Chapter 3 Entre
Small Business Administration (SBA)
an independent agency of the federal government that was created to help Americans start, build, and grow businesses
Statement of Purpose
A brief explanation of why you are asking for a loan and what you plan to do with the money
Pro Forma Financial Statement
A financial statement based on projected revenues and expenses
Cover letter
A letter that introduces and explains an accompanying document or set of documents
Executive Summary
A short restatement of a report
Business Plan
A written document that describes all the steps necessary for opening and operating a successful business
Helps you communicate your idea to others
Importance of a Business Plan
Financial Management Element
Included in the main body of a business plan
Service Corps of Retired Executives (SCORE)
Made up of more than 10,500 retired executives who volunteer their time to help entrepreneurs
Undefined target markets and poor research
Mistakes in Business Planning
Chamber of Commerce
Offers assistance and information to Entrepreneurs and can provide information on trends affecting local businesses, local resources, and zoning and licensing information
Trade Associations
Organizations made up of professionals in a specific industry
Small Business Development Centers (SBDC)
Provides management assistance to current and prospective small business owners
Sets specific objectives and describes how our business expects to achieve them
Purposes of a Business Plan
Competition
What a business plan is not intended for
