Chapter 01
Business Plan
This chapter discusses the followings.
1.1 Introduction to a business plan
1.2 Composition of a business plan
1.3 Need for a business plan
1
For free distribution.
, 1.1 Introduction to a business plan
Failing to plan means the same as planning to fail"
"
The above statement shows the importance of planning with regard to success
in the field of management. A plan is essential for success in anything. In Grade
10, you studied how to select a business opportunity through various methods of
assessment. Now you should prepare to start up and implement your business.
In fact, drawing up a plan to transform a business idea into a real business, and
implementing it, is a main function of an entrepreneur. This chapter will give you a
basic understanding of what business plans are.
The following activity will help you check your understanding of business plans.
Activity 01
Read the given statements and indicate whether they are true (a) or false (r).
No. Statement a/ r
01 Every person and organization has certain targets to accomplish.
02 Every business that is started will be successful.
03 The only way to be successful in a business is to put in a lot of
money.
04 Business plans should be modified according to the changes in
the environment.
05 If you want to assess how a business is performing, you need a
plan.
06 In business planning, you cannot be sure of the predictions
regarding the external environment.
07 As the factors of the environment keep on changing, preparing
business plans is not necessary.
08 A plan is necessary to succeed in any goal.
2
For free distribution.
Business Plan
This chapter discusses the followings.
1.1 Introduction to a business plan
1.2 Composition of a business plan
1.3 Need for a business plan
1
For free distribution.
, 1.1 Introduction to a business plan
Failing to plan means the same as planning to fail"
"
The above statement shows the importance of planning with regard to success
in the field of management. A plan is essential for success in anything. In Grade
10, you studied how to select a business opportunity through various methods of
assessment. Now you should prepare to start up and implement your business.
In fact, drawing up a plan to transform a business idea into a real business, and
implementing it, is a main function of an entrepreneur. This chapter will give you a
basic understanding of what business plans are.
The following activity will help you check your understanding of business plans.
Activity 01
Read the given statements and indicate whether they are true (a) or false (r).
No. Statement a/ r
01 Every person and organization has certain targets to accomplish.
02 Every business that is started will be successful.
03 The only way to be successful in a business is to put in a lot of
money.
04 Business plans should be modified according to the changes in
the environment.
05 If you want to assess how a business is performing, you need a
plan.
06 In business planning, you cannot be sure of the predictions
regarding the external environment.
07 As the factors of the environment keep on changing, preparing
business plans is not necessary.
08 A plan is necessary to succeed in any goal.
2
For free distribution.
