The Covid-19 pandemic has ushered an era of new business opportunities for many businesses.
Rajat, an entrepreneur, designed a unique N-95 face mask which would not only filter the air inhaled but also change its colour when the mask is no longer good for use. Not only this, it would also send an alert in case the user of the mask comes in contact with any virus in the air. The idea sounds good and marketable, but Rajat needs to impress the investors to fund his idea. Rajat prepared a three-minute summary of the business plan executive summary to awaken the interest of the potential funders, customers or strategic partners.
(a) Give the meaning of 'business plan' and identify the format of business plan used by Rajat. (b) Explain three formats of business plan other than the one identified in (a) above.

Question

The Covid-19 pandemic has ushered an era of new business opportunities for many businesses.

Rajat, an entrepreneur, designed a unique N-95 face mask which would not only filter the air inhaled but also change its colour when the mask is no longer good for use. Not only this, it would also send an alert in case the user of the mask comes in contact with any virus in the air. The idea sounds good and marketable, but Rajat needs to impress the investors to fund his idea. Rajat prepared a three-minute summary of the business plan executive summary to awaken the interest of the potential funders, customers or strategic partners.

(a) Give the meaning of 'business plan' and identify the format of business plan used by Rajat. (b) Explain three formats of business plan other than the one identified in (a) 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: Elevator Pitch.
(b) Three other formats: i) Pitch deck with oral narrative - an entertaining slide show meant to trigger discussion. ii) Written presentation - detailed, well-written plan for external stakeholders. iii) Internal operational plan - detailed plan describing planning details needed by management.