To assess your ability to refine a business plan for an enterprise.
The business plan for this course is a shorter than a typical full business plan. Some sections that would be included in a full business plan are not included in this version. However, the included sections are critical and are discussed during the course.
Use the provided template to create your business plan for your primary napkin idea. Revisit the work you have done in the course so far but do not simply cut and paste previous assignments into your plan. Rather, adapt what you did into a coherent whole. At this point you should have told a compelling story of how you came to understand that an opportunity existed, how you plan to take advantage of this opportunity and grow, and execute, the business. Describe your vision from today until three to five years in the future. Include the following sections in your business plan:
Executive Summary – The Executive Summary should be a mini version of the full business plan. This appears at the beginning of the plan and is usually one page or less.
Company – This opening section should describe the company and set the stage for the rest of the business plan. This is the beginning of the story, so be compelling here.
Opportunity – Continue the story with a description of the opportunity that you have discovered or that you are creating.
Products and Services – Once you have clearly described the opportunity, or need, that you have identified, you need to clearly explain how you are going to take advantage of this opportunity with your product or service. Make sure you clearly describe what it is, what is the pricing plan, and how much it costs to produce it.
Target Markets – In this section, you must be very clear about the markets that you intend to target to buy your products or services. Be sure to use any data you have collected on your own, or have found in your research that supports your claims. Focus on early adopters, and the addressable part of your target market. Not everyone that you describe as your target market will actually want to buy your products or services. Be sure to identify why those people might not buy.
Marketing Strategy – Now that you have described the market that you are targeting, you must now explain how they will know you exist. Marketing is critical to ensure that the sales strategy has a better chance to succeed. It also reduces the sales cycle if people have heard of you, your product or service, and how it can impact their business in a positive way.
Sales Strategy – Once you explain your marketing strategy, and how potential customers will know you exist, you must explain how you will turn those prospects into revenue-producing customers.
Competition – There is always competition to your new venture. If this is a creation opportunity, part of the competition is the fact that your potential customers can simply “do nothing.” They are fine without you now, or so they believe. You must be clear on who our direct competitors are, as well as anyone that might enter the market and compete because their product, or their customers, are closely related to your proposed target market and product.
Financial Highlights – At this point you should have told a compelling story of how you came to understand that an opportunity existed, how you plan to take advantage of this opportunity and grow, and execute, the business. You should have described the vision from today until three to five years in the future. You must explain the financial concepts of this proposed business.
References and Appendices – Include a references section in APA format. Also, use appendices to add in any detail that you used to create a section of the business plan.