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They need to be precise, SMART-specific, measurable, achievable, realistic and time-bound. They need to be clearly defined.  \nThe 10 elements of a business plan  \n• Market research and market potential-a summary of the current and potential growth size of the market and customer base-do you know your customers?  \n• Competitor analysis-do your research, get to know your competitors, how much market share do they have, what products and services do they have, how do they market and sell to customers?  \n• Description of products and services-list the offerings, any special features, any customer benefits, any innovations  \n• Marketing and sales plan-give a brief overview of your marketing and sales plan including your target markets, your unique product/service value proposition, customer gap analysis, and any planned initiatives to attract new customers, marketing and sales tactics  \nThe 10 elements of a business plan  \n• Business financials-as a startup, you may not have a lot of financial data such as income statements, profit and loss statements, cash flow statements, balance sheets. So, prepare a simple budget and financial plan-use budget templates to assist with data collection.  \n• Description of your business team-list number of employees and their short biographies, or if a solopreneur, just a short biography with detail of education, professional background, awards and accolades, notable clients.  \n• What’s your ask? -be clear about what you are asking for when you send someone your business plan. Are you asking for funding; investment; collaboration? Be clear and precise about what you want.  \nBusiness plan bonus tips  \nRemember, if you want your business plan to be effective, you need to make it as readable and relevant as possible. He","cbCaitNMp6BUUe0I","https://ap.wps.com/l/cbCaitNMp6BUUe0I","pdf",1518668,"English","# Why do we need a business plan?\n## 3 reasons to develop a business plan\n# What is a business plan?\n# What goes into a business plan?\n## Mission and uniqueness (USP)\n# The 10 elements of a business plan\n## Executive summary\n## Business objectives\n## Market research and competitor analysis\n## Products, marketing, and sales plan\n## Business financials and team\n## What’s your ask?\n# Business plan bonus tips\n# Essentials","[{\"question\":\"Why do entrepreneurs need a business plan, especially small businesses?\",\"answer\":\"A business plan helps ensure growth, increases the likelihood of securing investments or loans, and helps entrepreneurs move beyond the startup phase. It also keeps founders and teams focused on achievable goals.\"},{\"question\":\"What is a business plan and how does it help communicate your business?\",\"answer\":\"A business plan serves as a roadmap for growth and communicates who you are, what your business does, your plans and ambitions, and how you will achieve growth to partners, banks, collaborators, and potential employees.\"},{\"question\":\"What are the 10 elements of a business plan covered in the module?\",\"answer\":\"The module covers: executive summary, description of your business, business objectives, market research and market potential, competitor analysis, description of products and services, marketing and sales plan, business financials, description of your business team, and “what’s your ask.”\"}]","Module 1-Developing Your Business Plan | PDF",1790100367]