Based on what we learned in Small Business Management, you are expected to write a business plan of any opportunity you have identified

 Based on what we learned in Small Business Management, you are expected to write a business plan of any opportunity you have identified of not less than 12 pages. For the entrepreneur starting a new venture, a business plan has three basic objectives:
1.      To identify the nature and the context of the business opportunity, that is, why does such an opportunity exist?
2.      To outline the approach the entrepreneur plans to use to exploit the opportunity
3.      To recognize factors that will determine whether the venture will be successful.
The following are guidelines that  should help as you write your business plan.
Let me know if you need some help or further clarification with the assignment.
Why Develop a Business Plan?                                                                                           
The plan serves as an entrepreneur’s road map to building a successful business. It describes the direction the company is taking, what its goals are, where it wants to be, and how it plans to get there.
The business plan serves three essential functions:
1.      The business plan provides an operational guide for action and success;
2.      The business plan attracts lenders, and;
3.      The business plan is a reflection of its creator.
      A viable business plan is capable of passing three “tests” including:
1.      The reality test
2.      The competitive test
3.      The value test
A business plan can increase your chances for success and serve as a guide through uncertain and new experiences.
The Elements of a Business Plan                                                                                        
Every business plan is unique. There are many resources available to use as a guide. The seemingly overwhelming task of building a business plan is easily broken down into workable parts that any student or entrepreneur can undertake. Plans may include the following:
·         Executive Summary
·         Mission Statement
·         Company History
·         Business and Industry Profile
·         Objectives
·         Business Strategy
·         Description of Firm’s Product/Service
·         Marketing Strategy
·         Documenting Market Claims
·         Competitor Analysis
·         Description of the Management Team
·         Plan of Operation
·         Forecasted or Pro-Forma Financial Statements
·         The Loan or Investment Proposal
In addition, there are ten tips on preparing your business plan that can save time and help to create a more cohesive and impressive overall plan.
1.      Have a cover
2.      Check for spelling and grammar
3.      Create a visual appeal
4.      Include a table of contents
5.      Make it interesting and compelling
6.      Demonstrate its profit potential
7.      Use spreadsheets
8.      Include cash flow projections
9.      Keep it concise and “crisp”
10.  Tell the truth – always!