Identification should include

• the purposes of a business plan
• to provide the detailed information needed for acquiring capital
• to lay the foundation for business development and expansion
• to serve as a road map for the business to follow
• the structural components of a business plan and their importance
• executive summary
• type of business
• business philosophy
• product and service plan
• self-analysis
• trading area analysis
• market segment analysis
• operational plan
• organizational plan
• marketing plan
• financial plan.

Process/Skill Questions:

• What preparation factors into the business plan?
• Why does one need to conduct research to write a business plan?
• What business opportunities require a business to have a business plan?
• Who reviews the business plan for a company? How often is a business plan revised/reviewed?
• What types of information are included in the market segment analysis section?
• Why is the financial plan considered one of the most important parts of a business plan?
• How does a business plan help guide decision-making in a company?

Teacher Resource: Write your business plan, U.S. Small Business Administration