10.2 - How to Start a Business

After coming up with a strong idea, all of the following are steps you can take to get your business started EXCEPT…

• Talk it out with trusted allies

• Research the market

• Market your business on social media

• Draft a business plan

If a friend asked you what they should have in their business plan, what important element would you advise them to include?

• An updated resume

• An updated resume

• Their marketing strategy

• Their credit score

What is a prototype?

• A prototype is an original model on which something is based or formed.

• A prototype is a person with the ability to influence potential buyers of a product.

• A prototype is a newly established business.

• A prototype is the exclusive legal right to use a specific product or material.

What is most important in a business plan?

• Financial Plan

• Executive Summary

• Market & Sales Strategy

• Business Details

What is the purpose of a business plan?

• States the purpose and vision of your company

• To document your financial activity during one year

• Legal document to be filed with the SEC

• To market your new company

Business plans are needed for all reasons except....

• To raise capital

• Gives an objective look at what you are doing and why

• Gets everyone involved to focus on the same goals

• It is required by law

What information should NOT be included in a business plan?

• Your financing needs

• Your marketing plan

• Your basic business concept

• Your assets and liabilities