Chapter 5 Entrepreneurship

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Presentation transcript:

Chapter 5 Entrepreneurship 5.2 The Business Plan

Initial Steps in Setting up a Business Before you decide to start a particular business, you need to determine if there is a demand for your product or service. Business Plan: a written description of a new business venture that describes all aspects of the business. Helps entrepreneurs focus on what they want to do, how to do it, and what they expect to accomplish

Checklist for Starting a Venture This is a checklist for entrepreneurs to keep in mind as they write their business plan: What will I produce? Who are my main competitors? Why is my product or service needed? How much will my product or service cost to produce? How many people will I need to run the business? What physical facilities will I need? What license, permits, or other legal documents do I need? How much money will I need to get started?

Parts of a Business Plan (15) pg. 83 Executive Summary Management Team Plan Company Description Product and Service Plan Vision and Mission Statements Industry Overview Market Analysis Competitive Analysis Marketing Plan Operational Plan Organizational Plan Financial Plan Growth Plan Contingency Plan Cover page, Title page, Table of contents, and supportive documents

Homework Read Parts of a Business Plan descriptions on pgs 83-87 Complete 5.2 Reading Activity Review questions on page 87, 1-3 Read BusinessWeek Case Study on page 78 and complete the Ch. 5 Case Study Worksheet Quiz Friday