BUS368 Week 1 - Discussion 2
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The Business Plan [WLOs: 2, 3] [CLOs: 1, 2, 5]
Prior to beginning work on this discussion, review the assigned text chapters and the articles listed in Week 1 Required Resources. You did a good job resolving the questions you had about entrepreneurial finance and you are ready to address your next challenge – determining how you will develop your business plan. Arguments can be made for and against writing a business plan, but you have decided that a formal business plan is needed. Your challenge is deciding whether to write the plan on your own, used canned software templates, hire a professional to write the plan, or use a combination approach.
This is a foundation decision – changing approaches costs considerable time and money, and you will find it easier to have a development method in place before you do your research.
You are going to create an initial discussion post that addresses the method you will use to prepare your business plan. There is more than one business plan format in use; however, the plan format and associated data content for this discussion are available on pages 18 to 19 of your course text. This means you must consider the data requirements specified in this plan as you develop your responses. Each approach has strengths and weakness; however, you are the one who must understand the plan and you must be able to describe and defend the information in the plan.
In your response focus on the following information (you are encouraged to go beyond the text for information) and select a plan development method and defend your choice. Address the following items in your response:
- Evaluate the reasons why you selected the approach you plan to use and describe at least one strength and weakness associated with your approach. Do you have any suggestions about how you will mitigate identified weaknesses?
- Create a brief overview of what you are going to do to ensure that you can describe and defend the data included in your plan. You must be able to demonstrate judgment and competence.
- Offer your peers a link to a video or an article that complements your answer to the items above.