introduction of Entrepreneurial avenues to the students. The competition is aimed to transform the raw ideas that are born in the institute into full fledged business models. To ventilate this mission of transforming raw ideas into a full fledged business model, Entrepreneurship Cell IIT Kharagpur has undertaken a unique initiative of introducing the Deferred Placement Program (DPP) which provides an opportunity to the students to defer their placement by a year (maximum 2 years) and pursue any entrepreneurial venture in the given time span. DPP is available to a select few students (maximum 10) selected by the Dean, SRIC, on the basis of their entrepreneurship proposal.
Concipio will provide the teams with the following resources crucial to successful entrepreneurship:
(i)Assistance in converting your ideas into an actual B-Plan.
(ii)Funding for the enterprise through TIETS (Technology Incubation and Entrepreneurial training Society), started under the aegis of SRIC.
(iii)Finding consortiums to link up your products or service with.
(iv)Networks of world-class entrepreneurs, investors, and potential partners.
(iv)Mentorship by successful and seasoned professionals which include successful industrialist and alumni of IIT Kharagpur.
(v)Education in specific business planning skills as well as general entrepreneurial insight by the esteemed faculty of IIT Kharagpur.
(vi)Content rich feedback on their business model from world class entrepreneurs, investors, and professional service providers on our judging Panel.
(vii)Team-building opportunities to create a winning team of founders.
(viii)Broad media exposure and PR buzz.
(i)Concipio is an in-house competition and participation is restricted to the students, alumni and faculty of IIT Kharagpur.
(ii)There are no restrictions on the team size
(iii)Participating teams should be ready to start up.
(iv)After the first round of submission, selected teams will undergo the mentorship process.
(v)The participants are required to make optimum utilization of the mentoring process so as to create an appropriately refined B-Plan.
(vi)After the mentoring process, the final B-plan will be submitted to the judges via e-mail. The plan will be submitted in a PDF format.
(vii)The submission will be carried out by the event managers after signing the non disclosure agreement.
To apply for Concipio 2013-2014:
(i)Download the Questionnaire-cum-Application From.
(ii)Register with the completed form.
(iii)Use the passkey mailed to you for managing your form and other details later on.
(You will need a software such as Adobe Acrobat to fill up the form)
For any Queries Click Here
Concipio 2012-2013 Winners :
(i) Kissan First
(ii) Kiarks Platro
(iii) Energy Unified
(iv) Team Exile
The executive summary is a synopsis of the key points of the entire business plan. Its purpose is to explain the fundamentals of the business in a way that both informs and excites the reader. If, after reading the executive summary, the investor or manager understands what the business is about and he/she is eager to know more, the executive summary has done its job.
As a miniature version of the e-business plan, the summary usually contains a key point or two from most sections of the plan. Due to space limitations some sections may get missed, but an accurate summary will provide the reader with a succinct explanation of the entire plan.
Another way to describe an executive summary is to describe what it is not, based on ineffective summaries that we have seen in student and professional business plans.
The executive summary is not just a brief description of the business and its products. This information is presented in the business description section inside the plan and should not be duplicated here. Because the summary is a synopsis of the entire plan, don't let information from any one section dominate your executive summary.
The executive summary is not an outline of the plan. First-time summary writers sometimes make the mistake of creating an extended table of contents. For example, don't tell the reader there is a competitor analysis inside, instead summarize the analysis by identifying one or two key competitors and your company's primary source of advantage in the competitive marketplace.
The executive summary is not hype. While a goal of the executive summary is to excite the reader enough to read the entire plan, the temptation to make exaggerated claims or accentuate only the positive must be avoided. For example, you might want to point out a significant risk or a well-established competitor and suggest how the business will deal with this problem. This provides a sense of balance and realism in what can be an over-glorified summary of the plan. An experienced investor or businessperson will recognize hype and this will undermine the plan's credibility.
The executive summary is not a cut-and-paste exercise. Drafting the summary can begin with key paragraphs and sentences from inside the plan, but the end result should be written "fresh" without large-scale duplication of content and with a smooth flow of plan highlights from the beginning to the end.
Content of the Executive Summary :
In addition to summarizing the business idea and business plan, the content of the executive summary must be written with the intended reader in mind. If the plan is being written for an investor, then important content about financial requirements must be included. Similarly, avoid terminology and concepts which may be unfamiliar to the reader. For example, don't use e-business terms such as infomediary, digital divide, or mass customization unless you explain the meaning or know with absolutely certainty that the reader will know what they mean. The best executive summary, and the plan itself, shows an understanding of what issues and questions are important to the reader and addresses them in a straightforward and comprehensive manner.
One effective way to begin the executive summary is with an interesting and compelling statement that grabs the reader's attention. This could be an interesting very short story (e.g., for Purma Top Gifts, how volcanic rock laid down 160 million years ago produces bloodstone jewelry that Purma is now famous for), a question (e.g., "What is Purma's most popular baby gift? A sheepskin! Soon Purmaian sheepskins from Purma Top Gifts will provide warmth and comfort to infants around the world."), or a startling statistic (e.g., "In 2001, over 256,000 tourists with incomes in excess of US$40,000 visited Purma. These tourists need a place where they can shop to give the best that Purma has to offer to their friends, their families, and themselves.").
Alternatively, the traditional way to begin the executive summary is with a statement of the firm's purpose, perhaps by integrating the firm's mission statement (e.g., "Purma Top Gifts is an e-business that sells top quality Purma-made gifts and souvenirs to customers who want the very best that Purma has to offer.") and a few sentences about the product or service the business will provide.
Then try to highlight a key point from each section of the plan -- the primary target market from the market analysis section, the principal source of competitive advantage from the competitor analysis, the return on investment from the financial statements, and so on. Because of length restrictions you may not have room for everything, so a section that doesn't offer anything important or interesting to the reader may be skipped.
Conclude the executive summary with the purpose of the e-business plan (e.g., "The purpose of this plan is to propose the launch of the Purma Top Gifts Web site and seek funding for its development.") and a specific statement of what you expect from the reader. For example, don't leave the banker to sort through the plan to page ten before he/she finds out the amount of the loan you require. Clearly state your capabilities and needs in the executive summary and you will have a greater chance that the reader will turn the page.
Length of the Executive Summary :
There is really only one answer to the question "how long should an executive summary be?". The answer is "short".
Most business ideas need more than one page to tell the reader what the business is about, but only rarely will more than two pages be required. Conventional wisdom is that if you can't summarize your business plan in two pages, then this is an indication to the reader that you are indecisive and can't set priorities.
When to Write the Executive Summary
A good rule is that the executive summary should be started in the middle of the plan-writing process and be finished last. If the executive summary is put off until the last minute it is likely to be written in a hurry and not be a coherent statement of the business plan's contents. The summary is too important for that.
Sample Executive Summary
Business Plan Executive
Articles on B-Plans
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Frequently Asked Questions:
Q.1.Who is eligible to participate in Concipio?
Ans.Concipio is the in-house B-Plan competition of IIT Kharagpur organised by Entrepreneurship Cell. Any participating team should comprise of at least one student, alumni or faculty of IIT Kharagpur. The competition aims at transforming raw ideas that are born in the institute into full-fledged business models.
Q.2.Why participate in Concipio?
Ans.Starting a company from scratch involves a lot of obstacles. The 3 major obstacles which are common to all such start ups are as follows:
E-Cell provides a perfect platform to such ventures by helping them in terms of funding, mentorship and connecting them to the right people in the industries. By participating in Concipio, the teams are not only eligible for funding but also they are linked to high profile mentors. Finalists also get a chance to pitch their ideas before top notch Venture Capitalists and Angel Investors. In the process, the start-ups get an ample opportunity to improve upon their b-plan and overcome its shortcomings, while it is in its gestation period. In addition, itís not only the winners who are eligible for funding, all entries reaching the final round are eligible for it, ultimately itís the idea that matters.
Q.3.What is a Business Plan (B Plan)?
Ans.A business plan is a document that summarizes the operational and financial objectives of a business, focuses on key points, allocates resources and contains the detailed plans and budgets showing how the objectives are to be realized. Because the business plan contains detailed financial projections, forecasts about your business's performance, and a marketing plan, it's an incredibly useful tool for planning of your business.
Q.4.Why need a B-Plan?
Ans.To test the feasibility of the idea. Writing a business plan is the best way to test the feasibility of an idea. The marketing and competitive feasibility of an idea can be tested through evaluation of a b-plan.
To secure funding. Business institutions and investors play a leading role in providing the operational and start-up capital. A good business plan provides a sound platform for attracting venture capitalists and funding from the financial institutions.
To make business planning manageable and effective. A business plan is an important tool for establishing business. The business plan can help in strategizing the goals to be accomplished, changes required and the directions a companyís growth needs to take.
Q.5.How detailed should it be?
Ans.Business advisors, experienced entrepreneurs, bankers, and investors generally agree that you should develop a business plan before you start a business. A plan can help you move forward, make decisions, and make your business successful. However, not all business plans are the same, not every business needs the same level of detail. You might develop a fairly simple plan first as you start a small business, and that might be enough for you. You can also start simple and then elaborate as you prepare to approach bankers or investors.
For an example, imagine yourself doing a business in your own backyard selling lemonade. A business plan could give you a chance to step back from the normal flow and look at ways to develop and improve the business. The planning process should help you understand your business. It should help you define what you want from the business, understand what your customers want, and decide how to optimize your business on your own terms. You might benefit from developing a simple sales and expense forecast, maybe even a profit and loss, so you can plan how to use and develop your resources. You might not need to create detailed cash flow, balance sheet, and business ratios. A simple plan may be just what you need to get going.
However, not all startups are that simple. Many of them need product development, packaging, retail fittings and signage, office equipment, websites, and sometimes months or even years of payroll before the sales start. Unless youíre wealthy enough to finance these expenditures on your own, then youíll need to deal with bank loans or investors or both; and for that youíll need a more extensive business plan. Startup company or not, the plan has to meet expectations.
Q.6.Is there a standard B-plan format?
Ans.A normal business plan (one that follows the advice of business experts) includes a standard set of elements, as shown below. Plan formats and outlines vary, but generally a plan will include components such as descriptions of the company, product or service, market, forecasts, management team, and financial analysis.
Q.7.Can you suggest a standard format of a b-plan?
Ans.If you have the main components, the order doesnít matter that much, but hereís the outline order we suggest.
Executive Summary It is just a page or two of highlights, but very critical to make the first impression. Company Description Legal establishment, history, start-up plans, etc. Product or Service Describe what youíre selling. Focus on customer benefits. Market Analysis You need to know your market, customer needs, where they are, how to reach them, etc. Strategy and Implementation Be specific. Include management responsibilities with dates and budget. Management Team Include backgrounds of key members of the team, personnel strategy, and details. Financial Plan Include profit and loss, cash flow, balance sheet, break-even analysis, assumptions, business ratios, etc.
For more details visit Business Plan Template
Q.8.What is the ideal length of a B-plan?
Ans.Page count is not a good way to measure length. A 20-page plan with dense text and no graphics is much longer than a 35-page plan broken up into readable bullet points, useful illustrations of locations or products, and business charts to illustrate important projections.
Measure a plan by readability and summarization. A good business plan should leave a reader a good general idea of its main contents even after only a quick skimming, browsing the main points, in 15 minutes. Format, headings, white space, and illustrations make a big difference. Summaries are very important. Main points should show up in a business plan as quickly as they do in a business presentation.
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