_1. What Is a Business Plan? 262 Entrepreneurship-Owning Your Future. Name Class Date _

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1 Name Class Date _ _1 What Is a Business Plan? You are ready to begin developing a businessplan for your on business! The outline for your business plan is shon belo. You ill befilling in your business plan sectionby-section as you ork through this Business Plan Project. You can use the Business Plan Template provided at the end of this Workbook (beginning on page 363). Alternatively) you could use the Microsoft Word format of the Business Plan Template available on the Student Center at entrepreneurship.pearson.com. BiTech also uses this Business Plan Template. You on't develop your Executive Summary until after you have ritten the entire businessplan. BUSINESS PLAN l. BUSINESS IDEA 1.1 Qualifications 1.2 Factors Influencing Demand 1.3 Type of Business 1.4 Type of Business Onership 1.5 Social Responsibility 2. OPPORTUNITY & MARKET ANALYSIS 2.1 Business Opportunity 2.2 Market Research 2.3 Competitors 2.4 Competitive Advantage 2.5 Marketing Plan 2.6 Pricing Strategy 2.7 Promotion 2.8 Sales Methods 3. FINANCIAL STRATEGIES 3.1 Sales Estimates 3.2 Business Costs 3.4 Income Statement 262 Entrepreneurship-Oning Your Future

2 Name Class Date 3.5 Balance Sheet 3.6 Financial Ratios 3.7 Break-Even Point 3.8 Financing Strategy 3.9 Recordkeeping & Accounting Systems 4. ORGANIZATIONAL STRUCTURES 4.1 Organiational Structure 4.2 Staffing 4.3 Outside Experts 4.4 Training and Motivating Employees 5. LEGAL STRUCTURES 5.1 Intellectual Property 5.2 Contracts 5.3 Insurance 5.4 Taxes 5.5 Government Regulations -ci 6. BUSINESS MANAGEMENT 6.1 Expenses, Credit, and Cash Flo 6.2 Production and Distribution > '" 6.3 Operations.E C\ ";: «ci. 6.4 Purchasing 6.5 Inventory s'" c: a. 7. PLAN FOR GROWTH C C\ c 7.1 Business Groth :c u'" 7.2.E Challenges -" ṣ, Franchising and Licensing.;; '" 7.4 Exit Strategy f- u, I\l> Business Plan Project 263

3 Name Class, Date _ Begin Filling in Your Business Plan If you/ve completed the previous sections of the Business Plan Project) you)ve already begun doing some ork on your business plan. You can begin filling in your Business Plan no. 1. Refer to page 231 of this Business Plan Project. You rote don a name for your business. No, at the top of your business plan, rite that name under "BUSINESS PLAN." 2. Refer to pages 231 and 232 of this Business Plan Project. You described your academic and ork qualifications related to your ne business. You also checked off your strongest entrepreneurial characteristics. No rite don your qualifications under Section 1.1 ("Qualifications") of your business plan. Then describe your personal characteristics and skills. Make sure to mention the three entrepreneurial characteristics you checked off. 3. Refer to page 236 of this Business Plan Project. You rote don the factors that ill influence demand for your product or service. Write these factors under Section 1.2 ("Factors Influencing Demand") of your business plan. 4. Refer to page 243 of this Business Plan Project. You checked off the type of business you ill start. You also rote your reasons for choosing this type of business. Under Section 1.3 ("Type of Business"), rite don the type of business you ill start and your primary reason for choosing this type of business. 5. Refer to page 247 of this Business Plan Project. You checked off the type of business onership you ill use for your ne business. You also described hy this type of onership made the most sense for your business. Under Section 1.4 ("Type of Business Onership"), rite don the type of business onership you ill use for your company. Then rite dons you primary reason for choosing this type of business onership. 6. Refer to page 251 of this Business Plan Project. You rote a slogan or motto for your business. Write the slogan or motto under your business name at the top of your business plan 7. Refer to page 261 of this Business Plan Project. You described ho your business ould be socially responsible, including hether it ould use cause-related marketing. Under Section 1.5 ("Social Responsibility"), rite don your plan for making your company socially responsible. Include any plans you may have for cause-related marketing. Take a minute to look at hat you'i» done sofar. You)ve filled in information under sections 1.1 through 1.5 of your business plan. Take the time no to rite the information in your businessplan more formally. See Eva} business plan on page 195 of your textbook as a model. As you continue to develop your business plan) you ill probably need to revise these sections a fe times. That's normal. That's hy it's a good idea to develop your business plan using ord-processing softare. It allos you to make changes more easily. 264 Entrepreneurship-Oning Your Future

4 Name Class, Date _ Working on Your Business Plan What factors ill influence the demand for my product or service? 1. Think about the business that you ould like to start. What factors ill influence the demand for your product or service? 2. What factors ill influence the supply for your product or service? -0 > s: Cl "C ;:;: ci. :; c: a. c: Cl c; :c ụ.e.>< (; E -:; t;!:l 236 Entrepreneurship-Oning Your Future 1

5 Name Class, Date _.Working on Your Business Plan What type of business ill I start? 1. Based on hat you kno about the different types of businesses, hich is the most likely type of business you ill start? (Check one.) D Manufacturing D Wholesaling D Retailing D Service 2. Why are you choosing this type of business? Business Plan Project 243

6 Name Class. Date _ Working on Your Business Plan What type of business onership is right for me? 1. Based on hat you kno about the different types of business onership, hich is the most likely type of business onership for your business? (Check one.) o Sole Proprietorship o Partnership o C Corporation o Subchapter S Corporation o Limited Liability Company o Cooperative o Nonprofit Corporation 2. Why does this form of onership make the most sense for your business? Business Plan Project 247

7 Name Class Date _ Working on Your Business Plan Continue orking on your business plan. This information early section of your business plan. you provide ill be used to develop an 1. Think ho you ould communicate hat your business does. What sort of motto or slogan ould you rite for your business? 2. What kinds of information ould you put on your business card? Business Plan Project 251

8 ------Class, Date _ Working on Your Business P\an Ho is my business socially responsible? 1. Ho ould you use cause-related marketing in your business? 2. Describe ho your company ill be socially responsible. Business Plan Project 261

9 Name Class Date _ Before You Begin Think about the folloing question: If you started a business, hat ould it be? What Is a Business Opportunity? Why do you believe there ould be demand from customers for this business? What skills and resources do you have that could make this business successful? What should you do to determine if this is a good business opportunity for you? -0 <11 e :l( E 01 "" < ci. ::J <11 c a. c: 01 c: :c u '".E -" (;.., Z <11-5 ẉ... u, <9 56 Entrepreneurship - Oning Your Future