During the increasing concern about environmental pollution, Riya, an entrepreneur, designed an innovative portable air purifier that can be attached to a backpack or kept on a desk. The device not only purifies the surrounding air but also changes its indicator light when the filter needs replacement. Additionally, it can send an alert to the user's smartphone if the air quality drops below safe levels. The idea seems highly promising and marketable, but Riya needs to attract investors to finance her idea. To do so, she prepared a slideshow and few key graphs summarising her business plan to trigger the interest of potential investors, customers and business partners.
(a) Give the meaning of 'business plan' and identify the format of business plan used by Riya. (b) Explain three formats of business plan other than the one identified in above.

Question

During the increasing concern about environmental pollution, Riya, an entrepreneur, designed an innovative portable air purifier that can be attached to a backpack or kept on a desk. The device not only purifies the surrounding air but also changes its indicator light when the filter needs replacement. Additionally, it can send an alert to the user's smartphone if the air quality drops below safe levels. The idea seems highly promising and marketable, but Riya needs to attract investors to finance her idea. To do so, she prepared a slideshow and few key graphs summarising her business plan to trigger the interest of potential investors, customers and business partners.

(a) Give the meaning of 'business plan' and identify the format of business plan used by Riya. (b) Explain three formats of business plan other than the one identified in above.

Accepted Answer

(a) A business plan is a comprehensively written down document prepared by the entrepreneur describing formally all the relevant external and internal elements involved in starting a new venture. Format used: A pitch deck with oral narrative. (b) Three other formats: (i) Elevator pitch - a three-minute summary of executive summary used as a teaser. (ii) A written presentation for external stakeholders - a detailed, well-written, formatted plan for external parties. (iii) An internal operational plan - a detailed plan for management purposes.