Carpentry & Building Construction

Unit 2: Tools & Equipment

WebQuests

Making a Business Plan

Introduction

Have you ever wondered how a successful company got its start? Before a company ever opens its doors for business, it begins life as only an idea. Many entrepreneurs and company owners start with a business plan to help them turn their good ideas into profitable businesses. In this WebQuest, you will put together a business plan and learn how thoughtful planning can bring you business ideas to life.

The Task

There are many kinds of assistance available to entrepreneurs who seek to start their own businesses. One way to get support is through an organization called a business incubator. Your state's public university has just announced a new business incubator for entrepreneurs in your state. The program will help them secure start up funding, find necessary equipment and tools, and network with other entrepreneurs. The program is free, but it is competitive. All applicants must submit a business plan in order to be considered. You know this is an excellent professional opportunity, but before you can join, you will have to complete the following

• uncover the purpose of a business plan;
• research the essential parts of a business plan;
• in teams, write a business plan for an entrepreneurial idea;
• present your business plan to your classmates.

The Process

To join the business incubator program, you will need to complete the following steps.

• Learn what a business plan is for, who reads it, and what information it should contain. The following Web sites will help you in your research.

Businessweek.com
Entrepeneur.com
Inc.com
U.S. Small Business Administration
Take notes as you read.
• After you have completed your research, brainstorm at least three new business ideas and write them down.
• The next time you are in class, form groups of four or five. First, share your brainstorm ideas. As a group, select one idea to turn into a business plan.
• Then, compare notes from your research. Together, create an outline for your business plan.
• Next, divide up the outline among the team members. Each student will be responsible for researching and writing his or her part of the business plan.
• Once students have completed their individual assignments, assemble the business plan.

Guidance

To write a compelling business plan, keep these points in mind.

1. What will make your business plan stand apart from others in the competition?
2. Visuals aids make any presentation stronger. Is there information in your business plan that could be represented with a chart, graph, or diagram?
3. Even a successful company will face outside competition. Have you planned for how your company will handle competitors in the market?
4. If you business does well, it might need more equipment, more office space, or new employees. Does your business plan explain how the company will grow?

Conclusions

• Talk to small business owners and entrepreneurs in your town. How did they start their businesses? Did they start with a business plan?
• Once you have completed your business plan and any visual aids, summarize your business idea for your classmates.
• Following your presentation, turn in your research notes, brainstorm list, and business plan to your teacher.

Questions

• List five products or services you use that are produced by small businesses. Are any of them from your local community?
• Describe the advantages of going into business for yourself.
• Does being a small business owner or entrepreneur appeal to everyone? What kind of person do you think is most likely to start a business?
• Summarize the biggest challenges to starting a successful business.