Entrepreneurship: Chapter 4

CHAPTER 4: THE BUSINESS PLAN

• Explain the purpose and importance of the business plan
• Business plans are importnt to:
• Raise capital
• Provide a road map for future operations
• Prevent omissions

• Describe the components of a business plan
• The major sections of a business plan include the cover page, table of contents, executive summary, company, environmental and industry analysis, products or services, marketing research and evaluation, manufacturing and operations plan, management team, timeline, critical risks and assumptions, benefits to the community, exit strategy financial plan, and appendix

• Recognize the importance of reviewing your business plan
• Like any project involving a number of complex steps and calculations, your business plan should be carefully reviewed and revised before you present it to potential investors.

• My View: I already have the basic understanding of the importance of an executive summary in my business plan. I found a startup in 2004 named Nanno Solutions. I spent a lot of times presenting my executive summary as a mechanism to communicate with the angels and venture capital investors. Nevertheless, CALMAT’s marketing and entrepreneurship courses have taught me how to write a better executive summary report that will help information flow more efficiently within a business venture.