2.1 Starting your business  (Page 2/2)

2. produce and market your own product?

3. provide a service?

4. put your talents and skills to work?

What business did you decide on?

Now draw up your own business plan for your business in rough .

You must remember to focus on the four business basics:

Activity 5:

The final business plan

[lo 4.1.1, 4.6.2]

You now need to compile a final business plan , using the rough draft as a guide.

Why a business plan is vital

If you need to borrow money to get started, you will be asked to present your business plan.

It will also keep you focused on your goals.

Business success needs a combination of imagination and initiative, hard work and discipline. Reveal these features in your business plan.

Take note before you start:

This assignment will be assessed by your educator.

The task consists of FOUR sections with a separate CHECKLIST for each.

Do each section on a separate page.

Bind the pages in a file, folder or plastic sleeve before handing the project in.

Your rough work must also be handed in.

Design a professional-looking FRONT PAGE

Name of business

Personal information of the entrepreneur (name, address and telephone number)

Logo (emblem/slogan)

Date presented

List of contents: headings and pages must be numbered.

Front Page

Summarise the important FEATURES of your venture.

Describe your product or service. (± 10 words)

Explain why your venture will be successful. (± 3 short sentences)

State your short-term goal. (± 10 words)

State your long-term goal. (± 10 words)

Final business plan

Marketing plan: Advertising your business

Design an attractive FLYER or POSTER

[LO 4.5.1, 4.6.2, 4.6.3]

Financial Plan

Where are you going to get money to start? (± 10 words)

How will you spend this money?

B Draw a pie-chart showing how you are going to divide the money in order to run your business profitably.

[LO 4.1.1]

Assessment

Memorandum

ACTIVITY 1:

This is all about an entrepreneur. Have a class discussion about finances in a country and how being an entrepreneur can help a family. See how many novel ideas they can come up with e.g. making rosettes for horse and swimming galas; transforming a yard and garage into a place for holding birthday parties.

ACTIVITY 2:

Go through each item carefully and then see how many novel ideas the class can put together. Let them share their ideas with the class. A prize for the most innovative and resourceful? (Here is a good time to study words like ‘resourceful’, ‘innovative’, ‘responsible’, re-cycling’ etc – entrepreneurial words).

ACTIVITY 3:

Go through the fur business basics and see how accurately they answer. Check for spelling and language errors. Explain that if a space is small, that errors stand out more!

ACTIVITY 4:

Now let them do the next ACTIVITY really well as a project. Give them reasonable time but explain that this is the ROUGH DRAFT which also needs to be handed in to see how involved they were and how much preparation went into the project.

ACTIVITY 5:

The final copy of the front page must show signs of editing and thoroughness. Put the best ideas on the board and discuss them as a class. Make sue they have done all that was asked of them. Explain the value of following instructions clearly and well.

FEATURES OF VENTURE : The summary must be just that – a brief, clear, correct synopsis.

MARKETING PLAN : These can be placed in the classroom for peer judgement. The really good should be framed (laminated or glass-framed)! Go over the evaluation chart with them first before they start.

FINANCIAL PLAN : Look at all the possibilities of ways to raise money as a class. Make a list. Explain about the different graphs to use to explain information.