A business plan aims to indicate how a business makes money by creating value for customers. It focuses on a big picture and analyzes the major income generator. A business plan, on the other hand, is a more detailed description and analysis of a business. A business plan is built upon a business model and extend the model by explain specific equipment, employees, marketing strategy and financial budget. When you write a business model, you may use a business model canvas to help to understand building blocks and evaluate the business plan. The canvas contains nine blocks which are customer segments, value proposition, channels, customer relationships, revenue streams, key resources, key activities, key partnerships and key partners. By analyzing these blocks, you can further build six components (executive summary, company overview, market research, products and services, marketing and sales and financial projections) of our business plan in detail. Of course, you may also want to evaluate the strength and weaknesses of your business, in which a SWOT analysis may needed. In order to successfully launch and manage a business, you have to perfect a sophisticated business plan before put it into action.

Business for Dummies – How to Write a Business Plan?

Resources:

http://smallbusiness.chron.com/differences-between-business-plan-business-model-4744.html

https://www.youtube.com/watch?v=rSCC8WCuaRs

         Basically, business is about making money. But should a business ignore its social responsibility and only focus on achieving its maximum profit? Economist Milton Friedman states that executives of companies are responsible for making the maximum profit while operating their business under regulations, laws and ethical custom. That is saying business ethics is essential for a business and the ethics should concern all stakeholders including employees, suppliers, customers and shareholders as well as the environment and society. As Yena Lee mentions in her Blog (link: https://blogs.ubc.ca/yenalee/) that Nike gets the blame for unethical “labor practices” on children. Such behavior reveals Nike’s irresponsibility for its suppliers and employees. Similarly, the recent Fonterra’s baby formula contamination could be grouped into unethical behavior to customers. Though it may not be Fonterra’s initial intention, the company is still accountable for its carelessness in managing the product security. Unethical business behavior draws an increasing public attention and it will definitely damage a company’s image. While I support that a company should operate under business ethics, one of my concern is to what degree a company is doing enough for it ethical behavior and will business ethics be a burden to companies with the soaring pressure from the public.

Resources:

Fonterra admits baby formula milk contaminated with toxic bacteria:

http://www.theguardian.com/world/2013/aug/05/fonterra-baby-formula-milk-bacteria

Wiki: http://en.wikipedia.org/wiki/Business_ethics

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