business plan examples for students

business plan examples for students

Business Plan Examples for Students

1. Introduction

The vision of the task generates a high level of enthusiasm and motivation. This helps in increasing the confidence level of an individual and gives a sense of belief that the idea thought can be turned into a sustainable and successful business. This participation of enthusiasm and confidence is the first step taken by an individual in the field of entrepreneurship towards the realization of business opportunities. With the confidence and enthusiasm streaming, an idea is made a preliminary decision in the mind to proceed further in the future with the task to turn it into the reality of a mission. This act of decision making marks the initial process to bring about a change which differentiates between entrepreneurs and other individuals.

Entrepreneurship has a high job creation and innovation role. It is this proactive approach towards the creation of new business that leads to the identification and realization of business opportunities of entrepreneurship. The practice of entrepreneurship can be traced back to the very start of businesses. A business started with a mere thought that was perceived from the mindset on achieving a particular aim or task. This thought is then developed with a vision of what the task will look like on its completion and how different it would look from the rest of the crowd doing the same task.

2. Importance of Business Plans for Students

Students in many ways are the perfect candidates for writing business plans. They have a predefined focus, limited money and time, and an urgent need to find a job upon graduation. A well-prepared business plan can serve many different purposes for students. If students are planning on going into business after they graduate, the process of thinking through and developing a plan will do them well, in that they are prepared for what to expect and have developed different strategies for dealing with problems. If students are going to look for a job upon graduation, it is quite likely that prospective employers will want to see a plan. This is very common in the business world, especially among marketing and consulting companies. What better way for a student to gauge whether or not their plan is feasible or potentially successful and to get a grade than to run it by a potential employer? A very real scenario for a student could be recalling a plan that they have done in school and using it as a tool to bring them to the next level in a business they have already started, perhaps even in high school or early in college. Overall, the exercise of writing a plan will do several things. It will set a student on thinking in a focused and realistic manner. It will force them to really do their market and competitive research on the front end. It will help them to understand the different factors and details involved in the business as well as how they all work together. And lastly, it will prepare them to manage their time and money more effectively. Looking at these aspects, it is evident that the ROI of writing a business plan is very good.

3. Key Components of a Business Plan

The content and format of the business plan are determined by the goals and audience. For example, a start-up business plan would focus more on the short-term objectives such as raising capital, securing a loan, or proving the viability of the business idea. An internal business plan is often developed in conjunction with a balanced scorecard or a list of critical success factors. This allows the success of the plan to be measured using non-financial measures. Often, SWOT analysis and issues analysis are used to align the internal business plan with the external environmental scan. A budget is also an internal business plan. The content and format of the actual business plan are determined by the goals and audience. For example, a business plan for a non-profit might discuss the fit between the business plan and the organization’s mission. Banks are quite concerned about defaults, so a business plan for a bank loan will build a convincing case for the organization’s ability to repay the loan. Venture capitalists are generally quite focused on the nitty-gritty details of how their money is going to be used and when they can expect a return on their investment. They will want details about the product, technology, or services which the company offers, target market, IP (intellectual property) protection strategy, and which management teams are best equipped to make these a reality.

Business plans can be developed for the purposes of starting a business, for internal guidance, annual business plans, project business plans, a manufacturing business plan, or a retail business plan. The terms and conditions business plan and strategic business plan are often used. To avoid any confusion between the two, it is better to call the more formal document a strategic business plan. Other terms that may or may not be interchangeable, which are often used in the business planning process, include: business strategy, business model, revenue model, business concept, and business proposal. Business planning can cover a specific project, product line, or sub-venture, such as an academic business plan or a research and development business plan. Many organizations have a business or strategic planning department, which is responsible for creating and maintaining the business plan.

4. Examples of Successful Business Plans for Students

Industry Analysis Hasbro and Mattel be damned, we are selling no-knockoff, no-assembly-required toys. This is a luxury to some parents, to indulge in classic, high-quality toys from their own childhood and to observe with the passage of time, that such things still exist today. But that can only happen with an anecdote. A baby-boomer must tell a story of token money and a day’s work for a toy that lasted 40 years and a simple smile.

Company Analysis FQQD will initially be a one-man operation and hence a sole proprietorship. If the first year goes well, and more options to subscribe with different genres and different age levels are offered, I will consider making this into a joint venture with my father, and LLC. My father would likely invest capital to get this going at that stage. FQQD will always be a small home-based business.

Executive Summary “Fun and Quality at Your Doorstep” is my idea for delivering a service to children and parents where they can subscribe to a monthly delivery of children’s books and at the same time provide a platform for budding children’s fiction writers to get their creations out and to make a few peanuts in the process. It takes a 50% migration rate of parents from borrowing children’s books from the library to buying for our company to break even and around 600 subscribers to provide a healthy income for me and a few writers.

The above plan is fresh in my mind. It would be much easier for me to write this down after having finished creating it. It is not the plan I’m using myself. It is the result of a brainstorming session between me and a friend of mine, chief editor at a local publisher. They are looking for ways to increase the sales of children’s books, and I happen to want to take on a small project with a high chance of success to earn some money on the side. How fortunate. This plan deals with that small publishing project, but is for me equally a lesson for learning how to market one’s services or products on a tight budget and with a very focused segment.

5. Conclusion

This business plan examples for students section provides you with a number of ideas, strategies, resources, and techniques that should enable you to craft an effective business plan. Now that you have completed all of the sections, you should have a rough draft of your business plan. This is a “living” document that should be maintained, updated, and changed in line with your business successes and failures. The goal of a business is to achieve success. As a business person, you must measure success in financial aspects. But to make sure that your plans are having a positive impact, you must evaluate them. This is the last process you do in creating a business plan. Measuring success is important for a company because a company that does not evaluate its business performance cannot identify whether they have achieved their targets or not. If they have not, they can trace their mistakes and find a solution. On the other hand, if they have achieved their targets, they can measure how much they have increased from the past. The evaluation starts by measuring the process by looking at the business plan document. Review each objective and check them off if they have been achieved. A simple grade can be given: achieved, partially achieved, or not achieved. This can provide more detail on the success of each objective.