Podcast
Questions and Answers
Why did you choose these to be part of your plan?
Why did you choose these to be part of your plan?
N/A
What factors will make your plan successful?
What factors will make your plan successful?
N/A
What factors are deemed as obstacles to your plans?
What factors are deemed as obstacles to your plans?
N/A
What are the common activities people of your age love to do?
What are the common activities people of your age love to do?
What are your unique skills that you can do without support?
What are your unique skills that you can do without support?
What are the things that your community needs? Are these needs supplied well?
What are the things that your community needs? Are these needs supplied well?
What are the things that your community wants?
What are the things that your community wants?
Can your products be affordable for your target market?
Can your products be affordable for your target market?
How do you see yourself addressing the community needs?
How do you see yourself addressing the community needs?
What problem does the product or service solve?
What problem does the product or service solve?
What niche will it address?
What niche will it address?
Who are the customers of the enterprise?
Who are the customers of the enterprise?
How will the enterprise sell its products or services?
How will the enterprise sell its products or services?
What is the size of the market to be served?
What is the size of the market to be served?
How will the business make money?
How will the business make money?
What other products pose competition to the business?
What other products pose competition to the business?
How will the enterprise maintain its competitive advantage?
How will the enterprise maintain its competitive advantage?
Who will run the company and what are their capabilities?
Who will run the company and what are their capabilities?
What are the risks and threats confronting the business?
What are the risks and threats confronting the business?
What will be the future financial requirement of your business?
What will be the future financial requirement of your business?
What does the executive summary generally include?
What does the executive summary generally include?
What is the purpose of an executive summary?
What is the purpose of an executive summary?
What should be included when writing an introduction?
What should be included when writing an introduction?
What is the focus of the product or service description?
What is the focus of the product or service description?
What should be included in an industry analysis?
What should be included in an industry analysis?
What steps are involved in a market analysis?
What steps are involved in a market analysis?
What is a marketing plan?
What is a marketing plan?
What are the four M's guiding the production/operational plan?
What are the four M's guiding the production/operational plan?
What does the organizational plan detail?
What does the organizational plan detail?
What is included in the financial plan?
What is included in the financial plan?
What should appendices contain?
What should appendices contain?
What is the performance task for the students?
What is the performance task for the students?
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Study Notes
Business Plan Overview
- A business plan is essential for any startup before operations commence.
- Key elements include an executive summary, products and services, marketing strategy, financial planning, and budget.
Purpose of a Business Plan
- Provides an overall view of the enterprise.
- Guides investment decisions and capital expenditures.
- Serves as a roadmap for implementing marketing, production, organizational, and financial strategies.
- Functions as a sales tool to attract investors and secure financing.
Essential Questions in Creating a Business Plan
- Identifies the problem the product or service solves and the needs it fulfills.
- Defines the target customers and market size.
- Analyzes competition and maintains competitive advantage.
- Plans for risks, growth management, and future financial requirements.
Components of a Business Plan
- Executive Summary: Summarizes the business name, location, product/service, and purpose while highlighting key financial projections.
- Introduction: Details the business concept, available opportunities, target market, and financial needs.
- Product/Service Description: Outlines product features, potential customers, and resource sources.
- Industry Analysis: Presents data on industry trends, target market, and growth factors.
- Market Analysis: Identifies target market characteristics, sales projections, and operational expectations.
- Marketing Plan: Outlines strategies to engage target customers, emphasizing the "P’s of marketing": Product, Price, Place, Promotion.
- Production/Operational Plan: Specifies the materials, machines, manpower, and methods needed for business operation.
- Organizational Plan: Details the human resources structure and choice of legal business form (e.g., sole proprietorship, partnership).
- Financial Plan: Projects financial requirements and statements from startup to profitability.
- Appendices: Includes miscellaneous documents like contracts and permits not covered in the main sections.
Learning Activities
- Engage in group activities like charades to grasp the business planning process.
- Collaboratively create a sample business plan to apply learned concepts.
Unique Aspects of Business Plans
- The plan not only serves operational needs but also is crucial for securing investment and guiding future strategies.
- Understanding community needs and affordability for the target market are critical for aligning business objectives with market demand.
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