Part 1: Primary Task
Deliverable length: a letter of 3–6 paragraphs (4–6 sentences each)
- Explain the importance and components of a business plan
Within the Discussion Forum area, write in no less than 150 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
A friend of yours is in the process of opening his own fast-food restaurant. He has been asked to prepare a business plan, but he is confused as to what exactly he needs to do. Because you have had several classes in business planning, he has asked for your help.
- Explain to him the components of a business plan.
- Include why it is important to prepare this document.
- Explain to your friend the possible challenges that he/she can face if they do not produce a business plan.