9 Explain using and implementing the business plan 10 Ask the students to share

9 explain using and implementing the business plan 10

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9. Explain using and implementing the business plan. 10. Ask the students to share to the class their group interview with three entrepreneurs. 11. Require students to submit their draft business plan for their new venture that includes their business idea, product development plan, and legal aspects of the business.
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F0092 The Business Plan *Property of STI Page 3 of 19 The Business Plan Page 1 of 13 Technopreneurship The Business Plan * Property of STI Page 1 of 13 THE BUSINESS PLAN Definition of the Business Plan o The Business Plan is a written document prepared by the entrepreneur that describes all the relevant external and internal elements involved in starting a new venture. o It is often an integration of functional plans such as marketing, finance, manufacturing, and human resources. o It addresses the integration and coordination of effective business objectives and strategies when the venture contains a variety of products and services. o It also addresses both short-term and long- term decision making for the first three years of operation. o Thus, the business plan—or, as it is sometimes referred to, the game plan or road map. Scope and Value of the Business Plan Page 2 of 13 THE BUSINESS PLAN Planning is a continuous process for a business. It is extremely important in the early stages of any new venture when the entrepreneur will need to prepare a preliminary business plan. The plan will become finalized as the entrepreneur has a better sense of the market, the product or services to be marketed, the management team, and the financial needs of the venture. As the venture evolves from an early start-up to a mature business, planning will continue as management seeks to meet its short-term or long-term business goals. For any given organization, it is possible to find financial plans, marketing plans, human resource plans, production plans, and sales plans, to name a few. Plans may be short-term or long-term, or they may be strategic or operational. Plans will also differ in scope depending on the type of business or the anticipated size of the start-up operation. Even though they may serve different functions, all these plans have one important purpose: to provide guidance and structure to management in a rapidly changing market environment. Definition of the Business Plan The business plan is a written document prepared by the entrepreneur that describes all the relevant external and internal elements involved in starting a new venture. It is often an integration of functional plans such as marketing, finance, manufacturing, and human resources. It addresses the integration and coordination of effective business objectives and strategies when the venture contains a variety of products and services. It also addresses both short-term and long-term decision making for the first three years of operation. Thus, the business plan—or, as it is sometimes referred to, the game plan or road map—answers the questions, Where am I now? Where am I going? How will I get there? Potential investors,
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