Lesson 5: Business Plan for Entrepreneurs

In this lesson students will learn what a business plan is and begin writing one for their own businesses.

Economics

A business plan requires entrepreneurs to make decisions about allocating scarce resources–money, labor, resources–to create and sell products or services. Economics helps entrepreneurs understand market demand, pricing strategies, competition, and financial forecasting, all of which are key components of a successful business plan. By applying economic principles, businesses can maximize profits, minimize costs, and make informed decisions that contribute to long-term success. Students will begin writing their business plan and will continue to refine the plan as they learn more content and economic concepts. 

Objectives:

After completing this lesson students will be able to: 

• understand the importance of a business plan for entrepreneurs.
• develop their own business plan using key components of a business.

Voluntary National Content Standards in Economics

• Standard 14
  • Entrepreneurs take on the calculated risk of starting new businesses, either by embarking on new ventures similar to existing ones or by introducing new innovations. Entrepreneurial innovation is an important source of economic growth.  

Concepts

Entrepreneurship, Business Plan