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Business Plan

One vehicle for acquiring an understanding of the entrepreneurial process is through the preparation of a start-up business plan. The focus of this TMA is to select a business idea and create a mini- business plan. Writing a business plan requires you to ask tough questions about the nature of the business.

• What are the benefits of your product or service?

• What is the target market and how will you penetrate it?

• How will you develop and produce the product or service?

• What resources, including funding, are required to successfully create the business plan?

The Written Plan: The body of the written business plan should be no more than 6 pages

1. Description of the business

2. Description of the market: Target Market: Who? How Many? Analysis of Competition: How Many? Strengths and Weakness? Market Penetration Projections and Strategies

3. Description of the products: What Is to Be Developed or Sold?

4. Marketing Plans: Pricing How Sales Are to Be Made Advertising and Sales Promotion

5. Financial Analysis: Income statement forecasted for 3 years

Referencing: team members are expected to use a good referencing style for intext referencing and list of reference at the end.

Online resources: team members are expected to use online sources to support their answers. A minimum of 3 sources is required.