Introduction to Business Unit 1: What is Entrepreneurship?
Introduction to Business
Unit 1: What is Entrepreneurship?
Do Now Brainstorm as many things you can
think of that are necessary to running a successful business.
Examples: Pick a productDeciding where to open a store, etc.
ObjectiveWe will be able to:
Describe the contents of a business planExplain why a business plan is important to
running a successful business
What is a business plan?A business plan is a statement of your
business goals, the reasons you think these goals can be met, and how you are going to achieve them.
Why do we need a business plan?Helps us to think through our business
decisions, so we don’t make the wrong ones
Forces us to consider all the different parts of running a business
Convinces investors to give you money
What goes in a business plan?Executive SummaryMarket AnalysisCompany DescriptionProduct DescriptionMarketing & Sales StrategyCompetitive AnalysisManagement Team DescriptionFinancial Analysis
Executive SummaryHalf a page to 1 page summary of the
entire business planAllows investors to quickly see what your
business is about without having to read 8-10 pages
Market AnalysisDescribes the market opportunity
What kind of people/businesses are you selling to?
How many customers are out there in this community? In the country? In the world?
Why do the customers need your product?What do customers want?What are they currently using that’s not as
good?Includes research about the market
through reports, surveys, interviews, etc.
Company DescriptionWhat does your company do?Where is it based?How many people work there?How can it expand in the future?
Product DescriptionWhat product or service are you selling?What makes it better than competitors’
products or substitutes?How much will it cost?If the product is technologically
complicated, provide a technical explanation of how it works.
Marketing & Sales StrategyHow will you promote your product? How
do you plan to reach the customer?Advertising?Publicity?Endorsements?
Who will be selling your product?Where or how will you be selling your
product?Online?In retail stores?Through a catalog?
Competitive AnalysisHow many other competitive products are
out there in the market?Are there a lot of substitutes?Is it difficult to enter the market or start a
similar business?Who are your competitors and what are
their strengths and weaknesses?
Management Team DescriptionWho are the people running the company?What experience do they have in business
or with the product?
Financial AnalysisWhat is your budget?When will you break even?
Wrap UpCase Study Homework
Read Sample Business Plan #2 in detailWrite a 2-page, double-spaced, size 12 font
summary that answers:What are the company’s strengths?What are the company’s weaknesses?What does the business plan do well?How can the business plan be improved?