Weeks 14 and 15: Writing Business Plans

During the fourteenth and fifteenth sessions, the instructors aimed to help students understand the importance of writing business plans and their crucial components, as well as how to write and present them effectively. 

Session 14 began with a discussion on the importance of developing clear, concise, and sound business plans. The instructor emphasized the important role a business plan plays in developing and setting up new enterprises and ventures. The lecture also highlighted key areas of the business plans and the unique circumstances entrepreneurs face when developing their business plans.  

The remainder of the session was dedicated to group work. The instructor distributed a handout detailing the standard format of a business plan and briefly discussed how the class might apply the session to their enterprises under development for the second assignment. The session knitted together the concepts the students had learned in previous sessions, as those skills and activities completed in previous sessions could be incorporated into a holistic business plan for their upcoming event. 

Students worked with their teams to strategize a timeline for the composition of their event’s business plan. They were given three weeks to organize and draft the plans. Each group would need to hand in its plan and have it approved before the students could proceed with planning their events and making any purchases necessary for organizing, marketing, and running them. While students worked, instructors were available to provide support and answer questions as needed. They encouraged students to view the business plan as an opportunity to plan how to best use their resources. 

Session 15 was less structured and provided an opportunity for groups to continue to develop their plans. Instructors were available during the session to respond to any questions or concerns while the groups worked.

Students initially struggled with understanding how the different elements of the business plan linked together and supported each other to make a sound final product.  Instructors dedicated extra time to each group to discuss how the elements of their plans could come together. By working together and with the instructors and applying the concepts directly to their assignments, students were better able to conceptualize business plan as a whole rather than a sum of its pieces. 

Instructors also gently encouraged students to assign leadership positions within the groups. They reminded the students to think about their individual skills and talents and encouraged them to delegate tasks according to these elements. In future occurrences of this module, instructors will have students discuss role assignments earlier in the process. The groups would be able to use their time more efficiently on the tasks at hand during the group work sessions. 

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Click here to view the lecture slides.