A business plan is a written document that describes in detail how a business—usually a startup—defines its objectives and how it is to go about achieving its goals. A business plan lays out a written roadmap for the firm from marketing, financial, and operational standpoints.
Business plans are important documents used to attract investment before a company has established a proven track record. They are also a good way for companies to keep themselves on target going forward.
One of our classes was an insight into a business plan and how a startup goes about writing it. We also had a short and healthy competition in the form of activity.
Key Takeaways:
The key takeaways that we learned from this project were:
- A business plan is a written document describing a companies core business activities, objectives, and how it plans to achieve its goals.
- Start-up companies use business plans to get off the ground and attract outside investors.
- Businesses may come up with a lengthier traditional business plan or a shorter lean start-up business plan.
- Good business plans should include an executive summary, products and services, marketing strategy and analysis, financial planning, and a budget.
The Activity:
The activity gave students an insight into how a company or a start-up forms a business plan and what goes into making a business plan. Out of the 13 groups formed the ideas that came forward the ideas ranged from a case study of a known MNC to an actual start-up hoping to contest with the likes of sports giant Decathlon.
The activity educated the students on how to form an effective business plan, how to write up an executive summary, the industry overview, perform market analysis and the competition for the business; form a sales and marketing plan, a management plan, operational plan, and a financial plan.
The activity was a lesson to future entrepreneurs and employees which would in the future help them if they wish to establish their own company.
See Also:
- IIBS faculty and its role in building future managers
- IIBS – A business school with a difference
- Beyond Rankings – 5 Aspects for choosing top B school in Bangalore
- AMACE – A Management Activity for Creativity Enhancement
- IIBS – Ganesha Chaturthi Celebration 2021?
- The advantage of pursuing MBA in Bangalore | Best MBA in Bangalore
