Week 2: Business Plans and Reports

This week in class we discussed putting together a business plan. A business plan documents and/or details the various elements of a business (i.e. target audience, cost of production, etc.). These plans can be very useful to a business that is trying to receive funding from an investor. Investors want to know whether or not a business will make them back their money or not, and compiling a business plan allows for this message to be delivered in a clear and professional manner. The business plan also is a benefit to the members of the business itself as the act putting together such a plan forces business members to focus on the important aspects of their product/business.

This weeks readings also discussed business plans and how to put them together well. These articles taught me about the importance of addressing budget in a business plan and that some plans may fail due to improper predictions of sale/cost. By reading these articles and making a business plan during the in-class exercise, I learned the importance of organization within a business (in this case a business plan/report) and I learned the complexity of planning a business strategy for a product.