An entrepreneur is a person who organizes, operates and assumes the risk for a business venture.
A business plan is a document that describes a new business and a strategy to launch that business.
The primary functions of a business plan are: Set goals & objectives for the business to follow (road map) To attract potential investors To acquire financing To attract quality employees
Cover Page Executive Summary Company Description Product /Service Plan Mission and Vision Statements Market Analysis Marketing Plan Operations Plan Schedule of Startup Funds Management Team Plan (Owner’s credentials – resume) Projected Income Statement Supporting Documents
An executive summary is an overview. The purpose of an executive summary is to summarize the key points of a document for its readers, saving them time and preparing them for the upcoming content.
The company description section of the business plan outlines the company’s background information and basic business concept.
In the product and service plan section of the business plan, you present the nature of your business and the unique features of the product or service.
vision statement a declaration of the scope and purpose of a company mission statement a declaration of the specific aspirations of a company, the major goals for which it will strive The vision statement and mission statement state the guiding principles by which a company functions.
This section provides analysis of the conditions and trends in an industry, the target market (or customer profile) of the business, and a detailed analysis of the competition
A marketing plan discusses how a company plans to make its customers aware of its products or services. It also describes the market niche, pricing, company image, marketing tactics, a media plan, and a marketing budget.
This section details the operations of the business from acquiring materials and supplies to the distribution of the products and/or services to customers.
This section details the plan for use of start-up funds, as well as projections for the future of the business.
The management team plan presents your qualifications (as well as those of any partners you may have). You must describe how you (or your team) have the capabilities to execute your business plan.
Although business plans vary in styles, content and format, all business plans should be: Neat Organized Professional Well-written & well-designed Thorough ; highlighting important aspects of the business
Make a research plan and gather data. Set up a notebook to organize data. Write a first draft. Every business plan should have a cover page, a title page, a table of contents, and supporting documents.
underestimating the need for capital projecting exaggerated growth levels trying to have expertise in all areas claiming performance above industry averages
1.What are two functions of the business plan? 2.What is an executive summary & what is it’s purpose? 3.What is a common mistake made in writing a business plan?