Elements of a Sound Business Plan, Entrepreneurship Mr. Bernstein Elements of a Sound Business Plan, pp 100-109 October 2018

Entrepreneurship Mr. Bernstein Business Plan Critical document that describes all aspects of the business Business Description Organizational or Management Team Plan Marketing Plan or Product and Service Plan Financial Plan The plan outlines the purpose of the business, guides decisions, and may be instrumental in obtaining capital

Entrepreneurship Mr. Bernstein Business Description Type of Business Mission Statement Business Philosophy Types of Products Self-Analysis – Personal strengths and weaknesses Geographic “Trading” Area Market Segment Analysis Potential Locations

Entrepreneurship Mr. Bernstein Organizational and Marketing Plans Type of Ownership Start-Up Steps Planned Personnel with Job Descriptions, including Management Marketing Plan – the Four P’s: Products (also in Business Description) Pricing Place (also in Business Description) Promotional Activities

Entrepreneurship Mr. Bernstein Organizational and Marketing Plan Type of Ownership Start-Up Steps Planned Personnel with Job Descriptions Marketng Plan – the Four P’s: Products (also in Business scription) Pricing Place (also in Business Descrition) Promotional Activities Financial Plan Capital Requirements Sources of Capital Projected Income and Expenses Repayment Plan

Entrepreneurship Mr. Bernstein Common Mistakes in Business Planning Undefined Target Market Poor Research Ignoring Competition Unrealistic Financial Projections (ie Projecting Exaggerated Growth Levels) Underestimating Capital Needs Inconsistencies within Plan