What Should I be Doing?

1. Come in SILENTLY!!2. Take out your BUSINESS BINDER, A PEN, & PENCIL.3. SILENTLY!! Put your homework in the homework

folder for your class section. (You have 3 minutes)4. Sit down!5. Take out your laptop, sign-on, and wait.6. Go to my website www.mrsjlogan.weebly.com7. Complete your “Kick-Off” assignment

A. Business Math (You have 5 minutes)

Introduction to Entrepreneurship &

What is a Business Plan?MRS. LOGAN

Introduction to Entrepreneurship &

What is a Business Plan?MRS. LOGAN

Today’s Agenda

• What Will I Do This Year?• Introduction to Entrepreneurship• What is a Business Plan?

What Will I Do This Year ?

• You will assume the role of a teen-based business owner.

• The form of business ownership you will assume is that of a sole proprietorship.

• A sole proprietorship is a business owned and operated by one person.

Ups and Downs of a Sole Proprietorship

Advantages1. Easy to start2. You are your own boss3. Control your income4. Develop the ability to take

risks5. introduce new products to

the market

Disadvantages1. Work long hours2. Provide the necessary

startup money, known as CAPITAL

3. Responsible for money, owed, known as DEBT

4. Dependent on your health and ability to operate

WHAT IS AN ENTREPRENEUR?

• An entrepreneur is an amazing person who organizes, operates, and assumes the risk for a business venture.

• To start a new business entrepreneurs need a business plan, which we will discuss next.

What is a Business Plan and Why Have One?

• A business plan is a series of documents that serves as a blueprint for starting a business.

• A business plan includes information about– the business– the industry in which it competes– its products and/or services– its customers– its competitor, and– its finances

What is a Business Plan and Why Have One?, cont’d.

• Business plans allow owner to break down the process because it can be an overwhelming task.

• Business plans indicate1. current status of the business2. vision; future goals, and objectives3. a plan to achieve the vision

What is a Business Plan and Why Have One?, cont’d.

• The primary functions of a business plan are1. set goals and objectives2. attract potential investors3. acquire financing4. attract quality emloyees5. attract potential new customers

Components of a Business Plan

• Cover Page• Executive Summary• Company Description• Description of

Products and Services• Market Analysis• Marketing Plan• Operating Plan

• Funds Required and Expected Uses

• Financial Statements• Owner’s Credentials

(resume)• Supplemental

Attachments

Components of a Business Plan

• Cover Page – includes the company name and address information, the author of the business plan, and the date the business plan was prepared.

Components of a Business Plan

• Executive Summary – summarizes all the sections of the business plan; it is to capture the attention of the reader.

Components of a Business Plan

• Company Description – section that includes all details about the the business including its age, history, legal form of ownership, industry classification, structure, location, the number of employees, and its primary functions.

Components of a Business Plan

• Description of Products and Services – provides detailed information about the products or services that will be offered to customers.

Components of a Business Plan

• Market analysis – informs the reader of the conditions and trends in an industry including the target market of the business, demographics of the target market, and an analysis of the competition.

• Marketing plan – plans for building and maintaining the customer base, benefits that the customers will have for choosing this business or service over competitors, pricing information, and promotion and advertising plan.

Components of a Business Plan

• Operating Plan – tell how the business will acquire materials and supplies to how they will be distributed to the customers.

Components of a Business Plan

• Schedule of Start-up funds Required – shows the detailed plans for the use of any funds needed to start the business.

Components of a Business Plan

• Financial Statements – includes a Statement of Profit/Loss, a Balance Sheet, a Statement of Cash Flow

• Resume – also known as owner’s credentials, provides reader with the background and work experience of the owner of the business.

Components of a Business Plan

• Supplemental Attachments– Logo and Tagline– Business Cards– Company Letterhead– Customer Prospect Database– Promotional Letter – Brochure– Newspaper Advertisement– iMovie (commercial)– Website

5 Characteristics of a Good Business Plan

• Neat• Organized• Professional• Well-written and well-designed• Highlight important aspects of the business

Ticket Out the Door1. An _______________ is a person who organizes,

operates, and assumes the risk for a business venture.

2. A ________________ is a series of documents that serves as a blueprint for starting a business.

3. A good business plan includes the following characteristics, it is ___________.

A. NeatB. OrganizedC. ProfessionalD. Well-written and well-designedE. Highlight important aspects of the businessF. All of the above.