Entrepreneurship SAE’s

Entrepreneurship SAE’s

Creating A Business Plan

Who is an Entrepreneur?An Entrepreneur is a

person who organizes and manages a business, assuming a risk for the sake of profit. Any person (any age) who starts and operates a business is an entrepreneur.

What is an Ag Entrepreneurship?

The Entrepreneur plans, implements, operates, and assumes financial risks in a farming or agricultural business. In Entrepreneurship programs, the student owns the materials and other required inputs, and keeps financial records to determine profits.

Entrepreneurship Examples

ServiceLawn mowingPet Sitting Fishing GuideEquipment Repair

ProductRaise & Sell Fish BaitVegetable FarmGoat SoapWool Products

EntrepreneurshipAdvantages

You are your own boss

Enjoy the profits from your efforts!

Sense of pride in your business

Flexibility in your work schedule

DisadvantagesNeed to put in long

hoursStart up money is

necessaryMay loose money the

first few yearsMust be self-

motivated

Why do you need a strong business plan?

1. To see if your business ideas will work. 2. To outline each area of the business. 3. To set up milestones. 4. To learn about the market. 5. To determine your financial needs.6. To monitor your business. 7. To help attract customers.

7 Parts of a Business Plan1. Executive Summary2. Product Description3. Market Analysis 4. SWOT5. Marketing & Sales6. Goal Setting7. Financial Plan

Part 1: Executive Summary

Your business name & locationA brief explanation of customer needs and your

product or services Your Businesses Vision or MissionAn introduction of yourself (and your team if you

have one)

Part 2: Product DescriptionResearch & Development

What do you still need to learn to be able to create your product or offer your service?

Do you need to experiment with a “magic formula” to make your product perfect?

Details about your products or servicesWhat will you be selling? List all products and

services What products do you use to create your final

product?

Part 3: Market AnalysisResearch, which should

focus on: The industry- What are the

current trends? The Target Market- Who are

you trying to sell your product to?

The competition in the target market- Who else is offering your product/service? This can be done by surveying future customers, performing phone interviews, etc.

Part 4: SWOT Analysis

Part 5: Marketing & SalesAdvertising Strategy

Where are you going to advertise?

Sales StrategyHow do you plan on making

sales? Identify & Create forms of

communications: Flyers, Newspaper/Radio

Ads, Business Cards

Part 6: Goal SettingSet SMART Goals for

your businessHow many items do you

want to sell? By when? What skills do you want

to learn through your business?

When do you want to run advertisements?

Part 7: Financial PlanProjected Expenses & Incomes

What money will you need to spend to create an inventory?

What equipment do you need to purchase or lease? How much do you plan on selling each year? (You

should create at least a three year plan)Provides a budget for all marketing plans (including how

much money it will cost to print your flyers/ business cards and run any ad’s)

Will you require a loan? If yes, from whom? What is your plan for paying the loan

back?

Now What?!?!If you plan on having an Entrepreneurship SAE, it is

required to create a business plan! Starting in January, Mrs. Knowlton will have after

school hours to help students who want to have an entrepreneurship, begin writing their business plans!

Every Tuesday in January (except exam week); from 2:30-4:00pm

All hours spent writing and researching for your business plan count as SAE hours!

If you want to learn more about becoming an entrepreneur, complete the webquest for SAE Exploratory hours!