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Question Description

Discuss with your classmates the top 3 most important steps in developing a business plan. Explain why each of these are important and the consequences if each step is not thoroughly completed. (300 words)

For the last forty years or so Michael Porter has been one of the foremost authorities and thought leaders on business strategy. In this brief video he presents some fundamental views on the topic.

Watch VideoMichael Porter – What Strategy is?

Duration: 1:47
User: gergiusz – Added: 9/16/10

This video gives a more in depth view of the ideas of “strategy” vs. “tactics”.

Watch VideoBusiness Strategy & Tactics

Duration: 4:50
User: tutor2u – Added: 5/31/16

This informative talk gives an idea of what happens when a strategy is not a plan.

Watch VideoOur approach to innovation is dead wrong | Diana Kander | TEDxKC

Duration: 9:49
User: TEDx Talks – Added: 8/27/14


Resources on Finance Options

The Small Business Administration offers a guide to basic financing options.

This video offers an excellent description of nine differing financing options available small business, especially in the start-up stage.

Watch Video9 Startup Funding Options – Business Loans + More

Duration: 6:43
User: FitSmallBusiness – Added: 12/16/16


Resources on Business Location

Both of these websites provide comprehensive information on the importance and components of the business location decision.