PITCH BUSINESS IDEAD (Fun Assignment for entrepreneur class) Product: SMART Umbrella The Smart Umbrella is a unique device that blends traditional rain protection with current technology to offer a v

Business Plan Basics

BUSINESS PLAN BASICS 

-written document 

-outlines the goals, strategies, operational plans 

-serves as a roadmap to success for how the business will be launched, run and be profitable 

Consists of several major sections: 

Exec summary 

Company description 

Market analysis 

Product or service line 

Marketing & sales strategies 

Financial projections 

Funding request 

Together these sections supply a comprehensive overview of the business to potential investors and lenders and prove that the entrepreneur has thought through all aspects of the business. 

Exec Summary 

-most important part because first section that investors and lenders will read 

-concise summary of the whole plan, highlighting key elements: strategy, target market, financial projections, management team 

-make it compelling to capture the attention of investors/lenders and encourage to keep reading 

Mistakes: 

-failing to conduct market research 

-not clearly defining the company’s value proposition 

-underestimating costs 

-overestimating revenue 

-not presenting a clear or convincing plan for how the company will achieve profitability 

-too optimistic or unrealistic in their financial projections