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Lesson 3.3 How to Create an Effective Business Plan

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Presentation on theme: "Lesson 3.3 How to Create an Effective Business Plan"— Presentation transcript:

1 Lesson 3.3 How to Create an Effective Business Plan
Goals Describe resources available for researching your business plan. Name common mistakes to avoid in business planning. Chapter 3

2 Terms Small Business Administration (SBA)
Small Business Development Centers (SBDC) Service Corps of Retired Executives (SCORE) trade associations Chapter 3

3 Research the Business Plan
Most entrepreneurs spend 50 to 100 hours developing their business plan. Chapter 3

4 Community, Government, and Professional Resources
Small Business Administration (SBA) an independent government agency helps Americans develop new businesses Chapter 3

5 Small Business Development Centers (SBDC)
a cooperative effort of the private sector, the educational community, and federal, state, and local governments provides free, individualized help for business plan development for those who cannot afford a private consultant Chapter 3

6 Service Corps of Retired Executives (SCORE)
retired executives provide free, confidential advice to entrepreneurs either in person or over the Internet both short-term and long-term assistance is available Chapter 3

7 Chamber of Commerce Trade Associations
provides information on local business trends Trade Associations organizations that are comprised of professionals in a specific industry provide educational and networking opportunities Chapter 3

8 Professional Consultants
experts who will provide business assistance for a fee Financial Institutions Bankers and Accountants can provide information about loans and financial statements. Chapter 3

9 Print Resources library magazines government documents Chapter 3

10 Online Resources Provide information similar to library information
Industry specific websites Websites targeted to entrepreneurs and small business owners Chapter 3

11 What are some of the resources that are available to help you develop your business plan?
Chapter 3

12 Mistakes in Business Planning
Avoid making the following mistakes: Unrealistic financial projections An undefined target market Poor research Ignored competition Inconsistencies in the Business Plan Chapter 3

13 List some common mistakes that are made in business planning.
Chapter 3

Demonstrate effective communication skills. Demonstrate skills in developing a speech using the three basic elements. Chapter 3

15 Utilize non-verbal gestures as needed.
Apply speaking techniques using appropriate tempo and pitch. Secure facts and data from multiple sources, emphasizing research skills. Chapter 3

16 THINK CRITICALLY How can good speaking skills benefit an entrepreneur?
Why is research important when preparing a speech? Chapter 3

17 Why should you follow copyright laws when preparing a speech?
How do the three elements of a speech contribute to its effectiveness? Chapter 3

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