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BU121 new review.doc

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Wilfrid Laurier University
Laura Allan

BUSINESS PLANNING – 7 marks Chapter 1 (8): Writing an Effective Business Plan • business planning – model, benefits of writing a business plan • Model: business plan is a formal written document that explains the entrepreneur’s vision and how it will be converted into a profitable, viable business. • Prepare a relatively simple business plan, this can be used to obtain initial funding if it is need→ actually start the business→ refine the business plan on the basis of experience gained from running the business and use the revised plan to run the business and secure additional funding as necessary • components of a business plan - key questions answered, critical risks, seven deadly sins • Seven deadly sins: • 1) The plan is poorly prepared and has an unprofessional look • 2) The plan is far too slick • 3) The executive summary is too long and rambling- it doesn’t get right to the point • 4) It’s not clear where the product is in terms of development- does it exist or not? • 5) No clear answer is provided to the question: why would anyone ever want to buy one • 6) There is no clear statement of the qualifications of the management team • 7) Financial projections are largely an exercise in wishful thinking Lecture Material (Week 2): Art of the Start • 5 things entrepreneur must accomplish What? why? 1) Make meaning 2) Make mantra 3) Get going 4) Define a business model 5) Weave a MAT (milestones, assumptions, tasks) COMMUNICATIONS – 8 marks Chapter 2 (4): Planning Business Messages • 4 principles of business writing • Purposeful • Persuasive • Economical • Audience oriented • 3 X 3 writing process • Preview→writing→revising Lecture Material (Week 3): Made to Stick • definition of sticky Understandable, memorable, and effective in changing thought or behavior • principles of stickiness (SUCCES) o why they affect stickiness(pop corn,big mac example) o ways to achieve principles CRITICAL THINKING – 7 marks Lab Manual o claims, evidence, underlying assumptions, and causal claims o what they are and how to find them o how to test/challenge and how to apply to writing o techniques of persuasion, how to build a persuasive argument MARKETING – 31 marks Chap
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