What is a Business Plan and how does it help entrepreneurs and others?

As mentioned in Section 5.4, the planning process is one of the most important steps to complete before starting a business. View the video from the Young Entrepreneurs Forum and compare the 11 elements described in the video to the Key Elements of a Business Plan from Table 5.8 in your text. What similarities and differences did you notice? Why wouldn’t the concept of the Business Plan (B Plan) be universally explained by most sources?

Would it make sense, then, for an entrepreneur to verify specifically what essential components of a business plan were needed for the particular audience this B Plan was intended, such as a bank, other financial institution, angel investor or venture capitalist? For example, consider FUBU mentioned in Exhibit 5.5, which eventually received a significant investment from Samsung. What do you think would have been the most important information that Samsung executives wanted to see from FUBU management before they wrote a $30 million check?

Transcript for How to Write a Business Plan