Entrepreneurship·Finance — obtaining capital · NSSCO 2.3
The business plan & basic financial calculations
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A good idea only becomes a real business once it is written down as a clear plan. In this lesson we build the business plan — the road map that describes your enterprise, its goals, and exactly how it will be started, run and financed — and we meet each of its components, from the mission statement and SWOT analysis to the all-important financial plan. Then we roll up our sleeves and do the real money calculations together: the profit a business earns and the break-even point it must reach, worked line by line in N$. This is the heart of Coursework Task 4, so we go slowly and carefully.
What you'll learn in this lesson
By the end you should be able to (NSSCO Entrepreneurship 2.3):
- Define business plan
- Explain the components of a business plan (description of enterprise including the mission statement, market research report including market feasibility study, marketing plan including SWOT analysis, production plan, organisational plan, financial plan including break-even analysis, calculation of profit, budgets, projected income statement, projected balance sheet, cash flow forecast and financing, action plan)
- Explain the importance of a business plan
- Prepare a business plan (including only selected components and calculations)
- Present a business plan for their choice of an enterprise
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Miss Maria and Mike talk through the whole topic — with the figure and working drawn live.