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The Elements of a Business Plan: First Steps for New ...

P u r d u e ex t e n s i o nEC-735 The Elements of a Business Plan: First Steps for New EntrepreneursCole Ehmke and Jay AkridgeDepartment of Agricultural EconomicsAudience: Entrepreneurs planning a new ventureContent: Outlines the basics of a Business planOutcome: Readers will understand the purpose of and Elements required to write a Business plan for a new ventureBy organizing your thoughts on a possible Business venture into a Business plan, you begin the process of creating a successful enterprise. This publication addresses common questions about Business plans and then discusses what is included in the major sections of a Business plan.

The Five Forces (EC-722) for more information on this topic. Target Customer Profile In writing your market analysis, you will narrow the range of potential customers to those specific ones who are willing and able to buy your product. Although your product or service may meet the needs of a large constituency of poten-

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