If there was no class lecture this week, write a paragraph about what you learned and/or questions about what you didn’t understand.
Topic: The Business Plan
Name: Marquavius Hardy
Course: Business Entrepreneurship
Date: February 23, 2015
The next step after creating a business concept is create a business plan.
Business Plan: a document that presents a complete and detailed picture of the new business and the strategy to launch that business.
Why is planning so important to a business?
1. Helps entrepreneurs achieve their goals.
2. Helps you prepare and organize critical data.
3. A formal business plan helps make sure that you prepare for all aspects of a business’s operation.
Service businesses, internet business, and businesses that do not involve complex operations can often be launched just off positive feasibility analysis.
Who will read the business plan?
The people who will be interested in your business plan include: investors, bankers, potential management, and strategic partners.
Each of these people looks at your business plan for a different reason.
Parts of a Business Plan
Should include the sections that investors, bankers, and others expect to see.
Aim is to emphasize the key points that will persuade the reader of the value of your business concept.
1. Executive summary
2. Company description
3. Mission and vision statements
4. Management team plan
5. Product and service plan
6. Industry overview
7. Market, competitive analysis
8. Marketing, operational, and organizational, financial, growth, and contingency plan
What to include in the business plan?
Title page, cover page, table of contents, and supporting documents.
A brief explanation of the key points contained in a business plan.
Purpose is to give the reader a convincing reason to read the full plan.
No more than 2 pages and include most important from each section of the plan.
State what problem your business is addressing, support with evidence from market research.
Outlines the company’s background information and basic business concept.
Provides a brief history of the development of the business with development milestones that have been completed to date.
Vision and Mission statements
States the guiding principles by which a company functions.
A vision statement establishes the scope and purpose of a company and reflects its values and beliefs.
A mission statement expresses the specific aspirations of a company, the major goal for which it will strive.
Management Team Plan
Presents your qualifications and those of any partners.
Must describe why your team has the capabilities to execute your business concept.
Product and Service Plan
Present the product or service you are offering.
Nature of your business should be clear.
Note unique features and