Business Plan 101
Recently, in class I learnt what a business plan is and how to potentially write one up (with of course, A LOT of practice). Unfortunately, I am still a bit unsure of how to do so since I have only been introduced to it once; however, I’m hoping that I’ll be able to understand it a lot more later on after doing more case studies and practices.
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Business plans are more traditional and provides more details for the business that we are analyzing. These plans should answer questions that are: specific and to the point. For example, the questions asked could be about value proposition, plans, profits and revenues of the company, or their competition. When writing a business plan, I learnt that we should think of the key parts which include the intentions for a company when they have plans to expand, make money, etc..
For our prep, we read this article called Writing your own Business Plan which explains what a Business plan is in more depth. From reading this article, it did feel as if I had to absorb a lot of new information with which I found was difficult to take in. On the bright side, reading this article did help me understand more about the Business Plan after reading it a few more times.
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