Creating the Business Plan

This is a written document prepared by the entrepreneur to serve as a guidebook for the creation of a new business venture.

• Business Plan

• Industrial Plan

Entrepreneurs OFTEN begin the process of creating a new business by focusing on:

• a problem that needs to be solved.

• an older product or service.

The is any difficult or challenging occurrence or condition that causes stress and/or inconvenience for individuals or large groups of people.

• Solution

• Problem

What has really had the greatest negative impact on our environment? Entrepreneurs at Impossible Foods, Inc. are busy working on solutions to this problem!

• raising livestock for food.

• using plastic water bottles.

This should be thought of as a road map that has been carefully prepared before the journey begins.

• Business Plan

• Industrial Plan

Who said “If I were given one hour to save the planet, I would spend 59 minutes defining the problem and one minute resolving it.”

• Albert Einstein

• Isaac Newton

This is a clearly defined group of potential customers for a product or service.

• Target Market

• Industrial Target

This refers to the typical customer’s age, gender, income level, and/or educational attainment level.

• Demographics

• Psychographics

Where potential customers are physically located within the country or the world.

• Demographics

• Geographics

The customer’s interests, social values, and lifestyle characteristics.

• Psychographics

• Geographics