Welcome to the module on Business Planning. The goal of the sub-module is to highlight the importance of Business Planning in youth entrepreneurship development. The need for youth entrepreneur trainers to develop or enhance their business planning skills, in-order to impart the same to young people is the major reason for this module.
Business planning is a very interesting aspect of entrepreneurship training because it brings to the fore the reasons why each component of an entrepreneurship training was designed, from the business idea generation stage to financial planning, marketing, and all other components. It puts together all of it and makes sense of it all.
A business idea is usually the first step to starting a business. However, starting and growing business goes beyond having an idea, dream, or desire. It involves going through processes and building structures that are essential for business sustainability.
A business plan is a tool that puts together these required processes in such a manner that leads to the greatest advantage for the business, whether it is at the start-up or growth/expansion stage.
In the case of youth entrepreneurs who are most times at the start-up stage of a business process, business planning will provide the opportunity for youth to analyze their business idea in terms of its viability, and thus it is an important guide to ascertaining their capacity to commence the business. It is also a major requirement from financial institutions for granting loans.
Therefore Youth entrepreneur trainers need to be equipped with the skill to develop the capacity of young people to write good business plans.
In this session, discussions will focus on broadening our knowledge on how business planning prepares youth entrepreneurs to seek out opportunities to start and grow a business. To achieve the session objectives, the business plan concept, components of a business plan, and reasons why it is essential to be able to write good business plans, researching information to write business plans, and important factors for writing successful business plans are topics that will be covered. A case study of Mrs. Teni has also been posted to illustrate further the importance of business planning.
Therefore, I invite you to participate actively to learn more