Business Plans: Can Your Team Write a Winning Business Plan?
Business plans at many schools are more than classroom writing exercises. They have won regional, national, and worldwide prizes. Although some contests are part of MBA programs, other contests are available for undergraduates. One business plan project at the University of California, Santa Barbara, resulted in the development of a portable oxygen concentrator. Three students wrote a proposal that not only won one of the school's business plan writing contests but also attracted venture capital backing of over $500,000. The trio was challenged to come up with a hypothetical business plan. One of the team members suggested making a portable oxygen device to improve the mobility and quality of life for her grandmother. The stu- dents didn't actually make the device-they just outlined the concept. Contest judges recognized the commercial potential and helped bring the device into production.
As part of a business plan project, you and your team are chal- lenged to come up with an idea for a new business or service. For example, you might want to offer a lunch service with fresh sand- wiches or salads delivered to office workers' desks. You might propose building a better Web site for an organization. You might want to start a document preparation business that offers production, editing, and printing services. You might have a terrific idea for an existing business to expand with a new product or service.
Your Task. Working in teams, explore entrepreneurial ventures based on your experience and expertise. Conduct team meetings to decide on a product or service, develop a work plan, assign responsibilities, and create a schedule. Your goal is to write a business plan proposal that will convince potential investors (sometimes your own management) that you have an excellent business idea and that you can pull it off. Check out sample business plans on the Web. The two "deliverables" from your project will be your written business plan and an oral presentation. Your written report should include a cover, transmittal document (letter or memo), title page, table of contents, executive summary, proposal (including introduction, body, and conclusion), appendix items, glossary (optional), and sources. In the body of the proposal, be sure to explain your mission and vision, the market, your marketing strategy, operations, and financials. Address your business plan proposal to your instructor.
*A complete instructional module for this activity is available at www.meguffey.com.