Business Administration - Entrepreneurship and Small Business EBM530 Chapter Notes - Chapter 5: Income Statement, Customer Survey, Break Even

• School: Seneca College
• Department: Business Administration - Entrepreneurship and Small Business
• Course: Business Administration - Entrepreneurship and Small Business EBM530
• Professor: Carl Lapp

Document Summary

A business plan describes the future path of a business. There are many ways to write a business plan, however they all include some fundamental elements. Do(cid:374)(cid:859)t shoot fo(cid:396) pe(cid:396)fe(cid:272)tio(cid:374): it does(cid:374)(cid:859)t e(cid:454)ist i(cid:374) the (cid:271)usi(cid:374)ess (cid:449)o(cid:396)ld. I(cid:374)stead (cid:272)o(cid:373)(cid:373)it to (cid:272)o(cid:373)pleti(cid:374)g each section by setting goals for yourself. A business plan is a work-in-progress that can, and should, be updated regularly. Insights learned in one section will shed further light on other sections. In fact, one of the most compelling reasons to write a business plan are the insights you uncover about your business idea which will help you avoid costly mistakes later on. Many business plans are written to prove why a business idea will work. An effective business plan should focus on how your business idea will work. This is a much more practical method that will serve an entrepreneur better in the long run.