Resource

Business Plan

Author: ATU Galway

What is it?

A formal statement of theoretical business goals, reasons they are attainable, feasibility of the business idea, plans for reaching them, and funding. It may also contain background information about the organisation or team attempting to reach those goals. This method of assessment encourages students to break down and understand the steps involved in setting up a business.

Advantages & Challenges

Advantages

Challenges

Advantages

Developing a business plan mimics a real-world scenario, allowing students to apply theoretical knowledge to practical situations. This is especially beneficial for business, entrepreneurship, and related programmes.
Creating a business plan needs an understanding of multiple business components, including marketing, finance, operations, and strategy. This promotes a holistic understanding of business concepts.
Students need to effectively communicate their business ideas in the plan, enhancing their written and oral communication skills. This is valuable in various professional settings.
For students aspiring to enter the business world, the experience of creating a business plan can be directly applicable to their future careers.

Challenges

Tips for Use

Explain the purpose of the assignment, the components required, and any specific criteria or expectations for evaluation.
Provide students with examples or templates to help students understand the structure and format of a business plan.
Have students select a business concept or idea that they will develop into a comprehensive business plan. Encourage them to choose a concept that aligns with their interests and future career goals.
Require students to conduct thorough research and analysis to inform their business plans. This may include market research, competitive analysis, financial projections, risk assessment, and feasibility studies.

Resources

De la Mora Velasco, E., & Huang, A. (2023). Using a business proposal to develop students’ problem-solving skills and entrepreneurship. Teaching Online Pedagogical Repository. University of Central Florida Center for Distributed Learning. https://topr.online.ucf.edu/using-a-business-proposal-to-develop-students-problem-solving-skills-and-entrepreneurship/.
University of Cambridge: HOW TO WRITE A BUSINESS PLAN (cam.ac.uk)
Massey University: PREPARING A BUSINESS PLAN FOR A NEW INITIATIVE (massey.ac.nz)

Sample Rubrics

Smart sheet: IC-Simple-Business-Plan-Rubric-10785_PDF.pdf (smartsheet.com)
Walton College: The University of Scranton Business Strategy Analysis Rubric (valdosta.edu) (page 17)

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