1. Or “why should I bother writing it all down? since I know it all anyways...”

2.  A written document that forms the foundation of your undertaking  Describes all the steps necessary to open and operate your business ◦ What you will produce, how it will be produced, and who will buy it ◦ Explains who will run the business and who will supply it with goods/services ◦ States how your business will win over customers from competitors and what you will do to keep them ◦ Provides detailed financial information

3.  Explains your ideas ◦ To convince investors your idea is solid  Sets objectives and ways to meet them ◦ Projections for short, medium and long term ◦ Often a 1, 2-5 and 5+ year forecast  Describes your background and experience ◦ Can you meet the objectives with the skills you have

4.  Forces you to think about all aspects of your venture  May help secure financing or other support for your business  It gives you a powerful way to communicate your ideas to others  Can be a tool for managing your business

5.  Unrealistic financials ◦ Be realistic, often the first section reviewed ◦ Base these on solid evidence, and potential for growth in the sector/industry you are part of  An undefined target market ◦ Be clear on who you are targeting, and why they will choose your product over another  Poor research ◦ Spend the time to get it right ◦ Use up-to-date information

6.  Ignored competition ◦ Who are your competitors and how do you plan to compete?  Inconsistencies within BP ◦ Review grammar and spelling ◦ Use proper formatting, and stay consistent ◦ No contradictions! ◦ Have a peer review the work as a draft

7.  https://ournscc.nscc.ca/sites/LU_NRET_YR2/ Shared%20Documents/ENTREPRENEURSHIP/B usinessPlanGuide_Sept2010.pdf https://ournscc.nscc.ca/sites/LU_NRET_YR2/ Shared%20Documents/ENTREPRENEURSHIP/B usinessPlanGuide_Sept2010.pdf