For today's session, we're going to be exploring the components that make up a successful business plan. With us today is Sudhanshu Rai, who'll be exploring the four components that are required for the development of any successful business initiative. So, take it from this lead-in, Sudhanshu. How would you, first start off designing and implementing a business plan, and how do you want to direct people to think critically about this structure? >> Right. I think every entrepreneur, now here I'll take the entrepreneurial seat. I will not say social entrepreneur or entrepreneur, just an entrepreneur. Every entrepreneur, he wants to do something, he wants to bring about a change in society, in some other way. Some selling products, some having a social impact, right? He has to reflect on four different and distinct points. He has to reflect about the society, he has to reflect on his leadership. He has to reflect on his ability to integrate, and he has to reflect around his aspirations. Now I, I have said that they are not in the same order as I've said it. You can reflect on any of these things first. Okay. Let's, let me start with aspirations, Okay. These are components of ideas that a business creator, an entrepreneur, has to sit down and think about. And that is even before he gets into the business plan stage. This is a precondition, a pre-business plan phase, that is reflecting on these four ideas. Let's talk about aspiration. Why does the entrepreneur, what does he want to aspire to be with this entrepreneurial activity? What are his aspirations, in six months, in five years, in one year? Where does he want to be? He has to address this aspirational question. If he has ambiguity about this aspirational question, that ambiguity will translate into the business plan. So, it is extremely important to address the, the, the clarity, engage with clarity on, on aspiration. >> But this idea can develop or morph into some, a different concept or aspiration, right? It's not a steadfast, cement-like concept. >> No, no, aspiration only asks you to think about where are you going to be with this idea in six months or one year, or a full plan, five years, this is exactly what the banks are going to ask you. >> Mm-hm. >> The banks are going to ask you for, for projections, and you have to project your, your financial output in, in, in the so many months or years that, that you'll be operational in, right? You have to learn to scale up. So, scaling up is also aspirational. You have to be able to be very clear about your aspirations, in how you want to scale up, right? Then, the next one is your leadership style, okay? It's, often people think about their leadership style as an issue that is not as important, and I think it's extremely critical, because the organization you build is very much derived-, it derives its energy from the, the creator of the organization. So, your style, your philosophy of leadership, your belief in, in a leadership, has to be very aligned to the organization you create. If you hate hierarchies and you end up creating an organization which is hierarchical, you, you're going to run away, the organization is going to chase you away. So, you have to align your belief, your philosophy about leadership to the kind of organization you create. And the, having clarity on leadership will then translate into better clarity in your business plan, in the section or on leadership. Then comes integration. What is integration? Integration is: what resources do you need? You need to pull resources from where? Resources doesn't mean money only. Resources means human resources, it means, it means information resources, it means technology resources, it means all kinds of resources. What are your integrational skills? How do you integrate all these available resources if there are, if there aren't where do you get them, and how do you get them? You have to explore, you have to explore this. And the more you explore this in, in, in detail the better your business plan would look, right? Then, the final one, that is society. You, you can't have, you can't have aspirations, leadership, and integration without the society angle. You have to understand, what role is your idea, your aspirations, your ability to integrate impacting on society? What role you are playing in society? How, how is society going to react with your presence and with your endeavors? How will society reward you? And you have to build that into the business plan too, because the society is the playing-, the canvas in which you have to apply your art, or apply your entrepreneurial skill. And it is the society that will reward you or not. So, you have to take a very reflective view on society, its abilities, its needs, and how it can reward you. >> What about revisiting the business plan? So you've written a good business plan, you've been putting it into place. But many of these components can change over time. How critical is it for you to come back, look at the business plan again, maybe tweak certain components in order to really clarify your, your vision and mission? >> Sure, all business plans, all, all business plan is not a static document, it's a living document, particularly in social entrepreneurship. So, just because you make a business plan once, that doesn't mean that it won't change over time. It will, and it has to otherwise you're not evolving as, as a social entrepreneur. You should always as a social entrepreneur come back to your business plan every year, and say, okay, what did I want to say? How did I achieve? Did my projections, did my aspirations meet my, my plan? Have I translated all my aspirations into my plan? Is the reality of, of, of the year's experience, giving the justification for continuing with that aspiration, or the plan? How much have I learned? How to re-jig the business plan? The idea that the business plan is only for getting funding is a ludicrous idea. You have to have a business plan, which is a living document. It has to keep guiding you, but also keep allowing you for, for getting reflections. So it's both a guiding document plus a reflective document. >> As we end this session, I'd really like to thank you for the thought-provoking arguments that you've presented and the recommendations that you're giving our students. And to this end, I'm certain that the food for thought that you've presented here today, will ensure some excellent business plans, and generations of new ideas that have clear and important ideas. >> Mm. >> Thank you again.
