Introduction to Entrepreneurship &

What is a Business Plan?

MRS. LOGAN

WHAT  IS  AN  ENTREPRENEUR?    

•  An  entrepreneur  is  an  amazing  person  who  organizes,  operates,  and  assumes  the  risk  for  a  business  venture.  

•  To  start  a  new  business  entrepreneurs  need  a  business  plan,  which  we  will  discuss  next.  

What  is  a  Business  Plan  and  Why  Have  One?  

•  A  business  plan  is  a  series  of  documents  that  serves  as  a  blueprint  for  starJng  a  business.  

•  A  business  plan  includes  informaJon  about  –  the  business  –  the  industry  in  which  it  competes  –  its  products  and/or  services  –  its  customers  –  its  compeJtor,  and  –  its  finances  

 

What  is  a  Business  Plan  and  Why  Have  One?,  cont’d.  

•  Business  plans  allow  owner  to  break  down  the  process  because  it  can  be  an  overwhelming  task.  

•  Business  plans  indicate  1.  current  status  of  the  business  2.  vision;  future  goals,  and  objecJves  3.  a  plan  to  achieve  the  vision  

What  is  a  Business  Plan  and  Why  Have  One?,  cont’d.  

•  The  primary  funcJons  of  a  business  plan  are  1.  set  goals  and  objecJves  2.  aSract  potenJal  investors  3.  acquire  financing  4.  aSract  quality  emloyees  5.  aSract  potenJal  new  customers  

Components  of  a  Business  Plan  

•  Cover  Page  •  ExecuJve  Summary  •  Company  DescripJon  •  DescripJon  of  Products  and  Services  

•  Market  Analysis  •  MarkeJng  Plan  •  OperaJng  Plan  

•  Funds  Required  and  Expected  Uses  

•  Financial  Statements  •  Owner’s  CredenJals  

   (resume)  •  Supplemental  ASachments                

CharacterisJcs  of  a  Good  Business  Plan  

•  Neat  •  Organized  •  Professional  •  Well-­‐wriSen  and  well-­‐designed  •  Highlight  important  aspects  of  the  business  

Major  Factors  to  Consider  Before  SelecJng  Your  Business  

•  What  are  your  interests?  •  What  are  your  abiliJes?  •  Do  you  have  the  start  up  money  and  necessary  resources?  

•  Profit  potenJal  •  Pleasure  •  Availability  

Possible  Teen  Businesses  

Teen  Entrepreneurs  

Class  Assignment  

•  Read  pp.  25-­‐27  •  Complete  “  Choosing  Your  Teen  –  Based  Business”