2. A written document that describes all the steps necessary in opening and operating a successful business.

3. 1.A business plan explains the idea behind your business and spells out how your product or service will be produced and sold. 2.A business plan sets specific objectives and describes how your business expects to achieve them. 3.A business plan describes the backgrounds and experience of the people who will be running the business.

4. 1.A business plan makes you think about all the aspects of your business. 2.A business plan may help you secure financing for your business. 3.A business plan helps you communicate your ideas to others. 4.A business plan can serve as a tool for managing your business.

6. 1.Introduction 2.Marketing 3.Financial Management 4.Operations 5.Concluding Statement

7. The Introduction section of a business plan contains many details about the purpose of the business idea. You should include the following: A detailed description of the business and its goals; the ownership of the business and the legal structure; the skills and experience you bring to the business; and the advantages you and your business have over your competitors.

8. This section should describe the products and/or services your business will offer, the market, the industry, and your location.

9. The financial section of your business plan will help you determine your financial needs. This forces you to look for financial risks, costs, and expenses of running your own business.

10. external factors affecting your business, such as high competition or lack of certain suppliers growth potential of the industry economic trends of the industry technology trends that may affect the industry forecasts for industry growth

11. Consists of Three Elements: 1. Identification of risks – Investors will want to know your risks and how you will deal with them. 2. Financial Statements – New businesses must include projected financial statements, with revenues and expenses called a pro forma financial statement. 3. Funding Request and Return on Investments. – Indicate how much you need to borrow and how you plan to use the money.

12. Your companies operation is critical to its success. This section should explain how the business will be managed day to day and discuss hiring and personnel procedures. Insurance and lease or rental agreements should be mentioned also.

13. This section should be a summary of your goals and objectives for your business. Also, stress your commitment to your business.

15. a letter that introduces and explains a set of documents. should include the name of your business, and the address and telephone number. It should also briefly describe your business. a listing of materials included in a publication, to show the reader what each page is about. brief explanation of why you need a loan and what you plan to use the money on. No more than two paragraphs.

16. short statement of your report. It should be no longer than two pages and should be written in a clear, simple style. Must include: 1.Describe your business concept and communicate what is unique about your idea. 2.Include your projections for sales, costs, and profits 3.Identify your needs (inventory, land building, equipment, etc.) 4.State the amount your are interested in borrowing

17. Should include the 7 elements. Don’t include unnecessary or irrelevant information. Give your readers a strong idea of what you want to do and how you plan to do it, where possible use charts and graphics to illustrate your point.

18. 1.supporting documents 2. tax returns 3.personal financial statement 4. copy of lease 5. copy of license 6. copy of resume 7. letter of recommendation 8. copy of letter from supplier 9. and copy of large sales contracts.

20. Organizations made of professionals in a specific industry. These associations can be valuable sources for entrepreneurs.

21. SBA: Small Business Administration is an independent agency of the federal government that was created to help Americans start, build, and grow businesses. SBDC: Small Business Development Centers provide management assistance to current and prospective small business owners. Free one on one assistance developing a business plan. SCORE: Service Corps of Retired Executives is made up of retired executives who volunteer their time to provide entrepreneurs with real-world advice and know-how.

22. Entrepreneurs spend 50 to 100 hours developing their business plan.

23. Research a Trade Association and/or Trade Show that would help with your future business. Type a 1-2 paragraph DS on your findings. Tell me about it, location, date, cost, membership dues, magazine/newsletter, etc.