Introduction to Entrepreneurship Business Plan Vocabulary

Entrepreneurship Cover Letter A letter that introduces and explains an accompanying document or set of documents

Entrepreneurship Harvest Strategy (Exit Strategy) The way an entrepreneur intends to extract, or harvest, his or her money from a business after it is operating successfully.

Entrepreneurship Pro Forma Financial Statement A financial statement based on projected revenues and expenses

Entrepreneurship Executive Summary A short restatement of the report, intended to capture the interest of its readers

Entrepreneurship SCORE Service Corps Of Retired Executives More than 11,000 retired executives who volunteer their time to provide entrepreneurs with real world advice and know how

Entrepreneurship Mission Statement A written declaration of an organization's core purpose and focus that normally remains unchanged over time

Entrepreneurship SBA Small Business Administration Interdependent agency of the federal government created to help Americans start, build and grow businesses by providing aid, counsel and financial assistance

Entrepreneurship Trade Association Organizations made up of professionals in a specific industry

Entrepreneurship Chamber of Commerce Community organization offering assistance and information to entrepreneurs on trends affecting local businesses, local resources, zoning and licensing information

Entrepreneurship SBDC Small Business Development Centers Provides management assistance through counselors who provide free one-on-one assistance in developing a business plan

5 Basic Elements of a Business Plan Entrepreneurship 5 Basic Elements of a Business Plan Introduction Marketing Financial Management Operations Concluding Statement

Entrepreneurship 5 Most Common Mistakes in a Business Plan Unrealistic Financial Projections Undefined Target Market Poor Research Ignored Competition Inconsistencies in the Business Plan