Do you need to craft your first business plan but don’t know where to start? Luckily, it’s not that hard if you follow our advice.
Learn how to create a business plan with this article. We’ve explained the types and components of business plans and shared some bonus tips.
🔝 Top-10 Entrepreneurial Business Planning Examples for Students
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🧑🏫 Entrepreneur Business Plan Explained
In the following sections, we will explain the entrepreneurial business planning process.
What Is a Business Plan in Entrepreneurship?
Business planning involves determining the company’s goals and developing a roadmap to achieve them. It incorporates marketing, financial, operational, and other aspects. A plan can consist of several smaller plans for each business area, which should align with each other.
Why Is a Business Plan Important to an Entrepreneur?
A good business plan makes ideas feasible and goals achievable. It helps identify specific actions, risks, and prospects.
Additionally, underpinning your vision with a business plan is more likely to attract investors. You need to provide a practical overview to raise capital for your idea. It will demonstrate your foresight, professionalism, and overall approach to business.
📚 Types of Entrepreneurial Business Plans
Now it’s time to find out what business plan you need. In the following sections, we will discuss different entrepreneur plans.
Based on the Audience
There are 2 types of business plans: internal and external. Let’s see the difference:
- An internal plan is made for people who are part of the company. They can be current or prospective employers, freelancers you work with, etc. This plan can be created just for a portion of a business, e.g., a marketing team. Internal business plans tend to be more casual, specific, and informal.
- An external plan is developed for people outside the company (investors, partners, or banks). Most likely, such business plans include a funding request. They are more formal and provide more detailed information about a business.
Based on the Scope
- A standard or traditional business plan usually provides an extended description of every angle of an organization. It can be very long and contain much information for people outside the firm. Apart from company presentation, it serves other goals, for example, securing funding sources, managing risks, and outlining business strategies.
- A lean business plan is usually a summary of a startup. It can be a one-page overview or a short business model presentation. The aspects typically involved in a lean business plan include key elements of a startup, target market, and funding prospects.
Based on the Format
There are 7 most popular business plan formats:
- One-page. This model is close to a lean business plan. It is an outline or a pitch of a business idea. It usually describes the target market, main milestones, sales forecast, and a business offering.
- Startup. It is a combination of lean and standard business plans. As its primary goal is to attract investors, it includes market analysis, SWOT, and financial details.
- Strategic. It is a lean business plan focusing on developing strategies to achieve the company’s objectives. It doesn’t necessarily contain financial information. A strategic business plan template includes these elements: mission and vision statements, success factors, strategy description, and implementation process.
- Operational. Operational plans focus on achieving milestones, deadlines, short- and mid-term goals, and implementation processes. These lean plans concentrate on financial aspects that align with the objectives. It is usually an annual plan.
- Feasibility. This plan is needed for new products or services. The main focus of a feasibility plan is to determine the market and the future profit.
- Growth. Companies use growth plans to expand to new markets. Depending on the expansion type and funding, a growth plan can be external or internal.
- What-if. When a business makes a risky decision, it can develop a what-if plan in case something goes wrong. It deals with worst-case scenarios and explores all possible choices and opportunities.
🧩 Elements of Entrepreneurial Business Plan
Most business plans consist of 3 sections you can divide into smaller elements:
- Business concept discusses the industry and the business.
- The marketplace section describes potential customers and market competition.
- The financial section provides figures, most likely in advanced spreadsheet form.
Here are the main components of a business plan for entrepreneurship:
|Executive summary||It is a plan’s abstract, that gives readers a general idea of a company and its mission. An executive summary should include the main aspects and an overview of a business.|
|Company description||This part describes the mission, vision, and accomplishments of a company. You can depict the main milestones, tasks, and how customers benefit from the product.|
|Sales and marketing strategies||Here you need to describe the target market and how to reach it. This section usually provides a thorough analysis of the market.|
|Competitive analysis||You need to evaluate the entry barriers and main competitors in this part. Then you can break your findings into strong and weak sides of a business.|
|Design and development||This section is more technical as it focuses on the development cycle of the product and manufacturing details. It can also incorporate marketing and overall production cost estimate.|
|Financial data||It gives readers an idea of a company’s value, credibility, and profitability. It should include a balance sheet and cash flow projections with as much data as possible.|
✅ Entrepreneurial Business Planning Tips
Here’s how to write better business plans:
- Research first. Regardless of your expectations, rely on credible data from multiple sources. Study the industry, competitors, market, existing and potential customers, etc.
- Use a sample. You can find plenty of business plans in pdf format on big companies’ websites. They can help you understand the structure and information you need for a good business plan.
- Make drafts. You can have several versions of your business plan with different strategies and scenarios. You can choose the best one afterward.
- Proofread. There are always some mistakes that go unnoticed at first sight. Make sure you eliminate them and double-check your work.
- Create a presentation. Make it more engaging for your professor and other students. Some might not read the whole plan but will still remember your idea.
📝 Entrepreneurial Business Planning Research Paper Examples
- Entrepreneurship and Innovation in Food BusinessBusiness essay sample: An entrepreneur is one who combines various factors of input in an innovative manner so as to generate quality and value to the customers within the limits of the available inputs.
- Steps Taken to Start a Small BusinessBusiness essay sample: A small business is defined as a self-governing business which has a workforce of not more than five hundred employees
- New Tours and Travel Business Venture: Business PlanBusiness essay sample: This paper therefore is a feasibility study cum business plan for a new tours and travel business venture in the leisure tour and travel industry.
- Trends in Consumer PreferenceBusiness essay sample: According to Barrow, the prevailing trends in the market may be looked at from the perspective of consumer preference and from the perspective of product development.
- Critical Analysis of a Business PlanBusiness essay sample: Business Plans are very much like roadmaps that help businesses achieve their goals and objectives.“A business plan serves three important purposes”.
- NewCO Company's Due Diligence for InvestmentBusiness essay sample: NewCO is a new technology that needs financial support. It is a mobile charger that was designed for the lasting and simultaneous charge of up to six mobile devices.
- Aqua Auto-Care of Edinburgh LimitedBusiness essay sample: This paper analyzes the business plan, how the business is carried out in Aqua auto-care of Edinburgh limited - a service industry providing car wash service.
- Entrepreneurship Concept in Business SphereBusiness essay sample: Entrepreneurship has the potential to support economic growth, and the government can demonstrate its interest in this engine by making it a priority.
- The Research Process in UAE BusinessBusiness essay sample: There are many opportunities for anyone seeking to indulge in business activity. A paper explains the business research process and draws examples from companies in the UAE.
- ARAFAT: Business Planning and DevelopmentBusiness essay sample: ARAFAT aims to satisfy the market segment with high-quality products and on-time delivery, and to continue a sound growth in sales volume that will keep going the company for ten years.
- Business Planning for Entrepreneurial VentureBusiness essay sample: A business plan refers to an official statement that details organizational goals, strategies to be used in achieving these goals.
- Entrepreneurial Organisation ReportBusiness essay sample: Entrepreneurial organizations are the most vulnerable firms. Different steps of doing the business. These steps shape the probability of success for the firm.
- Entrepreneurship and the Successful Business PlanBusiness essay sample: Many people wish to become entrepreneurs at one time of their live. Running a business or being self employed is viewed at part of individual’s successes.
- Business Plan, Stages and Market Analysis of EntrepreneursBusiness essay sample: A business plan is an important document for entrepreneurs. It is basically an evaluation of their business model. In this document, entrepreneurs assess the likelihood of failure.
- Bandtech Company's Business PlanBusiness essay sample: This paper provides a breakdown of the business plan for Bandtech including advantages and weaknesses that are likely to be encountered during the operational stage.
- “The Moss Village” Social Enterprise: The Business PlanBusiness essay sample: “The Moss Lawn” enterprise addresses an important issue that exists in modern society - lack of housing that is built using environmentally-friendly practices.
- Using a Business Plan to Judge the Potential Viability of a Business OpportunityBusiness essay sample: A business plan is often regarded as the basic blueprint of the business opportunity because it actually covers the operation of the entire business.
- Project Funding: Sources and MethodsBusiness essay sample: A project is an undertaking that involves a lot of research. It is also carefully planned to achieve a set target.
- SimVenture Evolution OverviewBusiness essay sample: Simulation is an excellent opportunity to demonstrate how each function is vital to the organization. Besides, ignoring colleagues' interests can lead to challenging consequences.
- Corus Innovations Case StudyBusiness essay sample: The report identifies Corus as an innovative company whose new product is attracting the attention of many partners.
- Selling Eggs on Wholesale: A Business PlanBusiness essay sample: The business that I will venture into to earn profit will be selling eggs on wholesale. The business will be profitable because its main source of revenue is from my capital.
- The Quick Bites’ Food Truck: Business PlanBusiness essay sample: This report has outlined the planned business venture to open a food truck called Quick Bites in Southwest Florida.
- Management: Moyon Tea Business PlanBusiness essay sample: The goal is to expand the brand into a franchise. MOYON is meant to represent the disruption of the industry, a healthy alternative to coffee, and a modern social experience.
- Business Plan For Luiz’s Home BakeryBusiness essay sample: This paper presents a business plan for a home bakery, a small-scale family business specializing in baked products. It is presented in the form of a case study.