Technovation has teamed up with the help of HSBC to bring you this lesson! This lesson will help you earn points in the entire Entrepreneurship section of the judging rubric.
In this lesson, you will...
- Learn about the different parts of a business plan
- Use this worksheet to make a plan for writing
- Write your business plan
- [Senior teams] should review the competition rubric’s entrepreneurship section to see what judges will look for in a great business plan
This lesson is not mandatory for Junior Division, but Junior teams who want to learn more about building a business are encouraged to read it. Only Senior Division teams are required to submit a 5-10 page business plan.
The Business Plan
In this lesson, you will create a 5-10 page business plan. A business plan is a proposal about how you will run your entire company. It is a formal document that has important information about your company, your goals, and how you will achieve your goals. Think of it as a set of instructions that describes how and why you are building your business. It will incorporate many of the things you’ve already learned so far– you are just putting all of it together!
Watch this video to get more details about the parts of a business plan.
Parts of a Business Plan
Without a business plan, it is difficult to build a business. It’s like building a house without any blueprints. A plan outlines the roles, responsibilities, and future for your business.
Here are the parts of the business plan that you’ll need to submit. Remember, your business plan can include charts and images that help explain your ideas - it doesn’t have to just be words!
- Executive summary – A short and concise description of your business.
- Company description – Information on what you do, how your business is different from others, and who your business serves. Can include your mission and vision.
- Products and/or service description – Define what products and/or services you sell, explain why it benefits your customers, and how your mobile app will be developed. Screenshots of how your app works could be useful here.
- Market analysis – Give background on the market that you plan on entering. This is where you will include all of your market research, like consumer and competitor research, from Ideation Lesson 5: Market Research. Remember to include visuals like charts and graphs when you can.
- Strategy & implementation – Here, you will explain how your business will run or operate for the next 3-5 years. This will be taken from your Branding and Business Model.
- Financial plan & projections – This is a summary of how you will be spending money, making money, and using the money for the future, which is information you developed from your Business Model. Again, visual information is useful to help others understand your plans.
You can learn more about each section below and see some tips from HSBC.
Activity: Plan and Write your 5-10 Page Business Plan
Now that you know all the different parts of a business plan, you can prepare to write one! The business plan can be a lot of work, so ensure your team and mentor create it together. You can use this checklist to divide up the work and plan what to include.
After you make a plan, it’s time to write your 5-10 page business plan
Writing a business plan is a huge accomplishment, especially since you're still a student! Get excited, you are almost ready to submit!
After your mentor or your team have looked over the business plan as a group, make sure to incorporate their feedback. It helps to get different people’s point of view, since this is a document that might be read by all different types of people. Read your business plan as a group, and finalize your business plan by using the checklist to confirm you incorporated all of the different parts.