Business plan Flashcards
Business plans exist to outline
Operations
Finance
Marketing
Human reasorses
is a business plan long term or short term
It’s a long term plan
Key parts of a business plan
Executive summary is over view of business idea
Marketing plan- 4ps price product place promotion
Operation plan- factory or shop (how you make or sell)
HR- how will you hire or recruit
Financial- how much cash needed how much profit made how will you get money
whats the overview of a business plan
Aims – the goal of a business short medium long
People- the skills needed number of people in work force
Marketing- 4ps
Finance- estimated profit start up cost
whats the cons of a business plan
Forecasting toll
can be Unrealistic
Not actual forecast and can be off
Benefits of a business plan
Help stay motivated
Can help measure
Attract investors
3 Sources of finance
Banks
Investors
Crowdfunding
why do people start a business
To achieve a dream
Finance incentive
Work for self
whats an Enterprise
Enterprise the process where a business sell a new product and service
whats an Entrepreneur
Entrepreneur starts a business they develop there idea they take the risk
what is an Entrepreneur like
Risk taking
Confident
Team worker
Organised
Leader
Can do attitude
Problem solving
disciplined
main motives of starting a business
gain more freedom
make money
sustain a going concern such as a family business
provide employment for local community
risk of starting a business
loss of money
loss of job
no customer
bad cash flow
what does a business plan do
establish competiotn
establish idea
marketing
human reausures
