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Key#7: Do your research Study your market Research the industry Know your competition -And there is always competition Project your financials -Cash flow, startup costs, break-even, revenue, etc. Remember that Jack, the man from The Yeti Slide, needs a 60% profit margin, or $0.60 on each dollar in profit after expenses are taken out. Essay, Discussion Board Post, Research paper, Coursework, Powerpoint Presentation, Questions-Answers, Case Study, Term paper, Research proposal, Response paper, PDF . Similar in scope to developing a business plan, designing a charity or fundraiser drive enables students to develop skills necessary to engage in budgeting, scheduling and managing. A business plan may target changes perception and branding by the customers, clients, taxpayers, or larger community. Quick Upload . the scope of the report includes assessing market potential, negotiating with collaborators, investment decision. 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The Elements of a Business Plan: First Steps for New Entrepreneurs Cole Ehmke and Jay Akridge Department of Agricultural Economics Audience: Entrepreneurs planning a new venture Content: Outlines the basics of a business plan Outcome: Readers will understand the purpose of and elements required to write a business plan for a new venture Entrepreneurship is an activity or behavior as opposed to a person or an ideology Entrepreneurship - The pursuit of opportunity regardless of the resources you currently control Social entrepreneurship - The pursuit of an opportunity to create pattern-breaking social change regardless of the resources you currently control Creates a business enterprise to fulfill that need (Transparency 1-2) Entrepreneurs do new things or do old things in new ways and so change the business system. This is especially important if you're looking to get funding; so make sure that you showcase the value, the quality, and the benefits of your business. 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