Good morning year 9
Q. What is the purpose of a Business Plan?
Well before you get thinking too deeply about it see what this chap from Stanford has to say here
Starter - think - pair - share
Look at the link here and identify (make notes of) what makes up a business plan click here Your challenge for today is to individually answer the following questions:
- What is the PURPOSE of a Business Plan ?
- What are the main sections within a Business Plan?
- How can planning reduce the risk of starting up a business?
- clicking on the power-point presentation here
- working on the task sheet here
- The Peter Jones template might just get you thinking before you start so why not print it off and fill it in to get you thinking by clicking here
Select a template that suits you or make one based on what you have discovered above
The minimum requirements for your business plan should include:
- Market research and how ts determined the marketing mix, unique selling point
- Financial forecasts, cash flow and profitability
- Key people - movers and shaker and what they achieved
- Production - raw materials, methods of production, quality control
- Customer service and ethical considerations
I have also attached Wahid Islam's business plan for Unit 17 'Starting a New Business' which he used to get the interest free finance for the One Water drinks machine in the Atrium. If you would like a copy of it click here What impresses you most about Wahid's business plan that he created in year 10?
Finally the link here takes you to Peter Jones own website so click here to see what else he has to say on the subject alternatively this little U tube video makes you think click here
The assignment for this unit can be found by clicking here
Quick Quiz what do you need to know in an exam ?
- What is a business plan ? and Explain what you might find in a typical business plan ?
- Explain two reasons why a typical entrepreneur might produce a business plan?
- Why might an entrepreneur have problems producing a business plan?
- Explain two reasons why things might not work out in the way the plan forecast?
- How can an entrepreneur reduce the risk of a business plan failing
- Will a business plan guarantee that the entrepreneurs plan is successful?
- What do you think are the most important factors that a bank would look for in an entrepreneur business plan before lending to them? Explain your answer.
Good luck and enjoy