9.2.1 Entrepreneurial Business Plan Advice

For this activity:

You will need to write down your answers in your Mahara e-portfolio.

In this theme you have learnt that there are three types of business plan, Summary, Full and Operational Business plans.

A group of new students in your entrepreneurship class were heard arguing about the definition of a business plan, how many different types of plan there are and what should be included in one. What advice would you give to them about this? 

In order to give good advice to the students and to show that your advice is grounded in fact, you should do some research. With a partner or another member of the group, use the internet to discover the many different types of business plans that are described on the Internet.

You should make sure that you use at least three sources when checking that a fact is correct. You should try and limit your sources to reputable websites such as news websites or sites that are maintained by well-known and respected organisations.  

Task: Review the many resources available on the internet and see if you can define the three types of business plan listed above. What should be included in each of those plans and why? Do you think that there should be more or fewer business plans than three, and why? 

Write a short paragraph and explain the advice you would provide to the students. Be sure to justify the advice you give with evidence from your research.