UB - Business Plans

Question 1

• What does a business plan do?
• What does it contain?
• What is a mission statement?

Answer 1

• Outlines objectives and how the business will achieve them within a set amount of time

INFO IN A BUSINESS PLAN
* Business Idea
* Aims and objectives
* Target market
* Projected costs and profits

Mission statement - Written summary explaining the business’ purpose.

Question 2

List and Describe 4 groups of people that look at business plans

Answer 2

• Entrepreneur - to make objectives clear
• Banks - to assess the businesses ability to repay loans
• Investors/Venture capitalists - To assess likely success
• Government - Deciding suitability for grants/planning permission