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Lecture 8

MGTA05H3 Lecture Notes - Lecture 8: Business Plan, General Partnership, Legal FictionPremium

4 pages122 viewsFall 2018

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Chris Bovaird

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Chapter 8: planning and organizing the business
Business plan: the document that lays out
All that you have to do, all that has to happen, how much money you will need, if you want the
business to succeed
Audience 1
For themselves: record assumptions, determine how much money you will need, identify tasks,
create timelines.
Audience 2
For others who can help, especially financially. Everyone needs advice and guidance, by having
a business plan it shows entrepreneur is willing to work and is serious. Entrepreneur is putting
in research and effort.
What is the point of business plan
- road map (to do list), to record and verify assumptions, shows that you are serious and
willing to work, give in research effort
- it’s better to fail on paper than fail in life
- it decreases the chance of failure, if you are prepared, you are much better than
Contents of business plan
- People: who are you, why should I care. How many people will be needed for this
- Market: who are the audience (target market) of the products
- Resource: how much money will you need
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