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.

1. Give the meaning of ‘business plan’ and identify the format of business plan used by Rajat.
2. Explain three formats of business plan other than the one identified in (a) above.

Answer 1

1. A business plan is a thorough document that an entrepreneur has developed. officially outlining every pertinent internal and external component involved in launching a new business.
2. It is an official declaration of a set of corporate objectives. Rajat utilized the following format for his business plan: Elevator Pitch
   Other formats of Business Plan:
   1. A pitch deck with oral narrative: A positive, engaging slide show and spoken story that aims to spark conversation and pique potential investors' interest in reading the written presentation, which includes the executive summary and a few important graphs illustrating financial patterns and important benchmarks for decision-making.
   2. A written presentation for external stakeholders: a thorough, attractively formatted, and well-written plan aimed at external stakeholders.
   3. An internal operational plan: a thorough plan outlining planning specifics that management requires but that external stakeholders might not find interesting.