Page 1 - Lesson Note 12
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ENTREPRENEURSHIP


                                                       CLASS- XI

                                                      LESSON-12


               CH-3: TOPIC – ENTREPRENEURSHIP JOURNEY


               SUB-TOPIC: - BUSINESS PLAN

                   1.   A business plan is a guide which outlines the goals of the business and

                      roadmap of how to achieve them. It is the written description of your
                      business’s future.  It is a written document explaining what the business
                      will be after a certain period of time.

                   2.  A good business plan must:
                            Determine the direction of the company.

                            Highlights the challenges in the path of business
                            Be directed towards achievement of goal or objectives.

                            Formulates strategies and contingencies to keep the business on
                             track.

                   3.   Scope of the Business Plan:
                       An effective business plan should cover all aspects relating to:
                             (i)    Marketing

                             (ii)   Finance
                             (iii)  Operations

                             (iv)   Human resources
                             (v)    Legal compliances
                             (vi)   intellectual property rights

                   4.  Importance of the Business Plan:
                               Provide a road-map for starting a new venture

                               Helps in determining the viability of the venture
                               Helps in arranging finance from investors/banks

                               Helps in taking capital investment decisions
                               Helps in making strategic alliances

                               Helps in providing a standard yardstick.
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