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 • Funds Required and • ExecuJve Summary Expected Uses • Company DescripJon • Financial Statements • DescripJon of • Owner’s CredenJals Products and Services (resume) • Market Analysis • Supplemental • MarkeJng Plan ASachments • OperaJng Plan
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