The document discusses the importance of developing a business plan, including that a business plan lays out goals, strategies, and timelines; helps articulate a strategy and track progress; and can attract investors. An effective business plan is a formal written document that contains the goals of a business and the methods and timeframe to achieve those goals. Sources of business ideas and what is needed to create an effective business plan are also covered.
The document discusses the importance of developing a business plan, including that a business plan lays out goals, strategies, and timelines; helps articulate a strategy and track progress; and can attract investors. An effective business plan is a formal written document that contains the goals of a business and the methods and timeframe to achieve those goals. Sources of business ideas and what is needed to create an effective business plan are also covered.
The document discusses the importance of developing a business plan, including that a business plan lays out goals, strategies, and timelines; helps articulate a strategy and track progress; and can attract investors. An effective business plan is a formal written document that contains the goals of a business and the methods and timeframe to achieve those goals. Sources of business ideas and what is needed to create an effective business plan are also covered.
The document discusses the importance of developing a business plan, including that a business plan lays out goals, strategies, and timelines; helps articulate a strategy and track progress; and can attract investors. An effective business plan is a formal written document that contains the goals of a business and the methods and timeframe to achieve those goals. Sources of business ideas and what is needed to create an effective business plan are also covered.
Learning Competencies: Scan the market and identify potential business opportunities to capitalize on Business Plan • is a formal written document containing the goals of a business, the methods for attaining those goals, and the timeframe for the achievement of the goals. • This is where you bring the vision of having your own business to life. Business plans are like road maps: it’s possible to travel without one, but it will only increase the like hood of getting lost along the way.
A well-written business plan is an important tool
because it gives entrepreneurs the ability to lay out their goals and track their progress as their business begins to grow. • helps to articulate a strategy for starting a business, • provides insight on steps to be taken, • resources required for achieving a business goal and a timeline of anticipated results. • attract investors and determine if the business is on the right path and worth putting money into. • A business idea is a plan, suggestion, or possible course of action. Reasons why you should generate business ideas are… (Know about Business Manu et al.2005)
1.to respond to market needs
2.to respond to changing fashions and requirements 3.to stay ahead of the competition 4.to exploit technology-do things better 5. because of product life cycle 6.tospread risk and allow for failure Sources of Business Ideas Sources of Business Ideas 1. Hobbies/interests 2. Personal skills and Experience 3. Franchises 4.Mass media (newspapers, magazines, TV, and internet) 5. Exhibitions 6. Surveys 7. Complaints 8. Brainstorming 9. Creativity What do you need to create a business plan? 1. Creativity is the ability to design, form, make or do something in a new different way, and to be creative you need to keep your mind and eyes open. 2. Brainstorming is a technique for creative problem solving as well as for generating ideas. The objective is to come up with as many ideas as possible. It is usually starting with a question or problem statement. Each idea leads to one or more additional ideas, resulting in a good number. Activity 1
Directions: Answer the following questions.
1. What is the purpose of a business plan?
2. Why planning is an important step in starting a business? 3. What makes an effective business plan? FOUR RULES: 1. Don’t criticize or judge the ideas of others. 2. Freewheeling is encouraged-ideas that seem to be wild or crazy are welcome. 3. Quantity is desirable-the greater the number of ideas, the better. 4. Combine and improve upon the ideas of others. Quiz: Essay
Directions: Imagine that you are opening a business.
Think of a name of your own business. Guide Questions 1. Why did you choose that name for your business? 2. What makes your business name unique? 3. How will your business name encourage client? 4. What sale tactics will you use in promoting your business? 5. How will you promote your business?