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?