[MUSIC] Hello. My name is Barry McCarthy. And I'd like to welcome you to the Capstone project. I'll start by introducing the Capstone project. It's a final project at the end of a specialization course, which allows the learners on that course or specialization to demonstrate their knowledge and understanding of the content which they have learned. While at the same time, applying their learning to a real world experience. The Capstone project for the pre-MBA, this course will be the development and presentation of a business plan or project plan. I'd like you to think about using the opportunity to develop a plan for an idea you've always wanted to explore, or a project you have wanted to tackle. These can be made up all based on a real life situation but fundamentally, they must be realistic, believable and feasible. The business plan consists of a narrative and several financial worksheets. However, the narrative is the key that sort of depends and sits behind that business plan. I'll be asking you to work through the various sections, which I shall show you a little bit later on, in order that you can choose any order, if you wish, for them to sort of be placed. However, there is also an executive summary, which I would suggest that you do at the end. Omit any sections that you don't think apply to your type of business, you can always add in, in other words, the plan should be adaptable. Don't feel to constrained by the sections headings that I'm going to be giving you, adapt them to suit your business or your project. When you finish writing your first draft, you will have a collection of small essays on the various aspects of the business plan. The final stage is to edit them into a smooth flowing narrative, and what I'd like you to do is present an overview of such in the form of a Powerpoint presentation. The Powerpoint presentation will not be accompanied by any voice overs or filming, it will be just a series of slides outlining your plan or project. The real value of creating a business plan is not in having the final plan in your hand. It's rather the value that we get from going through the process of researching and thinking about your business or your project in a systematic way. The act of planning helps you to think things through thoroughly, study and research if you are not sure about the facts, and look at your ideas with a critical eye. It takes quite a bit of time now but it will help avoid costly perhaps disastrous mistakes later on. I will be showing you a template, a generic model if you wish for your plan but as I have already said. Feel free to modify it to suit your own circumstances by either taking things out or adding things in. But I would like you to stick with the generic template. You may need to emphasize certain areas depending on the type of business. Whether you'll think about manufacturing, retail or the service industry. I shall give you some tips for fine tuning your plan in readiness to make an effective presentation to investors or bankers. It will be judged by the quality and appearance of your work as well as your ideas. It typically takes several weeks to complete a group plan. And most of that time is spent on researching and revising your ideas and assumptions. But this is the value of the process itself. So make time to do the job properly. Those who do so never regret the effort. And finally, be sure to keep detailed notes on your sources of information and on the assumptions underlying your financial data. [MUSIC]
