Why a Business Plan is Important? Ask students to list reasons for taking a map when driving to a vacation location. Then explain how the business plan is the road map for a business.

The Business Plan Describes What your business will produce How you will produce it Who will buy your product or service Explains Who will run the business Who will supply the goods

The Business Plan States How you win customers from your competitors How you keep customers Provides Detailed financial information How will your business earn a profit

A Business Plan Serves Three Purposes Explains the idea behind your business and details how your product or service will be produced and sold. Sets specific objectives and describes how your business expects to achieve them. Describes the backgrounds and experience of the people who will be running the business. If you cannot explain the rationale for your business idea, no one else will find a reason to fund the plan. Financial institutions and venture capitalists want solid reasons for investing their money in your business idea. Success depends on the types of people in your professional network.

Importance of a Business Plan The business plan Makes you think about all aspects of your business, Helps you secure financing for your business, Helps you communicate your ideas to others, and Serves as a tool for managing your business. The business plan is a thorough process that requires individuals to really consider all pros and cons for starting the business. The plan will require revisions and adjustments due to changes in the economy and other surprises.

Assignments Road to Success Assignment Success does not come quickly for most entrepreneurs. It takes time, perseverance, and hard work for most individuals to succeed. Walter Elias Disney is a good example of an entrepreneur who took the idea of animated films and developed an entertainment empire through hard work and perseverance. Put the names of 30+ entrepreneurs in a hat for students to select. Ask students to research the entrepreneur they selected and design a mural that shows the struggles/challenges that the entrepreneur overcame to reach success. The mural should begin with the creative idea and continue through growth of the entrepreneur’s business idea. Business Proposal Presentation Ask students to propose a 200-room luxury hotel/convention center for the new town center for a growing, upscale suburb of a major city. The proposal should include a description of the hotel, projected customers for the hotel, business that the hotel will attract to the community, and sources of finance for the new business. The presentation should also include what financial institutions and venture capitalists will provide startup funds for the hotel. The Internet and other resources will provide valuable information about major hotel chains and the procedure for building an additional hotel. Students will present their information to the class in the form of a digital presentation.

Assignments (cont..) Research that Community Entrepreneurs must conduct thorough research before deciding to locate a business in a particular community. The research is conducted to learn about the demographics for the community, traffic flow, tax advantages, growth potential, crime rate, schools, workforce, and other factors. Ask students to choose a city for a selected business. Then students will design an information folder about the city. The purpose of the marketing folder is to attract businesses to the community.