YLES – Update 2

In a 5-6 minutes presentation, it doesn’t make sense to have more than 2 people present..

It is required that the business plan be presented by only 1 or 2 members of each team

Tip – Management Team

The purpose of this society is to nurture budding entrepreneurs. A lot of students (specially juniors) are in the dark about several aspects of the business plan. So we’ve decided to start a series of posts to clarify certain areas.

Firstly in view of  Saturday’s submission, lets discuss the Management Team. You should make your group keeping certain criteria in mind:

• It’s best to have diverse strengths. For example: It’s a good idea to have one person strong in finance, another in marketing and a third in IT (especially if it’s an E-Commerce startup) This way you can draw on each others strengths and cover weaknesses.
• It’s also a good idea to go for a business you KNOW about and preferably have experience in because that counts towards the success of the venture. Don’t wander off in uncharted territories. Research your topic inside out. Try to get a person on the team who has relevant experience.
• If you’ve learnt any lessons in life (E.g From an interesting internship or a relevant certification) that are applicable to the business, DO mention that! It will make your management team more reputable. For e.g If you are setting up a E-commerce venture and you an internship in IT, it’s bound to help.
• Try to get an industry expert or faculty member on your board of Directors and Advisors.
• If you have partnerships with suppliers, customers, distributors etc DO mention it.
• For each business, certain HR talent is crucial. For e.g If you are setting up a boutique, a dress designer is very important. Understand what HR skills are required and try to procure them.

Hope that helps!