Title: Develop a business model and a business plan.
Course: Entrepreneurship, Advanced (12053-II) > Section: Starting an Entrepreneurial Business

Development should include the following components:

- Key partners
- Key activities
- Key resources
- Value propositions
- Customer relationships
- Channels
- Customer segments
- Cost structure
- Revenue streams

Development should also include following an established format to produce the following components:

- Executive summary
- Description of the business
- Product or service
- Marketing plan
- Operation plan
- Financial plan
- Growth plan
- Appendix

Process/Skill Questions:

- What is the purpose of a business plan? For whom is it written?
- How can a business plan help with the operation of the business?
- How is an effective business plan created?
- What research should be done prior to developing a business plan?
- How does a business model differ from a business plan?
- What role does a business model play in the development of a business plan?
- What is the role of the business plan in obtaining financing?
- Why is it a good idea to talk with more than one realtor when selecting a business location?
- What are some strategies an entrepreneur can use to minimize the amount of cash needed for start-up?
- What are possible consequences of not having a business plan?
- Why is it a good idea to have an accountant look over the business plan?
- What are the benefits of working in a partnership when creating a new business?
- How can partners minimize conflict while working to build a new venture?
- How do successful partners define their roles in a new business venture?