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Ch. 5 Business Plan

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  • 1. Chapter 5 Developing a Business Plan Business Ownership Spring 2007 Williams C. Greene, (2000). Entrepreneurship Ideas in Action. Cincinnati, OH: South-Western.
  • 2. Lesson 5.1 Why Do you Need a Business Plan
    • “ Every great business begins with a creative idea and tedious planning”
    • -Christopher Williams;
    • B.B.A. The University of Texas at Austin
  • 3. The Business Plan
    • A business plan is a written document that describes all the steps necessary in opening and operating a successful business.
    • Writing a business plan is one of the most important things an entrepreneur will do because it is used to convince banks and lenders to invest in your business.
    • (pg. 94)
  • 4. Purpose of a Business Plan
    • Explain the idea behind your business and spells out 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. (pg. 94)
  • 5. Importance of a Business Plan
    • It makes you think about all aspects of your business.
    • Helps you secure financing for your business.
    • Helps you Communicate your ideas to others.
    • Serves as a tool for managing your business. (pg. 95)
  • 6. Lesson 5.2 Basic Elements of a Business Plan
    • All business plans are different, but they all serve the same purpose.
    • Since business plans have the same goals they all have seven basic elements.
  • 7. Seven Basic Elements of a Business Plan
    • History and Background of your idea
    • Goals and objectives for your company
    • Products or services you will offer
    • Form of Ownership
    • Management and staffing
    • Marketing
    • Current and projected financial statements
    • (pg. 98)
  • 8. History and Background
    • Describing how you came up with your idea can help lenders, investors, and others understand how your business will operate.
    • (pg. 98)
  • 9. Goals and Objectives
    • Your business plan should outline your short-term, medium term, and long-term goals. This section describes your mission and vision of your company.
      • (pg. 99)
  • 10. Products and Services
    • This part of the business plan should describe the products or services your company plans to produce and sell.
      • (pg. 99)
  • 11. Form of Ownership
    • The section details your form of ownership. The section is important because each legal form of business has an effect oh how the business works and profits.
    • (pg. 100)
  • 12. Management and Staffing
    • This section shows that you and the people who will be working for you have the experience, maturity, and common sense to manage your business well.
    • (pg. 100)
  • 13. Marketing
    • This section includes information on the marketing of your business and details of your marketing plan.
    • (pg. 100)
  • 14. Financial Statements
    • This portion of your plan should point out important financial statements that give lenders an idea of the risk of your company.
    • (pg. 101)
  • 15. Additional Elements of a Business Plan
    • Here are some additional elements we will analyze:
      • Location
      • Technology
      • Ethics