HomeJSS 3Business StudiesCreating a Simple Business Plan: Step-by-Step Guide for JSS 3 Students Business Studies JSS 3 First Term Lesson Notes Week 10

Creating a Simple Business Plan: Step-by-Step Guide for JSS 3 Students Business Studies JSS 3 First Term Lesson Notes Week 10

Simple Single Business Plan

Subject: Business Studies
Class: JSS 3
Term: First Term
Week: 10
Age: 14-15 years

Topic: Simple Single Business Plan
Sub-topic: Procedures for Drawing Up a Simple Single Business Plan
Duration: 60 minutes

Behavioural Objectives:
By the end of the lesson, students should be able to:

  1. Define a simple business plan.
  2. Explain the importance of a business plan.
  3. List the steps involved in creating a simple business plan.
  4. Identify key components of a business plan.
  5. Draft a basic outline of a business plan.

Keywords: Business plan, entrepreneurship, objectives, market analysis, financial plan.

Set Induction:
Begin with a discussion about what businesses students know. Ask them why they think businesses succeed or fail.

Entry Behaviour:
Students should have a basic understanding of business concepts and entrepreneurship.

Learning Resources and Materials:

  • Whiteboard and markers
  • Projector (if available)
  • Sample business plan templates
  • Printed worksheets

Building Background / Connection to Prior Knowledge:
Recall previous lessons on entrepreneurship and the characteristics of a good entrepreneur.

Embedded Core Skills:
Critical thinking, communication, problem-solving, and teamwork.

Learning Materials:

  • Sample business plan
  • Relevant textbooks

Reference Books:

  • Lagos State Scheme of Work for Business Studies
  • “Business Studies for Junior Secondary Schools”

Instructional Materials:

  • Chart paper for group activities
  • Markers

Content:

Definition:
A simple business plan is a written document that outlines a business’s goals, strategies, and the means to achieve them.

Importance:

  1. Helps clarify business ideas.
  2. Attracts investors or loans.
  3. Guides business operations.
  4. Sets benchmarks for success.
  5. Helps identify potential challenges.

Procedures for Drawing Up a Simple Business Plan:

  1. Executive Summary: Briefly summarize the business idea.
  2. Business Description: Outline what the business does.
  3. Market Analysis: Research the target market and competitors.
  4. Organization and Management: Describe the business structure and team.
  5. Financial Plan: Include startup costs, revenue projections, and funding needs.

Evaluation:

Fill-in-the-Blank Questions:

  1. A business plan is a __________ document. (a) written (b) spoken (c) visual (d) digital
  2. The __________ summary gives an overview of the business plan. (a) executive (b) market (c) financial (d) product
  3. Market analysis helps identify __________. (a) customers (b) suppliers (c) locations (d) all of the above
  4. Financial planning includes __________ costs. (a) personal (b) startup (c) fixed (d) variable
  5. The business __________ describes the structure of the business. (a) plan (b) model (c) description (d) overview
  6. A good business plan can attract __________. (a) employees (b) investors (c) customers (d) competitors
  7. The __________ describes what the business does. (a) executive summary (b) market analysis (c) financial plan (d) business description
  8. An effective business plan is usually __________. (a) complex (b) clear (c) long (d) vague
  9. Competitor analysis is part of __________. (a) organization (b) market analysis (c) financial planning (d) management
  10. The __________ of the business plan outlines the goals. (a) executive summary (b) financial plan (c) overview (d) objectives
  11. Startups often require __________ for funding. (a) loans (b) charity (c) free help (d) none of the above
  12. The business plan should be __________ regularly. (a) ignored (b) updated (c) forgotten (d) discarded
  13. An entrepreneur should have a __________ to guide their business. (a) map (b) plan (c) goal (d) mentor
  14. The target __________ is essential for market analysis. (a) audience (b) age (c) price (d) quality
  15. The first step in writing a business plan is to create an __________. (a) introduction (b) executive summary (c) outline (d) analysis

Class Activity Discussion:

FAQs with Answers:

  1. What is a business plan?
    A business plan is a document that outlines the goals and strategies of a business.
  2. Why do I need a business plan?
    It helps clarify your business idea and attracts investors.
  3. What should be included in a business plan?
    Executive summary, business description, market analysis, and financial plan.
  4. How long should a business plan be?
    It can vary but should be concise and clear, usually 10-20 pages.
  5. Who uses business plans?
    Entrepreneurs, investors, and banks use business plans to make informed decisions.
  6. Can I change my business plan?
    Yes, business plans should be flexible and updated as needed.
  7. What is market analysis?
    It’s the research on your target market and competition.
  8. Do I need to be an expert to write a business plan?
    No, anyone can write a business plan with some research and guidance.
  9. How often should I review my business plan?
    Regularly, at least once a year.
  10. What is a financial plan?
    It outlines how much money is needed and how it will be used.
  11. Can I write a business plan alone?
    Yes, but collaborating can provide different perspectives.
  12. What if my plan doesn’t work?
    Learn from it, adjust, and try again.
  13. Should I include my competition in my plan?
    Yes, analyzing competitors is essential.
  14. How do I start writing a business plan?
    Begin with an executive summary and outline your ideas.
  15. Is there software to help with business plans?
    Yes, there are many tools and templates available online.

Presentation:

Step 1: Teacher revises the previous topic on entrepreneurship.
Step 2: Teacher introduces the new topic of business plans.
Step 3: Students contribute their ideas, and the teacher provides corrections.

Activities:

Teacher’s Activities:

  • Facilitate discussions.
  • Present examples of business plans.
  • Guide students in group activities.

Learner’s Activities:

  • Participate in discussions.
  • Work in groups to draft a simple business plan outline.
  • Share their ideas with the class.

Assessment:

Evaluation Questions:

  1. What is the purpose of a business plan?
  2. Name one key component of a business plan.
  3. What does market analysis involve?
  4. Describe the financial plan in a business plan.
  5. Why is the executive summary important?
  6. How can a business plan help attract investors?
  7. What is a common mistake in writing a business plan?
  8. How can you ensure your business plan is effective?
  9. What role does competition analysis play in a business plan?
  10. How can you make a business plan flexible?

Conclusion:

The teacher goes around to mark and conduct necessary evaluations, providing feedback on the students’ understanding of the topic.

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