Objective:
- Develop an understanding of the benefits of producing a business plan, for them and their business
- Develop an understanding of the costs and resource implications of producing a business plan to them and their business
- Alleviate concerns and promote their ownership of the business plan
- To evidence the power of group work as ideas and issues are considered from different perspectives and shared through small group work
Overview:
This activity is designed to provide an opportunity for students to develop their understanding of the purpose and benefits of producing a business plan as well as expressing any concerns or issues relating to the process.
Activity:
As an individual task – invite each student to consider the opposing statement below (that preparing a business plan is ‘a waste of time’ and ‘a valuable exercise’ and to make a list of the reasons why someone may agree with each of the statements.
Each point can then be researched, discussed in small groups, and challenged within the small group situation to create a consensus for presentation.
The activity should be concluded by asking the group to agree where they would rank themselves on the continuum and make their position to the wider group.
This will create a range of presentations, which will draw out of range of concerns and issues, that can then be discussed and explored across the wider group.
Preparing a Business Plan
A waste of time ...................................... A valuable exercise
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This can also be repeated, following business planning work, to provide a useful reflection tool at the end of the business planning process, when students are invited to consider the statements again having completed the business plan. This can provide an indication of any change in the entrepreneur / small business owner’s view.
Skill Development:
The decision making within this task is both individual and within a group and therefore develops consensus building through discussion and debate. The discussion will build deeper understanding of the business planning process and build confidence around this area, whilst the presentation skills to the wider group will build confidence in public speaking and debate.