Building YOUR DREAM: A Canadian Guide to Starting Your Own Business

These flashcards cover key terms and concepts related to business planning as outlined in the lecture notes.

Business Plan

A written document that describes all aspects of your business venture.

Vision Statement

A clear, concise, inspirational statement focusing on the ‘why’ of your business.

Mission Statement

Defines the purpose and reason for being of a business, focusing on the ‘how’.

Objectives

Specific and measurable goals that provide a means to measure the performance of your business.

Traditional Business Plan

A comprehensive document outlining the details of a business venture, often for obtaining financing.

Business Model Canvas

A strategic management tool that provides a visual framework for developing new or documenting existing business models.

Lean Canvas

An entrepreneur-focused business plan template that emphasizes problems, solutions, and key metrics.

Executive Summary

A 1-2 page summary of the most important points in your business plan.

Market Analysis

Describes the profile of target customers, market size, trends, competition, and expected sales.

Financial Plan

Outlines necessary financing, proposed investment terms, and realistic financial projections.

Components of a Business Plan

Includes an executive summary, background information, market analysis, marketing plan, and financial plan.

Appendices

Material attached at the back of your plan that supports and supplements the body of the business plan.

Implementation Schedule

Presents an overall schedule indicating necessary actions and timing for business launch.

Production/Operations Plan

Describes the operating side of a business including location, manufacturing plans, and labour requirements.

Customer Segments

The different groups of people or organizations a business aims to reach.

Value Propositions

The unique value offered to customers that differentiates a product or service from competitors.