entrepreneurship business plan project class 12 guidelines

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CBSE Class 12 Entrepreneurship Syllabus 2023-24

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CBSE Class 12 Entrepreneurship Syllabus 2023-24 includes Entrepreneurial Opportunity, Entrepreneurial Planning, Enterprise Marketing, Enterprise Growth Strategies, Business Arithmetic, Resource Mobilization etc for the session 2023 – 2024. Here is the detailed syllabus. To download class 12 Entrepreneurship CBSE latest sample question papers for the 2024 exams, please install the myCBSEguide App which is the best mobile app for CBSE students. The myCBSEguide app not only provides you the CBSE class 12 Entrepreneurship model question papers but it also provides class 12 Entrepreneurship chapter-wise test papers, class 12 Entrepreneurship best revision notes and other study material for class 12 Entrepreneurship students.

CBSE Class 12 Entrepreneurship (Code No. 066) Syllabus (2023-24)

COURSE STRUCTURE Theory Paper

Times: 3 Hrs Marks: 70

CBSE Class 12 Entrepreneurship Syllabus

COURSE CONTENT

Unit 1: Entrepreneurial Opportunity 40 Periods

Competencies: Scanning the environment; Analytical and logical thinking; Innovation and creativity; Decision making; self-confidence. Contents

• Sensing Entrepreneurial Opportunities
• Environment Scanning
• Problem Identification
• Idea fields
• Spotting Trends
• Creativity and Innovation
• Selecting the Right Opportunity

Unit 2: Entrepreneur Planning 40 Periods

Competencies: Analytical and critical thinking; personal responsibility; determination; Resourceful; collaboration Contents

• Forms of business organization- Sole proprietorship, Partnership, Company
• Business Plan: concept, format.
• Components: Organisational plan; Operational plan; Production plan; Financial plan; Marketing plan; Human Resource planning

Unit 3:   Enterprise Marketing 40 Periods

Competencies: Persistence, Negotiation, Collaboration, Ethical behavior, team spirit; Contents

• Marketing and Sales Strategy
• Branding, Logo, Tagline
• Promotion Strategy

Unit 4: Enterprise Growth Strategies 20 Periods

Competencies: Need for achievement, Initiative, Analytical thinking, risk vs reward, collaboration, synergy, leadership, Contents

• Franchising: Concept and types
• Franchising: Advantages and limitations to franchisor and franchisee.
• Mergers and Acquisition: Concept, reasons and types.
• Reasons for mergers and acquisitions

Unit 5: Business Arithmetic 40 Periods

Competencies: Arithmetic skills, critical analysis, decision making, self-confidence, problem solving. Contents

• Unit of Sale, Unit Cost for multiple products or services
• Break even Analysis for multiple products or services
• Computation of Working Capital
• Inventory Control and EOQ
• Return on Investment (ROI) and Return on Equity (ROE)

Unit 6: Resource Mobilization 20 Periods

Competencies: Risk taking, Communication, Persuasion, Networking, Ethical behavior Contents

• Capital Market: Concept
• Primary market: Concept, methods of issue
• Angel Investor: Features
• Venture Capital: Features, funding.

CBSE Class 12 Entrepreneurship Syllabus Project Work

Students have to do  TWO projects  in the entire academic session. TOPICS FOR THE PROJECT:

• Business Plan
• Market Survey
• 10 Marks each for 02 Projects
• 5 Marks for Numerical Assessment
• 5 Marks for Viva

CBSE Class 12 Entrepreneurship Syllabus Prescribed Books

• Entrepreneurship – Class XII – C.B.S.E., Delhi
• Udyamita (in Hindi) by Dr. MMP. Akhouri and S.P Mishra, pub. By National Institute for Entrepreneurship and Small Business Development (NIESBUD), NSIC-PATC Campus, Okhla
• Udyamita Samachar Patra (Monthly, Hindi), Pub. By Centre for Entrepreneurship Development, M.P. (CEDMAP), 60 Jail Road, Jhangerbad, Bhopal-462008.
• Science Tec. Entrepreneur (A Bi Monthly Publication), Centre for Entrepreneurship Development, M.P (CEDMAP), 60 Jail Road, Jhangerbad, Bhopal-462008
• Laghu Udhyog Samachar
• Project Profile by DCSSI

ENTREPRENEURSHIP QUESTION PAPER DESIGN

CLASS XII (2023-24)

CBSE Sample Paper 2023-24

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CBSE Class 12 Entrepreneurship syllabus 2022-23: Download Complete PDF

Cbse class 12 entrepreneurship syllabus 2022-23: get direct link to download the course structure, course content, project work details, list of suggested resources and question paper design for the year 2022-23..

CBSE Class 12 Entrepreneurship syllabus 2022-23: The syllabus of Entrepreneurship for the students of academic session 2022-23 in CBSE class 12 is available on the website of CBSE. The syllabus enlists the course structure, course content, details of project work, list of prescribed textbooks and other resources and the question paper design for Entrepreneurship board exam 2022-23.

With the idea of  “job providers rather than job seekers”, the primary aim of the Entrepreneurship course for Class 12 students is to instill and kindle the spirit of Entrepreneurship amongst them. 

Let us now check the course structure for CBSE Class 12 Entrepreneurship 2022-23:

COURSE STRUCTURE

CLASS XII (2022-23)

Theory Paper

Time: 3 hours

Let us now check the given course content

COURSE CONTENT

Unit 1: Entrepreneurial Opportunity 40 Periods

Unit 2: Entrepreneurial Planning 40 Periods

Competencies: Analytical and critical thinking; personal responsibility; determination;

Unit 3: Enterprise Marketing 40 Periods

Unit 4: Enterprise Growth Strategies 20 Periods

Competencies: Need for achievement, Initiative, Analytical thinking, risk vs reward,

Unit 5: Business Arithmetic 40 Periods

Unit 6: Resource Mobilization 20 Periods

These are the course content for the paper. Let us now check the question paper design.

ENTREPRENEURSHIP (Code no. 066)

QUESTION PAPER DESIGN

To check the list of prescribed books and magazine resources and the details of project work,

Download the CBSE Class 12 Entrepreneurship Syllabus 2022-23.

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Business Studies Class 12 Project: Marks Distribution, Topics, and More

• Updated on  
• Jan 16, 2024

Looking for a Class 12 Business Project? CBSE has mandated students to prepare a project as part of the Class 12 Business Studies syllabus wherein they can conduct their own research, gather primary or secondary data and make inferences out of the results in a presentable way. If you are struggling to make a nice project and want to have good guidance, read on to find everything you need to know about the Business Studies class 12 project and BST project class 12 on marketing management , principles of management, stock exchange and more.

This Blog Includes:

• CBSE BST Project Class 12 2023-24: Marks Distribution

CBSE Class 12 BST Project Topics 2023-24

Marketing management, elements of business environment , principles of management project in business studies, stock exchange, important guidelines, cbse bst project class 12 2023-24 : marks distribution.

The revised Business Studies Class 12 syllabus 2022-23 allotted 20 marks to the project work. Take a look at the distribution of marks for Class 12 Business Studies Project 2023-24: 

Click here to download the official CBSE Class 12 Business Project Topics

Here are the best BST project class 12 topics:

• Elements of Business Environment 
• Consumer Protection

Also Read: Controlling Class 12: Important Revision Notes

For this BST project class 12 on Marketing Management, The students can consider the following products and conduct research to gather information about the various aspects concerning the marketing of the product. Some of the most prominent and sought-after products are mentioned in the table below:

The students can choose either of the aforementioned or any of the products permissible by the teacher for their Business Studies Project. Taking any one of the products into consideration, the students will have to gather information on the following parameters.

• Profit margin in percentage to the manufacturer, wholesaler and retailer
• Packaging of the product
• Selling price to the consumer
• Promotion or marketing of the product
• Identify the USP
• Type/category of product
• Grading and standardization
• Channels of distribution

Also Read: Courses & Career Options in Commerce without Maths

In this topic of the Business Studies class 12 project, given below are the important elements of the business environment:

• Changes witnessed in packaging and economic impact over the last few years in relation to products like fruits and vegetables, plastic/wooden furniture, milk, reuse of packages, packages as a means of advertisement, etc.
• Reasons behind the changes in “ Coca Cola and Fanta in the 70s decade to Thums up and Campa Cola in the 80s decade to Pepsi and Cola in the 90s. ”
• Changes in the patterns of export and import of different products.
• The law, effects and implementation of the anti-plastic campaign.
• Social factors affecting acceptance and rejection of an identified product (atta maker, dishwasher)
• Effect of changes in the technological environment on employee behaviour. 

Also Read: Top 20 Career Options in Commerce with Maths Stream

Under this subject of the Business Studies class 12 project, the students are required to visit any departmental store, fast food outlet or any industrial unit and perceive if applications like Fayol’s General Principles of Management or F.W. Taylor’s Scientific Management Techniques are applied or not. For clarification, have a look at the principles and techniques advocated by both the administrative gurus:

Also Read: Commerce Subjects in Class 12 [Download Updated PDF]

The students who opt for the third option in the business studies class 12 project will have to learn various aspects of the stock market, monitor the stock market trends and how calculate profit or loss in relation to stock. Through this topic, the students will be able to learn about the capital market and the sources of business finance along with a deep understanding of the concepts used in the stock exchange. Business Studies class 12 project will expect the students to work on the following parameters:

• Create a brief report on the history of stock exchanges in India.
• Prepare a hypothetical portfolio with a sum of INR 50,000 in any 5 top companies over a period of 20 working days.
• Identify the reasons for fluctuations in prices, for example, change of seasons, strikes and accidents, political environment, the spread of an epidemic, international events, etc.
• Find the value of the investments and update the portfolio accordingly through various graphical representations.

Also Read: Business Studies Class 11 Syllabus, Exam Pattern & More

Here are the official CBSE guidelines for the Class 12 Business Studies project:

• The entire project must be completed between 25 to 30 pages
• It is compulsory for class 12th students that the project must be handwritten 
• The project must be clubbed inside a neat and tidy transparent folder 
• Cover Page: Student information, School name and year
• Index (List of Contents)
• Acknowledgement and Preface
• Introduction
• Topic with a Unique Title/Heading
• List of activities and planning done to gather information about the project (If any)
• Observations from the places of visit
• Conclusions
• Photographs (if any)
• Teacher’s remarks
• Signature of the teachers

Related Reads

Ans: The official CBSE guidelines for the Class 12 Business Studies project are: 1. The entire project must be completed between 25 to 30 pages 2. It is compulsory for class 12th students that the project must be handwritten  3. The project must be clubbed inside a neat and tidy transparent folder  4. While crafting your project, you must follow this specified format: -Cover Page: Student information -School name and year -Index (List of Contents) -Acknowledgement and Preface -Introduction -Topic with a Unique Title/Heading -List of activities and planning done to gather information about the project (If any) -Observations from the places of visit -Conclusions -Photographs (if any) -Appendix -Teacher’s remarks -Signature of the teachers

Ans: The business studies project is an important part of the Class 12 business studies curriculum and is of a total of 20 marks.

Ans: There are a total of 12 chapters in Class 12 business studies.

Ans: To crack your business studies exam, you must practice sample papers and previous year exam papers of business studies as well as master the basic concepts of every chapter.

We hope that this blog covered every single aspect essential for you to know about the Business Studies class 12 project. Connect with us at Leverage Edu and we will help you choose the right course and university after 12th that goes well with your dream of becoming one of the future business leaders . Book your 30 minutes of free career counselling now! For more on NCERT study materials and school education , follow Leverage Edu now!!

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10 Business Plan Project Ideas For Entrepreneurship Class 12

• Entrepreneurship business
• 1.1 1. E-commerce Startup:
• 1.2 2. Food Truck Venture:
• 1.3 3. Sustainable Fashion Brand:
• 1.4 4. Health and Wellness App:
• 1.5 5. Eco-Tourism Agency:
• 1.6 6. Virtual Reality Arcade:
• 1.7 7. Social Media Marketing Agency:
• 1.8 8. Online Tutoring Platform:
• 1.9 9. Renewable Energy Solutions:
• 1.10 10. Subscription Box Service:
• 2 Conclusion:

Introduction:

Entrepreneurship is an essential skill for students in the modern world. One of the best ways to develop this skill is by working on a business plan project. This project allows students to showcase their creativity, critical thinking, and problem-solving abilities. It also helps them understand the various aspects of starting and running a business. In this article, we will explore 10 exciting business plan project ideas for students in Entrepreneurship Class 12.

1. E-commerce Startup:

Students can create a business plan for an e-commerce startup. They can choose a niche, identify target customers, and outline the marketing strategy. The project can include designing a website, setting up payment gateways, and creating a social media presence.

2. Food Truck Venture:

A food truck venture is a popular choice for young entrepreneurs. Students can develop a business plan for a food truck that offers unique and delicious cuisine. They can research the market, develop a menu, and plan the logistics of operating a food truck.

3. Sustainable Fashion Brand:

In today’s environmentally conscious world, a sustainable fashion brand can be a successful venture. Students can create a business plan for a fashion brand that focuses on ethical sourcing, eco-friendly materials, and fair trade practices.

4. Health and Wellness App:

With the increasing focus on health and wellness, a mobile app can be a lucrative business idea. Students can develop a business plan for a health and wellness app that offers features like workout routines, meal planning, and mental health support.

5. Eco-Tourism Agency:

Eco-tourism is gaining popularity as people become more environmentally conscious. Students can create a business plan for an eco-tourism agency that offers sustainable travel experiences, promotes local culture, and supports conservation efforts.

6. Virtual Reality Arcade:

Virtual reality (VR) is a growing industry with immense potential. Students can develop a business plan for a virtual reality arcade that offers immersive gaming experiences. They can research the latest VR technology, identify target customers, and plan the setup of the arcade.

7. Social Media Marketing Agency:

Social media marketing is crucial for businesses to reach their target audience effectively. Students can create a business plan for a social media marketing agency that offers services like content creation, influencer marketing, and social media management.

8. Online Tutoring Platform:

Online tutoring has become increasingly popular, especially with the rise of remote learning. Students can develop a business plan for an online tutoring platform that connects students with qualified tutors. They can outline the subjects offered, pricing structure, and marketing strategy.

9. Renewable Energy Solutions:

Renewable energy is the future, and students can contribute to this field through a business plan project. They can create a plan for a renewable energy solutions company that offers solar panels, wind turbines, and energy-efficient products for homes and businesses.

10. Subscription Box Service:

Subscription box services have gained significant popularity in recent years. Students can develop a business plan for a subscription box service that caters to a specific niche, such as beauty, fitness, or gourmet food. They can research suppliers, plan the box contents, and develop a marketing strategy.

Conclusion:

These 10 business plan project ideas for Entrepreneurship Class 12 provide students with a platform to showcase their entrepreneurial skills. By working on these projects, students can gain valuable experience in market research, financial planning, and marketing strategy. This hands-on approach to learning will not only help them in their academic journey but also prepare them for real-world business challenges. So, pick a project idea that excites you the most and start working on your business plan today!

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Class 12 Business Studies project in the principle of management is one of the important topics for business studies. However, a few students would be apprehensive about how and what to prepare a project. This dilemma of how to accomplish the project work drives to an issue of copying projects from peers. It is a general issue where students weigh project work as a burden and do not pay attention to how to prepare it. If you are confronting a similar obstacle at the beginning of given project work. The best thing, to begin with, is a sample project work.

Download Free PDFs of Business Studies Projects for Class 12:

The project for Business Studies Class 12 will undoubtedly assist all those students who really want to have a summary of what a project for class 12 looks like. It will completely answer all your questions on what are the different things we should contemplate while preparing a Business Studies project. The whole project work is of 20 marks. To be well aware of the entire Business Studies syllabus for class 12,  click here  for the Business Studies Syllabus Class 12.

Additionally few tricks and tips to prepare  Business Studies Project Class 12 are given below.

1. Handwritten TOC (Table of Content).

It is important for any students to understand that the table of content for Business Studies Project for Class 12 should be written by hand and not typed or printed.

2.  Distinct Handwriting

Content written by hand must be clear and neat, so the examiner can read the content properly. A neat project can secure students excellent marks.

3. Submit in Spiral Bound

Make sure that the project is submitted neatly attached in a spiral-bound book.

4. Project Format

The formatting of a project should be in a file set up.

5. Size of the paper

The overall project has to be hand-written and the size of the paper should be A4.

6. Check Notes Alignment

Project notes have to be written only on the science project paper, on the ruled side and not on the blank pages.

7.  Headers

Leave the same portion margin on the Bottom, Top, left, and right of the project page.

8. Number each Pages

The entire project needs to have numbers.

9. Tables and Numbers 

• The entire mentioned tables and numbers must be arranged in the middle of the page, categorized with the numbers, titles, and required labels. 

10. Classification of the Project

The outer and the first cover of the project should have the title/heading, along with student information including school name and the year.

• Acknowledgement
• Certificate (if you have any)
• Table of contents
• Topic and Introduction  with a suitable heading
• Newspaper cuttings (If Any)
• Summary/Conclusion of the project
• Bibliography
• Teachers Remarks and Observation.

Learning Outcomes of Business Studies Project for Class 12

The learning results recognise the important areas of Class 12 Business Studies Projects’ learning of the subject. Four (4) learning outcomes are clearly explained: knowledge application, communication, collaboration and independent learning.

Stay tuned to BYJU’S for more project work for Class 12,  Business Studies Important Questions , question papers, sample papers, syllabus and Commerce notifications.

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Home / Blog / CBSE Class 12th Business Studies Project Guide (2023-24)

CBSE Class 12th Business Studies Project Guide (2023-24)

• Last Updated on Dec 19, 2023

Business Studies is one of the main subjects in commerce stream class 12. It provides an extensive array of advanced information and concepts related to business. It provides a piece of good knowledge related to the subject that influences the growth, development, and earnings of a business. Students of class 12 are required to prepare a Report File on a subject to be submitted during practical.The practical for the subject is conducted before the main board exams in February. They will submit a report file to the respective teacher in the practical exam. Class 12 Business Studies Project will help students attain the practical knowledge of what they learned in theoretical class. In this business study project guide, you will read about necessary details like project guidelines, weightage, topics to consider, etc.

Furthermore, you can also check the CBSE Class 12 Economics Project Guide 2023-24.

Class 12th CBSE Business Study Project guidelines 2023-24

• Class 12 commerce stream students need to pick a topic related to the subject and prepare a report file on it. You can choose any unit out of four from the subject.
• Class 12th Business Studies Project file will be done by every student after discussing it with the teacher.
• While preparing the project report for BST, they will discuss it with the teacher for supervision at every stage of the submission.
• They can ask for study material or suggestions from the teacher to create a report file for their project.
• Students have to do complete research on the chosen topic before beginning the project. The VIVA will be based on it, and research will help during the VIVA exam.
• They have to make a project from scratch and not buy readymade projects.

Must Check CBSE Class 12 Business Studies Sample Paper 2023-24.

Marking scheme of CBSE class 12th Business Studies Project Work 2023-24

The business Studies project for class 12 CBSE is of 20 marks, including one project file and the VIVA exam. Teachers will allot marks to students based on the assessment specification provided by the CBSE board. Students need to ensure they do well in all 4 points of the project to get full marks. The table below shows the marking scheme of the Class 12th Business Studies Project.

Class 12th VIVI of Business Studies Project 2023-24

Viva for Class 12th Business Studies Project is an important part of the practical exam. It carries 4 marks out of 20 marks on the practical exam. The VIVA exam will be conducted on the basis of the report file prepared by the student. It is to assess the understanding and knowledge of students about the subject, report, and analysis. Students are required to study well and conduct good research while preparing their projects. They can prepare for the viva exam by going through FAQs related to the topic.

Objectives of CBSE Class 12th Business Studies Project 2023-24

The objective of a Business Studies project for class 12 CBSE is-

• To develop an interest in practical and theoretical topics of business studies.
• To make them familiar with the theoretical foundations of business operations.
• To help them appreciate the social and economic significance of business activity. 

Class 12th CBSE Business Studies Project Work Ideas 2023-24

The project of Business Studies is an important part of the syllabus. It is of 20 marks in total and consists of a report file and a viva exam. CBSE has assigned 4 important topics for the Class 12 Business Studies Project. They can make a project on any one topic mentioned below-

• Business Studies class 12 project on principles of management
• Class 12th Business Studies project on marketing management
• Business Studies class 12 project on Elements of Business Environment
• Business Studies class 12 project on the Stock Exchange

Here are some ideas for the Class 12th Business Studies Project-

• Child Labour in India
• Corporate Social Responsibility
• Stock Exchange Report 

How to Prepare the Class 12th Business Studies Project 2023-24?

Understanding syllabus- The first step to preparing a project is knowing your syllabus and the topics covered in it. Go through the CBSE business studies syllabus to get a hint of concepts and topics.

Research- A thorough and deep research before starting on the project is mandatory. Research as much as possible on the topic you selected. Refer to books, online resources, journals, and articles to learn more about it.

Don’t skip guidelines- Students must follow the guidelines provided by CBSE while preparing the Class 12 Business Studies Project.

Planning and organizing- When you begin a project, plan it to be on time during submission. Research, writing, and editing require time.

Ask for help- If they face any difficulty while making a project, they must ask for help from a teacher. It will help them save time. 

1. How to prepare for the Class 12th Business Studies Project?

Understand the syllabus, choose a topic, research it, and follow the format and guidelines to prepare the project. 

2. Can we get a Class 12th Business Studies Project Topic Idea from the NCERT Books?

Yes. Students need to make a business studies project on 1 out of 4 units from the syllabus.

3. Is it compulsory to prepare for the CBSE Class 12th Business Studies Project?

Yes. The project is worth 20 marks and is a mandatory part of the syllabus.

4. How to prepare for Class 12th Business Studies Project Viva-Voice?

The VIVA will be based on the project report. Make sure you research it and read it carefully.

5. What are the important questions for Business Studies VIVA?

The objective of the report, the significance of the topic, challenges you faced during project making, how your project topic helps to understand the subject, and what it implicates are a few basic questions asked during the viva.

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Entrepreneurship Project Topic For Class 12 CBSE

Get free entrepreneurship project list for class 12 CBSE. we also provide free downloadable pdf’s. Here’s a list of 60+ awesome ideas that you can use for Class 12 CBSE projects

• Entrepreneurship Project Business Plan- CBSE Class 12
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Made as per guidelines given on NCERT Entrepreneurship Book of Class 12.

Our Entrepreneurship Project Material on Business Plan includes the following –

• The business idea: The introduction to the Main product or service selected.
• Analysis of its unique Features , Market Potential , Market size , segment , uses and other details
• Name of your business, logo design and tagline
• Competitor Analysis : Comparison of similar products or services in the market. Selection of top competitors and brief details of there product
• Unique selling proposition (USP ) / Competitive Analysis : This includes features that are unique in the product from its competitor that gives it edge over them .
• Analysis of Competitive advantage of the business/ product
• Market research plan (Description of competitor, demand for product/service etc)
• Various target customers and how will you reach them?
• Various advertising and promotion ideas 
• Packaging- with the weightage on eco-friendly packaging methods available in the market.
• Distribution (How do you intend reaching your customers?)-Channel of distribution – direct and indirect strategies. 
• What does quality mean for your product or service?-ISI, Agmark, FPO etc
•  Computation / calculation of cost per unit of the selected product or service. Reason behind the same.
• Computed fixed cost – Along With the following details with other details
• Consultancy charges
• Packing charges 
• Raw material
• Selling Price calculation : What is the selling price and logic behind it?
• Start up Cost Computation : Details of your start–up costs , its components
• Sources of finance of start up cost : How would the business plan meet the costs?
• Risk Factor Analysis and Mitigation Plan : Different possible risk factors in business and their mitigation or survival plan.
• Calculation of One month’s profit and loss statement for the first month of the second year.
• Calculation of break even point ( BEP ) with explanation : What is the break-even point of your business? Computation assuring the selling price and units which will be sold.
• Other business plan project computations and content .

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11.4 The Business Plan

Learning objectives.

By the end of this section, you will be able to:

• Describe the different purposes of a business plan
• Describe and develop the components of a brief business plan
• Describe and develop the components of a full business plan

Unlike the brief or lean formats introduced so far, the business plan is a formal document used for the long-range planning of a company’s operation. It typically includes background information, financial information, and a summary of the business. Investors nearly always request a formal business plan because it is an integral part of their evaluation of whether to invest in a company. Although nothing in business is permanent, a business plan typically has components that are more “set in stone” than a business model canvas , which is more commonly used as a first step in the planning process and throughout the early stages of a nascent business. A business plan is likely to describe the business and industry, market strategies, sales potential, and competitive analysis, as well as the company’s long-term goals and objectives. An in-depth formal business plan would follow at later stages after various iterations to business model canvases. The business plan usually projects financial data over a three-year period and is typically required by banks or other investors to secure funding. The business plan is a roadmap for the company to follow over multiple years.

Some entrepreneurs prefer to use the canvas process instead of the business plan, whereas others use a shorter version of the business plan, submitting it to investors after several iterations. There are also entrepreneurs who use the business plan earlier in the entrepreneurial process, either preceding or concurrently with a canvas. For instance, Chris Guillebeau has a one-page business plan template in his book The $100 Startup . 48 His version is basically an extension of a napkin sketch without the detail of a full business plan. As you progress, you can also consider a brief business plan (about two pages)—if you want to support a rapid business launch—and/or a standard business plan.

As with many aspects of entrepreneurship, there are no clear hard and fast rules to achieving entrepreneurial success. You may encounter different people who want different things (canvas, summary, full business plan), and you also have flexibility in following whatever tool works best for you. Like the canvas, the various versions of the business plan are tools that will aid you in your entrepreneurial endeavor.

Business Plan Overview

Most business plans have several distinct sections ( Figure 11.16 ). The business plan can range from a few pages to twenty-five pages or more, depending on the purpose and the intended audience. For our discussion, we’ll describe a brief business plan and a standard business plan. If you are able to successfully design a business model canvas, then you will have the structure for developing a clear business plan that you can submit for financial consideration.

Both types of business plans aim at providing a picture and roadmap to follow from conception to creation. If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept.

The full business plan is aimed at executing the vision concept, dealing with the proverbial devil in the details. Developing a full business plan will assist those of you who need a more detailed and structured roadmap, or those of you with little to no background in business. The business planning process includes the business model, a feasibility analysis, and a full business plan, which we will discuss later in this section. Next, we explore how a business plan can meet several different needs.

Purposes of a Business Plan

A business plan can serve many different purposes—some internal, others external. As we discussed previously, you can use a business plan as an internal early planning device, an extension of a napkin sketch, and as a follow-up to one of the canvas tools. A business plan can be an organizational roadmap , that is, an internal planning tool and working plan that you can apply to your business in order to reach your desired goals over the course of several years. The business plan should be written by the owners of the venture, since it forces a firsthand examination of the business operations and allows them to focus on areas that need improvement.

Refer to the business venture throughout the document. Generally speaking, a business plan should not be written in the first person.

A major external purpose for the business plan is as an investment tool that outlines financial projections, becoming a document designed to attract investors. In many instances, a business plan can complement a formal investor’s pitch. In this context, the business plan is a presentation plan, intended for an outside audience that may or may not be familiar with your industry, your business, and your competitors.

You can also use your business plan as a contingency plan by outlining some “what-if” scenarios and exploring how you might respond if these scenarios unfold. Pretty Young Professional launched in November 2010 as an online resource to guide an emerging generation of female leaders. The site focused on recent female college graduates and current students searching for professional roles and those in their first professional roles. It was founded by four friends who were coworkers at the global consultancy firm McKinsey. But after positions and equity were decided among them, fundamental differences of opinion about the direction of the business emerged between two factions, according to the cofounder and former CEO Kathryn Minshew . “I think, naively, we assumed that if we kicked the can down the road on some of those things, we’d be able to sort them out,” Minshew said. Minshew went on to found a different professional site, The Muse , and took much of the editorial team of Pretty Young Professional with her. 49 Whereas greater planning potentially could have prevented the early demise of Pretty Young Professional, a change in planning led to overnight success for Joshua Esnard and The Cut Buddy team. Esnard invented and patented the plastic hair template that he was selling online out of his Fort Lauderdale garage while working a full-time job at Broward College and running a side business. Esnard had hundreds of boxes of Cut Buddies sitting in his home when he changed his marketing plan to enlist companies specializing in making videos go viral. It worked so well that a promotional video for the product garnered 8 million views in hours. The Cut Buddy sold over 4,000 products in a few hours when Esnard only had hundreds remaining. Demand greatly exceeded his supply, so Esnard had to scramble to increase manufacturing and offered customers two-for-one deals to make up for delays. This led to selling 55,000 units, generating $700,000 in sales in 2017. 50 After appearing on Shark Tank and landing a deal with Daymond John that gave the “shark” a 20-percent equity stake in return for $300,000, The Cut Buddy has added new distribution channels to include retail sales along with online commerce. Changing one aspect of a business plan—the marketing plan—yielded success for The Cut Buddy.

Link to Learning

Watch this video of Cut Buddy’s founder, Joshua Esnard, telling his company’s story to learn more.

If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept. This version is used to interest potential investors, employees, and other stakeholders, and will include a financial summary “box,” but it must have a disclaimer, and the founder/entrepreneur may need to have the people who receive it sign a nondisclosure agreement (NDA) . The full business plan is aimed at executing the vision concept, providing supporting details, and would be required by financial institutions and others as they formally become stakeholders in the venture. Both are aimed at providing a picture and roadmap to go from conception to creation.

Types of Business Plans

The brief business plan is similar to an extended executive summary from the full business plan. This concise document provides a broad overview of your entrepreneurial concept, your team members, how and why you will execute on your plans, and why you are the ones to do so. You can think of a brief business plan as a scene setter or—since we began this chapter with a film reference—as a trailer to the full movie. The brief business plan is the commercial equivalent to a trailer for Field of Dreams , whereas the full plan is the full-length movie equivalent.

Brief Business Plan or Executive Summary

As the name implies, the brief business plan or executive summary summarizes key elements of the entire business plan, such as the business concept, financial features, and current business position. The executive summary version of the business plan is your opportunity to broadly articulate the overall concept and vision of the company for yourself, for prospective investors, and for current and future employees.

A typical executive summary is generally no longer than a page, but because the brief business plan is essentially an extended executive summary, the executive summary section is vital. This is the “ask” to an investor. You should begin by clearly stating what you are asking for in the summary.

In the business concept phase, you’ll describe the business, its product, and its markets. Describe the customer segment it serves and why your company will hold a competitive advantage. This section may align roughly with the customer segments and value-proposition segments of a canvas.

Next, highlight the important financial features, including sales, profits, cash flows, and return on investment. Like the financial portion of a feasibility analysis, the financial analysis component of a business plan may typically include items like a twelve-month profit and loss projection, a three- or four-year profit and loss projection, a cash-flow projection, a projected balance sheet, and a breakeven calculation. You can explore a feasibility study and financial projections in more depth in the formal business plan. Here, you want to focus on the big picture of your numbers and what they mean.

The current business position section can furnish relevant information about you and your team members and the company at large. This is your opportunity to tell the story of how you formed the company, to describe its legal status (form of operation), and to list the principal players. In one part of the extended executive summary, you can cover your reasons for starting the business: Here is an opportunity to clearly define the needs you think you can meet and perhaps get into the pains and gains of customers. You also can provide a summary of the overall strategic direction in which you intend to take the company. Describe the company’s mission, vision, goals and objectives, overall business model, and value proposition.

Rice University’s Student Business Plan Competition, one of the largest and overall best-regarded graduate school business-plan competitions (see Telling Your Entrepreneurial Story and Pitching the Idea ), requires an executive summary of up to five pages to apply. 51 , 52 Its suggested sections are shown in Table 11.2 .

Are You Ready?

Create a brief business plan.

Fill out a canvas of your choosing for a well-known startup: Uber, Netflix, Dropbox, Etsy, Airbnb, Bird/Lime, Warby Parker, or any of the companies featured throughout this chapter or one of your choice. Then create a brief business plan for that business. See if you can find a version of the company’s actual executive summary, business plan, or canvas. Compare and contrast your vision with what the company has articulated.

• These companies are well established but is there a component of what you charted that you would advise the company to change to ensure future viability?
• Map out a contingency plan for a “what-if” scenario if one key aspect of the company or the environment it operates in were drastically is altered?

Full Business Plan

Even full business plans can vary in length, scale, and scope. Rice University sets a ten-page cap on business plans submitted for the full competition. The IndUS Entrepreneurs , one of the largest global networks of entrepreneurs, also holds business plan competitions for students through its Tie Young Entrepreneurs program. In contrast, business plans submitted for that competition can usually be up to twenty-five pages. These are just two examples. Some components may differ slightly; common elements are typically found in a formal business plan outline. The next section will provide sample components of a full business plan for a fictional business.

Executive Summary

The executive summary should provide an overview of your business with key points and issues. Because the summary is intended to summarize the entire document, it is most helpful to write this section last, even though it comes first in sequence. The writing in this section should be especially concise. Readers should be able to understand your needs and capabilities at first glance. The section should tell the reader what you want and your “ask” should be explicitly stated in the summary.

Describe your business, its product or service, and the intended customers. Explain what will be sold, who it will be sold to, and what competitive advantages the business has. Table 11.3 shows a sample executive summary for the fictional company La Vida Lola.

Business Description

This section describes the industry, your product, and the business and success factors. It should provide a current outlook as well as future trends and developments. You also should address your company’s mission, vision, goals, and objectives. Summarize your overall strategic direction, your reasons for starting the business, a description of your products and services, your business model, and your company’s value proposition. Consider including the Standard Industrial Classification/North American Industry Classification System (SIC/NAICS) code to specify the industry and insure correct identification. The industry extends beyond where the business is located and operates, and should include national and global dynamics. Table 11.4 shows a sample business description for La Vida Lola.

Industry Analysis and Market Strategies

Here you should define your market in terms of size, structure, growth prospects, trends, and sales potential. You’ll want to include your TAM and forecast the SAM . (Both these terms are discussed in Conducting a Feasibility Analysis .) This is a place to address market segmentation strategies by geography, customer attributes, or product orientation. Describe your positioning relative to your competitors’ in terms of pricing, distribution, promotion plan, and sales potential. Table 11.5 shows an example industry analysis and market strategy for La Vida Lola.

Competitive Analysis

The competitive analysis is a statement of the business strategy as it relates to the competition. You want to be able to identify who are your major competitors and assess what are their market shares, markets served, strategies employed, and expected response to entry? You likely want to conduct a classic SWOT analysis (Strengths Weaknesses Opportunities Threats) and complete a competitive-strength grid or competitive matrix. Outline your company’s competitive strengths relative to those of the competition in regard to product, distribution, pricing, promotion, and advertising. What are your company’s competitive advantages and their likely impacts on its success? The key is to construct it properly for the relevant features/benefits (by weight, according to customers) and how the startup compares to incumbents. The competitive matrix should show clearly how and why the startup has a clear (if not currently measurable) competitive advantage. Some common features in the example include price, benefits, quality, type of features, locations, and distribution/sales. Sample templates are shown in Figure 11.17 and Figure 11.18 . A competitive analysis helps you create a marketing strategy that will identify assets or skills that your competitors are lacking so you can plan to fill those gaps, giving you a distinct competitive advantage. When creating a competitor analysis, it is important to focus on the key features and elements that matter to customers, rather than focusing too heavily on the entrepreneur’s idea and desires.

Operations and Management Plan

In this section, outline how you will manage your company. Describe its organizational structure. Here you can address the form of ownership and, if warranted, include an organizational chart/structure. Highlight the backgrounds, experiences, qualifications, areas of expertise, and roles of members of the management team. This is also the place to mention any other stakeholders, such as a board of directors or advisory board(s), and their relevant relationship to the founder, experience and value to help make the venture successful, and professional service firms providing management support, such as accounting services and legal counsel.

Table 11.6 shows a sample operations and management plan for La Vida Lola.

Marketing Plan

Here you should outline and describe an effective overall marketing strategy for your venture, providing details regarding pricing, promotion, advertising, distribution, media usage, public relations, and a digital presence. Fully describe your sales management plan and the composition of your sales force, along with a comprehensive and detailed budget for the marketing plan. Table 11.7 shows a sample marketing plan for La Vida Lola.

Financial Plan

A financial plan seeks to forecast revenue and expenses; project a financial narrative; and estimate project costs, valuations, and cash flow projections. This section should present an accurate, realistic, and achievable financial plan for your venture (see Entrepreneurial Finance and Accounting for detailed discussions about conducting these projections). Include sales forecasts and income projections, pro forma financial statements ( Building the Entrepreneurial Dream Team , a breakeven analysis, and a capital budget. Identify your possible sources of financing (discussed in Conducting a Feasibility Analysis ). Figure 11.19 shows a template of cash-flow needs for La Vida Lola.

Entrepreneur In Action

Laughing man coffee.

Hugh Jackman ( Figure 11.20 ) may best be known for portraying a comic-book superhero who used his mutant abilities to protect the world from villains. But the Wolverine actor is also working to make the planet a better place for real, not through adamantium claws but through social entrepreneurship.

A love of java jolted Jackman into action in 2009, when he traveled to Ethiopia with a Christian humanitarian group to shoot a documentary about the impact of fair-trade certification on coffee growers there. He decided to launch a business and follow in the footsteps of the late Paul Newman, another famous actor turned philanthropist via food ventures.

Jackman launched Laughing Man Coffee two years later; he sold the line to Keurig in 2015. One Laughing Man Coffee café in New York continues to operate independently, investing its proceeds into charitable programs that support better housing, health, and educational initiatives within fair-trade farming communities. 55 Although the New York location is the only café, the coffee brand is still distributed, with Keurig donating an undisclosed portion of Laughing Man proceeds to those causes (whereas Jackman donates all his profits). The company initially donated its profits to World Vision, the Christian humanitarian group Jackman accompanied in 2009. In 2017, it created the Laughing Man Foundation to be more active with its money management and distribution.

• You be the entrepreneur. If you were Jackman, would you have sold the company to Keurig? Why or why not?
• Would you have started the Laughing Man Foundation?
• What else can Jackman do to aid fair-trade practices for coffee growers?

What Can You Do?

Textbooks for change.

Founded in 2014, Textbooks for Change uses a cross-compensation model, in which one customer segment pays for a product or service, and the profit from that revenue is used to provide the same product or service to another, underserved segment. Textbooks for Change partners with student organizations to collect used college textbooks, some of which are re-sold while others are donated to students in need at underserved universities across the globe. The organization has reused or recycled 250,000 textbooks, providing 220,000 students with access through seven campus partners in East Africa. This B-corp social enterprise tackles a problem and offers a solution that is directly relevant to college students like yourself. Have you observed a problem on your college campus or other campuses that is not being served properly? Could it result in a social enterprise?

Work It Out

Franchisee set out.

A franchisee of East Coast Wings, a chain with dozens of restaurants in the United States, has decided to part ways with the chain. The new store will feature the same basic sports-bar-and-restaurant concept and serve the same basic foods: chicken wings, burgers, sandwiches, and the like. The new restaurant can’t rely on the same distributors and suppliers. A new business plan is needed.

• What steps should the new restaurant take to create a new business plan?
• Should it attempt to serve the same customers? Why or why not?

This New York Times video, “An Unlikely Business Plan,” describes entrepreneurial resurgence in Detroit, Michigan.

• 48 Chris Guillebeau. The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future . New York: Crown Business/Random House, 2012.
• 49 Jonathan Chan. “What These 4 Startup Case Studies Can Teach You about Failure.” Foundr.com . July 12, 2015. https://foundr.com/4-startup-case-studies-failure/
• 50 Amy Feldman. “Inventor of the Cut Buddy Paid YouTubers to Spark Sales. He Wasn’t Ready for a Video to Go Viral.” Forbes. February 15, 2017. https://www.forbes.com/sites/forbestreptalks/2017/02/15/inventor-of-the-cut-buddy-paid-youtubers-to-spark-sales-he-wasnt-ready-for-a-video-to-go-viral/#3eb540ce798a
• 51 Jennifer Post. “National Business Plan Competitions for Entrepreneurs.” Business News Daily . August 30, 2018. https://www.businessnewsdaily.com/6902-business-plan-competitions-entrepreneurs.html
• 52 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition . March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf
• 53 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition. March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf; Based on 2019 RBPC Competition Rules and Format April 4–6, 2019. https://rbpc.rice.edu/sites/g/files/bxs806/f/2019-RBPC-Competition-Rules%20-Format.pdf
• 54 Foodstart. http://foodstart.com
• 55 “Hugh Jackman Journey to Starting a Social Enterprise Coffee Company.” Giving Compass. April 8, 2018. https://givingcompass.org/article/hugh-jackman-journey-to-starting-a-social-enterprise-coffee-company/

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