5.3 Business Plan

• The meaning and importance of a business plan
• Components of a business plan
• Business description, and products and services
• Market and competitor analysis, and the marketing plan
• Financial projection
• The executive summary, and completing a business plan template

• explain the importance of a business plan in entrepreneurship
• describe the components of a business plan in financial management
• fill in a business plan template for a given business project
• embrace the use of a business plan in entrepreneurship

“Why is a business plan important to an entrepreneur?”

“How is a business plan prepared?”

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1. What a business plan is, and why it matters
   40 min · 1 practice tasks · quiz
   A map drawn before the journey: cheap to change, and it gets you a loan.
2. The six components of a business plan
   40 min · 1 practice tasks · quiz
   Six sections, each answering one question, and the summary is written last.
3. The business description, and products and services
   40 min · 1 practice tasks · quiz
   Who, what, where and why; then exactly what is sold and why it is better.
4. Market, competitors and the marketing plan
   40 min · 1 practice tasks · quiz
   Know who will buy and who else sells, honestly; then plan product, price, place and promotion.
5. The financial projection
   40 min · 1 practice tasks · quiz
   Sales, costs, profit, and when the start-up cost is paid back.
6. The executive summary, and completing the template
   40 min · 2 practice tasks · quiz
   Written last, read first; then all six components, each with specific detail.