academic business plan

Business Plan Development Guide

(6 reviews)

Lee Swanson, University of Saskatchewan

Copyright Year: 2017

Publisher: OPENPRESS.USASK.CA

Language: English

Formats Available

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Reviewed by Kevin Heupel, Affiliate Faculty, Metropolitan State University of Denver on 3/4/20

The text does a good job of providing a general outline about writing and developing a written business plan. All of the important steps and components are included. However, the text is light on details, examples, and rationale for each element... read more

Comprehensiveness rating: 3 see less

The text does a good job of providing a general outline about writing and developing a written business plan. All of the important steps and components are included. However, the text is light on details, examples, and rationale for each element of the business plan. Some examples from actual business plans would be helpful.

Content Accuracy rating: 4

For the most part, the content is accurate. The content covers all important aspects of drafting a business plan. I thought the industry analysis could use more information about collecting primary and secondary sources; instead, this information was referenced in the marketing plan section.

Relevance/Longevity rating: 5

Most of the content relies on cites as far back as 2006; however, when it comes to developing and writing a business plan nothing has changed. Thus, the content is current and there is no concern about it becoming obsolete in the near future.

Clarity rating: 4

The text is clear. There are no difficult terms used and the writing is simple. The text uses a lot of bullet points though, which gets tedious to read for a few pages.

Consistency rating: 5

The text does a good job of maintaining consistency in terms of framework and terminology. The text is organized where it's easy to find the information you want in a quick manner.

Modularity rating: 3

The text has a lot of bullet points and the paragraphs are dense. However, the use of subheading is excellent.

Organization/Structure/Flow rating: 5

The book is organized as if you're writing a business plan from start to finish, which is helpful as a practical guide.

Interface rating: 5

There are no navigation problems, distortion of images/charts, or any other display features that may distract or confuse the reader.

Grammatical Errors rating: 5

The text is free of grammatical errors. The sentence structure is simple with many bullet points, which helps to avoid any grammatical issues.

Cultural Relevance rating: 5

This book was written by a Canadian professor and provides references to Canadian sources. However, the information in this text can be used for U.S. schools.

This book is very short and provides a good, general overview about the process of creating and writing a business plan. It won't help a reader if he/she is confused about a certain part of the business plan. The reader will have to find another source, such as "Preparing Effective Business Plans" by Bruce Barringer, Ph.D. The book provides links to good resources and a finished business plan that the reader can reference. I would recommend the book for undergraduate courses.

Reviewed by Kenneth Lacho, Professor of Management, The University of New Orleans on 6/19/18

1. Text is relevant to Canada. Not the United States 2. Needs to cover resources available to entrepreneur, e.g., federal government agencies, trade associations, chambers of commerce, economic development agencies. 3. Discuss local economy or... read more

1. Text is relevant to Canada. Not the United States 2. Needs to cover resources available to entrepreneur, e.g., federal government agencies, trade associations, chambers of commerce, economic development agencies. 3. Discuss local economy or economic area relevant to this proposed business. 4. Business model ok as a guide. 5. Suggested mission statement to cover: product/business, target customer, geographical area covered. 6. Need detailed promotion plan, e.g., personal selling, advertising, sales promotion, networking publicity, and social media. 7. How do you find the target market? 8. Chapter 6 too much detail on debt and equity financing. 9. Discuss how to find sources of financing, e.g., angels. 10. Expand coverage of bootstring, crowdfunding. 11. Chapter 4 – good checklist. 12. Chapter 3 - overlaps. 13. Chapter 7 – 3 pages of executive summary – double or single spaced typing. Number all tables, graphs. 14. Some references out-of-date, mostly academic. Bring in trade magazines such as Entrepreneur.

Content Accuracy rating: 5

In my opinion, the content is accurate and error free.

Relevance/Longevity rating: 4

The material is relevant to writing a business plan. I wonder if the Porter, SWOT VRIO, etc. material is too high level for students who may not be seniors or have non-business degrees (e.g., liberal arts). Porter has been around for a while and does have longevity. The author has to be more alert to changes in promotion, e.g., social media and sources of financing, e.g., crowdfunding.

Clarity rating: 3

As noted in No. 9, the tone of the writing is too academic, thus making the material difficult to understand. Paragraphs are too long. Need to define: Porter, TOWS Matrix, VRIO, PESTEL. A student less from a senior or a non-business major would not be familiar with these terms.

Consistency rating: 4

The text is internally consistent. The model approach helps keep the process consistent.

Modularity rating: 4

The process of developing a business plan is divided into blocks which are parts of the business plan. Paragraphs tend to be too long in some spots.

Organization/Structure/Flow rating: 4

The topics are presented in a logical step-wise flow. The language style is too academic in parts, paragraphs too long. Leaves out the citations. Provides excellent check lists.

There are no display features which confuse the reader.

Grammatical Errors rating: 4

The text has no grammatical errors. On the other hand, I found the writing to be too academic in nature. Some paragraphs are too long. The material is more like an academic conference paper or journal submission. Academic citations references are not needed. The material is not exciting to read.

The text is culturally neutral. There are no examples which are inclusive of a variety of races, ethnicities, and backgrounds.

This book best for a graduate class.

Reviewed by Louis Bruneau, Part Time Faculty, Portland Community College on 6/19/18

The text provides appropriate discussion and illustration of all major concepts and useful references to source and resource materials. read more

Comprehensiveness rating: 5 see less

The text provides appropriate discussion and illustration of all major concepts and useful references to source and resource materials.

Contents of the book were accurate, although it could have benefited from editing/proofreading; there was no evidence of bias. As to editing/proofreading, a couple of examples: A. “Figure 1 – Business Plan… “ is shown at the top of the page following the diagram vs. the bottom of the page the diagram is on. (There are other problems with what is placed on each page.) B. First paragraph under heading “Essential Initial Research” there is reference to pages 21 to 30 though page numbering is missing from the book. (Page numbers are used in the Table of Contents.)

The book is current in that business planning has been stable for sometime. The references and resources will age in time, but are limited and look easy to update.

Clarity rating: 5

The book is written in a straightforward way, technical terms that needed explanations got them, jargon was avoided and generally it was an easy read.

The text is internally consistent in terms of terminology and framework.

Modularity rating: 5

The book lends itself to a multi-week course. A chapter could be presented and students could work on that stage of Plan development. It could also be pre-meeting reading for a workshop presentation. Reorganizing the book would be inappropriate.

The topics in the text are presented in a logical, clear fashion.

Generally, the book is free of interface problems. The financial tables in the Sample Plan were turned 90° to maintain legibility. One potential problem was with Figure 6 – Business Model Canvas. The print within the cells was too small to read; the author mitigated the problem by presenting the information, following Figure 6, in the type font of the text.

I found no grammatical errors.

The text is not culturally insensitive or offensive in any way.

I require a business plan in a course I teach; for most of the students the assignment is a course project that they do not intend to pursue in real life. I shared the book with five students that intended to develop an actual start-up business; three of them found it helpful while the other two decided not to do that much work on their plans. If I were planning a start-up, I would use/follow the book.

Reviewed by Todd Johnson, Faculty of Business, North Hennepin Community College on 5/21/18

The text is a thorough overview of all elements of a business plan. read more

Comprehensiveness rating: 4 see less

The text is a thorough overview of all elements of a business plan.

The content is accurate and seems to lack bias.

Content seems relevant and useful . It does not help an entrepreneur generate ideas, and is very light on crowdfunding and other novel funding source content. It is more traditional. This can be easily updated in future versions, however. "Social Media" appears once in the book, as does "Crowd Funding".

The book is comprehensive, but perhaps not written in the most lucid, accessible prose. I am not sure any college student could pick this up and just read and learn. It would be best used as a "teach along guide" for students to process with an instructor.

The text seems consistent. The author does a nice job of consistently staying on task and using bullets and brevity.

Here I am not so certain. The table of contents is not a good guide for this book. It does make the book look nicely laid out, but there is a lot of complexity within these sections. I read it uncertain that it was well organized. Yes there are many good bits of information, however it is not as if I could spend time on one swathe of text at a time. I would need to go back and forth throughout the text.

Organization/Structure/Flow rating: 2

Similar to the above. I did not like the flow and organization of this. An editor would help things be in a more logical order.

Interface rating: 2

The interface is just OK. It is not an attractice interface, as it presents text in a very dense manner. The images and charts are hard to follow.

I did not find any grammatical errors.

Cultural Relevance rating: 4

I a not certain of the origins of Saskatchewan, but I do feel this is a different read. It is more formal and dense than it has to be. This would be a difficult read for my students. I do not feel it is insensitive in any way, or offensive in any way.

I would not adopt this book if given the chance. It is too dense, and not organized very well, even though the information is very good. The density and lack of modularity are barriers to understanding what is obviously very good information.

Reviewed by Mariana Mitova, Lecturer, Bowling Green State University on 2/1/18

Though this textbook has a prescriptive nature, it is quite comprehensive. The author strikes a good balance between presenting concepts in a concise way and providing enough information to explain them. Many every-day examples and live links to... read more

Though this textbook has a prescriptive nature, it is quite comprehensive. The author strikes a good balance between presenting concepts in a concise way and providing enough information to explain them. Many every-day examples and live links to other resources add to the completeness of the textbook.

Content seems accurate.

Since the content is somewhat conceptual, the text will not become obsolete quickly. In addition, the author seems to be updating and editing content often hence the relevance to current developments is on target.

The text is very clear, written in clear and straight-to-the point language.

The organization of content is consistent throughout the entire text.

The textbook is organized by chapters, beginning with overview of the model used and followed by chapters for each concept within the model. Nicely done.

The flow is clear, logical and easy to follow.

Overall, images, links, and text are well organized. Some headlines were misaligned but still easy to follow.

No concerns for grammar.

No concerns for cultural irrelevance.

Reviewed by Darlene Weibye, Cosmetology Instructor, Minnesota State Community and Technical College on 2/1/18

The text is comprehensive and covers the information needed to develop a business plan. The book provides all the means necessary in business planning. read more

The text is comprehensive and covers the information needed to develop a business plan. The book provides all the means necessary in business planning.

The text was accurate, and error-free. I did not find the book to be biased.

The content is up-to-date. I am reviewing the book in 2017, the same year the book was published.

The content was very clear. A business plan sample included operation timelines, start up costs, and all relevant material in starting a business.

The book is very consistent and is well organized.

The book has a table of contents and is broken down into specific chapters. The chapters are not divided into sub topics. I do not feel it is necessary for sub topics because the chapters are brief and to the point.

There is a great flow from chapter to chapter. One topic clearly leads into the next without repeating.

The table of contents has direct links to each chapter. The appearance of the chapters are easy to read and the charts are very beneficial.

Does not appear to have any grammatical errors.

The text is not culturally insensitive or offensive.

I am incorporating some of the text into the salon business course. Very well written book.

Table of Contents

Introduction

• Chapter 1 – Developing a Business Plan
• Chapter 2 – Essential Initial Research
• Chapter 3 – Business Models
• Chapter 4 – Initial Business Plan Draft
• Chapter 5 – Making the Business Plan Realistic
• Chapter 6 – Making the Plan Appeal to Stakeholders and Desirable to the Entrepreneur
• Chapter 7 – Finishing the Business Plan
• Chapter 8 – Business Plan Pitches

References Appendix A – Business Plan Development Checklist and Project Planner Appendix B – Fashion Importers Inc. Business Plan Business Plan Excel Template

Ancillary Material

About the book.

This textbook and its accompanying spreadsheet templates were designed with and for students wanting a practical and easy-to-follow guide for developing a business plan. It follows a unique format that both explains what to do and demonstrates how to do it.

About the Contributors

Dr. Lee Swanson is an Associate Professor of Management and Marketing at the Edwards School of Business at the University of Saskatchewan. His research focuses on entrepreneurship, social entrepreneurship, Aboriginal entrepreneurship, community capacity-building through entrepreneurship, and institutional-stakeholder engagement. Dr. Swanson’s current research is funded through a Social Sciences Humanities Research Council grant and focuses on social and economic capacity building in Northern Saskatchewan and Northern Scandinavia. He is also actively studying Aboriginal community partnerships with resource based companies, entrepreneurship centres at universities, community-based entrepreneurship, and entrepreneurial attitudes and intentions. He teaches upper-year and MBA entrepreneurship classes and conducts seminars on business planning and business development.

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Sample Undergraduate Academic Plans

The following sample plans and requirements are subject to change and may vary based on catalog year, placement tests, AP/CLEP credit, transfer work, summer school, etc.  The official degree requirements, including General Education requirements, are found in the  University General Catalog , and all University of Arizona students should refer to their Academic Advisement Report through UAccess for their specific requirements for graduation. Students are encouraged to work with an  Academic Advisor to develop an individual plan of study.

All students pursuing a BSBA enter as Foundational Business Management majors and must go through a competitive and selective  Professional Admission  process to gain entry to the upper-division professional majors. All students pursuing a BA enter as Foundational Economics students and must go through a selective  Advanced Standing  process to gain entry to upper-division Economics courses. 

Foundational Business Management

Foundational business management three-semester plan (for students placing into calculus and transfer credits).

This accelerated  sample plan is based on 14-17 credits per semester , but each student and their academic plan is unique.   This plan would require qualified students to take sophomore level courses during their first year.  This accelerated plan is most appropriate for students who either test directly into calculus or have credit for calculus, and have 9+ transfer credits from dual enrollment or test credits which can be utilized and applied to General Education and/or Foundation academic requirements.  It is important to meet with your  Academic Advisor to identify if this is an appropriate plan for you.  Please note that your General Education requirements, including second language, are determined by when you were admitted to the university.  Your Academic Advisor can help you navigate the requirements relevant for you. For a full list of official degree requirements, check out the  University General Catalog . 

Sophomore Year

Note: This is only a sample plan and requirements are subject to change and may vary based on catalog year, placement tests, AP/CLEP credit, transfer work, summer school, etc.

This accelerated  sample plan is designed with 14-17 credits per semester, and is intended for motivated students who place directly into calculus or have transfer credit for calculus, in addition to having transfer credit that applies toward General Education requirements.  Before register for the second semester, students should evaluate their performance in their first semester and consult with an Academic Advisor.  It may be necessary for a student to complete remaining General Education courses through transfer dual enrollment, test credits, or in their final two years. The Second Language requirement has multiple ways to be completed in the advised sequence above. Students can meet this requirement by demonstrating second semester proficiency through examination or taking any of a variety of second semester language courses.  Each student needs to meet a minimum of 120 total credits. Students are strongly encouraged to take BNAD 100 and BNAD 200 to develop their professional knowledge and competencies required for success in the upper division. Please consult with your Advisement Report and your academic advisor.

All students enter as Foundational Business Managements majors, and must go through a competitive and selective  Professional Admission  process to gain entry to the upper-division professional majors. The above plan is designed on the assumption that a student tests into College Algebra on the PPL Math Placement Exam; students who test lower than College Algebra should refer to the  Five-Semester Plan  and work with their  academic advisor  to learn how they can adjust their schedule to meet their educational goals.

* Eller Foundation Courses:  You need to take these classes before you apply for admission into the professional program. Professional Admission is required before enrolling in 300- and 400-level core and major courses. Students transferring directly into the upper division who do not have a BCOM 214 equivalent completed will be required to take BCOM 315 before graduation instead.

** Business Emphasis Areas:  You must take one ethics course to complete your degree. This class does not need to be completed before applying for Professional Admission.

Students can meet the Second Language requirement by demonstrating second semester proficiency through examination or taking any of a variety of second semester language courses. Each student needs to meet a minimum of 120 total credits. Students are strongly encouraged to take BNAD 100 and BNAD 200 to develop their professional knowledge and competencies required for success in the upper division. Please consult with your Advisement Report and your academic advisor .

Foundational Business Management Four-Semester Plan (for students placing into College Algebra)

This sample plan is based on 14-17 credits per semester , but each student and their academic plan is unique.   Please meet with your  Academic Advisor to create a custom plan for you.  Please note that your General Education requirements, including second language, are determined by when you were admitted to the university.  Your Academic Advisor can help you navigate the requirements relevant for you. For a full list of official degree requirements, check out the  University General Catalog . 

Foundational Business Management Five-Semester Plan (for students placing below College Algebra)

Students who test below College Algebra on the PPL Math Placement exam, or students who do not take the PPL Math Placement exam and start in MATH 196B, should be prepared to take multiple prerequisite math courses before starting Foundational Business Management courses.  Students will likely be applying for Professional Admission during the first semester of their Junior year. 

This is only a sample plan and requirements are subject to change and may vary based on catalog year, placement tests, AP/CLEP credit, transfer work, summer school, etc. E ach student and their academic plan is unique.   Please meet with your  Academic Advisor to create a custom plan for you.  Please note that your General Education requirements, including second language, are determined by when you were admitted to the university.  Your Academic Advisor can help you navigate the requirements relevant for you.

The official degree requirements are found in the  University General Catalog   and all University of Arizona students should refer to their Academic Advisement Report through UAccess for their specific requirements for graduation.

Junior Year

Students who test lower than College Algebra, our who do not take the PPL Math Placement Exam and start in MATH 196B,  will likely face a delay in graduation or will be required to take courses over the Summer to catch up on their course sequencing.  Students should work with the  academic advisor  to learn how they can adjust their schedule to meet their educational goals.

All students enter as Foundational Business Managements majors, and must go through a competitive and selective  Professional Admission  process to gain entry to the upper-division professional majors. 

BSBA Professional Business Majors 

This sample plan is based on 14-17 credits per semester , but each student and their academic plan is unique. Please meet with your  Academic Advisor  to create a custom plan for you.  Please note that your General Education requirements, including second language, are determined by when you were admitted to the university.  Your  Academic Advisor  can help you navigate the requirements relevant for you. For a full list of official degree requirements, check out the  University General Catalog . 

In order to take the following upper-division courses, students must be admitted to the major through a competitive and selective  Professional Admission  process. Once admitted into the upper division, students must maintain at least a 2.0 major GPA to continue in the Accounting major. 

Professional Phase

ACCT 400A First Semester Track 

ACCT 420 First Semester Track 

400A First Semester Track 

ACCT 420 First Semester Track  (beginning Fall 2024)

Accounting (Online)

The eller online undergraduate program allows students to work at their own pace..

To learn more about the different phases and programs offered through the Eller Online Undergraduate program, please see:

Online Undergraduate FOUNDATIONAL Curriculum

Online accounting Major Curriculum

Business Administration (Online)

Online Business Administration Major Curriculum

Business Analytics (Coming Fall 2025)

In order to take the following upper-division courses, students must be admitted to the major through a competitive and selective  Professional Admission  process.

All students enter as Foundational Business Management majors, and must go through a competitive and selective  Professional Admission  process to gain entry to the upper-division professional majors. The above plan is designed on the assumption that a student tests into College Algebra on the PPL Math Placement Exam; students who test lower than College Algebra should refer to the  Foundational Five-Semester Plan  and work with their  academic advisor  to learn how they can adjust their schedule to meet their educational goals.

* Eller Foundation Courses:  You need to take these classes before you apply for admission into the professional program. BNAN 225 is only required for students pursuing a major in Business Analytics Professional Admission is required before enrolling in 300- and 400-level core and major courses. Students transferring directly into the upper division who do not have a BCOM 214 equivalent completed will be required to take BCOM 315 before graduation instead.

Business Economics

Students interested in Economics can also explore the Eller Bachelor of Arts (BA) in Economics. 

In order to take the following upper-division courses, students must be admitted to the major through a competitive and selective  Professional Admission  process. Business Economics also requires at least a 'C' or better grade in both ECON 200 and MATH 116 to be considered. 

Business Management

In order to take the following upper-division courses, students must be admitted to the major through a competitive and selective  Professional Admission  process.  

Entrepreneurship (Senior Year Program)

All students enter as Foundational Business Management students and must go through a competitive and selective  Professional Admission  process to gain entry to the upper-division professional majors. To pursue the Entrepreneurship major (also known as "New Venture Development" or "NVD"), students must also go through an additional admission process that typically begins in the fall semester of a student’s junior year. 

The following plan assumes that a student is able to test into College Algebra on the ALEKS Math Placement Exam. Students who test lower than college algebra should refer to the Foundational Business Managment Five-Semester Plan and work with their  academic advisor  to learn how they can adjust their schedule to meet their educational goals. 

Senior Year

First Year

Professional phase .

Management Information Systems

Operations & Supply Chain Management

This sample plan is based on 14-17 credits per semester , but each student and their academic plan is unique. Please meet with your  Academic Advisor  to create a custom plan for you.  Please note that your general education, including second language, requirements are determined by when you were admitted to the university.  Your  Academic Advisor  can help you navigate the requirements relevant for you. For a full list of official degree requirements, check out the  University General Catalog . 

* Eller Foundation Courses:  Required to apply for Professional Admission into the Professional Program. Professional Admission is required in order to take all 300 & 400-level Professional Core and Major Courses. Students transferring directly into the upper division who do not have a BCOM 214 equivalent completed will be required to take BCOM 315 before graduation instead

** Business Emphasis Area:  Students are required to take one Ethics course. This course must be completed prior to graduation; it does not need to be completed before applying for Professional Admission.

BA Economics Majors

Foundational economics four-semester plan (for students starting in or beyond college algebra).

This sample plan is based on 14-16 credits per semester , but each student and their academic plan is unique.   Please meet with your  Academic Advisor to create a custom plan for you.  Please note that your General Education requirements, including second language, are determined by when you were admitted to the university.  Your Academic Advisor can help you navigate the requirements relevant for you. For a full list of official degree requirements, check out the  University General Catalog . 

Note: This is only a sample plan and requirements are subject to change and may vary based on catalog year, placement tests, AP/CLEP credit, transfer work, summer school, etc. The above plan is designed on the assumption that a student tests into College Algebra on the PPL Math Placement Exam; students who test lower than College Algebra should work with their  academic advisor  to learn how they can adjust their schedule to meet their educational goals.

Students can meet the Second Language requirement by demonstrating fourth semester proficiency through examination or taking any of a variety of second semester language courses. Each student needs to meet a minimum of 120 total credits. Please consult with your Advisement Report and your academic advisor .

* Eller Economics Foundation Courses:  Required to apply for Advanced Standing into the upper-division phase of the BA Economics program. Advanced Standing is required in order to take all 300 & 400-level Economics Courses.

Foundational Economics Five-Semester Plan (for students starting below College Algebra)

This sample plan is based on 15-16 credits per semester , but each student and their academic plan is unique.   Please meet with your  Academic Advisor to create a custom plan for you.  Please note that your General Education requirements, including second language, are determined by when you were admitted to the university.  Your Academic Advisor can help you navigate the requirements relevant for you. For a full list of official degree requirements, check out the  University General Catalog . 

Note: This is only a sample plan and requirements are subject to change and may vary based on catalog year, placement tests, AP/CLEP credit, transfer work, summer school, etc. The above plan is designed on the assumption that a student tests into College Algebra on the PPL Math Placement Exam; students have the opportunity to review and retest on the PPL Math Placement Exam.  Students wishing to accelerate their semester plans should speak with an academic advisor.  

This sample plan is designed with roughly 30 credits per year.  Students can meet the Second Language requirement by demonstrating fourth semester proficiency through examination or taking any of a variety of second semester language courses.  Each student needs to meet a minimum of 120 total credits.  Please consult with your Advisement Report and your academic advisor.  Please consult with your Advisement Report and your academic advisor .

* Eller Economics Foundation Courses:  Required to apply for Advanced Standing into the professional program. Advanced Standing is required in order to take all 300 and 400-level Economics courses.

BA Economics

This is only a sample plan and requirements are subject to change and may vary based on catalog year, placement tests, AP/CLEP credit, transfer work, summer school, etc. The official degree requirements, including General Education requirements, are found in the  University General Catalog  and all University of Arizona students should refer to their Academic Advisement Report through UAccess for their specific requirements for graduation.

All students enter as Foundational Economics majors, and must go through a selective Advanced Standing process to gain entry to the upper-division Economics courses.  The following plan is designed on the assumption that a student places into College Algebra with SAT/ACT scores or through the ALEKS Math Placement Exam; students who test lower than College Algebra should refer to the Pre-Economics/Foundational Economics Five-Semester Plan and work with their  academic advisor  to learn how they can adjust their schedule to meet their educational goals. 

In order to take the following upper-division courses, students must be admitted to the major through a competitive and selective  Advanced Standing  process.

Repeat Policy : Students are allowed to take major courses twice.  If a student fails an ECON major requirement (ex: ECON 200, ECON 332, ECON 361, etc) twice, the student will be required to change their major. Upon review at the end of a term, students who have not passed the course for a second time will be moved to the No Major Selected major in The A Center. 

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How to Write an Academic Business Plan

Every student who studies business and accounting should be able to compose a successful business plan professionally.

Obviously, many students face problems with the development of this type of document because they do not know the fundamentals used to prepare a good business plan. To help students develop a strong and effective business plan, we have some helpful advice for writing them, and we hope you can take advantage of our high-quality writing tips to improve your business plan writing skills.

Overview and Context of Your Business Plan

First, you need to inform your reader about the subject of your business plan. You need to brainstorm a program for a project of your imagined firm and prepare a business plan for it. You will need to understand the proper style and format of writing needed to meet your school or course’s requirements. It is wise to imagine that you are writing a real business plan; consequently, your paper will be stronger because it will effectively mirror real-world conditions. You should describe the type of business and illustrate its main components. You will need to think about the kind of product or service offered and the methods and techniques used for its promotion and sale.

Benefits Statement and Cost Statement

When you write your business plan, you should inform your reader how the plan will lead to the growth and development of the firm over time. You ought to work carefully to develop a sensible and relevant plan. Moreover, you need to write about how your ideas and solutions will be beneficial for your company. If you propose the right methods and approaches for production and marketing, you can say that your business plan is beneficial to you and your firm. Then, you need to focus on expenditures that will need to occur in the process of production. Benefits and costs are two essential elements of every business plan because one can evaluate the actual potential and profit of a company with the help of these estimates.

Operating and Financial Plans

When you have designated the probable costs and revenues for your business, you should think about the smaller details of the process of production, promotion, and sale. It is important to reflect on the staff, professionalism, and intelligence of the firm’s employees, the number of working hours, the type and quality of equipment, etc. One should know how, when and who fulfills various duties. While the operational plan focuses on operations, the financial plan is related to money. You ought to think about investment, shareholders, the cost of production, salaries and other essential elements of accounting.

Marketing and Communication Plans

All of your business plans will come to naught if you don’t have a solid plan for advertising, marketing and communicating information about your business and its products and services to your potential customer send clients. A marketing plan should lay out your plans for reaching your audience through various methods and budgeting for your marketing needs. A communication plan should lay out how you intend to communicate with internal and external stakeholders to deliver your message and promote clear and responsible communication with all necessary parties.

Business Plan Summary

When you are through with all the main components of your business plan, its time to enter into the revision process. You’ll need to polish its style and proofread it to ensure its quality. Read it from beginning to end and make the changes that you need to improve each section. Keep the reader in mind and focus on clarity and effectiveness. Think about the actual usefulness and relevance of your project and ensure that each part of your business plan will contribute to the reader’s understanding of your plans for your business. Consider whether your plan can be effective in practice by imagining yourself as a real-world evaluator of an actual business plan. By considering your work from an outsider’s perspective, you can better judge how well you have done in developing your plan.

Writing a business plan can be a challenge, but following the simple tips we’ve offered and keeping in mind how your reader will perceive your work, you are likely to have a much stronger business plan and one that’s sure to impress your readers.

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6 Ways a Business Administration Degree Equips You for Entrepreneurship

Daydreaming about starting your own business or even inventing your own product? If so, then you’ll need the entrepreneurial skills and spirit to get out there and make it happen.

Where can you develop those skills and hone your understanding of business and entrepreneurship? A business administration program is a solid starting point. There are numerous ways in which completing this business degree program can help you grow your entrepreneurship skills while preparing for the unique challenges that come along with running your own business.

Key Takeaways

A business administration degree is designed to provide students with the foundational skills and knowledge needed to understand how businesses operate from the inside out. Business administration degrees are available at both the undergraduate and graduate levels and may even be available with additional specializations or concentrations.

Regardless of whether you’re looking at a bachelor’s degree or master’s degree in business administration, there are several takeaways you can expect to gain from your experience in a comprehensive program, including:

• Comprehensive business knowledge – Entrepreneurs should have strong business acumen and a thorough understanding of how successful businesses operate.
• Strategic planning and management skills – Meanwhile, entrepreneurs must be able to identify new opportunities to remain ahead of the competition while responsibly managing all aspects of the business at any given time.
• Financial acumen and resource management – Staying on top of business finances can be challenging, but entrepreneurs need to understand the nuances of business finances, budgeting, accounting, and resource management in order to protect their bottom lines.
• Leadership and team management – The most successful entrepreneurs are those who are able to inspire, motivate, and lead their teams to excellence—which requires the extensive team management and leadership skills that can be gained from a business administration degree program.
• Networking opportunities – Great entrepreneurs know how to build strong professional networks and leverage their business connections to form new partnerships, secure funding, and make other important business moves.
• Adaptability and problem-solving skills – In today’s dynamic and unpredictable business world, entrepreneurs also need to be quick on their feet and able to react to change at a moment’s notice with keen analytical thinking and problem-solving skills.

1. Comprehensive Business Knowledge

As an aspiring entrepreneur, having business acumen  and a firm grasp of how a successful business operates is a must. This includes knowing the key aspects of a business, ranging from its marketing and finance to its day-to-day operations.

Knowing the Different Aspects of Business

In a business administration program, students will learn about the most central aspects of running a business and entrepreneurship, including:

• Marketing  – This entails the various strategies and methods used to advertise and market a brand. Examples of common marketing strategies that entrepreneurs may use include social media marketing, search engine optimization, paid advertising, and local marketing.
• Finance  – Startup businesses require substantial funding to get off the ground, so entrepreneurs need to be familiar with the ins and outs of business finance. This includes being able to determine the amount of funding the business will need to launch as well as projections for ongoing operational costs. Entrepreneurs should also be prepared to seek funding by meeting with investors, applying for grants, and exploring business loans that may suit their needs.
• Operations  – The day-to-day operations of a business can make or break its success in the long term. With this in mind, entrepreneurs should have a solid understanding of the different techniques, tools, resources, and plans that go into daily operations in order to keep things running smoothly and efficiently.

2. Strategic Planning and Management Skills

In addition, successful entrepreneurs need to be experts in strategic planning, leveraging their own planning and management skills to launch and grow their respective businesses over time.

Knowing the Plan to Start and Grow Your Business

One of the most crucial aspects of strategic planning for aspiring entrepreneurs is simply being able to create a  comprehensive plan  that sets their business apart from the competition. This means taking the time to research the competition and identifying opportunities to differentiate and offer something that competitors aren’t currently offering.

From there, the ability to apply strong management skills to develop a long-term business strategy can make all the difference when it comes to growing and scaling a business.

3. Financial Acumen and Resource Management

Another critical aspect of entrepreneurship development that can be learned as part of a business administration degree program is financial acumen, which involves an in-depth understanding of business accounting, funding and financing, budgeting, and resource management.

Being Successful With Financials for Your Business

Entrepreneurs running startup businesses often don’t have the funds to hire large accounting teams, financial advisors, and other professionals to guide them through every step of the way. This is why it’s so essential for entrepreneurs to have their own solid understanding of what it takes to run the financial side of a business while maximizing profits as much as possible.

In a business administration program, students can learn about the different financial components behind a company’s success. From finding ways to secure the initial funding needed to start a company to confidently handling the day-to-day accounting and finances, a business administration program can help aspiring entrepreneurs optimize their budgeting and resource management to protect the company’s bottom line from the beginning.

4. Leadership and Team Management

Entrepreneurs can’t expect to achieve the highest levels of success if they cannot effectively lead, inspire, and motivate others. Thus, those aiming to launch and grow their own successful businesses need to focus on entrepreneurship development through honing  leadership and team management skills  in order to achieve their full potential.

How These Skills Apply to Entrepreneurship

Fortunately, leadership and team management are both heavy focuses throughout a business administration degree program. Students in this type of program can learn about different leadership styles and choose the one that best suits their needs and goals. From there, you can continue to develop your leadership skills as you strive to motivate and inspire your teams to give their best in everything they do.

Additionally, improving team management skills will help you learn how to more effectively delegate tasks, group team members together, and communicate expectations with your teams. All of this can contribute to better outcomes, projects that stay on task and on schedule, and a greater sense of team member satisfaction within your company.

5. Networking Opportunities

A great entrepreneur also knows how to take advantage of personal and professional connections to grow their businesses and explore new opportunities. In a business administration program, students can learn how to build robust professional networks within their respective industries and use them to their advantage.

Understanding the Importance of Connections

No matter what industry your business will operate in, having connections matters. With a solid professional network, you may have an easier time finding business partners to help you explore new opportunities or take on new ventures. Not to mention, connections can also help you procure resources and funding that you may need to turn your business ideas into a reality.

In a business administration program, students can learn the ins and outs of establishing strong professional relationships and building their own networks through mentorship opportunities, networking platforms (like LinkedIn), industry events, and more.

6. Adaptability and Problem-Solving Skills

If there’s one skill that every entrepreneur should possess, it’s adaptability. The business world is highly dynamic, and things can change at a moment’s notice. When a problem arises, successful entrepreneurs must be able to think quickly on their feet to come up with viable solutions.

How College Courses Encourage Critical Thinking and Innovation to Solutions

Enrolling in a business administration degree program gives students the opportunity to explore college courses that encourage critical thinking, creative problem-solving, and other strategies that can help them overcome obstacles when they launch their own businesses down the road. Leveraging these skills, they can handle even the most daunting challenges with grace.

Explore a Business Administration Degree From Carson-Newman

If you’re ready to make your business and entrepreneurship dreams come true, having the right skills and knowledge to enter the fast-paced world of entrepreneurship is a must. The best way to pursue entrepreneurship development is to complete a dedicated business administration program—where you can elevate your business acumen, communication, networking, and leadership skills through hands-on learning.

Carson-Newman is proud to offer a  Bachelor of Business Administration  (BBA) through our  College of Professional Studies  that covers these essential entrepreneurship skills and more. Plus, this bachelor’s degree program is offered entirely online with a minimum of 48 transfer credits, making it an ideal option for those who want to pursue a degree without putting other aspects of life on hold.

Because we’re invested in your success, every student in Carson-Newman University’s business administration program is also assigned an academic advisor, who will help you draft a dedicated course plan tailored to your specific needs and goals.  Learn more  about what we have to offer by reaching out today—or feel free to get started with your online  application .  As a Christian University, Carson-Newman is committed to helping student reach their full potential as educated citizens and worldwide servant leaders.  

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Fall 2024: Annual notification of selected University of Utah policies and resources

As we return for fall semester, it may be helpful to review the resources available to the members of our campus, as well as University of Utah policies and regulations that all members of the university community are expected to follow. Some of these policies are directed to staff or faculty; others are specific to students. Please take a moment to read through this information. This memo is part of a series of policy notifications that are updated and distributed twice during the academic year, in fall and spring. You can find this notice, along with past notifications, here .

Policies, regulations and resources

• Campus Alert : By default, your preferred university email address will be used for Campus Alerts, but critical information is most efficient and effective when sent. Refer to the Campus Alert website for instructions on how to provide up to three mobile numbers for emergency notifications.
• Center for Disability and Access: The Center for Disability and Access (CDA) supports student well-being and success by ensuring equal access, providing the opportunity for success and working towards a caring campus environment.
• Counseling and Support  resources are available to students. Faculty and staff can find mental health support resources here .
• Non-motorized Vehicles : Learn more about the rules governing the use of bicycles, skateboards, roller skates, and e-scooters on campus—where they are allowed, pedestrian rights-of-way, speed, etc.
• The Office of Equal Opportunity, Affirmative Action, and Title IX (OEO/AA) : is dedicated to providing an equal opportunity for all to pursue their academic and professional endeavors and to equally access university programs. The OEO/AA addresses reports of discrimination, including sexual misconduct, and can provide supportive measures to students, staff and faculty.
• Safety section of @theU : This regular feature in @theU reports on a variety of safety issues across campus. Topics include fire safety, building evacuations, incident/injury reporting, etc. Sign up to receive @theU newsletters here .
• SafeRide : Provides a safe and reliable shuttle service on campus to ensure safety during night hours. Please visit Commuter Services or call 801-581-6415 for more information.
• SafeU : The SafeU website is a comprehensive resource for all safety-related information , from how to report a sexual assault to where to find bystander intervention training.
• Security escorts : Available 24/7 for campus community members who feel unsafe traveling around campus and want a personal escort from a campus security officer; reachable by calling 801-585-COPS (801-585-2677).
• Threat Assessment and Management Partnership (TAMP) : TAMP works with campus partners to implement behavioral management plans to help reduce the risk of targeted violence, such as stalking and harassment, hate crimes, sexual assault and more. Read more about preventing targeted violence on campus here .
• The University of Utah is a  tobacco-free campus .
• Weapons Policy : Policy 1-003 covers the university’s policy regarding firearms on campus.
• Materials on the University’s  Drug and Alcohol Abuse Prevention Program  are available for download .

Conflicts of Interest : The University of Utah  Individual Financial Conflict of Interest Policy 1-006 creates rules for those areas subject to conflict of interest oversight:  Research ,  Scholarly or Educational Activity  and  Transactions .

• Any U of U Health employee, vaccinated or not, who is exposed to or has COVID-19, or has symptoms that are concerning for an infectious illness, should follow guidance regarding when they may return to work, as  outlined here . These same guidelines apply to U of U Health Academics employees, providers, and students who work in a clinical setting and are exposed or ill.
• Immunization requirements:
• Students who attend the University of Utah are required to be fully vaccinated against measles, mumps and rubella (MMR). To be compliant with this requirement, students must demonstrate that they received two MMR vaccinations—after their first birthday and at least 28 days apart, or present results of a blood test proving measles, mumps, and rubella immunity, or indicate a medical, religious, or personal exemption. More information can be found here .
• Clinical health sciences students have additional vaccine requirements, as they will be working in higher-risk settings and must align with the requirements for employees at University of Utah Health Hospitals & Clinics. Only medical or religious exemptions are allowed when submitting a request for an accommodation. All clinical health science students should contact their program for requirements and processes.
• Religious holidays and accommodations:
• The Utah Board of Higher Education passed Policy  R264, Student Religious Accommodations based on  Utah Code section 53B-27-405 . The policy outlines requirements for institutions to provide religious accommodations for students. This list is not intended to be a list of institution holidays, but of holidays for which students may seek accommodations based on their beliefs. While it is intended to be as comprehensive as possible, it is not an exhaustive list and, as the policy notes, an accommodation may be appropriate for a holiday not on the list.
• Outside employment : All employees of the university holding full-time positions shall give full services to the work of the university during scheduled work periods. All non-university employment must not interfere with the discharge of the person’s full-time service obligations to the university. It is expected that all full-time university staff members will treat the university as their prime employment activity. For additional information see policy 5-204 .
• ADA Accommodation : Discrimination against an individual based on their status as a person with a disability is prohibited by federal law and university policy. Learn more, including requirements for disability access and accommodation information  and the  complaint process .
• Conflict Resolution : The Ombuds offices are staffed by independent faculty members who act as independent, confidential, informal, and impartial resources for faculty, staff, students, and post-doctoral fellows with a problem or concern. Click  here  for information on the Health Sciences Ombudsman Office and  here  for more information about the main campus Ombudsman Office.
• Ethics and Compliance Hotline : The university is committed to the highest standards of ethical conduct and encourages faculty and staff to report any dishonest or improper act that violates the law, wastes money or endangers public health or safety. Reporting through customary management channels is preferred. As an additional option, the university contracts with an independent service to provide a hotline that guarantees anonymity if desired. You can submit a confidential report of concerns related to ethics and compliance here . All reports are reviewed and followed up as appropriate.
• Family Medical Leave of Absence : The University of Utah fully complies with the Family and Medical Leave Act of 1993 (“FMLA”). See the Department of Labor’s FMLA Notice and policy 5-200 : Leaves of Absence (Health-Related). For additional information, review the university’s Frequently Asked Questions or contact a member of the HR Absence Management Team .
• Mandatory Reporters : Mandatory reporters consist of any university employee or faculty member who is not a confidential employee. Mandatory reporters are required to report situations involving sexual misconduct and discrimination to OEO/AA (reports can be made by clicking on the “submit a report” button).
• Required Professional Boundaries in Relationships : Romantic and sexual relationships between a person in a position of power and a subordinate student or employee raise issues of exploitation, conflict of interest, and disruption of collegiality and mutual trust within a unit. In addition, supervision of or responsibility for the educational experience of immediate family members also raises concerns about conflict of interest. Both situations must be reported so a mitigation plan can be implemented. Guidance for appropriate practice when potential conflicts of interest arise can be found  here .
• Sexual Harassment/Discrimination : The University of Utah is committed to providing an environment that is safe and free from discrimination.
• Abusive Conduct and a Culture of Respect : The University of Utah is committed to an academic and work environment that promotes, facilitates, and encourages mutual respect and collegial relationships. Click here to report incidents of abusive conduct that are in violation of University of Utah policy.

Intellectual Property : As a public institution, the University of Utah is entrusted with facilitating the application of scientific and technical research findings for public use, as well as an equitable disposition of interests among the inventor(s), the university, and, where applicable, the sponsor. Learn what that means for administrative officers, faculty, academic employees, staff and students  here .

• Use of University’s Name or University Affiliation : Faculty members must avoid exploiting the university’s name or their own relationship with the university for personal reasons unrelated to their legitimate academic or professional activities. They must not intentionally create the impression, in public appearances or statements, that they are representing the university unless, in fact, they are.
• All University of Utah employees have the right to free speech on matters of public concern and are free to lobby or support candidates, issues, and campaigns as private citizens. The Office of Academic Affairs has developed a website with  guidance  for public communication, social media posting, reporting threats or harassment, and links to safety and support resources.
• The university remains neutral on all election-related questions and issues.
• Employees who engage in political activities must do so outside of work hours (or while on approved leave), and they must use their own resources. This means that employees should not use university email accounts, university letterhead, university office supplies, and equipment, or other university resources to engage in these activities. In addition, employees are expected to make it clear that they are speaking on their own behalf and not on behalf of the university.
• Student Rights and Responsibilities : The university revised Policy 6-400: Student Rights and Responsibilities in 2023. The updated policy focuses on restorative and developmental work rather than a punitive approach. Additionally, the revised policy provides enhanced clarity and transparency in definitions to help students understand their rights on campus and university expectations.
• University Speech Policy : Policy 1-007: University Speech outlines the regulations for free speech on campus. This includes, but is not limited to, guidelines for posting signs and notices, exercising free speech in the classroom, and designated areas for free speech and assembly. Visit the FAQs to learn more.

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