What is a Business Plan

Teresa Dowell-Vest
A free video tutorial from Teresa Dowell-Vest
Writer | Professor
4.6 instructor rating • 1 course • 1,391 students

Lecture description

This lecture introduces you to the SEVEN basic elements of a business plan. This lecture will give you an idea of the seven units to come. 

Learn more from the full course

The 7 Step Business Plan That Writes Itself

The Essential Guide to Writing a Business Plan for the Creative Entrepreneur

01:24:41 of on-demand video • Updated September 2016

  • Write a focused and dynamic Business Plan for your Passionate Idea
  • Develop a Fundraising Campaign
  • Construct a Budget
  • Devise a Project Calendar
  • Execute a Plan of Action
English [Auto] OK. So what is the business plan. What does it comprise. What's the purpose of having one. Well the business plan is just that it's your plan it's your blueprint right it's your math. Imagine being in the woods without a map. Imagine being out to sea without any sort of map helping me chart your path from where you are to where you want to be. That's what it means to launch a business without a plan without a written business plan. The difference between those people who launch a business with a business plan and those who want one without success quite frankly it's that simple. So you're going to launch your business with a business plan. Also it's helpful to have a plan because no one exists in your head but you try to tell someone else your really great idea that's abstract and it's vibrant and interesting and you're passionate about it. But no one will be able to feel your passion like you do. So you've got to write this down it's got to create a story you've got to be vibrant and colorful in a way that someone else can receive it and get an inkling of an idea of why this business is important why they should become an investor why they should become a sponsor why they should support you in any way they can. That's what a business plan will also do for you. It will make concrete and in a tangible form your intangible dream. There are seven main ingredients to a business plan. Executive Summary business description marketing strategies competitive analysis design and development operations and management and financial factors. Those seven elements together will tell any investor any sponsor any supporter who you are what you do and how they can get behind your business and how you plan on sharing your business with the world. If you look at the seven ingredients in three groups three clumps mission publicity and resources or capital you can see how the flow of the business plan introduces to an investor who you are and what you do by explaining your mission. Communicate how you plan on sharing that mission with the world. Do you a publicity campaign. And then finally what resources you will need. What capital you will need to watch your business the next seven models will be us walking through each of the seven ingredients of a business plan and each module you will write in your journal more and more about your business making more and more concrete your passion your idea your plan your project and the more we write about it in a way that's free flowing and creative in this role for you will have the vocabulary and all the pieces of the puzzle to put it together to make your plan.