Busieness in the real world Flashcards
What do primary sectors do?
Extract raw materials from the planet
What do secondary sectors do
Raw materials manufactured into finished goods
Land
Somewhere to produce thr goods
Labour
People to work for your business
Capital
Money to get the business started
Enterprise
This is the drive or motivation from the owners to start a business
Why you NEED a plan
You need a business plan.
First, you need to write a business plan to impress your potential (possible) investors and lenders.
This business plan needs to convince them that financing (giving money to) your business is a really good idea.
A business plan is like a map. It shows the directions to reach the future of your business. It describes what your company will do and how it plans to succeed and be profitable (make money). After all, business is about making profit, is it not?
How to prepare and polish your plan
Writing a business plan sounds easy, but it takes thought and planning. Writing a truly impressive plan takes time and lots of writing. Do not be surprised if writing your plan requires lots of editing and rewriting, too.
In fact, it is common practice to hire a professional editor to proofread and strengthen your writing. A business plan is a very important document, and you will need your writing to be perfect and polished.
When your business plan is completely written and ready for editing, we highly recommend that you contact Proofreading Services. This is an online team of professional editors with tons of knowledge and experience, offering combined proofreading and editing for over 5,000 clients in 93 countries. They offer an exclusive discount to FluentU readers, and all you need is our secret password: FLUENTU15. This code entitles you to 15% off at ProofreadingServices.com!
If you’re still preparing to write your business plan, you should do some research to get started. There are many styles and formats of business plans on the Internet. Here are some examples. Select one that suits the way you would like to present your information and ideas.
When you are ready to write, you can also follow a step-by-step guide to writing a business plan that includes all the key components, like this simple Forbes guide, or this one from the U.S. Small Business Administration.
Action plan
To support your business vision, you must have a powerful action plan. You will need to write a great description of your action plan within your business plan.
Managment team
You will want to get your management team involved if possible.
Who is part of your management team? Your managers, senior staff and/or board of directors are the people with the ideas and experience to contribute to your business plan.
You will also need to include a strong section about your management team in your business plan, so that investors know who is guiding your business.
Executive summary
The executive summary is a comprehensive (complete) explanation of what your company does and what places it in a unique position to succeed.
The executive summary must be the topmost section of the business plan, so it is the first thing your potential investors will see. It is usually about one or two pages long. Reading these first pages will help investors decide if they want to continue reading and seriously consider investing in your business. So you want to be sure that this section is written to catch their attention and get them interested in financing your business.
An interesting point I’d like to make here is that, although the executive summary is in the first section of a business plan, it is best to write it last, after the rest of the sections have been written. This is simply because the executive summary is, in effect, the summary of all the other sections.
Target market
A target is something you aim for. Your target market will include the people to whom you are aiming to sell things.
For instance, according to Business Insider, Nike is focused on three target markets: women, young athletes and runners.
Why you NEED a business plan
First, you need to write a business plan to impress your potential (possible) investors and lenders.
This business plan needs to convince them that financing (giving money to) your business is a really good idea.
A business plan is like a map. It shows the directions to reach the future of your business. It describes what your company will do and how it plans to succeed and be profitable (make money). After all, business is about making profit, is it not?
How to prepare and polish your business plan
Writing a business plan sounds easy, but it takes thought and planning. Writing a truly impressive plan takes time and lots of writing. Do not be surprised if writing your plan requires lots of editing and rewriting, too.
In fact, it is common practice to hire a professional editor to proofread and strengthen your writing. A business plan is a very important document, and you will need your writing to be perfect and polished.
When your business plan is completely written and ready for editing, we highly recommend that you contact Proofreading Services. This is an online team of professional editors with tons of knowledge and experience, offering combined proofreading and editing for over 5,000 clients in 93 countries. They offer an exclusive discount to FluentU readers, and all you need is our secret password: FLUENTU15. This code entitles you to 15% off at ProofreadingServices.com!
If you’re still preparing to write your business plan, you should do some research to get started. There are many styles and formats of business plans on the Internet. Here are some examples. Select one that suits the way you would like to present your information and ideas.
When you are ready to write, you can also follow a step-by-step guide to writing a business plan that includes all the key components, like this simple Forbes guide, or this one from the U.S. Small Business Administration.
