entrepreneurship business plan students

Business Plan Examples for Students

Ajay Jagtap

• December 29, 2023

26 Min Read

Do you know what’s the most common mistake students and rookie entrepreneurs make while preparing their first business plan?

Of course, it’s the first business plan we’re talking about; there’ll definitely be a few. However, overcomplicating things and failing to consider a business plan example still remains the most common one.

That’s why we decided to come up with a solution. We’ve curated this list of top business plan examples for students to help you get going.

So whether you need a business plan for a college project, start a side hustle, or win a business competition, these examples are just what you need to create business plans that stand out.

Ready to dive in? Let’s start by understanding the key elements of a business plan example:

Key Elements of a Business Plan Example

Business planning is not as complicated of a process as people think it is; they’re just overcomplicating things. (Don’t think so?)

Let’s simplify the key elements that make up a comprehensive business plan; you’ll understand it better that way.

• Executive Summary: A high-level overview or summary of your plan.
• Company Overview: A detailed description of your business idea, its fundamental elements, history, and future goals.
• Market Analysis: A study of your external business environment that includes details about your industry, competitors, and target market.
• Products and Services: Description of the products or services you intend to exchange for money.
• Sales and Marketing Strategies: A section outlining sales and marketing strategies your business will implement to achieve its financial goals.
• Operations Plan: A section outlining the business processes and daily activities involved in ensuring seamless business operations.
• Management Team: Introduction to your founders, key management, and their compensation plan.
• Financial Plan: Your financial plan is a detailed breakdown of your business’s financial projections and financing needs.

That’s pretty much it about the key elements of a business plan example. Next, let’s explore the best business plan examples for students.

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Top Business Plan Examples for Students

Now that you already know about the components of a business plan template, let’s review some of the best business plan examples for students.

1. Startup Business Plan Example

Upmetrics’ startup business plan example is the ideal solution for students planning to start up or participate in a business plan competition. This business plan template follows the SBA-approved business planning format used by thousands of successful entrepreneurs.

Whether your startup is about a new-age AI-based application, an online shopping site, or traditional IT consulting—this sample business plan is just what you need.

Unlike any traditional small business plan, this example of a startup business plan is lean and agile in approach, focuses on innovation, and emphasizes market validation.

2. Lean Business Plan Example

Since you’re transitioning from a student to an entrepreneur, you may not have enough time to spend on creating a detailed business plan. That’s where this lean business plan template can help.

It’s a condensed version of a traditional plan summarizing all its sections with a primary focus on covering only the critical aspects of the business.

This template is best for startups or businesses uncertain about business planning and student-turned-entrepreneurs with limited time and resources to prepare a business plan.

3. SBA Business Plan Example

Following an SBA-recommended business plan format is key to securing bank loans and business grants. Since it can be time-consuming to find a template that follows a similar outline as the SBA, this SBA-approved business plan example is the way to get started.

This SBA business plan template has nine primary sections, that include executive summary, company description, market analysis, organization, product description, marketing, funding request, and financial projections.

SBA business plan examples ensure you stay on track and don’t deviate from your funding needs.

4. One-Page Business Plan Example

As you may have already guessed, a one-page business plan is a one-page version of a traditional business plan. Since it’s a condensed version of a business plan, drafting it can be quite easy and quick compared to a lean or traditional plan.

Employees, partners, and vendors often use one-page business plans as a quick overview of your company and banks and investors as a summary of your operations.

While it may not be the ideal choice for entrepreneurs seeking investment or bank loans, students with side hustles and idea-stage startups can consider this option.

5. HBS Sample Business Plan

Harvard Business School’s new venture competition selected this sample business plan as a finalist in 2011.

This is a business plan of App Success, a collaborative web-based platform that connects low-income high school seniors with college students from top universities; this business will enable them to collaborate on college selection, college applications, and financial aid applications.

This example can be a great reference for those planning to start a mobile or web-based solution.

6. Kean University Sample Business Plan

Kean University organizes a business plan competition every year for its students where students prepare and present business plans to compete, and this is one of the sample business plans the University provides to participants to understand the format.

It’s a business plan of Blue Water Boatworks, Inc., a boat detailing and cleaning company specializing in servicing recreational fiberglass and aluminum watercraft.

This example can be a great reference for those planning to start a business related to housekeeping, cleaning, or maintenance.

7. UVM Sample Business Plan

If you are looking for a strategic business plan for a food business, the University of Vermont’s Fancy Foods Business Plan can be a guiding resource for you.

Despite the fact that it can be a good reference for detailed planning, it was written in 1998, so any statistics and numbers may not seem relevant to today’s market landscape. Make sure you keep that in mind.

You may closely follow this example as a reference if planning to start a food truck, restaurant, or any other business that serves food.

That was the list of best sample business plans for students. However, there’s more to talk about. You now have a business plan example, but what about pitching to investors? Let’s explore free pitch deck examples for students.

Free Pitch Deck Example for Students

Pitching to investors as a first-time founder can be exciting but also overwhelming at times. Worry not; we’ve got a solution—investor pitch templates. We’ve prepared a set of 8 investor pitch templates and examples for students and entrepreneurs to help create winning business pitches.

Whether you need a pitch to find an opportunity, ask for subject matter knowledge, or a problem-solving pitch, these investor pitch examples have got you covered. Download now.

How to write a winning plan for a business plan competition?

Creating a business plan is no different than creating one for a real business. Similar to how entrepreneurs prepare and present business plans to investors, Students in business plan competitions pitch to judges.

In short, the business planning process remains exactly the same. Let’s discuss how you can write a winning plan to help you win a business plan competition.

• Select a compelling business idea : everything starts with a compelling idea. Make sure you have a viable business idea to compete in the competition.
• Refer to winning business plan examples : Once you are sure about your business concept, refer to business plan examples from previous winners and how they planned the sections of their plan.
• Market Research & Industry Analysis : After referring to business plan examples, conduct industry research and market analysis to make your statistical and financial numbers accurate and realistic.
• Understand business model and revenue streams : Since you are preparing a business plan for a company that doesn’t exist, be sure about the business model and how the business will generate profit.
• Use AI business plan generator : Using an AI business plan generator like Upmetrics can be incredibly helpful in speeding up the business planning process. With industry-specific business plan templates and AI assistance to write your plan, you can write the first draft of your plan in literally no time.
• Presentation and visuals : Prepare visuals and graphs to make your business plan visually appealing and numbers digestible. You may not need to prepare these visuals if you use business plan software manually.
• Proofread and edit : Grammatical errors are the last thing judges want to see in a business plan. Make sure you proofread and edit your draft thoroughly before submitting it.

Easy as that, that’s the way to write a perfect business plan that can lead you to victory in any business plan competition on planet Earth. Let’s have a look at a real-life business and financial plan example.

Business and Financial Plan Example for Students

Having learned about business planning for students, let’s quickly discuss a coffee shop sample business plan and financial statements prepared using Upmetrics.

1. Executive Summary

The Cooper’s Cup will be a new cafe in Phoenix, Arizona. The 1,500 square foot café will be located in the newly constructed Market Square Plaza on the northeast corner of 135th Street and Mission Street. The anchor tenant, the Price Chopper grocery store, has already taken occupancy, and the excellent location brings more than 10,000 shoppers weekly.

The Cooper’s Cup, aptly named for the aromatic brown liquid that will fill the cup, fills the void of original cafes in the market and stands out from its corporate peers with its fast food concepts and prompt services. The Cooper’s Cup is the alternative to fast food/commercial/coffee shops and offers a much calmer, civilized gourmet coffee experience.

There are no televisions in the cafe, the background music is subtle, and work from local artists will hang on the walls. The restaurant is well-appointed, with overstuffed leather chairs and sofas in a library-like setting. The cafe is reminiscent of times gone by – yet is cutting edge technologically with WIFI and state-of-the-art espresso machines.

The Cooper’s Cup measures its financial success in terms of increased market share and earnings. This is a tremendous opportunity with a total local market of $54 million! The keys to success will be offering quality gourmet coffees, taking advantage of its small size, and relying on an outstanding barista staff.

To achieve these goals, the cafe will present some of the area’s finest gourmet beans from local distributors. Because of its small size, the restaurant can enjoy larger margins through lower overhead. The cafe will hand-select baristas and offer salaries comparable to the chains. The baristas will be trained to cross-sell and sell higher-margin products.

The primary objectives of the business plan for Cooper’s Cup are below:

• To increase revenues by $36,000 or 5% in Year 2 and $73,000 or 10% by Year 3
• Achieve a profit margin of 5.2% in Year 2 and 6.90% by Year 3
• Be the Cafe of Choice in the Phoenix area and the recipient of the Best Coffeehouse Award.

Guiding Principles

The Cooper’s Cup is committed to values such as excellence, passion, quality, integrity, and leadership, allowing them to navigate challenges and provide for future opportunities. These core beliefs start with their commitment to their products and their employees. Cooper’s Cup rewards excellence and cherishes loyalty. The cafe will work with its employees to build strong businesses and a secure future.

Mission statement

The Cooper’s Cup is committed to its products and employees, which they believe is the recipe for market success.

Key to success

The Cooper’s Cup stands out from the competition. Below are their Keys to Success:

• Great Products : providing exemplary products at market prices – will make customers want to return again and again.
• Hire Quality Baristas : Pay employees rates similar to the larger chains with opportunities for long-term careers and opportunities for advancement with long-term plans to open a second facility.
• Convert Customers to Connoisseurs : Only 40% of the nation’s coffee drinkers consume premium ground and whole bean coffee – this will aid in the continued growth.

Financial Summary

2. Business Overview

The Cooper’s Cup will be a coffee house/cafe located in Phoenix, Arizona. The cozy cafe will be located in the newly completed Market Square Plaza in the Arizona City area. The cafe will serve gourmet coffee, espresso, drip coffee, lattes, and smoothies. The simple pastry offerings may vary with seasonality, but the primary line will be muffins, bread, cookies, scones, and rolls. All pastries will be supplied daily by a local bakery.

The cafe will be owned and operated by Owen Jones, a veteran restaurateur with several years of experience running and managing chain restaurants. The cafe will be open for business Monday – Thursday 7-10, Fridays and Saturdays, 7-11, and closed Sundays.

The Cooper’s Cup will be formed as an S-Corporation owned by Mr. Doe.

Start-Up Summary

The Cooper’s Cup will have seating for 40 patrons. The rent is $2,075 a month, with a three-five-year lease available. The site comprises 1500 square feet of leased space consisting of a dining room, a coffee bar, two restrooms, and a storage room in the back.

This storefront needs to be plumbed and wired appropriately to be used as a restaurant. Painting, new floors, and countertops are also needed. A custom coffee bar needs to be built. With materials bought on sale and volunteer labor, the cost to renovate will be $71,725.

The coffeehouse equipment will consist of two commercial espresso machines, air pots and urns, a commercial blender, a commercial brewer, top-loading coffee bins, barista syrups, cold drink dispenser, frothing equipment, a commercial refrigerator, microwave, and stainless steel prep bar.

The cost of the equipment is $38,275. The furniture will consist of leather couches and chairs (purchased at auction), coffee tables, bookcases, and window treatments. The artwork will come from local artists and be sold on a consignment basis. The books were secured via donations. The total cost to furnish is $14,000. Other startup expenses will be dishes, furniture, rent deposit, and marketing.

Location and Facilities

The new coffeehouse is located in the highly desirable Phoenix, Arizona, area at the northeastern intersection of 135th Street and Mission Street in the Newmarket Square Plaza. The property is situated in an excellent location, with an easy 6-minute drive time to I-435 and 69 Highway. 

The property is 95% leased with Price Chopper as the Anchor Tenant. Other tenants include LifeSpring Med Spa, Jane’s Canines (Pet Store & Boarding), Pride Cleaners Kahn Dental, and Swim U. 

Price Chopper brings more than 10,000 shoppers per week to the center. The location comprises a population of 9,420 within a one-mile radius, 61,102 within a 2-mile radius, and 149,550 within a 5-mile radius – with a median household income of $120,856. Sprint / Nextel’s corporate office is within 2 miles of the site.

3. Market Analysis

Phoenix, Arizona, is an award-winning place to live and work and is considered the leading business community in the Midwest. National publications and organizations recognize Phoenix for its business environment and livability. Here’s a sampling: 6th Place, America’s Best Places to Live Money, Top 50 Cities to Live and Play, National Geographic Adventure, 3rd Hottest Town in the U.S., Money, Among 20 Best Places to Live & Work Employment Review, One of only 72 Sterling Tree Cities in the U.S., National Arbor Day Foundation, Top 10 best Locations to Raise a Family, Southern Business and Development, 1st Place, Kid Friendly Report Card, Population Connection, 2nd Best City in America to Live Business Development Outlook.

Phoenix is at the core of one of the most dynamic local markets in the U.S. It offers easy access to the Arizona City region’s amenities, and, as part of the Arizona City metropolitan area, it is within the most centrally located major market in the nation. I-35, I-435, I-635, and U.S. Highway 69 all pass through Phoenix, and no point in the city is more than 3.5 miles from a freeway. The city maintains an excellent arterial street network and plans to construct additional lane-miles as the area grows. Three airports serve the region. Arizona City International Airport (MCI) is just 25 interstate highway miles north of Phoenix. Johnson County Executive Airport—the second busiest in Arizona—provides complete services for private business jets and general aviation. New Century AirCenter, just 12 miles southwest of the city, offers available aviation services and accommodates cargo or passenger jets of any size.

Phoenix supplies some of the most highly educated workers in the nation, with 97% of Phoenix adults over age 25 holding at least a high school diploma. Johnson County, where Phoenix is located, ranks first among the country’s 231 counties with populations greater than 250,000. The county ranks sixth in the percentage of adults with at least a bachelor’s degree and 16th with a graduate or professional degree.

The Phoenix area has a population of 175,265, based on the 2010 census. The median household income is $77,881, and the median age is 37.9. (2010 U.S. Census)

Industry Analysis

The U.S. coffee shop industry includes about 20,000 stores with a combined annual revenue of about $10 billion. Major companies include Caribou Coffee, International Coffee & Tea (The Coffee Bean & Tea Leaf), Peet’s Coffee, and Starbucks. The industry is concentrated: the top 50 companies generate more than 70 percent of sales. Coffee shops are part of the specialty eatery industry, including retail outlets specializing in bagels, donuts, frozen yogurt, and ice cream products. (First Research)

Competitive Landscape

Consumer taste and personal income drive demand. The profitability of individual companies depends on the ability to secure prime locations, drive store traffic, and deliver high-quality products. Large companies have advantages in purchasing, finance, and marketing. Small companies can compete effectively by offering specialized products, serving a local market, or providing superior customer service. Specialty eateries, which include coffee shops, are labor-intensive: average annual revenue per worker is about $50,000. Coffee shops compete with convenience stores, gas stations, quick service, fast food restaurants, gourmet food shops, and donut shops. (First Research)

Market Size

The U.S. coffee shop industry includes about 20,000 stores with a combined annual revenue of about $10 billion. Major companies include Caribou Coffee, International Coffee & Tea (The Coffee Bean & Tea Leaf), Pet’s Coffee, and Starbucks. The industry is concentrated: the top 50 companies generate more than 70 percent of sales. (First Research)

Target Market and Segment Strategy

Most adult coffee drinkers said their lifelong habits began during their teenage years. 54% said they began drinking coffee between 13 and 19. Another 22% reported their coffee cravings started between 20 and 24. This means that 76% of adult coffee drinkers began drinking coffee by the time they were 24. So, despite a large amount of marketing and advertising directed at the younger age groups, savvy coffee shop owners will remember to cater some of their offerings to the adult and senior market. (National Coffee Drinking Study).

The Cooper’s Cup will offer a unique experience for coffee enthusiasts by providing a quiet, cozy, yet sophisticated cafe and a sense of refinement and peace in an otherwise hectic and fast-paced world. While other coffee shops cater to convenience with drive-throughs or loud music venues late into the night, the Cooper’s Cup will stand apart from its competitors with its quiet yet soothing ambiance, capturing a truly unique (and much-needed) market niche.

• Unique products (specialized roasts, local ingredients, locally-themed or named drinks, custom drinks by the star barista, etc.)
• Games, puzzles, mind benders, and other activities that encourage customers to linger over their coffee
• Hosting or sponsoring local events (entertainment, readings, book clubs, etc.)
• Using technology to creatively compete in marketing with big chains — services like FourSquare, Yelp, and Google Places can increase visibility in the local market.
• Delivering amazing service from knowledgeable baristas — spend lots of time training staff and utilizing online services like the American Coffee & Barista School.
• Selling coffee-related items (and tracking down any co-marketing opportunities with a local community college or another student-related group in the area)

4. Products and Services

Product/services descriptions.

The Cooper’s Cup’s primary offering is gourmet roasted coffees with mocha, carmelicious, white mocha, candy bar latte, and brewed coffee. Complementing the coffee will be a smoothie line including wild berry, strawberry, peach, mango, and lemonade. Rounding out the simple menu line will be pastries obtained from an outside supplier, freshly made and delivered daily. The pastry offerings may vary with seasonality, but the primary line will be muffins, bread, cookies, scones, and rolls.

Product/Service Sourcing

The Cooper’s Cup has negotiated supplier agreements with several local food-service wholesalers and coffee wholesalers in the Phoenix area that have a reputation for quality and reliability:

• Mean Beans Coffee Roasters
• Phoenix Brewers
• Healthy Harvest Bread Co.
• Mary’s Organics

If one of the abovementioned specialty suppliers cannot meet their needs, the following national suppliers can provide all the food-service products they require. In addition, the following wholesalers will supply the cafe with general restaurant supplies:

• Lawrence Food Products Corp.
• Gerry Food Supply Inc.

Future Products/Services

Young families, which comprise Phoenix’s third largest market share, are often overlooked in the coffee market. Coffeehouses traditionally have not been considered ‘kid’ friendly. To overcome this hurdle, Cooper’s Cup has long-term plans (5 years) to open a 2nd coffee shop: A combination indoor play area/coffee bar. This concept allows parents and caregivers to meet and relax with other adults while the children can enjoy the indoor playground amenities.

Additional future services will include in-store sales for home purchases and an online store.

The website will have the option to purchase a prepaid gift card program – Prepaid gift cards provide immediate cash, reduce credit card transaction charges, and draw new customers to the business.

5. Sales and Marketing Strategies

Swot analysis.

Unique Selling Proposition

The Cooper’s Cup stands out from a crowded sea of coffee chains and franchises. What sets it apart from the competition is primarily its smaller, cozier size combined with premium coffees served by knowledgeable baristas, providing so much energy and enthusiasm for its products.

Market Strategy and Positioning

The Cooper’s Cup utilizes a focus strategy on its Market. By specifically targeting three primary segments, they can cater specifically to their needs.

Senior Market (age 45+)

The Cooper’s Cup will target this Market simply by its well-selected location. Although this demographic group could readily drive downtown, they prefer a local cafe to unwind and relax and historically become some of the most loyal patrons.

Newly Hired Employees

The cafe will attract regular customers (weekly or more) – particularly the newly employed (first job) by providing free WIFI services and providing interesting games in the customer area.

Young Families

The third targeted Market, younger families, often find that coffeehouse is not ‘kid’ friendly. The company has long-term plans to create a combination coffee shop/play area so that parents and caregivers can meet with other adults while the children can enjoy the bounce houses, slides, and indoor playground equipment.

Pricing Strategy

The Cooper’s Cup primarily utilizes competition-based pricing. The cafe does not utilize coupons and discounts (other than opening promotions) because they believe that the most valuable customer demographic of daily coffee consumers is not influenced by discount programs or coupons.

Promotion and Advertising Strategy

• Online Advertising – The Cooper’s Cup will advertise regularly on popular social media sites like Facebook. Compared to traditional print advertising, this is a cost-effective tactic that will allow them to reach prospects in a highly targeted way (e.g., based on criteria such as age, gender, geography, etc.).
• Website – Cooper’s Cup will develop a simple Web site, which will provide basic information about the business, the menu, and links to their presence on the aforementioned social media channels.
• Radio Advertising – During the first six months of operation and the busy holiday shopping season, the business will advertise on local radio stations.

Sales Strategy

The Cooper’s Cup will use the following methods to increase sales revenue (as recommended by Andrew Hetzel on Better Coffee, Better Business):

• The menu will focus on the most profitable products sold. The cafe will always draw customer attention to the best products.
• As warranted, the cafe will raise prices to bolster its brand image. Prices communicate the perceived value of a product, so if set too low, the customers might assume that the beverages are inferior compared to the competition.
• Monitor flavoring inventory – Excess flavoring inventory ties up capital and valuable backroom space for storage. The cafe will utilize 4-6 varieties, including sugar-free offerings.
• Control waste and theft – audit sales and inventory reports to evaluate ingredient waste due to inefficient preparation, returned drinks, and employee consumption. Retail locations can easily waste 20% or more of their daily sales in these three key categories, which is a substantial and unnecessary loss.
• Monitor and evaluate hours of operation.
• Run employee sales contests – The baristas are the salespeople and have great influence over the customer ordering process. All baristas will have some form of sales and customer service training to make each transaction active rather than passive. Sales contests will emphasize high-margin items or cross-selling.

6. Operations Plan

Staffing and training.

An ongoing training and education program will ensure that each staff member learns and implements Cooper’s Cup’s exacting service and operational procedures standards. Staff meetings will reinforce service standards and principles. The Cafe will have detailed work descriptions and training programs for each position, from entry-level employees to the ongoing development of managers and owners. New employees will undergo an extensive training program. This ensures that each guest receives a quality experience from all employees, regardless of how long they have been employed. The Cafe embraces the concept of promoting from within. Excellence in one function typically leads to excellence in another. Regular staff evaluations and training will ensure motivation and address critical issues.

Inventory controls

The founder will be responsible for hiring and training managers who, in turn, will ensure that the day-to-day operations will comply with the standards set by Restaurant policy. Weekly management meetings will provide a forum to review and discuss financial and operational performance. Critical decisions related to purchasing, human resources, marketing, capital expenditures, and customer service will also be addressed.

Purchasing cost controls

Food preparation personnel will follow standardized recipes developed by the founders to control food costs and ensure consistency. The coffee shop will offer an innovative menu with nutritious food and beverages while achieving the most significant margin yield.

Customer Service

The hospitality business recognizes the client’s support experience is the critical driver to replicate business. The direction will Offer a superior degree of Professionalism by hiring individuals who deliver the ideal attitude to work and teaching them the skills required to accommodate guests. The restaurant will keep high levels of consumer satisfaction with talented, educated, and well-trained workers who understand and implement the fundamentals of fantastic service. Ongoing training will be provided to enable staff to perform their jobs with confidence and ability. Employees are well-spoken, well-versed, and trained to provide friendly, prompt, and professional service to each customer. This practice teaches employees who, by producing an exceptional customer experience, can optimize sales and raise their reimbursement. The team will have the knowledge and service required to create excellent daily service for every customer.

Technology & Software

While the quality of the cuisine and dining experience contributes significantly to a restaurant’s profitability, attention to business and financial details can transform small changes into significant returns. Critical sales, cost of sales, labor, inventory, marketing, and overhead metrics are monitored daily. Trends are evaluated, and constructive actions will be taken where improvement is needed. The management team will have access to the restaurant’s transactions and reports available in its real-time POS (point of sale) and accounting systems. Trends will be evaluated, and corrective action will be implemented as required.

7. Organization Structure

The Cooper’s Cup is formed as an S-Corporation wholly owned by John Doe.

Management Team

The Cooper’s Cup will be owned 100% by John Doe. Mr. Doe, a graduate of Arizona State University, has an undergraduate degree in business administration. During high school, he worked as a waiter in a local hospital coffee shop that purchased its beans from a local roaster. In addition to being an avid coffee drinker, this job allowed him to learn about the business first-hand. In college, Doe worked in a campus coffeehouse for four years, eventually becoming an assistant manager. Following graduation, Doe secured a business development position for a regional restaurant chain, which provided additional first-hand exposure to the food and beverage industry—especially the steps involved in establishing new locations.

Management Team Gaps

The Cooper’s Cup will rely on its POS (Point of Sale) system to generate daily accounting and cost activity reports. Mr. Doe will supply these to an outside bookkeeper for the preparation of annual income taxes.

Personnel Plan

Initially, the cafe will hire 1 manager, 5 baristas, and 2 part-time servers. In Year 2, the cafe plans to hire 1 additional full-time barista.

8. Financial Plan

Important assumptions.

• The sales forecast is conservative and assumes a 5% increase in Year 2 and a 10% in Year 3.
• The analysis accounts for economic seasonality – wherein some month’s revenues peak (such as holidays ) and wane in slower months.
• The analysis assumes the owner will not withdraw any salary till the 3rd year; at any time it is assumed that the owner’s withdrawal is available at his discretion.
• Sales are cash basis – nonaccrual accounting
• Moderate ramp-up in staff over the 5 years forecast
• Barista’s salary in the forecast is $36,000 in 2023.
• In general, most cafes have an 85% gross profit margin
• In general, most cafes have a 3% net profit margin

Projected Balance Sheet

Projected Cash-Flow Statement

Projected Profit & Loss Statement

Break Even Analysis

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Frequently Asked Questions

How do you write a business plan for a college project.

As mentioned earlier in the article, business planning for a college project or competition is no different than for a real business. You can write your business plan using these step-by-step instructions.

• Select a compelling business idea
• Refer to business plan examples
• Prepare a business plan outline
• Create a company description section
• Conduct market research and industry analysis
• Describe your product and services
• Outline sales and marketing strategies
• Create an operations plan
• Introduce management team
• Prepare financial projections
• Summarize your plan with an executive summary

What is a business plan for students?

A business plan is a necessary business document that highlights its purpose,  business goals, product/service offerings, go-to marketing strategies, operations and financial plan, key people involved in the business operations, and other necessary details.

As a student, consider a business plan example as a document that helps you better understand business and industry dynamics and learn how a business operates inside out.

What is a business plan competition for students?

Business plan competitions are competitions mostly organized by universities for students passionate about entrepreneurship and the business world. These competitions offer students a platform to showcase their entrepreneurial skills while also providing opportunities for mentorship and networking.

How can I increase my chances of winning a business plan competition?

There cannot be a straightforward answer to this question, but there’s surely a method that can increase your chances of winning a competition—Using AI-powered business plan software.

Why? An AI tool will make you 10X more productive while writing a business plan and preparing financial forecasts. So you can spend more time researching the market and brainstorming business ideas.

Where can I find more business plan examples for students?

Upmetrics’ library of 400+ business plan examples could be an incredible source for students to find more industry-specific business plan examples. There are examples for almost every small business category, including real estate, retail, entertainment and media, food & beverages, and more.

About the Author

Ajay is a SaaS writer and personal finance blogger who has been active in the space for over three years, writing about startups, business planning, budgeting, credit cards, and other topics related to personal finance. If not writing, he’s probably having a power nap. Read more

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By: Author Amanda L. Grossman

Posted on Last updated: December 14, 2022

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Need free entrepreneurship curriculum, lesson plans, and projects? Here's entrepreneur lesson plans for high school, middle school, and elementary.

So, you’re looking for entrepreneur lesson plans to help turn your kids or students into the innovators of tomorrow.

And not just to make them into entrepreneurs, but to benefit your kids and students with the following results of teaching entrepreneurship :

• Improved academic performance
• Increased problem-solving and decision-making capabilities
• Improved interpersonal relationships
• Higher self-esteem

But, exactly how are you supposed to teach entrepreneurship?

Entrepreneurs, among other qualities, need to be able to recognize opportunities in the marketplace. This means finding a need, and figuring out how to solve that need in a profitable way.

This can be as simple as a kidpreneur/kidpreneurship (or kidpreneur-in-the-making) opening a lemonade stand on a smoldering July day near a construction site, and as complicated as creating a machine knob specifically for tea growers in Japan.

And having this ability doesn't have to result in a person starting their own business; it works equally as well for your child if they work for someone else in the form of more merit raises, one-time bonuses for one-off projects, promotions, leverage in salary negotiations, etc.

In fact, the skill of recognizing an opportunity, and seizing it by writing my own job description resulted in me snagging my first job out of college (worth an awesome $40,000 + benefits to me at the time). More on that in a bit.

What are the other skills a child needs to learn to help them as an entrepreneur?

Psst: you'll also want to check out my resource list of youth entrepreneurship programs , entrepreneur biographies for kids , kid entrepreneur kits , and full review of the Teen Entrepreneur Toolbox . 

Article Content

How Do You Teach Entrepreneurship?

Teaching entrepreneurship is a bit trickier than, say, teaching algebra. With algebra, the equations come out with the same solutions, every time. But with entrepreneurship?

There are an endless number of variables that go into it, and an endless number of outcomes that can come out of it.

How are you supposed to teach for that?

One of the best ways to teach entrepreneurship is to choose entrepreneurial projects, activities, and lesson plans that aim at nurturing these entrepreneur skills:

• Ability to identify opportunities
• Self confidence
• At least basic knowledge of business finances/financial literacy
• Knows how to take measured risk
• Vision and creativity

Elementary School Entrepreneurship Curriculum

Excited to start teaching your elementary school-aged kids about entrepreneurship? Let me share some entrepreneurship lesson plans, resources, and curriculum with you.

Also, check out these 3 kid business plan examples .

1. Venture Lab

Who It’s For : Grades 1-12

Financial Aid : ( Free for non-commercial use ) Curriculum that organizations can purchase to use with students

Length of Program : 90-minute lessons

Location : N/A

Venture Lab offers a curriculum suited for 1st – 12th graders (curriculum is divided into lower elementary, upper elementary, and middle school/high school.) This is a course in a box with all of the lesson plans already completed and is meant to be utilized as part of regular coursework, after school programs, or camps.

Its focus is on teaching girls components of entrepreneurship such as STEAM concepts and design thinking.

2. Money Monsters Start their Own Business

Who It’s For : 4th – 8th grade

Students will read through the Money Monsters Start their Own Business book (PDF provided – 51 pages), and then play a game that has them experience the ups and downs of starting a business.

I love how a Toy Store Income Tracker is included so that each student can track their own earnings and see the numbers for themselves.

Psst: you'll also want to check out Federal Reserve Bank's webinar on teaching kids entrepreneurship , which will give you some lesson plan ideas. 

Starting a Business Lesson Plans for Middle School

Do you want to teach your middle school kid (or student) how to start a business, and you need a lesson plan? I’ve actually created a Take Your Child to Work Day printable which will give you lots of ideas for your starting a business lesson plan.

More middle school business lesson plans for how to start a business (all free):

• Federal Reserve Bank's Jay Starts a Business (Grades 3-6; comes with teacher's manual with lesson plans)
• Free Kid Business Plan Templates
• Biz Kid’s Crash Course on Entrepreneurship for Middle School
• EverFI’s Venture Entrepreneurial Expedition (for grades 7-10).
• Small Business Administration’s Young Entrepreneurs course
• Foundation for Economic Education’s Booms and Busts , What is Entrepreneurship? , What is the Entrepreneur’s Role in Creating Value? , etc. (students can earn a Certificate of Achievement)
• TeenBusiness’s Entrepreneur Lesson Videos series
• Parade of Entrepreneurs Lesson Plan
• Lemonade Stand Worksheets , and my best Lemonade Stand Ideas

Psst: Try holding a market day in your class. Here are 22 things for kids to make and sell , 17 boy crafts to sell , and help pricing their products in this market day lesson plan .

Teaching Entrepreneurship to High School Students – Free Entrepreneurship Curriculum

There are some great curriculum and materials out there for teaching entrepreneurship in high school, many of which include entrepreneur worksheets for students.

Psst: you also might want to check out these 5 business books for teens , and 11 business games for students .

1. Alison’s Entrepreneurial Skills Path

Who It’s For : Business students, and people interested in learning about creating a business

Financial Aid : Free

Length of Program : 6 lessons, each between 1 and 3 hours

Alison is a free, online platform with tons of courses, and one of the paths you can go down is an entrepreneurial skills one.

Teachers of the courses include venture capitalists, professors at Harvard, and professional entrepreneurs.

Lessons include:

• Characteristics of the Successful Entrepreneur
• Critical Skills for Entrepreneurs
• Creating an Entrepreneur’s Checklist for Success
• Entrepreneurship – Creating the Business
• Key Elements of Entrepreneurial Success
• Why Entrepreneurs Should Think Big

2. Youth Entrepreneurs

Who It’s For : Students

Financial Aid : Schools pay for this program, with the cost based on how many students get free and reduced lunches

Length of Program : 1 year

With this program, students first focus on economics, then they focus on starting their own businesses.

3. Diamond Challenge Business Curriculum

Who It’s For : Kids and teens

Length of Program : 14 modules

Looking for a video business curriculum with instructional guides? The Diamond Challenge’s program covers the following:

• What is Entrepreneurship?
• Opportunity Recognition
• Opportunity Screening
• Types of Businesses
• Building a Business like a Scientist
• Using a Business Model Canvas

They also offer a Social Curriculum track that’s 6 video modules long, including:

• What is Social Entrepreneurship?
• Wicked Problems and Grand Challenges
• Social Entrepreneurship Processes and Challenges

4. INCubateredu

Who It’s For : 10th and 12th graders

Financial Aid : Free (at schools where it’s available)

Length of Program : 1 year (followed by acceleratoredu for the 2nd year)

Through Uncharted Learning’s program, 10 th to 12 th graders develop their own business, pitch their idea ta a shark-tank style event, and even have a chance at receiving funding.

5. JA BE Entrepreneurial®

Who It’s For : Grades 9-12

Financial Aid : Free for students

Length of Program : 7, 45-minute sessions

Location : Anywhere

Through your child’s school, they can take Junior Achievement’s Entrepreneurial program. The course teaches students how to create a business plan, plus how to start a venture.

Lessons covered include:

• What’s My Business?
• Who’s My Customer?
• What’s My Advantage?
• Competitive Advantages
• Ethics are Good for Business
• The Business Plan

6. JA Company Program Blended Model

Length of Program : 13 classes (2 hours/class), or as a 1-year program with 26 classes (1 hour/class)

Location : Anywhere (online course)

This is an online program that teaches high schoolers how to solve a problem/fill a need in their community through entrepreneurship.

• Start a Business
• Vet the Venture
• Create a Structure
• Launch the Business!
• Run the Business

7. The Mint's Be Your Own Boss

Who It’s For : Teens

Length of Program : 3 lessons

Starting with the Be Your Own Boss Challenge , The Mint takes your teen through the following three lesson:

• Planning Your Business
• Money & Your Business
• The Law & Your Business

8. Wharton High School's Entrepreneurship

Who It’s For : High School students

Length of Program : 50+ lesson plans

These lesson plans go through the following:

• Entrepreneurs and Entrepreneurial Opportunities
• Global Markets
• Business Plans

9. YE$ Youth Entrepreneurship

Who It's for : high school students

Cost : Free

Location : Anywhere (it's a PDF)

Here's a free PDF with tons of entrepreneur lesson plans and research done for educators, that is meant to go along with a 4-H program. You'll find some nuggets in here, plus, it's free!

Now let’s take a look at entrepreneurial projects that can teach your kids and teens all about starting a business with hands-on experiences.

10. Build a Business Plan

Who It's For : Middle School and High School

Location : Anywhere (online)

Check out this plug n' play business plan creator! You could send your students to this page to work through a business idea of theirs.

Then, at the end, they can print out their business plan!

Questions they'll need to answer include:

• Your big idea
• Who will buy
• How you'll spend and make money

Entrepreneur Worksheets for Students

While I would recommend taking on one of the projects below, or one of the hands-on lesson plans from above, there are also entrepreneur worksheets students can use to learn about businesses.

Here's a few of my favorites (all free):

• Lemonade Stand Free Printables (here's my best lemonade stand ideas , too)
• Lemonade Stand Worksheets
• Family Guide to Getting a Family Business Going (kid-centered)
• Small Business Administration's Lean Startup Business Plan
• Take your students through the DECA Idea Challenge (you'll need to pick your own everyday item to challenge students with, as the competition has ended for the year)
• Take your students through the DECA Entrepreneur of Tomorrow Challenge (again, the competition is over, but the PDF is still available for you to set up your own)

Psst: you might want to check out my review on the Teen Entrepreneur Toolbox .

2 Entrepreneurial Projects – What is an Entrepreneurial Project?

Entrepreneurial projects are a smart way to teach entrepreneurship to kids, because, as with any project, it gives them a chance to dive deeper into a topic that interest them (all under the guise of teaching them how to start and run a business).

Entrepreneur Project #1: Winter Beverage Outdoor Tasting Contest

It’s soooooo easy to sit inside all winter long and slowly accumulate cabin fever (plus a few pounds). That's why you've got to look for fun things to do in the winter.

Well today? We’re going to switch things up. I’ve created a family date night for you ( family winter activities !) that has both an indoor AND an outdoor component.

But don’t worry – with this fun winter activity we’ll keep things toasty throughout.

So, what’s the game plan? Each of your kid(dos) will make (rather,  create ) a warm winter beverage recipe  indoors . Then here's the twist: you’re going to host a family taste testing contest around your fire pit in the backyard.

Not only will this make a fun family memory, but your kid(dos) will actually walk away with more money knowledge in the process centered around the all-important lesson of how to make a profit!

Psst: Now that’s a money lesson I could have used as a kid, specifically as I’ve gone into biz for myself as an adult.

Host a Winter Beverage Outdoor Taste Testing

Finding fun things to do in the winter doesn't have to mean you're freezing your tootsies off. There's nothing better to keep you warm outdoors in the wintertime than a toasty drink. Well, a toasty drink around a roaring fire.

Here’s how it’s going down:

Step #1: Choose an Event Date

Build the anticipation for your family by choosing a date 1 to 2 weeks out (so that there’s time for you guys to complete the rest of the prep work).

Fill out the invitation on Page 1 of the free printable, and display prominently on your family’s bulletin board/gathering center in the kitchen so everyone knows the date of the big event.

Set the stage for the competition by having your family read their mission out loud. Other cool factors you can add in: make it a Friday or Saturday family date night, under the stars. Let the kids stay up a little past bedtime to complete.

Step #2: Your Kid(dos) Research Hot Drink Ideas to Enter into the Competition

Your kids are the ones entering the competition. They’ll be in the driver seat of actually creating their own recipe from scratch (with some inspiration from below).

There are lots of toasty, kid-friendly drink recipe ideas to get them started:

• Hot caramel apple cider
• Vanilla steamer with cinnamon
• Harry Potter Warm Butterbeer

They’ll get lots of help not only from looking up recipe examples on sites like Pinterest, but also from the worksheet in the free printable (Page 2).

Step #3: Shop for the Ingredients

Once your budding restaurant consultant has determined possible ingredients they’ll need for their signature drink, they’ll need you, Mama Bear, to purchase them.

Take the list your kid(dos) have created and go to the store (solo, or with them) to make the purchases.

Having trouble coming up with a pool of possible ingredients to buy? Use the lists below for inspiration of what to pick up (a few of these ingredients you probably already have at home) and let your kids create what they can from it:

• Bases : hot cocoa, apple cider, chai tea, milk
• Flavors : cinnamon, nutmeg, vanilla extract, flavor syrups
• Sweeteners : sugar, brown sugar, caramel
• Creamers : milk, half & half, almond milk, heavy cream, etc.
• Top-offs : whipped cream, caramel sauce, orange peels for zesting

Save your store receipt, as your kid(dos) will need this information to price their drinks later on.

Step #4: Your Kid(dos) Tinker + Perfect their Drink

Using the purchased ingredients as well as anything in your home they can find, host a kitchen lab session where your kid(dos) tinker with ingredients and perfect their super-secret, signature recipes (talk about fun things to do in the winter inside!).

They’ll write down the exact portion sizes to each ingredient that they use as they go along, which is important for the next step.

Step #5: Your Kid(dos) Figure Out the Profit Margin of their Signature Drink

Remember, the goal is to create a new drink for this restaurant that not only costs less than $5, but has at least a 60% profit margin for the owner.

Ahem: between you and me, that means their cost needs to come in under $2.00.

So, as your kid tinkers with ingredients, they need to keep price in mind.

Note: this step can seem a bit unwieldy, but is SO important for the whole process. Just know – I’m outlining both how to do this all by hand, as well as giving you shortcuts to online calculators where your kid(dos) will still learn the process by setting up the inputs and thinking through how it all fits together.

Of course, we’re not talking about the cost of the entire ingredient that you’ve purchased. After all, it’s unlikely they’ll use an entire carton of milk to create one drink. We’re talking about the small portion size that they used of the product.

In other words, they’re not going to get the cost of a single drink they’ve created from your grocery store receipt as it is now. They need to do some calculating based on the measurements of each ingredient that goes into each drink.

You need to know how much it costs to create just ONE of your super-secret signature drinks so that you can calculate the profit margin.

What’s a profit margin? It’s the percentage of what you keep as profit from each $1.00. For example, a 20% profit margin means that we earn $0.20 on every dollar. That means that the other 80% or $0.80 are expenses. Remember that Jack, the man from The Yeti Slide, needs a 60% profit margin, or $0.60 on each dollar in profit after expenses are taken out.

Step #1: Write down your ingredients + quantities.

Step #2: Convert each quantity in your recipe to the quantity on the product label.

Divide your ingredients up by dry ones (like cocoa powder), and wet ones (like heavy cream or vanilla extract).

Then use the appropriate table below to convert the amount in your recipe to the amount that’s found on the ingredient’s product label (front of package).

For example, if you used 3 teaspoons of cocoa powder (dry ingredient), then your conversion is to a ½ ounce (the cocoa powder can is in ounces). Or if you used 2 tablespoons of almond milk, you find on the Wet Conversion table that you used 1 fl. Oz. (the almond milk carton is in Fl. Oz.).

Hint: Can’t find the conversion or a little confused? You can plug the exact quantity of your ingredients into  this liquid converter  or  this dry converter calculator  online and convert it into the measurement found on your product label).

Conversion tables:

Dry Conversions

Liquid Conversions:

Step #3: Calculate the cost of each quantity of ingredient used.

Now you need to price each converted quantity of ingredient by figuring out how much each ounce or fluid ounce costs, and then multiplying it by the amount you’ve used.

Hint: A good estimate to use for dashes of spices such as cinnamon or nutmeg is $0.05.

• Write down the overall price of each ingredient used.
• Write down the converted amount you used of it.
• Divide the total amount in the product package by its price to find what each ounce or fluid ounce costs.
• Then multiply that by the converted amount you used.
• Write down the cost. Then add all of the individual ingredient costs to get your total expense to create the drink.

Example: I used 1 tablespoon (tbsp.) of heavy cream. One 8 fl. oz. container of heavy cream at the store costs $2.99. That is $0.37/ounce. I look at the conversion chart below, and see that 1 tbsp. converts to ½ ounce. So, I divide $0.37/2 ounces, and see that this ingredient for just one drink costs $0.186 (you can round up to $0.19).

Ingredient Cost:   $2.99 _ Converted Amount Used:  ½ fl. Oz.  Total Product Amount:  8 fl. Oz.   Cost per ounce:  _$0.37/fl. Oz.  Cost of Ingredient Used:  $0.37 X ½ = $0.186 .

Looking for a shortcut?  Here’s a free online tool for pricing out beverages . You’ll need the converted amounts.

Step #4: Calculate Your Profit Margin

Figure out how high your profit margin is if you sell the drink for $5.00.

Profit on Drink: $5.00 –  total drink cost  = _ $ _________.

Profit Per Dollar:  Your answer from above  \  Cost drink is sold for ($5.00)  =  $ Profit

Profit Margin:  $ Profit  X 100 =  Profit Margin%

Step #6: Taste Judging Begins

By now you’ve set the scene for some fun things to do in the winter outdoors – think a crackling bonfire out in the backyard (or in your fire pit. Heck, you can de-hibernate the grill for some winter outdoor cooking/heating), plus a table/flat surface where your kids can place their super-secret signature creations.

Bust out some blankets, cover straw bales with table cloths…you get the idea. (And if you’re in Houston like we are? Well, a hoodie should suffice).

Have your kid(dos) place their drinks on the tasting mat, as well as fill in how much their drink costs and what the profit margin is (all calculations they’ll be guided through on the free printable).

Now they get to take a break, while the parents taste + score each one!

Included in the printable are both a tasting mat as well as a score card with specific criteria, such as inventiveness, taste, and profit margin.

Step #7: Declare the Winners

There are winners in a variety of categories, and then an overall drink that is chosen for The Yeti Slide's Yeti Roasts:

• Most Inventive
• Best Money-Maker
• Newest Yeti Slide Signature Drink

Looking for fun things to do in the winter? This two-part activity for your child that will leave them understanding profit margins like a pro, plus give your family an awesome family date night under the stars on a winter evening when you might otherwise be watching tv.

What could be better than that? If nothing else, you’ll have created quite the memory.

Entrepreneur Project #2: A System for Your Child to Identify a Need in Your Home + Propose a Solution

We want to encourage your child to come to you with things they see that could use improvement, and ways they could add value or provide a solution for you.

Let's go through how to do this.

Step #1 : Discuss with your child the idea that people need things + services.

Here's a conversation outline for you with a few blanks to fill in (where underlined) :

“People need things and services in their lives. They need things to maintain their health, they need things to make life more enjoyable. They need parts to make repairs to their belongings. They need really cool items to buy as gifts for others. They need better systems or processes to make things work more efficiently, which just means taking less time and less money and getting the same (or better) results. All over the world, people need things. In my own life, three needs that I've satisfied through purchasing something include  X ,  Y , and  Z . By purchasing them, they made my life easier because  <<FILL IN SPECIFIC INFORMATION FOR EACH EXAMPLE YOU GAVE>> . Generally, when people need something, they are willing to pay money for the solution. That's why there are so many companies, all which provide products + solutions for people's needs.”

Pssst: MAN I wish I could go back 17 years and give myself this talk! Would've saved me several adult years of banging my head against the wall trying to understand how to make money.

Step #2 : Task your child with identifying a need around the house/property/car.

What could this look like?

A Few Examples for you + your kiddo :

• Find a more efficient way to organize the “command center” in your home.
• Use Google Maps or another program to find a more efficient route for your commute.
• Organize the wood pile + create newspaper logs that are fireplace-ready.
• Find a better way to organize/clean/maintain the video game center in your home.
• Clean out your car (I used to do this for my parents!) + add a car trash can to the back area so that in the future the kids can just use that instead of throwing things on the ground.
• Introduce a better laundry system for the family's clothes so that they actually  all  end up in the laundry room, sorted, and ready to be washed.

The possibilities are endless, and specific to what needs your child sees in your family life.

Step #3 : Once they've identified a need and come to you with it, you must decide if it's worth it to you to move forward. Don't be afraid if, after they've told you a need they  think  you have but that you don't  actually  have, to tell them that it isn't a current need of yours. Hey, the road to success is paved with failed products! This is excellent feedback so that they start to understand their “customer” and dig deeper. Perhaps they'll even start to ask YOU what you want from them!

Step #4 : What are both of your expectations for this job so that you know when the job is completed correctly?

Let them tell you what they propose to accomplish and what that would look like.

Then you share what you, as a paying customer, expect in results. Hash this out if need be (just like a real negotiation between a biz and their potential client).

This includes a deadline.

Step #5 : Now you need to ask them for a price.

I know, I know. You might be wondering, “why on earth am I going to let my child choose how much I'm willing to pay them for something they want to do around the house? Isn't it MY money?”

I totally get that. But remember that the nature of this lesson is to ignite that entrepreneurial spirit in them. Instead of you offering what you're willing to pay, have them go through the exercise of pricing their efforts. Then the negotiations start.

This sets them up for good negotiation + valuation skills in the future.

Determine the market price you'll pay, which is where their price (the supplier) and your price (based on how much you need what they're offering + a dash of several other things) meets. $__________.

Step #6 : Your child completes the work + notifies you.

Step #7 : Using the checklist you both created, provide oversight and see if everything is as it was supposed to be.

Step #8 : Pay the agreed upon rate once everything is up to par. And if they don't quite complete the project + deliver what they promised, it's up to you whether you want to make a partial payment, or not pay at all (satisfaction guaranteed could be added to this lesson as well).

If your child makes it through this process, then they will have successfully figured out a “market” need, fulfilled it, and gotten paid from their initiative. This is something that will no doubt shape their futures.

And if they don't quite succeed? Well the lessons are vast for all entrepreneurs as they traverse through the mistakes, failures, and successes.

It's really a win-win situation.

Let me show you what I mean, with an example in my own life.

How I Used this Skill Set to Write My Own First Job Offer Worth $40,000 + Benefits

While some of my dorm mates were floundering around trying to find employment, I was busy enjoying my last two months of college before entering the “real world”.

Why is that? Because I had a job waiting for me. And the only reason why I had that job was I spotted a need in a local company, and wrote my way into it.

I had interned for an organization in my small college town, and they ended up building a start-up company set to open its doors sometime around when I was due to graduate. One day I asked them if I could have a full-time job there come June. The director looked at me, and said, “go ahead and write up a job description of what you propose you would do here. Then we'll see.”

So I went back to my college dorm and worked on a job description. I thought about what the company was trying to achieve, and tied this into what I wanted to do with my life (at least what I thought I wanted to do at the time).

I wish I had saved a copy of the actual job description, but my sharp memory tells me it went something like this:

“Amanda L. Grossman will be the International Marketing & Sales contact at Chesapeake Fields. The International Marketing & Sales Person is responsible for researching new markets around the world where Chesapeake Fields' products would be well received. Primary responsibilities include understanding these markets, making contact with potential wholesalers and distributors, sending samples, and being the brand ambassador for Chesapeake Fields within these markets.”

With one minor change − they put sales in front of marketing in my job title − I got an offer from them for $40,000 + benefits to do just that. Within the one year I worked there, I ended up negotiating an initial container load of $27,000 worth of our product to a major food retailer in Taiwan.

Unfortunately, my job AND that company went under not long after my first and only year there. But writing my way into a company right out of college based on a need I saw that I could fill? Well that was enough to impress future employers who then hired me.

See how lucrative learning this skill could be for your child? I'd love to hear below what needs (perceived or actual ones) your child comes up with to fulfill.

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Amanda L. Grossman

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Thursday 8th of June 2017

Uh, I totally love this post! My hubby and I are both entrepreneurs and want to instill the same in our children... definitely going to use these tips!!

Friday 9th of June 2017

*Squee*! Thanks, Lauren. I'd love to hear what your kiddos come up with:).

Teaching Entrepreneurship

Experiences teach skills..

Top 5 Free Entrepreneurship Lesson Plans

April 15, 2021 doan winkel comments 1 comment.

The article below represents our top exercises from 2021 for lesson plans. For our 2022 list, check out this article .

“Your posts help me keep my students engaged – they and I thank you!” – ExEC Curriculum Professor

Based on the popularity of our 2018 Top 5 Lesson Plans article , we’ve updated our list based on feedback from our fast-growing community of now 4,600-strong entrepreneurship instructors.

The following are all lesson plans we’ve designed to transform your students’ experience as they learn how to generate ideas, interview customers, prototype and validate solutions.

5. Idea Generation vs. Problem Generation

Many of our students believe an idea is the heart of entrepreneurship. In this lesson , we shatter that assumption and replace it with an appropriate focus on customer problems .

We want your students to develop ideas that are more feasible, impactful, and creative.

After this lesson, your students’ ideas will be:

• More feasible because they’re focusing on serving people they care about.
• More impactful because they’re paying more attention to problems than they are products.
• More creative because they’ll use those problems as inspiration.

View Idea Generation vs. Problem Generation Lesson Plan

4. Personal Business Plan

In this exercise , shared with us by Rebeca Hwang from Stanford University, students create a business plan about themselves. Students approach themselves as a company and apply the tools they learned during their entrepreneurship course to understand how they add value to the world.

Students answer questions about their future vision and about their present plans and passions. One of our professor’s favorite components of this exercise is that students choose who grades their personal business plan (and that our colleagues at Stanford provide a very robust rubric)!

Through this exercise, students:

• Learn to see themselves as a company,
• Learn they must continuously invest in and develop a plan for their future,
• Embrace the tools and methodologies they learned in the course because they are applying them to their future,
• Understand learning is meaningful when applied to a personal context

View Why Business Plans Fail Lesson Plan

3. Teaching Customer Interviewing

We consistently hear from faculty that teaching customer interviewing is their biggest challenge. In this lesson plan students use a combination of ExEC Customer Interviewing Playing Cards, with an online collaborative quiz game (Kahoot), to learn:

• What their problem interviewing goals should be and should not be
• What questions they should and should not ask

Students then get an interview script template they can use as the basis for their problem discovery interviews.

This exercise teaches your students:

• What objectives they should and should not attempt to accomplish during a problem discovery interview and why,
• What questions they should and shouldn’t ask during a customer discovery interview and why,
• What a comprehensive interview script book looks like

View Customer Interviewing Cards Lesson Plan

2. 60 Minute MVP

One of our most popular lesson plans is the 60 Minute MVP . During this class, students launch an MVP website, with an animated video and a way to take pre-orders, in an hour with no prior coding experience. One of our professors told us after running this exercise:

“One student described it as like a Navy Seal mental training exercise. Not sure it was that intense, but they were amazed and proud that they got it done.”

Your students will  love this class period; they progress from the anxiety of the challenge confronting them (build a website in 60 minutes) to the elation of their journey (launching a website they built in 60 minutes). This exercise creates tremendous energy in your classroom. Students create something real.

On the lesson plan page you can view an example video students created in about 20 minutes, built around actual customer problem interviews:

You can also view a great example of a website built in just 60 minutes:

Some critical learnings for your students are the true meaning of Minimum Viable Product (MVP), that it’s easier to launch a product than they thought, and that the easiest thing about building a business is launching that product.

View 60 Minute MVP Lesson Plan

1. Teaching Customer Observations

During our years of research on what topics entrepreneurship professors struggle to teach, we heard “customer interviewing” over and over again. Our ExEC curriculum includes a robust method of customer interviewing, but customer observation is another great way to gather customer information. So we developed our Teaching Customer Observations lesson plan to help students learn the value of seeing how their customers experience problems, as opposed to imagining their customers’ problems.

In addition to our community thinking this is a powerful experience in the classroom, this exercise also won first place in the Excellence in Entrepreneurial Exercises Awards at the USASBE 2019 Annual Conference !

This exercise positions your students to observe customers in their natural settings. This allows them to discover new business opportunities and increase their empathy and behavioral analysis skills.

Our goal with this exercise is to teach students to have an empathy picture/analysis that frames the problem they are trying to solve before they jump to a solution. Having this clear picture will allow them to come up with better creative solutions.

During this two-class exercise, your students will experience customer empathy and how to plan and translate an observation experience into ideas for products and services. This will provide the following benefits:

• Introduce students to a powerful tool to gather information on customer experience in real-life situations. This allows students to avoid predicting customer behavior by actually observing it.
• Students practice how to listen with their eyes in order to understand what people value and care about, & what they don’t.
• Provide a common reference experience for expanding on topics later in the course.

View Teaching Customer Observations Lesson Plan

Want 15 Weeks of Lesson Plans?

If you are looking for a fully structured, experiential entrepreneurship curriculum, with a semester’s worth of lesson plans that students love , you don’t need to reinvent the wheel .

We’ve done the work for you.

• Check out the Experiential Entrepreneurship Curriculum
• Check out an entrepreneurship syllabus for Creativity & Innovation , New Venture Creation , Social Entrepreneurship , Intro to Entrepreneurship , & MBA Entrepreneurship & Innovation courses

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One thought on “ top 5 free entrepreneurship lesson plans ”.

Very useful since I’v learn how to teaching in industry hospitality, thank you

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12 Easy Entrepreneurship Activities For Any Class (Plus 3 Free Lessons)

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Who Are Our Students?

Today’s students are digital natives! Born after 1997, they’re part of Generation Z (Gen Z). The oldest are in their mid-twenties, and the youngest are finishing up their last days of grade school. They’ve grown up with technology and have never known a world without smartphones. This tech-savvy upbringing shapes how they experience the world, behave, and learn.

Gen Z makes up about 20 percent of the U.S. population, which is around 68 million Americans. According to recent Census Bureau data, over a third of them have jobs or are self-employed, while 51 percent are still students. These students’ needs are changing the way you teach. The traditional classroom model, in which a teacher lectures at the front of the class, doesn’t cut it anymore.

Gen Z students want to learn and succeed, but they need to feel connected and see the relevance of what they’re learning. They want to know why you’re teaching entrepreneurship and how it applies to the real world. Making learning relevant is very important to them. Additionally, growing up immersed in technology has given these students a short attention span, making hands-on learning a useful teaching tool that can keep these students engaged.

What Is Entrepreneurship?

There are various definitions of entrepreneurship out there. You’ll notice the word “business” often comes up when discussing entrepreneurship because it’s usually what people first think of when they hear “entrepreneurship.” However, it goes beyond starting a business and turning a profit. Entrepreneurship is a unique way of life and mindset.

Entrepreneurship is about innovation, solving specific problems, and creating value in society. It also plays a crucial role in economic restructuring, driving economies towards more market-oriented processes. The growth of entrepreneurship impacts local, state, and national economies, influencing their ups and downs.

Why is teaching entrepreneurship to Gen Z students important? According to a recent Forbes article , while older generations often view entrepreneurship as a high-risk career choice, many Gen Z individuals feel quite the opposite. In fact, 93 percent of them have taken steps towards exploring business ownership, with 75 percent expressing a strong desire to launch their own business as a career.

Best Practices for Teaching Entrepreneurship

In an article by Professor Patricia Green, of Babson College, she proposes four complementary techniques for teaching entrepreneurship as a method, rather than a process.

1. Starting a Business

Students like learning entrepreneurship through role-playing, and it’s a highly effective method. One of the best practices for teaching entrepreneurship is having students work on starting their own businesses. By pretending to be entrepreneurs, they get hands-on experience in creating real businesses.

2. Serious Games and Simulations

This generation’s fascination with computer games and gaming has become undeniable, prompting educators to find ways of teaching entrepreneurship through games. Serious “games” have defined rules and gameplay that add an element of fun. These simulations merge learning with play, offering students the chance to tackle real challenges in a virtual setting.

There’s a wide range of entrepreneurial simulations available. Here are just a couple:

• Interpretive Simulation’s Entrepreneur is a simulation of running a retail clothing store
• Knowledge Matters’ Virtual Business Entrepreneurship offers various projects like the Shark Project, in which students pitch their business ideas and seek virtual investments from classmates

3. Design-Based Learning

Herbert Simon, an economist and Nobel Prize laureate, believed that hands-on learning through design is crucial for fields like entrepreneurship. Design isn’t just about making things look good; it’s about observing, thinking critically, being creative, and solving problems – all skills that push us to think deeply.

In traditional entrepreneurship classes, there’s often not enough time spent on sparking creativity and generating new ideas. This means students may miss out on learning how to truly think like entrepreneurs – spotting opportunities and turning them into something real. That’s why we think it’s vital to weave basic design principles into education.

It’s not just about finding opportunities anymore; it’s about creating them. By bringing design into the mix, students can flex their creative muscles to dream up solutions, clarify problems, and even launch their own businesses. This approach isn’t only about teaching entrepreneurship; it’s about empowering students to think big and make a real impact.

4. Reflective Practice

Reflection is a crucial way to turn experiences into knowledge. When we reflect, we think about what happened and try to understand it, which often leads to valuable insights. This makes reflection an essential part of teaching entrepreneurship. Entrepreneurship is a constant cycle of action, learning, testing, and experimenting.

Activities for Teaching Entrepreneurship

Now that you’ve learned some best practices for entrepreneurship education, let’s dive into some activities to integrate entrepreneurial skills into any program.

1. The Envelope Exercise

For this activity, print fake money and place small amounts in envelopes for individuals or small groups of students. You can choose to give everyone different amounts of money or keep it all equal. Explain that your students’ goal is to increase their investment — and in doing so, use the collaboration and critical thinking skills that are important in entrepreneurship.

Give students 20 to 30 minutes to brainstorm before having each individual or group share their ideas. Odds are high that they will be surprised by how easy it is for them to make money!

2. Defining Problems Exercise

Entrepreneurs find solutions to problems they see in the world . This means that the ability to clearly define problem s is important in entrepreneurship careers . To help students build this skill, s how them pictures that depict issues (like the one below) and ask them to define the problems they can see.   

Next, ask the students what information they would need to help define the problem better . They’ll want to start coming up with solutions right away but challenge them to focus on clearly defining the issue before trying to resolve it.   

3. Ready, Set, Design!

For this exercise, divide students into groups and give each group a challenge such as thinking of a new way to drink on the go or a new method of communication; keep the challenge open ended. Give each group a bag of everyday materials such as rubber bands, pipe cleaners, and foil. Have students design a product based on the challenge.   

After 15 minutes, have each group present their design and explain why that product meets the challenge. The point of this activity is to get students thinking creatively without getting hung up on the details.  

4. The StartUp Podcast

The StartUp podcast is excellent for sparking conversations about entrepreneurship in class. It illuminates important concepts revolving around entrepreneurial life. You can have students listen to an episode for homework and then facilitate a class discussion on what stood out to them in the episode.  

5. The Business Proposition

This activity will give students practice articulating a value proposition, which is a simple statement summarizing why a customer would choose your business or product. To get started, go over the definition of a value proposition and give students a brief faux business/product idea or have them come up with their own.   

Ask students to express their value proposition in a concise way. It may sound easy but keeping it brief can be challenging. This is a great exercise for helping students develop their entrepreneurial spirit.  

6. Wacky Ideas and 2-Minute Pitch

For this fun entrepreneurship activity, give students any two objects and have them brainstorm ways they can combine the objects into one invention. Then they must define the invention. Have them answer questions such as:  

• What is it?  
• What can it do?   
• Who uses it?   
• How could it be used differently?   

After defining the invention, students have two minutes to pitch it to the class. They should start by introducing themselves, the name of their company, and their invention. Once they’ve made their introductions, have them explain how their invention works and why people need it.  

7. Soda Can Redesign Challenge

For this activity, you’ll need a simple soda can – or pop can, depending on where you live. Have your students work individually or in groups to redesign the can, trying to make it better. Encourage students to think creatively about the changes they would make. If they’re working in groups, they can bounce ideas off each other.

8. Pitch Your Passion

There are many ways to pitch ideas, like the elevator pitch or the one-minute pitch. A great way to get students thinking entrepreneurially is to have them pitch their passion. In this activity, students choose something they’re passionate about, such as a hobby outside of school, an interest, or even a business idea they want to pursue.

9. Marshmallow Challenge

The goal of the Marshmallow Challenge is to build the tallest, free-standing structure possible with a marshmallow on top. Students use uncooked spaghetti, string, and tape to build their structures. Divide students into groups and give them 15-20 minutes to work on their structures. During this time, they’ll problem solve and work together creatively.

11. Free Entrepreneurship Lessons

Realityworks offers a free series of lessons focused on a variety of entrepreneurship-related topics which includes many of the activities mentioned above! These lessons will help teach students about what it’s like to be, think, and act like an entrepreneur. You can teach all three lessons together or choose which ones fit best in your class. These lessons offer an easy way to integrate a brief entrepreneurship program into any CTE course .  

Access your free entrepreneurship lessons

12. Realityworks Contemporary Entrepreneurship Program

Our ready-to-use Contemporary Entrepreneurship Program helps you create an engaging two-to-three-week unit all about entrepreneurship.

Through this entrepreneurship program, students will learn how to be an entrepreneur, generate business/product ideas, conduct market research, consider legal and financial issues, and write their own business plan.  

Looking for more entrepreneurship teaching resources? We suggest these resources:  

• Checking out this in-depth blog post all about our Contemporary Entrepreneurship Program  
• Watching our webinar, “ Best Practices for Integrating Entrepreneurship Into CTE Courses ”  
• And of course, don’t forget to download these three free entrepreneurship lessons .

2 thoughts on “ 12 Easy Entrepreneurship Activities For Any Class (Plus 3 Free Lessons) ”

Hello. I’m a CTE Business and Marketing instructor in Idaho and I’m very interested in purchasing the Contemporary Entrepreneurship course packet. Is it possible to get a quote and a copy of your company’s W9 so my school district can set you up as a vendor?

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11.4 The Business Plan

Learning objectives.

By the end of this section, you will be able to:

• Describe the different purposes of a business plan
• Describe and develop the components of a brief business plan
• Describe and develop the components of a full business plan

Unlike the brief or lean formats introduced so far, the business plan is a formal document used for the long-range planning of a company’s operation. It typically includes background information, financial information, and a summary of the business. Investors nearly always request a formal business plan because it is an integral part of their evaluation of whether to invest in a company. Although nothing in business is permanent, a business plan typically has components that are more “set in stone” than a business model canvas , which is more commonly used as a first step in the planning process and throughout the early stages of a nascent business. A business plan is likely to describe the business and industry, market strategies, sales potential, and competitive analysis, as well as the company’s long-term goals and objectives. An in-depth formal business plan would follow at later stages after various iterations to business model canvases. The business plan usually projects financial data over a three-year period and is typically required by banks or other investors to secure funding. The business plan is a roadmap for the company to follow over multiple years.

Some entrepreneurs prefer to use the canvas process instead of the business plan, whereas others use a shorter version of the business plan, submitting it to investors after several iterations. There are also entrepreneurs who use the business plan earlier in the entrepreneurial process, either preceding or concurrently with a canvas. For instance, Chris Guillebeau has a one-page business plan template in his book The $100 Startup . 48 His version is basically an extension of a napkin sketch without the detail of a full business plan. As you progress, you can also consider a brief business plan (about two pages)—if you want to support a rapid business launch—and/or a standard business plan.

As with many aspects of entrepreneurship, there are no clear hard and fast rules to achieving entrepreneurial success. You may encounter different people who want different things (canvas, summary, full business plan), and you also have flexibility in following whatever tool works best for you. Like the canvas, the various versions of the business plan are tools that will aid you in your entrepreneurial endeavor.

Business Plan Overview

Most business plans have several distinct sections ( Figure 11.16 ). The business plan can range from a few pages to twenty-five pages or more, depending on the purpose and the intended audience. For our discussion, we’ll describe a brief business plan and a standard business plan. If you are able to successfully design a business model canvas, then you will have the structure for developing a clear business plan that you can submit for financial consideration.

Both types of business plans aim at providing a picture and roadmap to follow from conception to creation. If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept.

The full business plan is aimed at executing the vision concept, dealing with the proverbial devil in the details. Developing a full business plan will assist those of you who need a more detailed and structured roadmap, or those of you with little to no background in business. The business planning process includes the business model, a feasibility analysis, and a full business plan, which we will discuss later in this section. Next, we explore how a business plan can meet several different needs.

Purposes of a Business Plan

A business plan can serve many different purposes—some internal, others external. As we discussed previously, you can use a business plan as an internal early planning device, an extension of a napkin sketch, and as a follow-up to one of the canvas tools. A business plan can be an organizational roadmap , that is, an internal planning tool and working plan that you can apply to your business in order to reach your desired goals over the course of several years. The business plan should be written by the owners of the venture, since it forces a firsthand examination of the business operations and allows them to focus on areas that need improvement.

Refer to the business venture throughout the document. Generally speaking, a business plan should not be written in the first person.

A major external purpose for the business plan is as an investment tool that outlines financial projections, becoming a document designed to attract investors. In many instances, a business plan can complement a formal investor’s pitch. In this context, the business plan is a presentation plan, intended for an outside audience that may or may not be familiar with your industry, your business, and your competitors.

You can also use your business plan as a contingency plan by outlining some “what-if” scenarios and exploring how you might respond if these scenarios unfold. Pretty Young Professional launched in November 2010 as an online resource to guide an emerging generation of female leaders. The site focused on recent female college graduates and current students searching for professional roles and those in their first professional roles. It was founded by four friends who were coworkers at the global consultancy firm McKinsey. But after positions and equity were decided among them, fundamental differences of opinion about the direction of the business emerged between two factions, according to the cofounder and former CEO Kathryn Minshew . “I think, naively, we assumed that if we kicked the can down the road on some of those things, we’d be able to sort them out,” Minshew said. Minshew went on to found a different professional site, The Muse , and took much of the editorial team of Pretty Young Professional with her. 49 Whereas greater planning potentially could have prevented the early demise of Pretty Young Professional, a change in planning led to overnight success for Joshua Esnard and The Cut Buddy team. Esnard invented and patented the plastic hair template that he was selling online out of his Fort Lauderdale garage while working a full-time job at Broward College and running a side business. Esnard had hundreds of boxes of Cut Buddies sitting in his home when he changed his marketing plan to enlist companies specializing in making videos go viral. It worked so well that a promotional video for the product garnered 8 million views in hours. The Cut Buddy sold over 4,000 products in a few hours when Esnard only had hundreds remaining. Demand greatly exceeded his supply, so Esnard had to scramble to increase manufacturing and offered customers two-for-one deals to make up for delays. This led to selling 55,000 units, generating $700,000 in sales in 2017. 50 After appearing on Shark Tank and landing a deal with Daymond John that gave the “shark” a 20-percent equity stake in return for $300,000, The Cut Buddy has added new distribution channels to include retail sales along with online commerce. Changing one aspect of a business plan—the marketing plan—yielded success for The Cut Buddy.

Link to Learning

Watch this video of Cut Buddy’s founder, Joshua Esnard, telling his company’s story to learn more.

If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept. This version is used to interest potential investors, employees, and other stakeholders, and will include a financial summary “box,” but it must have a disclaimer, and the founder/entrepreneur may need to have the people who receive it sign a nondisclosure agreement (NDA) . The full business plan is aimed at executing the vision concept, providing supporting details, and would be required by financial institutions and others as they formally become stakeholders in the venture. Both are aimed at providing a picture and roadmap to go from conception to creation.

Types of Business Plans

The brief business plan is similar to an extended executive summary from the full business plan. This concise document provides a broad overview of your entrepreneurial concept, your team members, how and why you will execute on your plans, and why you are the ones to do so. You can think of a brief business plan as a scene setter or—since we began this chapter with a film reference—as a trailer to the full movie. The brief business plan is the commercial equivalent to a trailer for Field of Dreams , whereas the full plan is the full-length movie equivalent.

Brief Business Plan or Executive Summary

As the name implies, the brief business plan or executive summary summarizes key elements of the entire business plan, such as the business concept, financial features, and current business position. The executive summary version of the business plan is your opportunity to broadly articulate the overall concept and vision of the company for yourself, for prospective investors, and for current and future employees.

A typical executive summary is generally no longer than a page, but because the brief business plan is essentially an extended executive summary, the executive summary section is vital. This is the “ask” to an investor. You should begin by clearly stating what you are asking for in the summary.

In the business concept phase, you’ll describe the business, its product, and its markets. Describe the customer segment it serves and why your company will hold a competitive advantage. This section may align roughly with the customer segments and value-proposition segments of a canvas.

Next, highlight the important financial features, including sales, profits, cash flows, and return on investment. Like the financial portion of a feasibility analysis, the financial analysis component of a business plan may typically include items like a twelve-month profit and loss projection, a three- or four-year profit and loss projection, a cash-flow projection, a projected balance sheet, and a breakeven calculation. You can explore a feasibility study and financial projections in more depth in the formal business plan. Here, you want to focus on the big picture of your numbers and what they mean.

The current business position section can furnish relevant information about you and your team members and the company at large. This is your opportunity to tell the story of how you formed the company, to describe its legal status (form of operation), and to list the principal players. In one part of the extended executive summary, you can cover your reasons for starting the business: Here is an opportunity to clearly define the needs you think you can meet and perhaps get into the pains and gains of customers. You also can provide a summary of the overall strategic direction in which you intend to take the company. Describe the company’s mission, vision, goals and objectives, overall business model, and value proposition.

Rice University’s Student Business Plan Competition, one of the largest and overall best-regarded graduate school business-plan competitions (see Telling Your Entrepreneurial Story and Pitching the Idea ), requires an executive summary of up to five pages to apply. 51 , 52 Its suggested sections are shown in Table 11.2 .

Are You Ready?

Create a brief business plan.

Fill out a canvas of your choosing for a well-known startup: Uber, Netflix, Dropbox, Etsy, Airbnb, Bird/Lime, Warby Parker, or any of the companies featured throughout this chapter or one of your choice. Then create a brief business plan for that business. See if you can find a version of the company’s actual executive summary, business plan, or canvas. Compare and contrast your vision with what the company has articulated.

• These companies are well established but is there a component of what you charted that you would advise the company to change to ensure future viability?
• Map out a contingency plan for a “what-if” scenario if one key aspect of the company or the environment it operates in were drastically is altered?

Full Business Plan

Even full business plans can vary in length, scale, and scope. Rice University sets a ten-page cap on business plans submitted for the full competition. The IndUS Entrepreneurs , one of the largest global networks of entrepreneurs, also holds business plan competitions for students through its Tie Young Entrepreneurs program. In contrast, business plans submitted for that competition can usually be up to twenty-five pages. These are just two examples. Some components may differ slightly; common elements are typically found in a formal business plan outline. The next section will provide sample components of a full business plan for a fictional business.

Executive Summary

The executive summary should provide an overview of your business with key points and issues. Because the summary is intended to summarize the entire document, it is most helpful to write this section last, even though it comes first in sequence. The writing in this section should be especially concise. Readers should be able to understand your needs and capabilities at first glance. The section should tell the reader what you want and your “ask” should be explicitly stated in the summary.

Describe your business, its product or service, and the intended customers. Explain what will be sold, who it will be sold to, and what competitive advantages the business has. Table 11.3 shows a sample executive summary for the fictional company La Vida Lola.

Business Description

This section describes the industry, your product, and the business and success factors. It should provide a current outlook as well as future trends and developments. You also should address your company’s mission, vision, goals, and objectives. Summarize your overall strategic direction, your reasons for starting the business, a description of your products and services, your business model, and your company’s value proposition. Consider including the Standard Industrial Classification/North American Industry Classification System (SIC/NAICS) code to specify the industry and insure correct identification. The industry extends beyond where the business is located and operates, and should include national and global dynamics. Table 11.4 shows a sample business description for La Vida Lola.

Industry Analysis and Market Strategies

Here you should define your market in terms of size, structure, growth prospects, trends, and sales potential. You’ll want to include your TAM and forecast the SAM . (Both these terms are discussed in Conducting a Feasibility Analysis .) This is a place to address market segmentation strategies by geography, customer attributes, or product orientation. Describe your positioning relative to your competitors’ in terms of pricing, distribution, promotion plan, and sales potential. Table 11.5 shows an example industry analysis and market strategy for La Vida Lola.

Competitive Analysis

The competitive analysis is a statement of the business strategy as it relates to the competition. You want to be able to identify who are your major competitors and assess what are their market shares, markets served, strategies employed, and expected response to entry? You likely want to conduct a classic SWOT analysis (Strengths Weaknesses Opportunities Threats) and complete a competitive-strength grid or competitive matrix. Outline your company’s competitive strengths relative to those of the competition in regard to product, distribution, pricing, promotion, and advertising. What are your company’s competitive advantages and their likely impacts on its success? The key is to construct it properly for the relevant features/benefits (by weight, according to customers) and how the startup compares to incumbents. The competitive matrix should show clearly how and why the startup has a clear (if not currently measurable) competitive advantage. Some common features in the example include price, benefits, quality, type of features, locations, and distribution/sales. Sample templates are shown in Figure 11.17 and Figure 11.18 . A competitive analysis helps you create a marketing strategy that will identify assets or skills that your competitors are lacking so you can plan to fill those gaps, giving you a distinct competitive advantage. When creating a competitor analysis, it is important to focus on the key features and elements that matter to customers, rather than focusing too heavily on the entrepreneur’s idea and desires.

Operations and Management Plan

In this section, outline how you will manage your company. Describe its organizational structure. Here you can address the form of ownership and, if warranted, include an organizational chart/structure. Highlight the backgrounds, experiences, qualifications, areas of expertise, and roles of members of the management team. This is also the place to mention any other stakeholders, such as a board of directors or advisory board(s), and their relevant relationship to the founder, experience and value to help make the venture successful, and professional service firms providing management support, such as accounting services and legal counsel.

Table 11.6 shows a sample operations and management plan for La Vida Lola.

Marketing Plan

Here you should outline and describe an effective overall marketing strategy for your venture, providing details regarding pricing, promotion, advertising, distribution, media usage, public relations, and a digital presence. Fully describe your sales management plan and the composition of your sales force, along with a comprehensive and detailed budget for the marketing plan. Table 11.7 shows a sample marketing plan for La Vida Lola.

Financial Plan

A financial plan seeks to forecast revenue and expenses; project a financial narrative; and estimate project costs, valuations, and cash flow projections. This section should present an accurate, realistic, and achievable financial plan for your venture (see Entrepreneurial Finance and Accounting for detailed discussions about conducting these projections). Include sales forecasts and income projections, pro forma financial statements ( Building the Entrepreneurial Dream Team , a breakeven analysis, and a capital budget. Identify your possible sources of financing (discussed in Conducting a Feasibility Analysis ). Figure 11.19 shows a template of cash-flow needs for La Vida Lola.

Entrepreneur In Action

Laughing man coffee.

Hugh Jackman ( Figure 11.20 ) may best be known for portraying a comic-book superhero who used his mutant abilities to protect the world from villains. But the Wolverine actor is also working to make the planet a better place for real, not through adamantium claws but through social entrepreneurship.

A love of java jolted Jackman into action in 2009, when he traveled to Ethiopia with a Christian humanitarian group to shoot a documentary about the impact of fair-trade certification on coffee growers there. He decided to launch a business and follow in the footsteps of the late Paul Newman, another famous actor turned philanthropist via food ventures.

Jackman launched Laughing Man Coffee two years later; he sold the line to Keurig in 2015. One Laughing Man Coffee café in New York continues to operate independently, investing its proceeds into charitable programs that support better housing, health, and educational initiatives within fair-trade farming communities. 55 Although the New York location is the only café, the coffee brand is still distributed, with Keurig donating an undisclosed portion of Laughing Man proceeds to those causes (whereas Jackman donates all his profits). The company initially donated its profits to World Vision, the Christian humanitarian group Jackman accompanied in 2009. In 2017, it created the Laughing Man Foundation to be more active with its money management and distribution.

• You be the entrepreneur. If you were Jackman, would you have sold the company to Keurig? Why or why not?
• Would you have started the Laughing Man Foundation?
• What else can Jackman do to aid fair-trade practices for coffee growers?

What Can You Do?

Textbooks for change.

Founded in 2014, Textbooks for Change uses a cross-compensation model, in which one customer segment pays for a product or service, and the profit from that revenue is used to provide the same product or service to another, underserved segment. Textbooks for Change partners with student organizations to collect used college textbooks, some of which are re-sold while others are donated to students in need at underserved universities across the globe. The organization has reused or recycled 250,000 textbooks, providing 220,000 students with access through seven campus partners in East Africa. This B-corp social enterprise tackles a problem and offers a solution that is directly relevant to college students like yourself. Have you observed a problem on your college campus or other campuses that is not being served properly? Could it result in a social enterprise?

Work It Out

Franchisee set out.

A franchisee of East Coast Wings, a chain with dozens of restaurants in the United States, has decided to part ways with the chain. The new store will feature the same basic sports-bar-and-restaurant concept and serve the same basic foods: chicken wings, burgers, sandwiches, and the like. The new restaurant can’t rely on the same distributors and suppliers. A new business plan is needed.

• What steps should the new restaurant take to create a new business plan?
• Should it attempt to serve the same customers? Why or why not?

This New York Times video, “An Unlikely Business Plan,” describes entrepreneurial resurgence in Detroit, Michigan.

• 48 Chris Guillebeau. The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future . New York: Crown Business/Random House, 2012.
• 49 Jonathan Chan. “What These 4 Startup Case Studies Can Teach You about Failure.” Foundr.com . July 12, 2015. https://foundr.com/4-startup-case-studies-failure/
• 50 Amy Feldman. “Inventor of the Cut Buddy Paid YouTubers to Spark Sales. He Wasn’t Ready for a Video to Go Viral.” Forbes. February 15, 2017. https://www.forbes.com/sites/forbestreptalks/2017/02/15/inventor-of-the-cut-buddy-paid-youtubers-to-spark-sales-he-wasnt-ready-for-a-video-to-go-viral/#3eb540ce798a
• 51 Jennifer Post. “National Business Plan Competitions for Entrepreneurs.” Business News Daily . August 30, 2018. https://www.businessnewsdaily.com/6902-business-plan-competitions-entrepreneurs.html
• 52 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition . March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf
• 53 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition. March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf; Based on 2019 RBPC Competition Rules and Format April 4–6, 2019. https://rbpc.rice.edu/sites/g/files/bxs806/f/2019-RBPC-Competition-Rules%20-Format.pdf
• 54 Foodstart. http://foodstart.com
• 55 “Hugh Jackman Journey to Starting a Social Enterprise Coffee Company.” Giving Compass. April 8, 2018. https://givingcompass.org/article/hugh-jackman-journey-to-starting-a-social-enterprise-coffee-company/

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This curriculum engages students in creative projects, teaching them the fundamentals of entrepreneurship.

Caregiver Workbook

Our “Entrepreneurship Curriculum Workbook” for grades 1-5 is designed for families to explore entrepreneurship together. Featuring engaging activities and easy-to-follow lessons, this workbook helps caregivers guide young learners through their entrepreneurial journey.

We also offer a Spanish version of this workbook. 

Entrepreneurship + Agriculture

Explore the intersection of entrepreneurship and agriculture. Students learn how to create sustainable agricultural solutions, develop business models, and address real-world challenges in the farming industry, fostering a new generation of diverse agripreneurs.

Idea to Pitch

Career Exploration

Social Entrepreneurship

Topics in entrepreneurship.

Explore “Topics in Entrepreneurship” with standalone lessons or get the full set! This flexible curriculum offers lessons to foster youth entrepreneurship, complete with activities, guides, instructions, slides, and handouts.

Tailored for grades 1-12, our resources are perfect for STEM, business, or marketing courses, as well as enrichment programs. Empower your students with entrepreneurial skills and prepare them for a future of innovation and leadership.

Parts 1 and 2

Dive into the world of entrepreneurship with our comprehensive curriculum, “Topics in Entrepreneurship Parts 1 and 2.” Part 1 covers fundamental entrepreneurial mindsets and skills, such as creativity, critical thinking, and problem-solving. Part 2 builds on this foundation, introducing advanced topics like marketing, financial literacy, and business planning.

Both parts are designed to inspire and equip young learners with the tools they need to turn their innovative ideas into reality. Whether used individually or together, this curriculum prepares youth to become the innovative leaders of tomorrow.

Idea Generation

Grades 6-12.

This set of standalone youth entrepreneurship lessons includes detailed preparation, step-by-step instructions, teaching tips, and all necessary slides and handouts for teaching Idea Generation to future entrepreneurs and changemakers in grades 6-12.

Topics in Entrepreneurship: Idea Generation offers 120 minutes of content with fun classroom and afterschool activities such as:

🚀Group Brainstorming & Brainwriting

🚀Roleplaying & Reverse Brainstorming

🚀 Visual Idea Generation

Market Research

This standalone pair of youth entrepreneurship lessons includes detailed preparation, step-by-step instructions, teaching tips, and all necessary slides and handouts for teaching Market Research to grades 3-5.

Topics in Entrepreneurship: Market Research offers 180 minutes of content with activities such as:

🚀 Introduction to Markets

🚀 Describing the Market

🚀 Secondary Research

🚀 Product or Service Description

🚀 Primary Research Survey

Introduce your young students to the exciting world of entrepreneurship with our “Topics in Entrepreneurship: Pitching” curriculum, designed specifically for first and second graders. 

What’s Included:

🚀 Preparation Guides: Step-by-step instructions to help educators plan and execute lessons effectively.

🚀 Interactive Activities: Fun exercises that spark creativity and encourage students to develop their own business ideas.

🚀 Slides and Handouts: Visual aids and printable materials that enhance the learning experience.

Discover the full collection:

Full topics in entrepreneurship.

Discover the “Topics in Entrepreneurship” collection, offering standalone lessons or the complete set to best meet your educational needs. This flexible, non-linear curriculum is designed to foster youth entrepreneurship by allowing you to select the lessons that fit your program perfectly.

Each lesson is packed with engaging activities, comprehensive preparation guides, detailed instructions, slides, and handouts for seamless teaching. Our full curriculum is tailored for lower elementary (grades 1-2), upper elementary (grades 3-5), and middle/high school (grades 6-12) students.

Online Educator Training

Mindset Course for Educators: Transforming Teaching with Entrepreneurial Thinking

Unlock the full potential of your teaching with VentureLab’s Mindset Course for Educators. This course is expertly designed to infuse entrepreneurial thinking into your educational practice, enhancing your ability to foster creativity, innovation, and problem-solving skills among your students. Dive into a journey of personal and professional growth, where you’ll explore key entrepreneurial mindsets and learn how to apply them in your classroom. Whether you’re teaching core subjects, STEM, arts, or after-school programs, this course will equip you with the tools and strategies to inspire a new generation of changemakers.

Explore the Course

Online Student Learning

Entrepreneurship 101

Through engaging lessons and interactive activities, students will learn about ideation, market research, business planning, and financial literacy. “Entrepreneurship 101” empowers students to develop critical thinking and problem-solving skills, fostering a mindset of innovation and resilience.

Accessible anytime and anywhere, this course is perfect for students eager to transform their ideas into successful ventures. Join us and take the first step toward becoming a confident and capable entrepreneur.

Questions? Contact us.

We're on a mission to create the next generation of diverse innovators and changemakers by making entrepreneurship education accessible to all youth., get involved.

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Provide real–world business plan examples for your students, inspire confidence in future entrepreneurs and easily create your class syllabus using industry–best business plans., liveplan gives students access to actual business plans so they can practice business planning in and outside of the classroom., it's not just a classroom project. it's your students planning for their futures..

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With LivePlan you can simplify syllabus creation. LivePlan can also be used alongside classroom tools such as Blackboard and Canvas. LivePlan's optional instructional resources can enhance your syllabus with materials that introduce lean planning principles, growth metrics, financial forecasting, and more.

Instructors looking for a great tool to help students develop business plans need to look at Live Plan. The step–by–step process walks students through the entire process from Pitch to Financials. As the Instructor you can also have online access to their plan and provide feedback and comments as the plan develops.

Mike Allen Business Instructor, North Idaho College, Coeur d'Alene, ID

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I used LivePlan to develop a business plan for a class project. Turns out, the project became part of a business plan competition where I placed second out of over 200 entries.

Sheila Austin Student

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No business operates in a vacuum. LivePlan incorporates real–world industry data, so students can better understand competitors, plan businesses around industry realities, and confidently execute data–driven strategies.

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Whether small or big, LivePlan can build out the right–sized business plan for your classroom projects. In LivePlan, students can develop a simple lean plan that focuses their ideas, or create a full business plan with all the details and steps necessary to persuade investors, attract partners, and turn their idea into a profitable reality.

With so much happening in the classroom, you need a tool that works with you, not one that makes you do extra work. Used by educators, consultants, entrepreneurs, and students all around the world, LivePlan has been regularly improved and streamlined so it's easy to use.

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The students very much appreciate the guidance the LivePlan program offers. I love the ability to act as a contributor to their plans. The help resources are phenomenal and easy to navigate.

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LivePlan really facilitated communication between students who were in a team on the business plan project. Students could comment on sections of their business plan and collaborate on what to change in their plan without having to meet face–to–face.

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LivePlan helped us easily set up the business plan for our startup during our MBA. As soon as the other students saw it, they also wanted LivePlan. The time we saved on planning we could use for operational tasks. It was the ideal solution for us.

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• UConn Library
• Topic: Entrepreneurship & Business Plan Guide
• Business Plan (How to & Samples)

Topic: Entrepreneurship & Business Plan Guide — Business Plan (How to & Samples)

• Idea Generation
• Industry Information
• Competitors
• Market Research
• Financial Data
• Advertising & Promotion
• Small Business Advisors
• Products, R&D, Strategy
• Patents and Trademarks
• Grants, Loans, and Financing
• Franchises & Franchising
• Celebrating Connecticut

What is a Business Plan?

A business plan is "a guide—a roadmap for your business that outlines goals and details how you plan to achieve those goals."--Tim Berry from Bplans site.

• An Introduction to Business Plans Introduction to a tutorial on business plans written by the staff at Entrepreneur magazine.
• Business Planning Guide Step-by-Step guide to write a Business Plan by Bplans site.
• Create Your Business Plan, from the U.S. Small Business Administration (SBA) The SBA has delivered millions of loans, loan guarantees, contracts, counseling sessions and other forms of assistance to small businesses.

What is included in a Business Plan?

The following components make up a business plan:

Table of Contents

Executive Summary : Appears first, written last. Provides a snapshot of your company explaining who you are, what you do, and why.

Mission & Vision: Here you define the purpose of your business (Mission) and a statement about your perception of the company's growth and potential (Vision). Include specific goals and objectives of the business

Business Description: Provide background information about the company including brief history of the business and list of key company principals.

Define Your Market: Describe the industry within which your business will operate, identify your target market, provide a general profile of your targeted clients, and describe what share of the market your currently have and/or anticipate. For this section of the business plan, your will undertake following types of research:

Industry Analysis : how is the industry structured, trends and statistics, key players, segmentation, sales and distribution channels etc.

Competitive Analysis : major competitors, strengths and weaknesses, how would you position yourself against the competition, market niche, product/service comparison

Customers: who are the customers (demographic data), what do they want, customer buying habits, market share/market size, consumer preferences

Advertising and Promotion : How will you reach out to potential customers? Where do they currently shop for product/service? Where will you advertise and how will you measure the effectiveness of your advertising and promotion efforts?

Pricing : strategy, policies, price list, break-even analysis

Location : Where is your business located? (home-based; retail; commercial, etc….), is the location of your business important? Any special zoning, land or building improvements needed to accommodate your operation? If location is important, what are the features of your location?

Products & Services:   Describe all your products and services; explain how your products and services are competitive including unique features, benefits of the product or service, niche served, stage of product/service development, production, future growth.

Organization & Management: Describe how your company is organized including legal structure(sole proprietorship, partnership, corporation etc); identify any special licenses and/or permists your business operates with; provide brief bio of key managers within the company; include an organization chart if available.

Marketing & Sales Strategy: Identify and describe your maket -- who are your customers and what's the demand for your products and services; channels of dsitribution you will use; your sales strategy specific to pricing, promotion, products, and place.

Financial Management:

For new business include: estimate of start-up costs (all one-time expenses such as equipment, deposits, fees, etc.); projected balance sheet, income statement, cash flow statement (1 year forward)

For existing business include: balance sheets (last 3 years), income statements (last 3 years), cash flow statements (12 months)

If applying for a loan: current personal financial statement on each principal; federal tax return for prior year

Appendices: This section may include company brochures, resumes of key employees, list of business equipment, copies of press articles and advertisements (if available), pictures of your business location and products, any applicable information about your industry and /or products, key business agreements such as lease, contracts etc.  

(Adapted from: SBA's Business Plan Template )

Finding Sample Business Plans

• Business Plans Handbook/ Lynn M. Pearce, ed. Vol 13. Includes sample plans on numerous topics such as advertising, fitness center, landscaping, and technology solutions provider and more.
• Business Plans Handbook/ Lynn M. Pearce, ed. Vol. 19. Includes business plans for assisted living facility, auto dealing, bowling alley, commodities trading firm, digital presentations, farm, furniture store, gas station, laundry mat, web design, and more.
• Business Plans Handbook (via Reference for Business) Earlier volumes of the Business Plans Handbook are available at the above sites for free.
• BPlans.com Includes samples of business plans as well as advice and tips on writing a business plan, starting and running a business.

Why You Need a Business Plan?

You need a business plan:

• To see if you have a viable business idea
• To identify your (and your company's) strengths and weaknesses
• To assess the market for your product or service
• To size up the competition
• To determine your financial needs
• To attract investors
• To set up milestones and monitor your business
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• Last Updated: Apr 15, 2024 1:46 PM
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Business Plan Examples For Students Entrepreneurship To Inspire Your Journey

Venturing into the world of entrepreneurship as a student can be both exciting and challenging. One of the pivotal steps in turning a business idea into reality is creating a robust business plan. This foundational document helps in organizing the vision, setting clear objectives, and outlining the necessary steps to achieve entrepreneurial success. Whether you’re eyeing a new coffee shop or a cutting-edge tech start-up, a well-structured business plan is indispensable. This article delves into the critical components of a business plan and provides practical examples tailored for student entrepreneurs.

Understanding the intricacies of business planning can significantly elevate the chances of your venture’s success. Not only does a comprehensive business plan facilitate better decision-making, but it also helps in securing investments and managing resources effectively. For students, crafting this document might seem daunting, but with the right guidance, it becomes a manageable and enlightening process. By exploring various business plan examples for students entrepreneurship, you will learn how to construct a blueprint that resonates with your business goals and market needs. Let’s dive into the essential elements you need to include and see how to bring your entrepreneurial vision to life.

Business Plan Examples for Students Entrepreneurs: Key Components to Success

Creating a solid business plan is crucial for students venturing into entrepreneurship. A well-crafted business plan not only helps in outlining the business vision but also serves as a roadmap to guide the venture toward success. Here are some vital components to include in a business plan, along with illustrative examples to empower student entrepreneurs.

Understanding the Executive Summary

The executive summary encapsulates the entire business plan into a succinct overview. It should answer key questions: What is the business? What are its goals? Who are the target customers? For example, if a student wants to start a coffee shop targeting college students, the executive summary might outline how the shop will provide affordable, quality coffee in a cozy atmosphere conducive to studying.

Market Analysis: Know Your Audience

Conducting thorough market research is vital. This section should analyze the industry landscape, target market, competitors, and potential challenges. For instance, a student starting a clothing line should identify their target demographics (e.g., college-age students) and evaluate competitors like local boutiques and online shops. Including statistics, such as the percentage of students who regularly purchase new clothing, adds depth to the analysis.

Sample Market Analysis Points:

• Industry Overview
• Target Market Description
• Competitor Analysis
• Marketing Strategy

Defining the Business Model

Clearly defining how the business will operate is essential. This involves laying out the revenue streams, pricing strategies, and sales channels. If the student plans to launch a tutoring service, they need to specify whether they will charge per session, offer subscriptions, or partner with schools. Each option has distinct implications for revenue generation.

Marketing Strategy: Reaching Your Customers

A comprehensive marketing strategy outlines how a business will attract and retain customers. For students, this might mean using social media platforms to promote their products. For example, if presenting a startup focused on handmade jewelry, the marketing strategy could detail how platforms like Instagram and TikTok will be leveraged to share product images and testimonials, and how promotions will be structured to appeal to fellow students.

Key Elements of a Marketing Strategy:

• Brand Positioning
• Promotional Tactics
• Social Media Plans
• Partnership and Collaboration Ideas

Operations Plan: Day-to-Day Functionality

The operations plan covers the logistics of running the business. This includes the location, equipment, staff requirements, and any necessary licenses or permits. For example, a student opening a food truck needs to discuss the physical location of the food truck, any partnerships with local festivals for events, and the number of employees required to operate the truck successfully.

Financial Projections: Planning for Profit

Financial projections are critical in demonstrating the viability of the business. This section must include forecasts for income, expenses, and profitability. For a student looking to begin a tech service, projecting potential earnings based on market size and pricing strategy is essential. It’s beneficial to create a sales forecast that outlines expected revenue based on different scenarios, such as an average case where the service captures 10% of the market.

Essential Financial Projection Components:

• Start-Up Costs
• Projected Income Statement
• Cash Flow Statement
• Break-Even Analysis

Funding Requirements: Securing Investment

If the business will require external funding, detailing the funding requirements is necessary. Students should define how much capital is needed and outline where they expect to obtain it—whether through loans, investors, or personal savings. For instance, if launching an app, a student should clearly state how much investment they need to cover development and marketing expenses and what potential return they offer to investors.

Appendix: Supporting Documents

The appendix serves as a place for additional documents that support the business plan, such as resumes, reference letters, or detailed research findings. Including this information lends credibility to the plan and provides additional context for potential investors or mentors.

Learning to craft a compelling business plan can significantly benefit student entrepreneurs. By incorporating these core components, they can construct a roadmap for success and attract the necessary resources to bring their business ideas to fruition. Whether aspiring to manage a café, launch a tech startup, or create an online boutique, a carefully structured business plan is one of the first steps toward entrepreneurship.

The Importance of Market Research in Student Business Plans

In today’s competitive business landscape, aspiring entrepreneurs, particularly students, must grasp the significance of market research when crafting their business plans. Utilizing thorough market research not only enhances the quality of a student’s business plan but also establishes a solid foundation for their entrepreneurial journey. Understanding the target market, identifying competitors, and recognizing industry trends are crucial steps that students should take before launching their businesses.

Understanding the Target Market

Knowing the target market is essential for any business. It helps students to design products or services that cater specifically to their audience’s needs. Conducting market research allows students to:

• Identify demographics: Understanding age, gender, income levels, and preferences can guide students in tailoring their offerings.
• Gather customer feedback: Engaging with potential customers through surveys or focus groups can provide invaluable insights into their expectations and desires.
• Analyze purchasing behavior: Recognizing patterns in how and why customers make purchases can help students strategize their marketing efforts effectively.

Identifying Competitors

Another vital aspect of market research is competitor analysis. Students must understand who their competitors are, what they offer, and how they position themselves in the market. Familiarity with competitors allows students to:

• Differentiate their offerings: By analyzing competitors, students can identify gaps in the market and develop unique selling propositions that set them apart.
• Learn from competitors’ successes and failures: Understanding what works in the industry gives students insight into best practices and potential pitfalls.
• Adjust pricing strategies: Observing competitor pricing can help students set competitive prices while ensuring profitability.

Recognizing Industry Trends

Staying abreast of industry trends is equally crucial. The business environment is dynamic, and trends can significantly influence consumer behavior and market demand . Through diligent market research, students can:

• Spot emerging trends: Identifying shifts in consumer preferences, technology advancements, or economic changes can help students position their companies for future success.
• Assess market viability: Understanding current and future trends allows students to determine if their business ideas are sustainable in the long run.
• Adapt marketing strategies: With awareness of trending topics or interests within their market, students can align their marketing efforts to resonate with potential customers effectively.

Tools and Techniques for Market Research

Various tools and techniques can aid students in their market research endeavors. They should consider using:

• Online surveys: Platforms like SurveyMonkey or Google Forms enable students to create and distribute surveys easily.
• Social media polls: Utilizing social media channels can provide insights into consumer sentiment and preferences with immediate feedback.
• Industry reports: Many organizations publish valuable research data that can be accessed for free or at a reasonable cost.
• Competitor websites: Regularly analyzing competitors’ Websites and marketing materials can provide insights into their strategies.

Implementing Research Findings

After gathering relevant data, students must take action on their findings. This includes:

• Revising business plans: research findings can enhance and refine the business plan, making it more robust and convincing to potential investors.
• Tailoring marketing campaigns: Properly analyzing target marketing insights will enable students to craft campaigns that resonate with their audience effectively.
• Innovating products or services: Insights from market research can lead to improvements or iterations on offerings, better meeting customer needs.

Market research into student business plans is not merely an academic exercise; it serves as a practical foundation for entrepreneurial success. When students understand their market, analyze competitors, recognize trends, and actively implement their findings, they greatly increase their chances of building sustainable businesses. Thorough preparation using market insights paves the way for innovative ideas, successful launches, and thriving ventures.

How to Financially Forecast When Writing a Business Plan as a Student

When diving into the world of entrepreneurship, especially as a student, understanding how to financially forecast is crucial. A financial forecast provides a roadmap for potential investors and helps outline what the future holds for your business. It’s essential to approach this important component of your business plan with clarity and a sound strategy.

Define Your Financial Goals

The first step in effective financial forecasting is defining your financial goals. Knowing precisely what you aim to achieve will serve as the foundation for all your calculations. Consider these key factors:

• Revenue milestones: What sales figures do you wish to achieve within the first year?
• Profit margins: How much profit do you aim to make after expenses are deducted?
• Funding needs: Do you require external funding, and if so, how much?

Understanding these elements helps shape your forecast and prepares you for deeper insights into your business’s financial health.

Gather Historical Data

Even as a student, it’s possible to compile relevant data that can influence your forecast. If you’re launching a business similar to existing companies, use their financial data as references. Look into:

• Industry benchmarks: Find statistics that reflect average sales and growth rates in your sector.
• Competitor performance: Analyze the financial success of competitors to gauge realistic expectations for your projections.
• Market trends: Investigate whether the demand for your product or service is rising or falling.

Each data point will enhance the accuracy of your financial forecasts, positioning you for greater business success.

Estimate Income and Expenses

At the core of financial forecasting are your estimates of income and expenses. It’s vital to break down these elements in detail.

Estimating Income

Begin by predicting how much you will earn from sales. Use the following strategies:

• Pricing strategy: What price will you set for your product/service?
• Sales volume: Estimate how many units you expect to sell over a defined period.

By multiplying the price by the expected sales volume, you can arrive at your forecasted revenue.

Estimating Expenses

Expenses can range widely, so consider both fixed and variable costs:

• Fixed costs: These remain unchanged regardless of your sales volume, such as rent and salaries.
• Variable costs: These fluctuate based on sales, such as materials and shipping expenses.

Be thorough in your calculations, as underestimating costs can jeopardize your entire plan.

Cash Flow Projections

Maintaining positive cash flow is vital for a thriving business. Cash flow projections display your incoming and outgoing cash over time. Follow these steps:

• Create a cash flow statement : Outline your estimated cash inflows (from sales) and cash outflows (expenses).
• Forecast monthly : Project cash flow on a monthly basis to observe trends and adjust your strategy accordingly.

This level of detail will help you anticipate periods of surplus or shortfall in funds, making it easier to plan for unexpected costs.

Create a Break-Even Analysis

A break-even analysis determines when your business will become profitable. It’s critical for understanding how much you need to sell before generating a profit. To conduct this analysis:

• Calculate total fixed costs.
• Determine the contribution margin per unit (selling price minus variable costs).
• Divide total fixed costs by the contribution margin to find the break-even point.

This calculation not only guides your pricing strategy but also shapes your investment pitches.

Review and Revise Regularly

Forecasting is not a one-time task. Regularly review and revise your projections based on actual performance:

• Compare actual results to projections to identify discrepancies.
• Adjust assumptions according to market changes.

Feedback and adaptability are indispensable for refining your forecasting approach and ensuring continued growth.

By following these strategies, you can develop a comprehensive financial forecast for your business plan, positioning yourself as a credible entrepreneur despite being a student. Each component will contribute to a well-rounded, realistic view of your business’s potential, boosting your confidence as you embark on your entrepreneurial journey.

Creative Business Ideas for Student Entrepreneurs and Their Plans

Embarking on an entrepreneurial journey as a student can be both thrilling and daunting. With the right creative business ideas and well-structured plans, aspiring entrepreneurs can navigate this exciting phase with confidence. Here are some innovative concepts and essential elements that can form the foundation for your business venture.

Freelance Graphic Design

Students with a knack for creativity can consider offering freelance graphic design services. With the increasing demand for logos, promotional materials, and social media content, this field offers significant opportunities.

• Identify your niche—branding, social media graphics, or print design.
• Create a portfolio website to showcase your work.
• Utilize social media platforms to reach potential clients.
• Set competitive pricing based on market research.

E-commerce Store for Handmade Crafts

For students with crafting skills, starting an e-commerce website to sell handmade goods can be an excellent business model. Platforms like Etsy make it easy to reach a global audience.

• Source sustainable and quality materials for crafting.
• Develop a captivating brand story that resonates with customers.
• Implement an SEO strategy to enhance visibility on search engines.
• Market your products via social media campaigns and influencer collaborations.

Online Tutoring Services

With the rise of remote education, online tutoring remains a great option for student entrepreneurs who excel in academics. By offering tutoring services in subjects like math, science, or even languages, students can leverage their knowledge.

• Identify subject areas where you have expertise.
• Set up a website to schedule sessions and process payments.
• Build trust through testimonials and reviews from satisfied students.
• Offer free trial sessions to attract new clients.

Blogging or Vlogging

If you’re passionate about a specific topic—be it fashion, travel, or tech—consider blogging or vlogging as a way to monetize your interest. By building a personal brand, you can attract sponsorships and affiliate marketing opportunities.

• Choose a specific niche to focus on to establish authority.
• Develop a content calendar to maintain consistent postings.
• Engage with your audience through social media channels.
• Utilize analytics tools to track your audience’s interests and optimize content accordingly.

Mobile Car Wash and Detailing Services

This business idea caters to busy professionals who lack time for car maintenance. Offering a mobile car washing and detailing service can be both profitable and relatively low-cost to start.

• Invest in quality cleaning supplies and equipment.
• Market your services through local advertising and online platforms.
• Provide various packages to cater to different budgets.
• Use a scheduling tool to manage appointments easily.

Event Planning and Coordination

If you’re organized and enjoy planning parties or events, consider starting an event planning business. You can begin by coordinating student events and gradually expand to corporate ones.

• Network with local vendors to secure deals and discounts.
• Create a detailed checklist for each type of event to streamline the process.
• Leverage social media to showcase past events and gain new clients.
• Offer packages that include venue sourcing, décor, and logistics planning.

As student entrepreneurs explore these creative business ideas, they must remember that a solid business plan is the backbone of any successful venture. Tailor your strategies based on personal interests and market needs to enhance your chances of success. With dedication and a clear vision, the sky’s the limit!

Common Mistakes to Avoid in Student Business Plans

Creating a business plan is a crucial step for student entrepreneurs who aspire to turn their innovative ideas into successful ventures. However, there are common pitfalls that can undermine the effectiveness of these plans. Here are some mistakes students should avoid when crafting a business plan to enhance their chances of success.

Avoid Ambiguity

It’s essential to be precise about your business goals, target market, and the unique value proposition of your product or service. Vague statements can lead to confusion and may mislead potential investors or partners. Instead of writing, “We want to be the best in our market,” specify what that means—identify your metrics and how you plan to achieve them.

Neglecting Market Research

One of the biggest mistakes is skipping thorough market research. Failing to understand your target audience’s needs, preferences, and behaviors can be detrimental. Comprehensive market research aids in identifying opportunities and challenges. Consider these steps to ensure you are well-informed:

• Conduct surveys or interviews with potential customers.
• Analyze competitors and their market positioning.
• Utilize statistical data to grasp market trends.

Overly Optimistic Financial Projections

Many student entrepreneurs fall into the trap of presenting overly ambitious financial forecasts. While being optimistic is important, basing projections solely on hope can discredit the business plan. Aim to create realistic financial expectations by:

• Researching industry benchmarks to inform your projections.
• Including a break-even analysis to show when you expect to become profitable.
• Projecting conservative estimates of revenue growth and expenses.

Ignoring the Competition

Understanding your competitors is critical for positioning your business. Common mistakes include neglecting to analyze competitors or underestimating their impact. It’s important to:

• Identify main competitors in your niche.
• Examine their strengths and weaknesses.
• Describe how your business differs and the advantages you will have over them.

Failure to Secure Relevant Skills and Expertise

Another widespread error is trying to cover all aspects of the business without acknowledging personal limitations. Successful entrepreneurship often requires a team effort. Consider bringing in partners or advisors who possess skills you may lack. This can strengthen your business plan by:

• Highlighting diverse expertise in finance, marketing, and operations.
• Demonstrating a well-rounded team to potential investors.

Underestimating the Importance of an Executive Summary

Many overlook the significance of an impactful executive summary. It is often the first impression decision-makers will have of your business plan. This section should succinctly summarize your mission, market strategy, and financial outlook. Key elements to include are:

• A brief description of your business idea.
• Insights into your target market.
• An overview of your financial projections.

Forgetting to Outline Realistic Milestones

Milestones are essential for tracking progress and motivating your team. A business plan without clear, achievable milestones may appear unstructured and lessen its credibility. When defining your milestones:

• Set specific, measurable goals.
• Establish timelines for each milestone to maintain accountability.
• Regularly evaluate and adjust your milestones based on progress.

Neglecting to Revise the Plan Regularly

An effective business plan is not static. Many students make the mistake of treating it as a one-time task. As market conditions and business dynamics change, revising your plan regularly is necessary to stay aligned with your goals and strategies. Conduct regular reviews to:

• Evaluate your progress against set milestones.
• Revise your strategies based on feedback and new opportunities.

By steering clear of these common mistakes, student entrepreneurs can craft strong, persuasive business plans that attract support, investment, and guidance. Remember, the process of creating a business plan is just as important as the final document. Strive for clarity, research, collaboration, and adaptability, and you will put yourself on a path to entrepreneurial success.

The Role of Mentorship in Developing Effective Business Plans for Students

Mentorship has emerged as a powerful tool for students venturing into entrepreneurship, particularly in the context of developing effective business plans. The relationship between a mentor and a mentee can serve as a catalyst for growth, guiding students through the intricate process of business planning. There are several key aspects where mentorship significantly enhances the ability of students to create robust business plans.

Personalized Guidance and Insights

One of the most significant advantages of having a mentor is the personalized guidance they provide. Mentors often bring years of experience and practical knowledge to the table. This experience proves invaluable for students who may be new to entrepreneurship. With their insights, mentors can help students identify potential pitfalls and recognize opportunities specific to their business idea.

• Expert Consultation: Mentors can offer expertise in particular fields, whether it’s marketing, finance, or operations, allowing students to tailor their business plans effectively.
• Networking Opportunities: Mentors often have vast professional networks they can leverage, helping students connect with potential partners, investors, and customers.

Encouraging Critical Thinking and Creativity

Effective business plans are not just about numbers; they reflect creative thinking and strategic foresight. Mentors can challenge students to think critically about their business ideas, encouraging them to explore various avenues and possible outcomes. By posing thought-provoking questions, mentors assist students in considering multiple perspectives.

• Idea Generation: Mentors can facilitate brainstorming sessions that lead to innovative ideas and potential revenue streams.
• Problem-Solving: With the mentor’s guidance, students can develop their problem-solving skills, preparing them for potential challenges they may face in the business landscape.

Structuring the Business Plan

A well-structured business plan is vital for attracting investors and ensuring the viability of the business. Mentors help students identify essential components that should be included in their plans, such as:

• Executive Summary: A concise overview of the business and its goals.
• Market Analysis: Understanding the industry landscape and target audience.
• Marketing Strategy: Outlining how to reach and engage customers.
• Financial Projections: Estimating revenue, costs, and profitability.
• Operational Plan: Detailing the logistics of running the business.

By helping students structure their business plans effectively, mentors ensure that the plans meet the expectations of stakeholders and investors alike.

Providing Accountability and Motivation

Having a mentor inherently establishes a framework of accountability. When students know they need to report back to their mentors, they are more likely to stay committed to their objectives. Moreover, mentors can motivate students, especially during challenging times. The entrepreneurial journey often comes with ups and downs, and a mentor can provide reassurance, guidance, and the necessary nudge to keep pushing forward.

Fostering a Growth Mindset

With a mentor’s support, students can cultivate a growth mindset. They learn to view challenges as opportunities for learning and growth rather than insurmountable obstacles. This shift in perspective is crucial for entrepreneurship, where resilience and adaptability are key predictors of success.

• Encouraging Continuous Learning: Mentors instill the importance of ongoing education and self-improvement.
• Reflective Practice: Regular discussions with mentors encourage students to reflect on their experiences, leading to better decision-making in the future.

Ultimately, mentorship plays a pivotal role in developing effective business plans for students pursuing entrepreneurship. By providing guidance, fostering critical thinking, enhancing accountability, and encouraging a growth mindset, mentorship transforms students’ ideas into actionable, well-structured business plans. For aspiring entrepreneurs, finding the right mentor can be one of the most impactful steps they take in their journey.

Leveraging Technology to Streamline Business Plan Development for Students

In a world where technology shapes how we operate, students venturing into entrepreneurship can greatly benefit from leveraging various tools to develop their business plans. A well-crafted business plan not only serves as a roadmap for budding entrepreneurs but also enhances their chances of success. By using technological advancements, students can streamline this critical process and ensure they remain competitive in today’s fast-paced market.

Understanding the Importance of a Business Plan

Before exploring the technological tools available, it’s essential to grasp why a solid business plan is vital. A business plan acts as a blueprint that outlines the operational structure, market analysis, financial projections, and marketing strategies of a venture. For students, grasping the components and key performance indicators (KPIs) of their business is crucial. This understanding helps them secure funding from investors, manage resources effectively, and evaluate business performance over time.

Online Business Plan Tools

Several online platforms provide templates and tools to aid students in writing their business plans. These resources not only simplify the process but also offer guidance on how to present ideas effectively. Popular online tools include:

• LivePlan: This tool allows users to create business plans with ease. It provides step-by-step instructions and visual aids to help articulate each section clearly.
• BizPlan: BizPlan offers a visual planner that helps users develop their ideas intuitively. It allows for seamless collaboration if students wish to work in teams.
• Enloop: Enloop uses your input to create a draft business plan and automatically generates a performance score to evaluate the feasibility of your ideas.
• Canva: While primarily a graphic design tool, Canva offers stunning templates for business plans that can elevate any presentation. Students can easily combine text with visuals for a more impactful proposal.

Utilizing Financial Modeling Software

Financial projections are a necessary component of any business plan. Missing this crucial detail could lead to misunderstandings and miscalculations. Fortunately, technology offers robust financial modeling software tailored for students and entrepreneurs. Some noteworthy options include:

• Excel: A staple in any student’s toolkit, Excel allows for detailed financial modeling. With templates readily available, students can practice creating budgets, cash flow projections, and profit-loss statements.
• QuickBooks: This accounting software provides valuable insights into the financial health of a business and offers tools to create forecasts.

Collaboration Tools for Team Projects

For those working in groups, collaboration tools are indispensable. They enable seamless communication and project management. Here are a few tools to consider:

• Trello: This visual project management tool helps teams keep track of tasks and deadlines efficiently. Each member can update their progress and ensure everyone is aligned.
• Slack: A communication platform that allows for real-time discussions, file sharing, and organization within channels that can be tailored to specific project aspects.

Research and Market Analysis Tools

Accurate market analysis is integral to developing a successful business plan. Students can explore the following tools to gather data effectively:

• Google Trends: This tool allows students to analyze trending keywords in their industry. Understanding consumer interests can shape how they position their business.
• SurveyMonkey: Gathering insights directly from potential customers is essential. SurveyMonkey enables students to create surveys that yield valuable feedback.

Final Thoughts on Streamlining Your Plan

With technology rapidly changing the landscape of entrepreneurship, students have an unprecedented opportunity to refine their business plans efficiently. By utilizing online tools and software dedicated to business planning and market analysis, students can boost their confidence and structure their ideas more clearly. Moreover, these resources not only save time but also enhance creativity and reduce the stress associated with creating comprehensive business plans.

Ultimately, the integration of technology into business plan development equips students with essential skills and an edge in the competitive entrepreneurial world. They can confidently present their ideas, back them with data, and demonstrate the viability of their business concepts, paving the way for future success.

Crafting a business plan is not just essential for aspiring entrepreneurs; it is also a rite of passage that helps students visualize their entrepreneurial dreams and understand the intricacies of running a business. As we’ve explored, several key components contribute to the success of student business plans. By understanding these elements, students can create comprehensive and actionable plans that are tailored to their unique ideas and goals.

Market research stands out as a vital step in developing a business plan. It allows students to grasp their target audience’s needs, assess the competition, and identify market trends. With this information, they can make informed decisions that are crucial during the planning phase. Conducting thorough market research not only enhances a business idea’s viability but also showcases a student’s commitment and professionalism when presenting their plan to potential investors or mentors. The data gleaned from this research can serve as a powerful tool for justifying the feasibility of the proposed business, which is especially important in convincing stakeholders of its potential success.

When it comes to the financial aspect, students often encounter challenges in forecasting and budgeting. However, accurate financial projections are crucial in any business plan. Students must learn to create realistic forecasts that reflect potential revenue, operating costs, and profit margins. This section of the plan should be based on the market research findings and supported by concrete data. tools and software can simplify this process, allowing for more precise calculations and easier adjustments when needed. A sound financial plan not only guides the student’s actions but also establishes credibility among potential investors.

Creative business ideas flourish amongst students, inspired by their unique experiences and perspectives. However, the cultivation of these ideas must be underpinned by a concrete plan. Outlining the business concept, defining the target market, and detailing the operational strategy can transform a simple idea into a promising venture. Moreover, by highlighting their ingenuity and adaptability, students can develop distinct strategies that set them apart in the marketplace. Whether starting an innovative app or a niche product line, students can showcase their creativity by crafting plans that are as dynamic as their ideas.

Avoiding common mistakes in business plan development can significantly impact a student’s success. Many students overlook the importance of clarity and specificity. Failing to clearly outline objectives, strategies, and metrics can leave a plan feeling vague and unconvincing. Additionally, neglecting to address potential risks and challenges can lead to unrealistic expectations. By understanding and navigating these pitfalls, students can create robust plans that anticipate obstacles and outline contingency strategies. Educators and mentors can provide valuable feedback to help students refine their plans and better prepare them for future challenges.

Mentorship plays an instrumental role in shaping successful business plans. Engaging with experienced entrepreneurs allows students to gain insights that they may not have considered. Mentors can provide constructive criticism, offer guidance on best practices, and share their own experiences, all of which are invaluable to a student entrepreneur. Developing a relationship with a mentor enriches the planning process and can even open doors to networking opportunities that can elevate the student’s entrepreneurial journey.

Today’s digital landscape offers numerous tools and technologies to streamline the business plan development process. From agile project management applications to financial modeling software, students are better equipped than ever to craft comprehensive plans. Utilizing these resources can enhance collaboration, improve organization, and facilitate adjustments throughout the planning phase. Students should take advantage of these technological advancements to save time and focus more on the creative aspects of their business ideas.

As students embark on their entrepreneurial journeys, they must remember that a business plan is not merely a document but a living entity that evolves as their ideas develop. By integrating market research, financial forecasting, mentorship, creativity, and technology, students can build compelling business plans that inspire confidence and drive action. The entrepreneurial path is filled with uncertainties, but with a well-structured plan and a clear vision, student entrepreneurs can navigate these challenges and work towards turning their dreams into reality. Preparing a business plan is not just about generating a product or service; it is about establishing a foundation for a future filled with opportunities, personal growth, and, ultimately, success.

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• Inspiration
• Startup Ideas

46 Best Startup Ideas for Students

| Written by

Whether you’re in high school, community college, or university, it can prove challenging to juggle a 9-to-5 job while finishing school. Launching your own startup company as a student offers the flexibility of creating your work schedule to align with a busy school schedule.

The first step involves selecting the right business idea for you based on your interests, the overall startup costs, and the amount of time you can dedicate to your business. This guide highlights the most unique and innovative startup business ideas for students to help you find the right one for you.

Startup Business Ideas for Students

Some of the most successful startups in history were created by students. Even if you are only looking for a little side-hustle income while you study, an innovative concept will undoubtedly set you apart from the get-go. Here are some of the best startup ideas for students we’ve sourced.

1. Tutoring

Are you proficient in a specific subject or do you have a unique skill? If yes, you can help other students by starting your own tutoring business. Any subject in which you excel — like math, English, or science — can provide a potential tutoring opportunity.

Tutoring businesses can charge by the session or the hour. You can easily market this type of business within your school, at the public library, or in community centers. Best of all, this startup idea has virtually no startup costs. 

2. App Development

While it might seem like there’s already an app for everything, the potential to create millions of apps for entertainment purposes or to solve everyday problems still exists. This startup idea can ideally suit tech-savvy students, but anyone can create a popular app with the right support during production and a great idea.

If you don’t currently have an app idea, don’t worry. Start brainstorming ideas by conducting an audit of daily tasks or problems an app could simplify or solve. Many of the most popular apps solve a common problem, making them more likely to have widespread appeal.

3. Freelance Writing

If you’re a skilled or talented writer, freelance writing might provide a great way for you to make money as you pursue your education. Freelance writers of all kinds are in demand by businesses and publications looking for temporary employees to write blog posts, articles, and other content.

One of the biggest benefits of freelance writing at a younger age is that you’ll gain experience that can help you later on as you establish a career. Sites like Upwork® and Writer Access® provide a secure platform for businesses and freelancers to connect.

4. Podcasting

Next up on our list of business ideas for students is podcasting. As the popularity of podcasts continues to grow , it’s an ideal time to start a podcast of your own. In fact, the podcast industry was valued at $18.52 billion in 2022 . The most successful podcasts feature engaging hosts and a specific topic that can attract interested listeners. You also must feel comfortable with interviewing and public speaking before you start a podcast.

Moreover, it’s best to choose a topic for which you have a passion and can see yourself dedicating a good amount of time to researching. For example, if you’re passionate about sustainability, your podcast could focus on interviewing other entrepreneurs who currently work to fight climate change.

5. Tech Support

Do you have a knack for solving technical problems? If so, you may want to consider launching a tech support startup. You can run these types of online businesses entirely from your home and market it by posting flyers at schools, coffee shops, and libraries. You just need a phone, a website, and some technical experience. You also can charge by the job, the hour, or the type of device.

In this type of business, customers typically call or email with a technical issue and you, the tech support person, walk them through how to fix that issue. Alternatively, you can request your customers drop their computers off so you can take a first-hand look.

6. Digital Textbook

Digital textbooks are educational ebooks that provide a much-needed alternative to traditional textbooks in terms of both price and sustainability. With the introduction of ereaders and other devices, the market for digital alternatives to educational materials continues to grow. Whether you plan to write a digital textbook or start a website that’ll house popular digital textbooks, this startup idea can enable you to earn a profit while you provide a service to students and the educational system.

Online learning continued to gain popularity in the past year. Providing additional tools for students — or people who just want to brush up on a subject — by developing an educational technology (edtech) startup can make education more accessible to a larger fraction of society. Startup costs for this business idea can range from $12 to $27,209 , depending on the business model. 

Whether you plan to develop an app, create online courses, or build an online tutoring resource for students, you must first identify your target subject and platform. Additionally, successful edtech startups tend to offer a product that’s both effective and intuitive. Remember to consider those criteria during your product development process.

See our interview below with the co-founders of edtech startup Trashbots !

8. Meal Delivery Service

Faced with fewer dine-in options, people increasingly turned to food delivery services in the past year. In fact, the market is expected to experience a 14.5% compound annual growth rate (CAGR) from 2023 to 2032. Starting your own meal delivery service can help small local businesses meet delivery demand, enable customers to enjoy their favorite restaurants, and provide a business opportunity that’ll work with your busy schedule.

To compete with the big names in meal delivery, connect with your local restaurant owners. Many popular food delivery apps and websites charge a substantial fee to deliver for restaurants. Your business can gain a competitive edge by offering quick delivery times and lower fees.

9. College Care Package Business

Going away to college often represents an exciting adventure. For families and friends seeking to support their favorite college students, a college care package business can take the guesswork out of what to send them with thoughtfully curated packages.

One benefit of starting this type of business is that you can operate it completely online. That’ll reduce your overhead costs and give you more freedom for your busy schedule. Offering a variety of packages for different types of students with customizable options will set your college care package business apart from the competition.

10. Ebook Writing

Today, you can accomplish almost everything virtually — even publishing a book. Ebooks provide an alternative to traditional publishing, making them cheaper for both authors and readers. Moreover, ebooks are far more sustainable than paper books.

To get started, you’ll need writing experience and a topic idea for your ebook. Whether you choose to write a novel or a cookbook, the ebook market offers a huge profit potential while requiring minimal startup and overhead costs. Especially considering that ebooks made up over 10% of book sales in 2022 . That makes this type of business a great choice for aspiring entrepreneurs.

11. Social Media Influencer

A successful social media influencer almost always understands how to create and effectively market a brand. If you think you’re up to the challenge, this can make a lucrative and exciting startup idea. Social media influencers with between 10,000 and 25,000 followers make $100-$250 per post , on average. 

Influencers earn money through brand deals. Because every industry has influencers, you’re more likely to generate a large viewership and build a strong brand if you focus on a specific industry or niche for which you have a passion. In addition, you’ll need to feel comfortable with public speaking and connecting with your audience in order to attract brands that want to work with you.

12. Mobile Coffee Cart

Many students work in coffee shops and cafes while pursuing their education. A mobile coffee cart offers a flexible schedule and the opportunity to network within your community. It also provides a relatively low-cost alternative to opening a brick-and-mortar cafe with many mobile coffee carts costing between $2,000-$5,000 to start. 

Customers typically hire mobile coffee carts to work events like corporate retreats, school events, and even weddings. Make your business stand out by offering a customizable drink menu that can complement customers’ event themes.

13. YouTube Channel

Launching a YouTube channel is next up on our list of startup business ideas for students. YouTube has billions of subscribers worldwide, which means the platform offers a great opportunity for new channels and video content. Starting your own video channel can represent another form of blogging (called “vlogging”) or provide a space for you to teach a skill or share a hobby. If you have a passion for ceramics, for example, you could start an entire channel about your process from clay to kiln.

Social media platforms focus on making connections, and YouTube is no exception. Every industry or hobby has the potential to connect with thousands of YouTube subscribers, which you could parlay into a lucrative business venture. Especially considering the average YouTuber in the US makes $33 per hour on average. 

14. Review Website

Like most people, you probably search online for reviews before you spend your money at an unfamiliar business. Review websites hold businesses accountable by giving people insights about them so potential customers can make an informed decision.

You can easily start and manage this kind of website with a minimal budget, making it perfect for student entrepreneurs. In order to run a successful review website, you’ll need to gain credibility with customers and differentiate your site from larger review sites like Yelp.

15. Social Media Platform

Many social media users seek new platforms to explore so they can connect with others. Starting your own social media platform can provide a space to foster a sense of community as well as a potentially lucrative business venture. Moreover, it offers a flexible schedule — especially during the initial stages of operating your site.

To entice users to join your social media platform, focus on developing ideas that’ll make your site feel distinct from other platforms. For example, you could opt to cater to a specific demographic like gamers or musicians.

16. Livestreaming

If you already spend a lot of time playing video games, why not make it a business venture? Livestreaming essentially involves broadcasting live footage of your game as you play, using a platform like Twitch or Smashcast. Once you obtain the minimum number of followers (e.g., 500 on TWITCH), you can become a partner of the livestreaming site and begin to make money based on the traffic your streams generate.

17. Graphic Design

Many businesses and organizations need graphic designers to create visual branding for use on everything from signage to marketing materials. Because graphic design is a fairly broad industry, having a multifaceted skill set can prove extremely beneficial. For example, proficiency in logo design as well as typography or web design can help you book more clients and build your portfolio.

18. Dropshipping

If you like the idea of an ecommerce startup but don’t have the room to store items to sell, dropshipping could be the perfect solution. Dropshipping startups simply take customer’s orders online, but instead of filling orders themselves, they are sent to a third-party retailer for fulfillment. Essentially, your startup consists of customer experience management, marketing, and curating items for your dropshipping business. On average, dropshippers make $3,414 per month , according to ZipRecruiter. 

19. Affiliate Marketing

Affiliate marketing is a popular side hustle , but it can be a profitable business idea if you do it right. Through affiliate marketing, you will earn a commission on sales you drive for brands you partner with. What makes this idea particularly good for college students is that there is a relatively low barrier to entry. Be sure to pick products you’re already known for, associated with, and to which you have market access. 

20. Website Development

Building websites can be a great way to make money as a student, particularly if you’re studying something related. Almost everyone, from businesses to individual entrepreneurs, needs a website, and if you do a great job on the first few projects, you’ll start getting business through word of mouth. This is another space with a pretty low barrier to entry as there are many open source tools available for developers.

21. Virtual Assistant

You don’t have to be in an office to help businesses and fellow entrepreneurs get organized. A virtual assistant startup is a great business idea for organized, task-oriented individuals. If this sounds like you, it is easy to get started by utilizing sites that can help you find work you’re interested in. Get a competitive edge by diversifying your skill set to make yourself eligible for a litany of job opportunities. Plus, this flexible position brings in $24 per hour on average in the US, according to ZipRecruiter.

22. Web Design

Web designers focus predominantly on the user experience aspect of web pages. If your field of study relates to design (or even if this is just a passion for you), a web design startup might be your best bet for a student business. To really hook the clients, pair up with a friend in the development space and offer your services as a package.

23. Handcrafted Products

Handmade, artisanal goods never go out of style. Plus, the market for handmade goods is expected to see moderate growth from 2023 to 2030 at a CAGR of 4.7% . Selling handcrafted products offers you the flexibility of selling your goods online, in established retailers, or at local markets. The first step involves determining the product(s) you’ll make. This could include food products, pet toys, wooden furniture, or many other items. To successfully sell handcrafted products, remember to focus on product quality and cater to the right niche market.

24. Cleaning Services

Next on our list of the best business ideas for students is cleaning services. You can start a successful cleaning startup in several ways. For example, you could start a house-cleaning business, an office-cleaning business, or a graffiti-cleaning business, among others. 

This type of startup has low initial costs and flexible hours. You can schedule as many clients as you can manage based on your availability. Overhead costs for cleaning services include marketing materials, cleaning supplies, and vehicle expenses, which means it’ll cost very little to launch your cleaning startup. Notably, in the US, cleaning business owners make $127,973 per year on average , making this a lucrative business for students. 

25. Moving Company

If you ask people if they enjoy moving, most will answer with a firm “no.” That can make a moving company startup a potentially lucrative business idea. Not to mention, the industry has grown by 11.4% in 2022, meaning the demand for moving companies is increasing. You’ll need to hire a team and purchase a vehicle large enough to move furniture so this type of business has higher startup costs than other business ideas. But, that initial investment can pay off once you start booking jobs and generating positive reviews.

26. Planner and Journal Business

The right planner or journal can help even the most disorganized people manage their time more effectively. Journals also can serve multiple purposes, making them a valuable tool for many. Starting a planner and journal business can help fulfill the demand for these products while offering you a potentially lucrative business venture.

Planner and journal businesses can sell their products online or in established retailers like bookstores and novelty shops. To make your products stand out, consider giving them distinctive features like including time-management tips inside your planners or manufacturing your journals from recycled materials.

27. Social Media Marketing

If you’re already spending a lot of time on social media platforms and you have a good understanding of the marketing end, why not turn that into a startup? Anyone with a product or service, especially local businesses, to sell today needs to be on social media, and many business people do not have the skills or the time to pull it off well. The multiple free scheduling and design tools available today also make this a pretty low-cost industry to enter.

28. Website Flipping 

Another website-based startup you can try is website flipping. People often allow their websites to go dormant either because they’ve closed their business or just aren’t interested anymore. This is an opportunity for you to purchase this website at a relatively low cost, optimize it, increase the traffic, and flip it at an excellent profit when it is worth far more than it was.  

29. Motivational Apps

Mobile apps are really popular, and if they make you feel good and improve your life, all the better. Apps geared toward motivation do very well in most app stores, and they’re relatively simple to build and maintain. You will need to come up with an innovative idea, though, but thankfully, there are many spaces to work within — meditation, mindfulness, inspiration, and productivity, to name a few. If you plan to develop an app of your own, you can also take advantage of university-led incubators or startup accelerators such as Techstars Mobility or Plug and Play Tech Center. 

30. Organization Service

Few people naturally possess strong organizational skills. If you’re one of those few, an organization service may represent the perfect startup idea for you. Professional organizing services not only help customers tidy up cluttered spaces, but also help them develop the organizational skills they need to maintain order going forward. One of the benefits of starting this type of business is you can operate it either in person by visiting customers’ homes and offices or virtually by conducting video consultations.

31. Errand-Running Service

Busy professionals, small businesses, and seniors typically need help running errands they can’t get to themselves. This could involve going to the post office, picking up dry cleaning, or taking a pet to a vet appointment.

To get started, you just need a vehicle, a phone, and some spare time. You can operate your errand-running business from home and market your services on bulletin boards at community centers, senior centers, or anywhere you can post a flier with your information. While this business idea isn’t the most lucrative, on average, errand runners make $15 per hour . If you can manage a fleet of errand runners, the earnings can add up. 

32. Language Learning Startup

If you’ve learned a foreign language, you know it’s difficult, especially for adults. However, knowing a second language is not only a fun pastime, but it opens up job opportunities and helps people connect with other communities. A language learning startup can be any product or service that helps people learn a new language, such as an app, instructional website, or written guides.

To make your startup stand out, focus on making learning a new language fun for users so that they want to reach for your product or resources again and again. If you opt for a tech-related language learning model, consider utilizing an edtech incubator to help develop your idea such as Berkeley SkyDeck, FasterCapital, or ASU Venture Devils. 

33. Virtual Event Planning

With businesses and organizations grappling with social distancing requirements in the last few years, the virtual events space has exploded, and hosting events online has actually become a game-changer for many businesses. As a result, a new critical skill has emerged: the need to plan these events. If you have great digital skills and you’re pretty good at organizing people, look into virtual event planning as a startup. Again, there are many open-source tools available that make breaking into this space relatively cheap.

34. Clean Beauty Products

Green or “clean” beauty products are increasing in popularity across the US as we learn more and more about the harmful effects of some ingredients in traditional beauty products. In fact, the global clean beauty market is currently valued at $8.3 billion in 2023 and is expected to reach $15.3 billion by 2028 . A green beauty product startup provides a better alternative, whether it’s clean skincare or cosmetics — the key is to create a product that is as effective as traditional products without the same damaging ingredients.

35. Software Startup

A software development startup is responsible for creating, distributing, and maintaining the programs that businesses use every day. This industry is experiencing exciting growth with annual revenue of $238 billion per year and an annual growth rate of 3.9% , which means this startup idea holds a tremendous amount of opportunity for entrepreneurs.

36. Snack Company

Do you have a go-to homemade snack that you know other people would love as well? If so, take your tasty treats to the next level by starting a snack company . Consumers are always looking for delicious new snack options with special ingredients or a twist on a classic snack. Growing your audience can be done by going to farmers’ markets or local events and letting people try your delicious new snack!

37. Robotics Startup

It’s not uncommon for robotics startups to be founded by students or recent graduates, especially if they are studying in the field at one of the more prestigious colleges with well-backed programs and grants for research. College can be an amazing place to discover new technology and brainstorm with fellow students, but you also want to ensure that you understand the industry you’re trying to get into before you get too far ahead of yourself. 

With that said, definitely use the resources at your disposal if you’re in a great robotics program and see where it can take you and your startup. Or, consider joining an incubator or accelerator such as AlleyCorp, MARL 5G Accelerator, or Buildit Accelerator to help develop your startup. 

38. Fintech

If you have a good understanding of both the financial and technology spaces, you may want to consider a fintech startup as your niche. Historically, student fintech startups that have focused predominantly on student financial issues have done really well. It’s vital to understand your market, after all. When you start to delve into the world of finance, though, you’ll need to ensure that you are complying with any state laws that govern the industry. After you’ve ticked that box, your fintech startup will be ready to go. For a startup idea like this, you may want to consider seed stage venture capital firms such as Precursor Ventures that have a history of deploying capital into promising fintech companies. 

39. Marketplace Website

Become the platform your community uses to sell and exchange goods and services by creating a marketplace website startup. Elevate the startup idea by prioritizing user experience and safety protocols. The key to a successful marketplace website is to create a positive experience for users that makes buying and selling items seamless and safe.

40. Sustainable Clothing Line

Fashion is one of the most wasteful industries on the planet. If you’re thinking about starting a clothing line, consider making it a sustainable one! Plus, the demand for these businesses is growing and is projected to continue that trajectory, forecasted to grow from $7.8 billion in 2023 to $33.05 in 2030 . A sustainable clothing line can make an impact by creating thoughtful garments that are long-lasting and ethically made out of sustainable materials such as linen or hemp.

41. Virtual Meeting Platform

With the virtual events space growing so considerably, the need for virtual meeting services has increased proportionately. This might mean anything from scheduling software for end-to-end management or perhaps even add-on apps that assist large companies with the management of various meetings simultaneously. There are several open-source tools available to help you break into this space.

42. Beverage Startup

If you have a great drink recipe or an idea for a special ingredient or function that will entice customers, start a beverage company ! A competitive edge in this industry is well-designed packaging that is catered to a target demographic and, of course, a delicious beverage inside. If you’re more of a connoisseur of beverages, a beverage distribution company is another lucrative startup idea that can be focused on a specific type of beverage such as beer, soda, or wine. Keep in mind that if you start a beverage company, you may benefit from a founder community such as Foodbevy to connect with other entrepreneurs in the space and grow together. 

43. SEO Services

Search engine optimization ( SEO ) is an essential tool for online marketing. However, to achieve a successful SEO service, you need to dedicate time and effort to creating content and staying on top of changes in search trends. Starting an SEO services startup offers customers an opportunity to cash in on this powerful internet marketing tool without spending too much of their own. To create a successful SEO services startup, you will need a deep understanding of SEO tactics and the software to do effective research. 

44. Online Courses

Online courses are a great way to use your existing knowledge to help college students, professionals, or anyone looking to expand their skill set in a niche market. This startup idea, on average, can bring in roughly $82,500 per year , according to ZipRecruiter. To create an online course, you will likely want to join an online course platform such as Udemy or Skillshare and utilize digital marketing strategies to get the word out about your course. However, a great online course can be one of the less laborious but still profitable business ideas for students.

45. Translation Services

If you speak more than one language, offering translation services can be a great way to leverage your skills to start your own business. A translation services business is often responsible for translating various documents while maintaining client confidentiality. This can be done to either provide grammatical and spelling help or to ensure the content of the translation matches the original document.

46. Become a Reseller

With the rise of apps such as Poshmark, Vinted, and Depop, reselling clothing, shoes, and even home goods has become a popular side hustle for students. While some sellers opt to resell items from their own closets, others choose to upcycle garments or scour local thrift stores for deals on items. This idea involves keeping an eye on trends as well as offering items seasonally to ensure you are selling an item when demand is at its peak. 

How to Choose a Business Idea

Starting your own business as a student can mean additional cash and valuable experience. However, choosing a profitable business idea can be challenging, here’s a few tips to find the right business idea for you.

Research Time Dedication

Whether you’re in high school or college, school is your number one priority. Therefore, you need to seek business ideas that will be doable with your current school load. Many online business ideas for students provide time flexibility and allow you to work on your entrepreneurial goals during spare moments.

Pull From Your Skill Set

What are you already well versed in? Pulling from your skill set allows you to build a strong foundation early on and capitalize on your existing knowledge. This could mean launching a tutoring business if you’re highly educated in one subject or doing freelance work doing strategy for other local businesses getting started on social media platforms.

Follow Your Passion

Above all, when you’re starting your own business you should choose business ideas that you’re excited and passionate about. If you are passionate about your business idea, there is a higher chance you will dedicate the time and effort necessary to make it a profitable, sustainable startup. 

Explore More Startup Ideas

• Best Startup Ideas
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• Startup Ideas for Social Entrepreneurs
• Sustainable Startup Ideas
• Startup Ideas for Education Entrepreneurs
• Startup Ideas for Teens
• Startup Ideas for Animal Lovers
• Tech Startup Ideas
• Startup Ideas for Food Lovers
• Side Hustle Startup Ideas
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• Low-Cost Startup Ideas
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Further Reading

• What Is a Startup? July 2, 2024
• 8 Best Online Incorporation Services for Startups in 2024 August 14, 2024
• How to Start a Startup in 10 Steps (2024 Guide) July 18, 2024

Topics to Explore

• Startup Basics
• Startup Leadership
• Startup Marketing
• Startup Funding

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October 28, 2009

Lesson Plans for Young Entrepreneurs

Does your child have what it takes to be an entrepreneur? There are a number of tools and lesson plans available, from Web-based and online activities to classroom simulations, for educators and parents to get students thinking like an entrepreneur.

Here are curriculums that are fit for large classes and one-on-one teaching:

The Classroom Mini-Economy Lesson Plan

Introduce students to the real-world economy by creating a microcosmic economy in the classroom. The “ Classroom Mini-Economy Lesson ” plan by the Council for Economic Education allows teachers to create a functioning economy teaching students their role in the global marketplace. This lesson plans also teaches students to hone teamwork and negotiation skills as well as the value of financial literacy. By taking up roles as consumers and produces, students will lean how to run a business, what it means to pay taxes and make smart investments.

In a mini-economy, students earn play money in a variety of ways and spend it at a class store, class auction, or at stores operated by their classmates. Although mini-economy activities vary widely, students typically apply for classroom jobs, run businesses, pay taxes, buy rental properties, and make investments. The curriculum also includes a web link to the new Mini-Economy Banking Program, which allows students to do their banking on the computer.

Grades: 2-6 Cost: $29.99

New Youth Entrepreneur Interactive

What’s the difference between a purchase receipt and a sales receipt? What about accounts receivable and accounts payable? The “ New Youth Entrepreneur (NYE) ” curriculum is designed to teach students all of these terms and more. Presented in 12 modules, this curriculum shows how to examine different methods of obtaining startup resources and identify places for loans, through interactive lessons available of the accompanying NYE CD. The curriculum includes an installation CD and 35 licenses, a user’s manual, a set of modules, and an instructor’s guide.

Grades: 5-9 Cost: $2,499

Be the “E”

Help students discover their own passions and how to monetize them with the “ Be the ‘E’ ” curriculum by the National 4-H Cooperative Curriculum System Inc. The plan includes workbook activities and “Be the E” games where students can test out their entrepreneurial knowledge against their peers. The lesson plan helps students develop critical skill sets necessary to become a successful entrepreneur including decision making, problem solving, planning and organizing, and thinking creatively.

Through online and workbook lessons students learn record-keeping, types of businesses, products and pricing, marketing, partnerships, agreements and contracts. They also learn about opportunity costs, how to connect their other skills and interests to money-making opportunities, the crucial importance of timing for an entrepreneurial enterprise and how to write a business plan.

Grades : 7-10 Price: $13.50

The YoungBiz Foundation

The “ Entrepreneurship Today ” curriculum provides high school students with an in-depth look at business ownership by teaching them how to write a working business plan that can be immediately put into action. The course provides 120 hours of instruction enabling students to conduct real-world business research, create marketing materials, learn to manage business finances, and improve teamwork, problem-solving, and decision-making skills.

YoungBiz also publishes “You’re the Boss” which offers 30 hours of instruction used to dissuade at-risk youth, juvenile drop outs, and teens attending alternative schools to consider entrepreneurship as a viable career option. Students learn how to develop an idea out of their own interests and learn how to start a business by actually doing it.

Age Group: High School Price: A classroom set with guides for 10 students and one teacher will cost $210. The student and teacher’s guides can be purchased individually for $19 and $30, respectively.

J unior Achievement

Junior Achievement distributes “JA Be Entrepreneurial,” a new high school lesson plan that challenges students to start their own entrepreneurial venture while still in high school. JA Be Entrepreneurial consists of seven sessions which take 45 minutes to complete. The curriculum teaches students to analyze the needs for their market, define their competitive advantages, and recognize the elements of a successful start-up business. In addition to the curricula, more resources are available online, including full-length sessions, podcasts, and activities for students to practice on their own.

Materials are packaged in a self-contained kit that includes detailed session plans for the teacher and materials for 32 students. In addition to entrepreneurial skills, the program will enhance students’ skills in other areas including their ability to categorize data, express multiple viewpoints, present information to groups, and weigh consequences. Each student will be capable of writing a business plan upon completion of the series of lessons.

Grade: 9-12 Price: Free of cost to schools and organizations. To learn more about receiving this program in your area, contact your local Junior Achievement office.

Renita Burns contributed to this article. 

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10 Business Plan Examples for Students (2024)

Written by   Peter Keszegh

Starting a business isn’t just for the established entrepreneurs. If you’re a student with a great business idea, or if you’re just looking to earn extra money on the side, you can set up your own business with the right steps and preparation, too!

In this article, we’ll list some business plan examples for students and how you can turn your business ideas into reality.

What is a business plan?

In simple terms, a business plan is a detailed document that  explains everything you need to know about your business idea .  It includes your goals for your business and how exactly you plan to achieve them.

A business plan should be able to explain why your product or service is valuable, your target market for your business, and your future plans for the business.

Having a well-written business plan is important, especially if you’re looking at seeking external funding from investors. Even if you’re planning to use personal funds for your business, the business plan will help outline all your operational and management strategies.

Tailoring your plan to your business

While business plans have some standard sections used by all industries, it’s best to tailor your business plan depending on what your market is. For instance, if you’re planning to sell food products, you need to write sections on sourcing ingredients and quality control.

Think about what’s special about your business, and make sure to incorporate that in your business plan. Put yourselves in the shoes of an external investor – what would they want to know about your business? Don’t be afraid to think outside the box, too.

Parts of a business plan

You might be wondering – how should we structure a business plan? Here are some key sections you might want to include when writing your business plan:

Executive summary

An executive summary is exactly that – a summary of what your business is all about and your goals for the future. Make sure to include what your product or service plans to do, your target market, and key milestones you’d like to achieve. If you have plans to source external funding, mention this here, too.

Company description

You can use this section to expound on what you plan to achieve and what your business vision is . Use this section to highlight what makes your business unique , and why your product or service offers an innovative solution.

Market analysis

If you’re looking to start a business, you need to have a good understanding of the market and who your competitors are. Do the research to make sure there’s a real need for your product or service , and make sure you know what sets your business apart from competitors.

Organizational structure

If you’re working with a team and you all have different responsibilities, make sure to put that into writing. This doesn’t have to be too formal – all you have to do is make sure everyone’s tasks are clearly delineated so there’s no overstepping.

Product line or services offered

Talk about what you plan to sell or offer as a business. What exactly does your product or service do? What makes it so special, and what can your product or service do that isn’t already offered by your competitors?

Marketing and sales strategies

How do you plan to promote your business to attract customers and secure sales ? You can talk about where you plan to sell your products or offer your services, and how you plan to advertise your business.

Financial projections and funding requests

Set financial goals for your business and identify when your business will likely break even . If you need to secure external funding, make sure to mention this here, and mention how much money you’ll be needing and how you’ll be spending it.

Relevant documents that you mentioned earlier in your business plan should be included here. For instance, if you conducted market research via a survey, put your survey data here.

Of course, don’t be limited by the sections listed here. If there are other relevant details you’d like to talk about in your business plan, don’t be afraid to explore them. For instance, if you’re looking at using new technologies and tools for your product or service, you can write a relevant section in your business plan as well.

Why students need to master business plans

Businesses aren’t just for more seasoned entrepreneurs – starting a business can prove to be useful for students who want to hone their skills and become more business-minded.

Here’s how business plans can help students:

Enhancing strategic decision-making

You’ll have to make a lot of decisions when running a business, and business plans will force you to make smarter decisions. You don’t want to make things unnecessarily difficult for you and your team only to get mediocre results – you want to make sure you make the most out of your resources!

This kind of strategic decision-making isn’t something you learn in the classroom. Hands-on business experience will be useful for you to make wise decisions, even if it means learning from mistakes.

Improving market research and analysis skills

As students, you already do a lot of research for different school projects. When setting up a business, you’ll have to do research of your own to get a better understanding of the market your business plans to work in.

Having a good understanding of the market will also improve your analysis skills. For instance, doing enough research on the retail industry will give you a better idea of who the average retail customer is, allowing you to tweak your marketing and sales strategies to capture that target market.

Honing financial literacy and forecasting

Discussions about money and numbers can get pretty confusing. When you’re setting up a business and dealing with real, tangible figures, you’ll gain a better understanding of how finances work, how profitable your business might be, and what you’ll likely be spending money on.

Business plan examples for students

If you need a little help in thinking about the kind of business you want to set up, here are 10 business plan examples for students that you can use as inspiration:

Tu toring services

Some students will understand subjects better than others, which means there are a number of students who’ll need a little bit of help when it comes to their academic requirements and upcoming exams.

If you’re academically gifted and have a talent for teaching, you might want to consider offering tutoring services in your school.

• Executive summary : Mission, services offered, and target client demographic.
• Business description: Subjects covered, and technologies used (if applicable).
• Services provided: Individual tutoring, group workshops, and ongoing support options.
• Market analysis: Demographic trends, existing offerings, and unmet needs.
• Marketing strategy: Flyers, community center partnerships, and word-of-mouth referral programs .
• Operational plan: Scheduling system, session formats (in-person, online), and materials preparation.
• Management and organization: Tutor recruitment, training programs, and operational leadership.
• Financial summary: Basic costs, session pricing, financial goals, and sustainability plan.

Campus delivery service business

Especially during finals weeks, students can get pretty busy and can often forget to take care of themselves. How many all-nighters have you pulled as a student, and how many times have you skipped a meal to work on a deadline?

If this sounds like the kind of culture in your university, you might want to consider setting up a campus delivery service to cater to busy students. Here’s how you can set up your business plan:

• Executive summary: Service overview, mission, and objectives.
• Company description: Origins, campus focus, and service differentiation.
• Service offering: Types of delivery services offered (e.g., food, groceries).
• Market analysis: Campus demographics, needs assessment, and competitor analysis.
• Marketing strategy: Promotional tactics targeting students and staff, partnerships with local businesses.
• Operations plan: Delivery logistics, technology use (e.g., apps, GPS tracking), and hours of operation.
• Management and organization: Team roles, volunteer vs. paid staff, and management hierarchy.
• Financial plan: Start-up costs, pricing strategy, revenue projections, and break-even analysis.

Campus fitness and wellness programs

Another way you can help students in your school become healthier is to offer services that focus on fitness and wellness . If there’s a need for students in your school to become more physically active or to just take better care of their overall wellness, you could offer relevant programs on campus.

• Executive summary: Concept, target audience, and objectives of the fitness programs.
• Business description: Range of services (classes, personal training, wellness workshops).
• Market analysis: Campus health trends, competitor offerings, and student wellness needs.
• Services: Detailed look at program offerings, schedules, and customization options.
• Marketing plan: Engagement strategies, campus events, and partnership with student health services.
• Operational plan: Instructor qualifications, equipment needs, and location logistics.
• Management and organization: Structure of the team, roles, and experience in health and wellness.
• Financial overview: Initial setup costs, pricing strategy, revenue streams, and financial projections.

Student freelance platform

Freelancing is a popular way for students to earn extra income on the side, in the middle of their busy class schedules. If you have enough know-how when it comes to setting up websites or apps, you might want to consider launching a portal where student freelancers can conveniently find more freelance gigs.

• Executive summary: Platform purpose, target market, and value proposition.
• Business description: Niche focus (e.g., design, tutoring, programming), platform features.
• Market analysis: Demand for freelance work among students, analysis of existing platforms, gap identification.
• Service description: User interface, service categories, payment processing system.
• Marketing and sales strategy: Campus outreach, online presence, and user acquisition strategies.
• Technology plan: Website architecture, user security measures, and scalability.
• Operations plan: Customer support, dispute resolution process, and freelancer vetting process.
• Financial summary: Funding requirements, monetization strategy, and financial forecasts.

Mobile app for campus services and networking business

Maybe you’ve got an enormous campus that boasts a lot of helpful activities and services that most students might not already be aware of. If you want to promote these services in an innovative way, you could think about setting up a mobile app that students can use as a one-stop-shop for all their campus service needs.

• Executive summary: Introduction to the app, its core functionalities, and target user base.
• Business description: Insight into how the app facilitates campus life, services offered, and networking features.
• Market analysis: Current apps in the market, student needs analysis, and potential for growth.
• Product description: Detailed functionalities, user interface design, and privacy features.
• Marketing plan: Strategies for app launch, user acquisition, and partnerships with university departments.
• Technology plan: Development roadmap, platform compatibility, and maintenance plan.
• Management and operations: Team structure, developer roles, and operational milestones.
• Financial projections: Budget for app development, marketing costs, monetization strategies, and revenue forecasts.

Eco-friendly apparel brand

Everyone’s becoming more eco-conscious nowadays, and brands who often highlight their environmentally-friendly practices do get a good reputation. If you want to tap into that market and mix it with a bit of fashion design, you can choose to set up an eco-friendly apparel business.

• Executive summary: Brand mission, product range, and sustainability goals.
• Company background: Inspiration behind the brand, target demographic, and brand story.
• Products and services: Description of apparel line, materials used, and production process.
• Market analysis: Trends in sustainable fashion, target market behavior, and competitive landscape.
• Marketing strategy: Branding, social media campaigns, and collaborations with eco-conscious influencers.
• Operational plan: Supply chain management, ethical sourcing, and online versus physical sales approach.
• Management team: Roles, responsibilities, and background of team members.
• Financial plan: Initial investment, cost structure, sales forecast, and profitability analysis.

Sustainable campus living products

Maybe you’re not too keen on selling apparel, but you’d still like to tap into the market of students who prioritize sustainable brands and products. 

If you also share the same passion for sustainability and have ideas on how to cater to students’ needs, you might want to consider selling sustainable products instead that dormers and other students will find useful for everyday life.

• Executive summary: Mission statement, product line overview, and sustainability goals.
• Company overview: Background on the inspiration for eco-friendly products targeted at students.
• Market analysis: Trends in sustainability, potential campus markets, and niche opportunities.
• Products offered: Description of eco-friendly living products (reusable containers, biodegradable goods).
• Marketing and sales strategy: Campus-based initiatives, eco-friendly partnerships, and social media.
• Operations: Sourcing of materials, product manufacturing, and logistics.
• Management team: Founder’s background, operational management, and advisory board.
• Financial projections: Cost analysis, sales forecast, funding requirements, and profitability timeline.

Student event planning service

A big part of student life is all about events and getting to meet new people. Not only is event planning a big thing for official student organizations, it’s also helpful for smaller communities who want to organize events to meet like-minded people.

If events are a popular thing in your school, you might benefit from setting up a student event planning service.

• Executive summary: Overview of services, unique selling points, and business goals.
• Company description: Types of events covered (e.g., academic, social, sporting).
• Service offering: Full event planning, day-of coordination, and consultation services.
• Market analysis: Campus event culture, demand for event planning services, competitor overview.
• Marketing plan: Outreach strategies, partnerships with campus organizations, and promotional materials.
• Operational strategy: Event logistics, vendor relationships, and event execution checklist.
• Management structure: Leadership team, volunteer opportunities, and staffing needs.
• Financial projections: Pricing model, expected expenses, revenue estimates, and growth potential.

Campus event photography service

Every big event needs good documentation to go with it. Even if your school isn’t big on events, you can choose to offer photography services to groups of friends who want cute little photoshoots in the most Instagrammable parts of your campus.

If you have a knack for photography, here’s how you can start offering photography services on campus:

• Executive summary: Concept and goals for providing photography services for campus events and personal photoshoots.
• Company description: Insights into the types of events covered (e.g., graduations, parties, portraits).
• Services offered: Packages available, including event coverage, individual portraits, and group sessions.
• Market analysis: Demand for photography services on campus, existing offerings, and unique selling points.
• Marketing strategy: Portfolio development, social media presence, partnerships with event organizers.
• Operational plan: Booking process, event execution, post-processing, and delivery of images.
• Management team: Background of the photographer(s), roles in business management, marketing, and customer service.
• Financial plan: Pricing strategy, cost of equipment and travel, revenue projections, and growth potential.

Student art gallery and workshop space

Maybe you’re from an art school, or your campus boasts a rich and talented artistic community. If your school’s artists are looking for a space to display their art, setting up a gallery and workshop space might be a profitable and sustainable business opportunity.

• Executive summary: Vision, goals, and unique aspects of the art gallery and workshop space.
• Company overview: Concept behind promoting student art, workshop themes, and community benefits.
• Market analysis: Interest in local art, campus cultural activities, and potential for art sales.
• Services and products: Exhibition schedules, workshop offerings, and art sales.
• Marketing strategy: Promotions through campus channels, local art scenes, and social media.
• Operations: Gallery setup, workshop logistics, and artist collaboration processes.
• Management team: Backgrounds in art management, curation, and education.
• Financials: Start-up expenses, pricing for art and workshops, expected revenue, and growth potential.

Common mistakes to avoid for student businesses

Setting up a business is no walk in the park, especially for young and inexperienced students. Here are some common mistakes that you can avoid when planning your own business, so you can steer clear of bigger problems down the road:

Lack of a well-defined business plan

It should go without saying that insufficient planning will make it difficult to get your business off the ground. Make sure you put down all important details in writing , and consult experts and get insights from successful small businesses if you need to.

Underestimating the importance of market research

You’ll need more than just a cool idea to start a business. There needs to be a real need or demand for your product or service, and if there’s another business already offering the same thing, you need to make sure your product or service is different or unique.

Familiarize yourself with the existing market and what the market gaps are. Once you identify what that market needs, you can tailor your business plans to try to fill in that gap.

Overlooking legal and financial regulations

Being a student doesn’t exempt you from following standard business regulations. Double check with experts and do extra research to make sure your business complies with all necessary regulations. For instance, you may need to officially register your business, or secure necessary permits.

Inadequate financial planning and management

Your business needs to be on financially stable ground for it to stay sustainable. Make sure you know if you’re in good financial standing to launch your business , and make sure you aren’t spending more than what you can actually afford.

Ignoring the importance of a strong team

It’s tempting to do everything yourself, especially if you lack funds or the ability to delegate tasks. However, you might benefit from having a team of members with various skills. A strong team will bring in more ideas to the table , and will be helpful in managing heavy workloads.

Overlooking customer feedback

You need to listen to what your customers are saying to adapt to their needs and wants. Are your products too expensive? Are people looking for different colors of your products? Engage with your customers so they can let you know how you can improve your business.

Neglecting online marketing

Social media is everything in today’s digital age! You’ll be able to reach a wider audience if you set up social media accounts on different platforms to advertise your services or products.

Future steps for student business owners

So you’ve made your business plan – congratulations! But where do you go from here?

If you want to know whether or not your business is taking off and what future opportunities you can secure, here are some ideas:

Evaluating business performance

Regularly review how well your business is performing by checking product sales, total profits, and how wide your customer base is. If you’ve been earning a good amount of money and are selling popular products or services, that’s a great sign!

Make sure to listen to customer feedback , too, as your customers might give you helpful insights that you might not immediately be aware of. You can do this via informal chats with your customers, or via more formal means like customer surveys.

Exploring growth strategies

Once you’ve evaluated how well your business is performing, you might want to consider growing your business if there’s a demand for a product or service you aren’t already offering, or if there’s an adjacent market you can tap into.

For instance, if you’re offering tutoring services for basic algebra classes, you might want to offer sessions for more complicated math subjects if your tutees need them. If you’ve set up an art space that can also be used as a venue for student events, you can consider expanding your offerings.

Scaling the business

Maybe your business has really taken off and has hit a point that you can no longer meet the customer demand with your tiny team. If that’s the case, you might want to consider scaling.

You can scale your business by adding more people to your team , or ramping up your production efforts.

Building a brand

Don’t be afraid to make a name for yourself! Explore how you can create a brand for your business. This is where you can let your creative juices flow – do you want to appear like a sophisticated and professional brand, or are you going for a more quirky approach?

Takeaways for business plan examples for students

The opportunities are endless if you want to set up a business as a student. Let your imagination run wild and look through business plan examples for students if you want to start selling or offering something new to your school’s community.

Don’t be intimidated by your lack of expertise or resources just yet – with the right mindset and enough determination, you’ll be able to set up your business for success and start your journey as a solid business owner!

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Home > Blog > Career Tips > Here is How You Can Become a Successful Student Entrepreneur

Business Administration Articles , Career Tips , College Student Jobs

Here is How You Can Become a Successful Student Entrepreneur

Updated: June 19, 2024

Published: April 11, 2019

Mark Zuckerberg, you know him as the founder of Facebook. But, did you know that he started Facebook in his dorm room while attending Harvard ? The same can be said about Alexis Ohanian and Steve Huffman, the founder of Reddit, who started their website while enrolled at the University of Virginia. Add these names to the very long list of the countless other student entrepreneurs who make a bold impact on the world, all while earning their degrees. 

Want to know the best part? You too can learn how to become a successful entrepreneur if you believe you have what it takes to be one! With some persistence, skills, knowledge, and devotion, you can start your own business at the same time as you are studying to earn your degree. 

We’re going to share some of our favorite tips so you can join the list of successful student entrepreneurs. 

Tips to Be Successful in Business 

While the road to success looks different for everyone (and trust us, it’s rarely a straight shot), there are some proven best practices that can make a big difference in reaching your business goals. Since students have a lot to manage while in college, keep in mind these recommendations so you can make the most of your time. 

1. Create a Plan (But, Be Flexible) 

Every business starts with an idea. The idea then gets put into action with a solid plan. In business terms, the plan can be thought of as your business strategy. This includes considerations like your value proposition (or what your business has to offer/the value it brings to customers), your target market (who your audience will be), and your mode of operation (how you plan to take the business from an idea through its go-to-market plan). Regardless of where you start or what you have in mind, one of the best things to be when starting a business is flexibility. You’ll run into hurdles and challenges, but it’s most often an entrepreneur’s ability to pivot and shift with agility that makes the difference between success and failure. 

2. Find a Mentor 

As with anything in life, it pays to learn from those who have come before you. Businesses look to place a price on everything so that they can assess expenses and profit. But, when it comes to mentorship – it’s priceless. A mentor is a leader and someone you can trust to provide you with advice, answer questions, and help build your network of connections. You can get started finding a mentor through your college or in networking groups. 

3. Be Persistent 

It’s crucial to not give up on your student entrepreneurship journey. To be able to do so, it means having the right mindset. Things will undoubtedly get difficult, and you’ll likely find yourself with a lot of questions. Persistence will get you through the tough times so that you can find your way back into the light. 

4. Learn from Lessons 

Rather than viewing everything as failure versus success, it’s helpful to think of the entire experience of building a business as a journey. To be able to avoid repeating mistakes, look at everything as a lesson. This way, you will be able to learn from lessons and improve with time. 

5. Trust Your Gut

Ever had a gut feeling that something was or wasn’t right for you? Everyone has gut feelings, but many people overlook them. Be sure to trust your gut and trust yourself. A great way to start trusting your gut more is to take time to meditate or clear your head. By doing so, you can become more in tune with your body and recognize the signs of when decisions feel right versus forced. 

6. Prioritize Your Mental Health 

If your mental health isn’t taken care of, nothing else will fall in line. As a student, you have to manage your schoolwork, familial responsibilities, work life, and friendships. That means that you’ll find yourself being pulled in many different directions. It’s crucial to take time for yourself and prioritize your mental health so that stress doesn’t get the best of you. Check out this resource for how to care for your mental health while in college. 

7. Be Organized 

It’s also vital to remain organized. When starting a business, you’ll have to take care of the administrative side of things, marketing, ideation, execution, and all else that goes into bringing your ideas to life. Organization is key so that you know where to find what you need and reduce the feelings of overwhelm that are associated with having too many things in different places. 

8. Take Risks 

Student entrepreneurs have one main thing in common regardless of the businesses that they start – they all take risks! It’s a risk to start a business from the get-go. And, then, once you’re operating, you’ll find yourself facing more risks and taking them on to grow your business. Remember, everything in your entrepreneurship is a journey, so the ability to take on calculated risks often proves to be the spark to reap the results. 

Consider an MBA 

Technically, you can study anything you want and become a student entrepreneur. However, if you have a knack and interest in starting a business, it can behoove you to enroll in a business administration program. 

The University of the People offers a degree in Business Administration at every level, starting with an associate’s degree all the way to a Master’s in Business Administration (MBA). You can also enroll in a non-degree certificate program to learn new skills and enhance your knowledge. 

Plus, the University of the People is entirely online, which means that you gain the utmost flexibility in balancing your entrepreneurial endeavors with your educational goals. To learn more about how to become a student at our tuition-free institution, visit this link . 

Closing Thoughts

Student entrepreneurs are an impressive bunch! You can become a student entrepreneur as well. All you need is a great business idea that adds value to the lives of your target audience, a plan, and a resilient mindset. Once you take action, remember to learn from your mistakes and keep your eye on achieving your goals, both in school and in your business. 

Academically and entrepreneurially, don’t be afraid to ask for help, make mistakes, and take risks. It’s how you get from where you are now to where you want to be in the future! 

In this article

At UoPeople, our blog writers are thinkers, researchers, and experts dedicated to curating articles relevant to our mission: making higher education accessible to everyone. Read More

For Teachers

Teaching by topic: entrepreneurship.

You can find the materials you need to teach entrepreneurship, regardless of your students’ levels. Here are entrepreneurship lessons, worksheets, activities and games, and some key tips –  by grade. We also include learning objectives that connect to the National Standards for Financial Education.

National Standards for Personal Finance Education

Download our free teachers' cheat sheet, learning objectives, pre-k entrepreneurship lesson plans, pre-k entrepreneurship worksheets, tips for teaching entrepreneurship to pre-k students, kindergarten, kindergarten entrepreneurship lesson plans, kindergarten entrepreneurship worksheets, kindergarten entrepreneurship games and activities, tips for teaching entrepreneurship to kindergarten students, 1st grade entrepreneurship lesson plans, 1st grade entrepreneurship worksheets, 1st grade entrepreneurship games and activities, tips for teaching entrepreneurship to 1st graders.

2nd-grade students learn about entrepreneurial characteristics and further study specific careers. They should be able to:

2nd Grade Entrepreneurship Lesson Plans

2nd grade entrepreneurship worksheets, 2nd grade entrepreneurship games and activities, tips for teaching entrepreneurship to 2nd graders, 3rd grade entrepreneurship lesson plans, 3rd grade entrepreneurship worksheets, 3rd grade entrepreneurship games and activities, tips for teaching entrepreneurship to 3rd graders.

4th-grade students jump into more advanced entrepreneurial skills, including planning business operations and measuring success. They should be able to:

4th Grade Entrepreneurship Lesson Plans

4th grade entrepreneurship worksheets, 4th grade entrepreneurship games and activities, tips for teaching entrepreneurship to 4th graders.

5th-grade students discover various jobs and ways to earn income and see the type of person who becomes a successful entrepreneur. They should be able to:

5th Grade Entrepreneurship Lesson Plans

5th grade entrepreneurship worksheets, 5th grade entrepreneurship games and activities, tips for teaching entrepreneurship to 5th graders.

6th-grade students see how pursuing their passion can lead to income, and they break down the steps to make it happen. They should be able to:

6th Grade Entrepreneurship Lesson Plans

6th grade entrepreneurship worksheets, 6th grade entrepreneurship games and activities, tips for teaching entrepreneurship to 6th graders.

7th-graders dive further into how to market businesses, understanding that every decision has an outcome. They should be able to:

7th Grade Entrepreneurship Lesson Plans

7th grade entrepreneurship worksheets, 7th grade entrepreneurship games and activities, tips for teaching entrepreneurship to 7th graders.

8th-grade students deepen their financial and entrepreneurial vocabulary and understand more advanced concepts. They should be able to:

8th Grade Entrepreneurship Lesson Plans

8th grade entrepreneurship worksheets, 8th grade entrepreneurship games and activities, tips for teaching entrepreneurship to 8th graders, 9th grade entrepreneurship lesson plans, 9th grade entrepreneurship worksheets, 9th grade entrepreneurship games and activities, tips for teaching entrepreneurship to 9th graders.

10th-grade students focus on specific careers of interest and begin understanding the details of entrepreneurship in their chosen industry. They should be able to:

10th Grade Entrepreneurship Lesson Plans

10th grade entrepreneurship worksheets, 10th grade entrepreneurship games and activities, tips for teaching entrepreneurship to 10th graders.

11th-graders dive into the details of entrepreneurship, learning how to plan and execute the steps to success. They should be able to:

11th Grade Entrepreneurship Lesson Plans

11th grade entrepreneurship worksheets, 11th grade entrepreneurship games and activities, tips for teaching entrepreneurship to 11th graders.

12th-graders look at various practical ways to jump into entrepreneurship, and see how careful planning can lead to success. They should be able to:

12th Grade Entrepreneurship Lesson Plans

12th grade entrepreneurship worksheets, 12th grade entrepreneurship games and activities, tips for teaching entrepreneurship to 12th graders.

For more resources on other topics, check out our 12th Grade Money Lesson Plans Center .

About the Author

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15 Worthwhile Entrepreneurial Activities For Students

January 4, 2023 //  by  Alison Vrana

In today’s rapidly changing world, innovators are in high demand. This is why it’s important for students to learn entrepreneurial skills throughout their education. The activities below teach students different facets of starting a business and developing it to be successful. Students think about profit, loss, buying and selling goods, developing business plans, and marketing. Here are 15 worthwhile entrepreneurial activities for students . 

1. Jay Starts a Business

Jay Starts a Business is a “choose your own adventure” style series that allows students to experience real-world business building. Students read and make decisions for Jay as he starts up his own business. The series in the lesson includes interactive videos that teach entrepreneurship, financial concepts, and economic ideas.

Learn More: Kansas City Fed

2. Sweet Potato Pie

This lesson combines literature with entrepreneurial concepts. Students read Sweet Potato Pie and apply business terminology such as profit, loan, and division of labor to their interpretation of the text. Students then discuss the text and think about what business owners need to know to own and run a successful business.

3. Job Skills Mock Interview

In this activity, the teacher sets up mock interviews based on what a student wants to do; focusing on job-related skills. This can be done with partners in the classroom, but the lesson is even better if an adult can perform the interview.

Learn More: Busy Teacher

4. A Tour of Tycoon

Instead of teaching students about business leaders and entrepreneurs, this lesson invites local entrepreneurs into the classroom. Students prepare questions for the business leader(s), which encourages critical thinking. The interaction with the leader encourages the growth of interpersonal skills.

Learn More: The Highschooler

5. Self-SWOT Analysis

Businesses are analyzed with the SWOT model: Strengths, Weaknesses, Opportunities, and Threats. In this activity, students use this model to analyze themselves and their future goals. This activity encourages students to consider their entrepreneurial skills.

6. Study a Star Entrepreneur

This activity calls for students to research an entrepreneur of their choice. Students research using online resources and then present their findings to the class. Students should focus on what drove the entrepreneur to get started and what the entrepreneur contributed to society.

Learn More: Scholastic

7. Business Plan Shark Tank

For this lesson, students work on creating their own business plan to present in a “Shark Tank” atmosphere. Students write a business description, market analysis, marketing sales strategy, funding needs, and financial projections. Then, students present their ideas to the class.

8. Town Data Review

For this activity, kids review data about a town, discuss the data, and then propose a new business to introduce to the town. Entrepreneurial students have the opportunity to think about what services and products are already available in the town and what business opportunities there may be based on the town’s needs.

Learn More: Biz Kids

9. Reverse Brainstorming

This entrepreneurial activity requires a lot of innovative thinking. Instead of trying to solve a problem, students take a problem and think of ways to make it worse. Then, for each new problem that they add to a situation, they think about how to solve that problem. This activity promotes an entrepreneurial mindset.

Learn More: Reality Works

10. Start-Up Podcast

For this activity, students listen to a podcast focused on entrepreneurial learning. There are all kinds of podcasts that students can listen to and discuss in class. Each episode focuses on a different aspect of entrepreneurial life and what it’s really like to start a business.

Learn More: Gimlet Media

11. Earning Money

This lesson focuses on different ways to make money. Kids learn about the difference between a service and a good. They then brainstorm how to make money with a small group. Students think about how their approach will succeed.

Learn More: Econ Ed Link

12. Four Corners

This activity helps students think about the characteristics of an entrepreneur. Students answer questions that are read aloud by the teacher. As the teacher reads the options, students go to one of the four corners of the room. At the end of the activity, students count up their points to see how much they know about entrepreneurship.

Learn More: Atlanta Fed

13. Benefits and Challenges

This lesson helps students to think critically about being an entrepreneur. Students think about the benefits and challenges of working for themselves and owning their own businesses. Students also complete an entrepreneur checklist to see where they rank on entrepreneurial skills.

Learn More: FLDOE

14. Create a School Garden

This activity invites students to collaborate in order to build a school garden that yields crops that can be sold for profit. Students create a business plan, design the garden, plant the garden, sell the products, and keep track of profits and losses.

Learn More: Kids Gardening

15. Social Entrepreneurship

For this lesson, the teacher writes a set of problems on the board, and students are invited to think about what the problems have in common. The class creates a definition for social entrepreneurship together and then thinks of solutions to social problems.

Learn More: Career Girls

Business Plan Examples and Sample For Students

Business Plan Examples For Students. Business Proposal Examples for Students. Also, Business Plan Sample pdf for Students. Business Plan Examples For Students Entrepreneurship PDF.

Business Plan

The employee creates the business plan to represent and improve the organization's image to stakeholders, customers, and affiliates. It proposes the business strategy entirely mentioning how the company profits and survives in markets. So, a business plan is also known as a business proposal that is crucial for corporate branding. The business plan is essential for every company to build rapport with stakeholders and business partners as well as achieve competitiveness.

Business Plan Examples

Business plan writing is a mandatory assignment for students in entrepreneurship. It is also a compulsory assignment for business students. The importance of a business plan is growing day by day for selling products on digital platforms and managing the organization virtually.

The business proposal is also compulsory for getting a bank loan. The organization needs it to make agreements with other organizations. The bank authority surely asks the organization to submit a business plan with the bank loan application. The other names of a business plan are business proposal, report, profile, and more. A business plan example is also known as an example of a company profile , business proposal example, sample, and format.

Elements of Business Plan Example

Business plan examples for student entrepreneurship.

Today, the authors present a business plan example for students. They wrote it while they were students in entrepreneurship courses at the Faculty of Economics and Management University Putra Malaysia (UPM). The lecturer sets group assignments for the students; therefore, the students make the business plan example to complete the group assignment. Thus, this business plan or proposal example for students certainly assists business administration students. It also assists students in BBA, MBA, economics, finance, and business communication courses and researchers.

The author also wrote business plan examples for students about food and an Example of Business Report.

The students set the company name “BambooS.” It sells reusable and eco-friendly bamboo straws. Straws are a unique product in Malaysia that can be customized for length and diameter. Besides, the company offers engraving services for customers. So, customers can customize a meaningful word on the bamboo straw for engraving. In addition, it provides a designed pouch as packaging for our straw that looks smart.

Business Plan Example For Students

1.0 executive summary of business plan.

BambooS Sdn. Bhd. company was created by a group of 10 students in the Basic Entrepreneurship course. This company is named BambooS. It produces and sells bamboo-based products. The capital S in the company’s name stands for straw. The original idea came from a student. We chose Bamboo as the main ingredient of the products. Currently, we focus on producing eco-friendly straws to serve our customers. The products are the best quality yet affordable straws.

There are ten members in a group and each member will contribute RM 100. The total paid-up capital is RM 1000. We set up our warehouse in the Serdang area to produce, package, and store our products. We are making the straw as per the customer’s demand and request. For the marketing part, we are advertising and promoting our product through social media sites, such as WhatsApp, Instagram, and Facebook, and e-commerce, such as Shopee. We adopt the lean canvas business model tool to assess the outcome of the business.

2.0 Background of the Company

2.2 company overview, 2.3 vision and mission statement, 2.3.1 vision statement.

To become the most notable company in Malaysia for producing eco-friendly bamboo straws.

2.3.2    Mission Statement

We want to fulfill the objective of satisfying customers with our eco-friendly products. We want to reduce pollution by using reusable straws anywhere and anytime.

2.4 Keys To Success

2.5 Organizational Chart

3.0 administration and human resource plan, 3.1 business strategies.

Business strategy is crucial to maintain business growth.

a. Administration and Human Resources Department

B. marketing department, c. operational department, 3.2 management team, 3.3 job descriptions, 4.0  market plan, 4.1  introduction, 4.2 objective of marketing.

Additionally, metal straws are not pocket-friendly compared to Bamboo. Moreover, metal will rust when in contact with water and oxygen. Bamboo stock is much cheaper, less work, and easy to collect. Our marketing strategy will focus mainly on reusable principles which are much more trendy to youngsters because we have an engraving service to attract them.

4.3 Analysis of Marketing

4.3.1 market trend.

The demand for bamboo straws has risen due to growing environmental attention. Additionally, plastic straws have been reduced due to state restrictions. However, the bamboo straw market is expected to achieve high growth shortly. In addition, BambooS Sdn. Bhd is a unique company in Malaysia. We produce our straw ourselves, and we provide safety and hygiene assurance. The buyer can engrave their name on the straw. Nowadays, customers want recognition for something they buy or support. They are also sincere about ‘Save the Earth’ and deserve to flex.

4.3.2 External Environment Analysis

4.3.3 internal environment analysis, 4.3.4 market opportunities.

Our bamboo straw comes with a pouch; thus, it is hygienic and easy to bring everywhere. We also provide a small brush to ensure deep cleaning of the inner straw. Our product can be used again and again. So students and staff can save money. They do not need to bring straws in large volumes. The structure of our bamboo straw is strong and sturdy; thus, it will not break if soaked in water for a long time, unlike paper straws.

4.4 Target Market

4.4.1    segmentation, 4.4.2 consumer market and buyer behaviour, 4.4.3 positioning, 4.5 4 p's marketing strategy, 4.5.1 product strategy.

To make our product unique, we ensure the quality and safety of our products always satisfy our customers.

Labeling/Customised

4.5.2 price strategy.

Our management team decided to sell the straw in four sets: A, B, C, and D. Our company decided to set the price at RM 10.00 for set A. This set includes the common Bamboo straw, brush, and pouch. Then SET B cost RM 12.00, including the Boba size straw, brush, and pouch. SET C and SET D are more special because they include the engraving service. The engraving cost is RM 8.00 for each Set. As we mentioned before, we resize products for clients. So our customers can personally request to resize the straw. We charge it costs RM 9.00 per set.

4.5.3 Place Strategy

Place strategy is also known as distribution strategy, wherein the organization decides the mode of distribution for the product. The pacing strategy plays an important role in selling the products. We have chosen the market, cafe, or restaurant adjacent to the University Putra Malaysia. Our main target market is UPM staff and students.

4.5.4  Promotion Strategy

Social media advantages.

We fully develop every post to attract customers. In addition, we will always update our posts and story feeds. We ensure that customers are more exposed to our product. Next, we also use social media hashtags. We use hashtags such as #Bamboos, #SafeTheEarth, and more to make it easier for customers. The marketing team uses social media for the ordering process.

5.0 operations planning

5.1  location and address, 5.2 objective of operations, 5.3 operation strategies.

A few strategies have been set up to ensure that our business runs smoothly throughout the week and meets our objectives.

5.4 Supplier

5.5 process planning, 5.6 implementation schedule, 5.7 machinery and equipment including gst, 6.0 financial plan, 6.1 introduction.

A financial plan can be defined as a process of framing procedures and budgets regarding the financial activities of concern. This is done to ensure good financial and investment procedures.

A financial plan is one of the most crucial parts of a business. Some of the importance of a financial plan are:

6.2 Purpose of the Financial Department

6.3 project implementation cost, source of fund, 6.4 list of expenses.

Twelve partners funded a total of RM1000.00 to cover all business costs, which is RM 617.29. Expenses are in terms of buying raw materials, equipment, and delivery fees. We will not invest all amount to the business.

6.5 Record of List of Sales

6.6 income statement.

After one month of business, BambooS ended up with RM 1600.00 from 7 different products. This includes selling 15 units of Set 1, 25 of Set 2, 35 of Set 3, and 30 of Set 4. Leftovers for bamboo straws are found. The income statement shows that the business's net profit after one month of operation is RM 988.39, approximately 98.8% of capital invested into the business.

6.7 Cash Flow Statement

6.8 balance sheet.

At the end of 9 weeks’ business (22 June 2021), the cash on hand increased to RM 1982.71, as well as the owner’s equity. The firm's net worth is RM 1982.71, done by subtracting liabilities from assets.

6.9 Financial Analysis

7.0 conclusion.

  Based on the business plan template or business proposal example that we have made, BambooS will give us profitable returns. The assumptions we made for these three months are conservative as we know that our company is still in the beginning, and the marketing and promotion are still in the early phase. The company sets systematic planning to reach the target. Thus, BambooS is very confident that our company will be able to grow in the future and become the most popular brand in the world.

Problem Faced and Solutions in Business

Moreover, we also have to face a conflict in fixing the vendors. We need to find the best vendors that offer the most reasonable price for us to produce the bamboo straw. The cost must be tele with our starting capital. To solve this, everyone has done their research on all the possible suppliers until we find the best one to choose from.

Business Proposal Examples For Students PDF

Author: m m kobiruzzaman.

M M Kobiruzzaman, Researcher and Content Writer View all posts by M M Kobiruzzaman

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The Power of Entrepreneurship Education on Student Ambitions

How passion and resilience influence the link between education and intention..

Posted August 16, 2024 | Reviewed by Gary Drevitch

• Why Education Is Important
• Take our ADHD Test
• Find a Child Therapist
• Student enthusiasm in entrepreneurship starts high, dips with challenges, then rebounds with deeper knowledge.
• Fostering passion and resilience helps students overcome challenges and stay motivated in their journey.
• Inspire students with success stories, integrate real challenges, provide support, and encourage networking.

This post was co-authored by Giang Hoang, Ph.D., and Tuan Luu, Ph.D.

John Dewey once said, " Education is not preparation for life; education is life itself." Entrepreneurship education is often hailed as the key to unlocking entrepreneurial potential, but its actual influence on fostering entrepreneurial ambitions is more complex than it seems. Here, we explore how entrepreneurship education impacts students' entrepreneurial intentions, with a special focus on the roles of passion and resilience .

The Ups and Downs of Entrepreneurship Education

Imagine starting a journey with high hopes, only to face unexpected twists and turns. This metaphor aptly describes the impact of entrepreneurship education on students. Initially, as students begin their entrepreneurial studies, their enthusiasm and intentions to start a business soar. However, as they delve deeper into the complexities of entrepreneurship, this enthusiasm often wanes before rebounding once they gain a more comprehensive understanding.

For instance, Nguyen started an entrepreneurship course with ideas and energy. Midway through the program, he felt overwhelmed by the challenges and realities of starting a business, causing his entrepreneurial ambitions to dip. However, as he continued and his knowledge deepened, he regained his confidence and motivation , ending up more determined than ever to pursue his entrepreneurial dreams .

The Fire of Entrepreneurial Passion

Entrepreneurial passion is the intense love for and commitment to entrepreneurial activities. This passion can be a driving force behind entrepreneurial intentions. However, it is not always steady. During the middle stages of entrepreneurship education, students often struggle to reconcile their initial excitement with the practical challenges they learn about, leading to a dip in their passion. As they overcome these challenges and gain more knowledge, their passion reignites.

Take Maria, for example. She started her entrepreneurship course excited to turn her baking hobby into a business. Halfway through, she felt disheartened by the financial and operational hurdles she learned about. But by the end of her studies, with a clearer business plan and the confidence that came with her new knowledge, her passion for opening a bakery was stronger than ever.

Resilience: The Unsung Hero

Resilience, the ability to bounce back from setbacks, plays a crucial role in entrepreneurship. It is what helps budding entrepreneurs keep going when things get tough. For students, learning resilience alongside their entrepreneurial studies can make a huge difference. Those who develop strong resilience are better equipped to handle the ups and downs of starting a business.

Consider Jack, who faced numerous rejections when pitching his tech startup idea. Thanks to the resilience training included in his entrepreneurship program, he learned to view setbacks as learning opportunities rather than failures. This mindset helped him persevere, eventually leading to a successful business launch.

Practical Tips for Educators and Policymakers

Given these insights, here are some practical ways educators and policymakers can enhance entrepreneurship education:

• Start with Inspiration: Kick off entrepreneurship programs with inspiring stories of successful entrepreneurs to ignite students' initial passion.
• Integrate Real-World Challenges: Incorporate real-world business challenges into the curriculum to prepare students for the complexities they will face.
• Build Resilience: Include resilience training to help students develop the mental toughness needed for entrepreneurial success.
• Provide Continuous Support: Offer mentorship and support throughout the program to help students navigate the dips in their entrepreneurial journey.
• Encourage Networking: Facilitate networking opportunities with entrepreneurs to provide students with role models and practical insights.

Entrepreneurship education has a unique, curvilinear effect on students' entrepreneurial intentions, deeply influenced by their entrepreneurial passion and resilience. By understanding and addressing these dynamics, educators and policymakers can create more effective and inspiring programs that prepare the next generation of entrepreneurs for success.

Cardon, M. S., Wincent, J., Singh, J., & Drnovsek, M. (2009). The nature and experience of entrepreneurial passion. Academy of Management Review , 34 (3), 511-532.

Hoang, G., & Luu, T. T (2024). The Curvilinear Effect of Entrepreneurship Education on Entrepreneurial Intentions: The Roles of Entrepreneurial Passion and Resilience. Journal of Management Education , 10525629241263801.

Liñán, F., & Chen, Y. W. (2009). Development and cross–cultural application of a specific instrument to measure entrepreneurial intentions. Entrepreneurship Theory and Practice , 33 (3), 593-617.

Tedeschi, R. G., & Calhoun, L. G. (2004). Posttraumatic growth: conceptual foundations and empirical evidence. Psychological Inquiry , 15 (1), 1-18.

Walter, S. G., & Block, J. H. (2016). Outcomes of entrepreneurship education: An institutional perspective. Journal of Business Venturing , 31 (2), 216-233.

Giang Hoang, Ph.D., is a Lecturer in Management at RMIT University in Vietnam.

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How to start a business while at university: tips from the students who did it

Three entrepreneurs share the resources and advice that any university student planning to start a business will find valuable.

The Covid-19 pandemic has vastly altered the traditional nine-to-five office job. With many new industries emerging, graduates around the world are beginning to make the most of the changing landscape to develop their own business ideas.

Building your own business as a university student requires huge amounts of creativity, resilience and vision, but it can be an extremely rewarding path.

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Below, three successful entrepreneurs share their top tips and guidance for starting a business at university.

1. Make the most of your university’s resources to develop your idea

Many universities have their own entrepreneurship centre or venture studios, which can help students develop their ideas and access resources and mentoring.

For example, Hadeel Ayoub came to the UK from the Middle East as a mature international student to do a postgraduate degree in computational arts at Goldsmiths, University of London . While there, she founded BrightSign, a company that develops assistive technology such as the BrightSign Glove, which translates the wearer’s sign language into texted speech.

For Hadeel, the support available for entrepreneurial students at Goldsmiths made all the difference.

“Goldsmiths supported me in learning the fundamentals of becoming an entrepreneur, like how to register your company, how to do your taxes, and how to create projections and use them to build a business model,” says Hadeel, speaking at the THE Student Festival: UK in October 2021. “I was also matched with a mentor, who gave me invaluable advice and guidance,” she adds.

Hadeel was later selected to represent her university at the annual Santander Universities Entrepreneurship Awards, where she won the People’s Choice Award for her work on the BrightSign Glove.

Amar Mehta, an international student from New Zealand studied for a master’s in neuroscience at King’s College London before joining the university’s King’s20 Accelerator programme. Through this scheme, he has been working on the development of Advicely, which uses artificial intelligence in digital advertising for small businesses.

“I have been really impressed by the level of support at my university, all of which has tangibly helped my business,” he says. “I was offered monthly catch-ups to check my progress, access to office space and time with experts associated with King’s, to name a few examples. I even found my current developer through contacts at the King’s Entrepreneurship Institute.”

Accelerator programmes such as King’s20 can also provide funding and visa sponsorship to international students like Amar. After finishing his neuroscience course, Amar was able to get sponsorship for a year-long start-up visa from King’s College London as a member of the King’s20 project. When a new cohort began on the programme the following year, the university offered Amar the chance to remain as a start-up-in-residence to coach the incoming group of entrepreneurs, and it supported him through a new visa application to extend his stay.

Tanuvi Ethunandan, another student entrepreneur, completed her undergraduate degree at the Falmouth University .

While there, Tanuvi joined Falmouth’s Launchpad, a venture studio, where she co-founded Data Duopoly to solve visitor congestion and lack of data insights at venues such as theme parks and museums.

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2. Know your market

If you want your business idea to succeed, you need a deep understanding of the sector you want to go into, including what’s missing from it, what problems your product or service would solve and what potential competition you might face.

Many students who pursue a subject other than entrepreneurship and business will go on to found companies based on innovations specifically needed in their field.

For Hadeel, studying computing was pivotal to becoming an entrepreneur, as it was during her degree course that she first encountered the machine learning technology that she later applied to create the BrightSign Glove.

“Once I found a new application for the technology and realised people wanted to buy it, my business grew organically out of that,” she says.

“Don’t discount universities as a market in themselves. If you’re a student, you’ll already know about the sector and have contacts within it,” advises Tanuvi. During the Covid-19 pandemic, she shifted gears to apply the technology she developed with her business to help Falmouth University students return safely to campus.

“Focus on building a business and not coming up with an idea to get a visa,” advises Amar. “You need to have a strong business idea that can genuinely provide value to the UK or wherever you want to be located. Make sure you really understand your market and what your audience actually wants, and test and learn as much as possible. Expect your first assumptions about your business to change quickly as you get feedback from your target audience,” he adds.

3. Play the student card outside your university

As well as finding mentors and networking opportunities through your university, you can use your student status to your advantage to seek external advice.

Making inroads into external networks and support systems will also help to ease the transition into the business world once you graduate.

Even if your idea is still in development, there’s no harm in getting in touch with potential mentors, or any incubators and accelerator opportunities early in the process.

“You really can use the student card anywhere,” says Hadeel. “From mentorship, promoting you to their network or even offering you free office space, people want to support you to get your idea out there.”

“If you are booking tickets for trade shows, say that you are a student. You can often get reduced price tickets,” advises Tanuvi.

“Also, take advantage of your long summer holidays,” she adds. “Get to work on your idea or look for a relevant internship or work experience that will complement your business.”

4. Don’t try to do it all alone

The portrayal of successful entrepreneurs as totally self-made and self-reliant can be misleading. Even the most visionary businesspeople will have had a strong support team behind them and will be wise enough to listen to advice from others.

“If you have an idea already, university is a great place to test it,” according to Tanuvi. “Higher education institutions can provide you a safe space to try and fail, while surrounding you with people who are willing you to succeed.

“I would recommend co-founding your business with a partner,” she adds. “You’ll need that person by your side to help you commiserate the lows as well as celebrate the highs.”

Hadeel says: “At the beginning of my journey developing BrightSign, I thought I could do it all on my own. I quickly discovered the very hard way that I couldn’t.”

She points out that as a student at Goldsmiths, she was able to get access to alumni across all University of London institutions, which was a great step up when it came to networking and finding support.

“Once I had the right help, things accelerated fast,” Hadeel says. “I know I lost time from not seeking advice earlier in my journey.”

5. Prepare for long hours

If you want to start your own business, you need to be ready to commit your time.

“Be prepared for long hours,” says Tanuvi. “Working well over 40 hours is not unusual in the beginning.”

“In the early years of building a business, putting in a lot of your time is pretty unavoidable,” adds Amar. “If you’re balancing your business with your studies, this can be really difficult – you’ll need a supportive team you can rely on, and I’d recommend setting strong boundaries of how you’re going to allocate your time.”

Making realistic work plans are key to avoiding burnout. If you’re planning to put in a lot of hours over a certain period, make sure you allot some time for rest and relaxation to recover.

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Scaling Up: Expanding Entrepreneurship Across Campus

American University’s Kogod School of Business grew its center for entrepreneurship to encourage and engage all students on the topic via three strategic pillars.

By  Ashley Mowreader

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The Veloric Center for Entrepreneurship has scaled over the years to include more students across campus, additional resources for innovation and supports for learners.

Tommy White / American University

Like any good startup, a college’s entrepreneurship program requires time, resource investment and creative thinking. At American University in D.C., the Kogod School of Business launched an entrepreneurship initiative in 2014 that has grown over the past decade to include an undergraduate minor, business incubator and regular campus-wide programming.

The growth of the Veloric Center for Entrepreneurship lies in cross-departmental collaboration, a student-centered vision and perseverance, says Tommy White, senior lecturer and director of the center.

Survey Says

Half of Gen Z (ages 16 to 25) say they’re interested in becoming entrepreneurs or starting their own business, according to an October 2023 study from Morning Consult and Samsung.

To succeed as an entrepreneur, survey respondents identified the top attributes they would need: a commitment to hard work (64 percent), knowing the right people (49 percent) or perseverance through challenging times (49 percent).

June data from Homebase, a small business management app, found 71 percent of young adults (18 to 24 years old) felt pressure to find a corporate job. However, around 67 percent of women and 78 percent of men have considered starting a small business.

The background: The center is housed within the Kogod School of Business at American University but open to the whole campus.

The program initially launched in 2014 as the Sustainable Entrepreneurship and Innovation Initiative and evolved in 2017 to become the American University Center of Innovation. The center was renamed in 2023 to the Veloric Center for Entrepreneurship thanks to a gift (of an undisclosed amount) from the Veloric family .

“Our key goal is to foster a culture of creativity, critical thinking, curiosity, problem-solving, risk-taking and resilience among students, faculty, staff and alumni,” White says.

How it works: The center has three key areas: promoting the ideals of an entrepreneurial mindset , facilitating a business incubator program and building entrepreneurship curriculum . Additionally, the center hosts events such as workshops, panels and talks from individual entrepreneurs.

At any given time, the center’s business incubator program supports 30 student-led startup ventures. Each student founder can engage in coaching and mentorship, which includes student and alumni entrepreneur graduates of the program. Students can receive a financial grant ranging between $1,500 to $20,000 per venture.

American University offers 11 entrepreneurship-focused classes, which can be applied to an 18-credit undergraduate minor or 12-credit specialization in entrepreneurship.

The incubator program also has a 600-square-foot workspace staffed by coaches and mentors and can provide access to entrepreneurs and industry experts within the university community.

A start-up mentality: Similar to developing businesses, the center utilized a Lean Startup Method to launch—allowing leaders to create, test and iterate ideas and pivot when necessary, which has allowed the program to scale and engage across the institution.

“The program has grown significantly, evolving from a cross-campus catalyst promoting the entrepreneurial mindset to a fully integrated cross-campus community of entrepreneurs and innovators at AU,” White says, with the center collaborating with all schools and academic programs at the university.

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In 2018, the center moved into the Don Myers Technology and Innovation Building, which provides over 2,000 square feet dedicated to this work. The program is managed by part-time director and assistant director positions, plus gets support from AU’s STEM partnership Program and the AU Design and Build Lab.

Having professionals who have “walked the walk” and who hold firsthand experience with launching, growing or exiting a company is critical to the center’s mission, as well.

A newer program feature is that students can participate in competitions focused on issues such as sustainability, health technology and artificial intelligence, as well as receive an endowed entrepreneurship scholarship. In the future, a new initiative will allow learners to participate in a student-managed seed fund, providing experiential learning in investing in pre-seed and seed startup companies.

The entrepreneurship center has garnered the interest of AU alumni “who often express that they wish they had this resource when they were students,” White says. “Many of these alumni have gone on to support the program with their time and financial contributions.” The center recognizes alumni in the Entrepreneurship Hall of Fame, as well.

The Veloric family’s gift, specifically, has spurred a new era of program acceleration.

“This funding allowed our program to move off Kogod’s budget, significantly increase the funding for competition prizes and provide substantially more financial resources to student-led startups in our incubator program,” White explains.

The impact: In the first three years of the program, over 200 students participated in the center’s events. Looking at the past seven years, more than 3,000 students have been reached by the center, or around 500 learners annually, White says.

Over the past decade, the incubator program has sponsored 160 student ventures, representing more than 200 AU student founders or co-founders, a significant number of whom were women and minorities. These ventures have earned over $10 million in revenue, securing almost $6 million in external investments and obtaining over $250,000 in grant funding.

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As a student entrepreneur, you've probably encountered discussions about balance sheets, yet you might not entirely comprehend their importance in small business management. A balance sheet is more than just a snapshot of a company's financial condition; it's a powerful tool that can guide your strategic decision-making and propel your entrepreneurial endeavors toward success.

Having a comprehensive picture of your business's assets, liabilities, and equity at your fingertips is invaluable. This invaluable information can empower you to navigate the complexities of starting and running a small business with confidence and foresight.

Understanding balance sheets opens up opportunities to make informed choices, mitigate risks, and establish the groundwork for sustainable growth.

The Indispensable Value of Accountancy in Small Business Management

Foundation of financial decision making.

Accountancy is crucial for making smart financial decisions in any new business. It helps business owners keep a close eye on their finances, understand how their business is doing, and plan for the future. The importance of a strong command over the basics of accountancy cannot be overstated. In this regard, online math tutors can play a pivotal role in strengthening one’s understanding of accounting principles. By offering personalized guidance and expertise, these tutors ensure that entrepreneurs grasp the fundamental concepts essential for financial analysis and decision-making.

Regulatory Compliance and Transparency

Accountancy plays a crucial role in ensuring compliance and avoiding legal pitfalls. As a student entrepreneur, maintaining transparency with stakeholders, such as investors or lenders, is paramount. 

A well-managed balance sheet demonstrates your commitment to fiscal responsibility and builds trust with those who have a vested interest in your business's success.

Strategic Budgeting and Forecasting

Effective budgeting and forecasting are essential components of any successful small business strategy. Accountancy aids in budget formulation, financial forecasting, and strategic planning, ensuring that resources are allocated efficiently to foster growth and sustainability.

By analyzing your balance sheet, you can identify areas where costs can be optimized, investments can be made, or financing is needed. This proactive approach allows you to stay ahead of the curve and make informed decisions that align with your long-term goals.

Balance Sheets for Decision Making

Risk assessment.

A primary function of a balance sheet is to identify potential financial risks by analyzing liabilities and assessing your company's ability to cover them with assets. This invaluable insight empowers you to take preemptive measures and mitigate risks before they escalate, safeguarding your business from potential pitfalls.

For example, if your balance sheet reveals an excessive reliance on debt financing or a significant portion of your assets tied up in inventory, you can address these issues proactively by exploring alternative financing options or implementing inventory management strategies.

Opportunity Identification

While the balance sheet illuminates potential risks, it also unveils a wealth of growth and expansion opportunities. By scrutinizing the assets listed on your balance sheet, you can identify underutilized resources or untapped potential that can be leveraged for new business opportunities.

In case discovering that your company owns a valuable piece of intellectual property or a prime real estate location that could be monetized through licensing agreements or strategic partnerships. These insights, gleaned from your balance sheet, can open doors to diversification, increased revenue streams, and long-term sustainability.

Investor Attraction

In the world of entrepreneurship, attracting investors is often a make-or-break factor for success. By maintaining a well-managed balance sheet, you demonstrate your company's financial health and strategic asset management, increasing your appeal to potential investors.

According to a report by the National Venture Capital Association ,  most venture capitalists cite a strong balance sheet as a critical factor in their investment decisions. By presenting a compelling balance sheet, you signal to investors that your business is a sound investment opportunity, increasing your chances of securing the necessary funding to fuel your growth.

Beyond Basics: Advanced Uses of Balance Sheets

Working capital insights.

Working capital, the lifeblood of any business, is a crucial metric that can be derived from your balance sheet. By calculating and optimizing your working capital, you can ensure operational efficiency and financial health, enabling your business to meet its short-term obligations and capitalize on growth opportunities.

Being able to identify the optimal level of inventory, accounts receivable, and cash on hand to maintain a healthy cash flow. This insight allows you to make strategic adjustments, such as negotiating better payment terms with suppliers or implementing just-in-time inventory management, ultimately improving your bottom line.

Growth Planning

As your business expands, so too will your need for strategic planning and forecasting. Projecting future balance sheets, known as pro forma balance sheets, enables you to plan for growth, investments, and financing needs with greater accuracy.

By analyzing various growth scenarios and their impact on your balance sheet, you can make informed decisions about when to seek additional financing, how to allocate resources for expansion, and what measures to take to maintain a healthy financial position. This proactive approach ensures that your business remains agile and adaptable in a constantly evolving market.

Common Mistakes to Avoid in Balance Sheet Analysis

While balance sheets offer invaluable insights, it's essential to understand and avoid common pitfalls that can undermine their effectiveness. Here are some common mistakes to watch out for:

Misclassification of Assets and Liabilities: Incorrectly categorizing items on your balance sheet can lead to inaccurate financial reporting and flawed decision-making. Ensure that you have a clear understanding of what constitutes an asset, liability, or equity, and consult with professionals if necessary.

Failing to Reconcile Accounts: Neglecting to reconcile your accounts regularly can result in discrepancies between your balance sheet and actual financial position. Implement robust accounting practices and regularly reconcile your accounts to maintain accurate records.

Overlooking the Importance of Regular Updates: Balance sheets are snapshots in time, and failing to update them regularly can render the information obsolete and misleading. Make it a habit to review and update your balance sheet at regular intervals to ensure you're working with the most current data.

By being aware of these common pitfalls and taking proactive steps to address them, you can ensure that your balance sheet analysis remains reliable and actionable, guiding you towards better decision-making and long-term success.

Enhancing Business Performance with Balance Sheet Analysis

Operational improvements.

Beyond its core financial functions, balance sheet analysis can also be leveraged to streamline operations, reduce costs, and improve overall efficiency. By analyzing your balance sheet, you can identify areas where resources are being underutilized or inefficiently allocated.

For instance, if your balance sheet reveals an excessive amount of inventory or fixed assets, you may consider implementing lean manufacturing principles or exploring asset-light business models to optimize your resource utilization. Conversely, if your balance sheet shows a shortage of working capital, you can take steps to improve cash flow management or negotiate better payment terms with suppliers.

Strategic Financing

One of the most critical decisions you'll face as a small business owner is determining the optimal financing strategy for your venture. Should you opt for debt financing, equity financing, or a combination of both? Your balance sheet holds the key to answering this question.

By analyzing your financial structure as revealed in the balance sheet, you can assess your company's ability to service debt, the potential dilution of equity, and the overall impact of various financing options on your long-term goals. This insight empowers you to make informed decisions that align with your risk tolerance and growth aspirations.

The Balance Sheet as a Foundation for Business Success

As a student entrepreneur, mastering the art of balance sheet analysis is instrumental in navigating the complexities of starting and running a small business. Financial literacy, fueled by a deep understanding of balance sheets, is a key driver of entrepreneurial success.

By leveraging the insights gleaned from your balance sheet, you can make informed decisions, mitigate risks, identify opportunities, and lay the groundwork for sustainable growth. Whether it's assessing financial health, attracting investors, or optimizing operations, the balance sheet serves as a powerful tool in your entrepreneurial arsenal.

1. Why is understanding balance sheets crucial for student entrepreneurs? Understanding balance sheets is essential as it provides a clear snapshot of a business's financial health, helping student entrepreneurs make informed decisions and manage their resources effectively.

2. How can balance sheets help in securing funding for a student-led startup? Balance sheets demonstrate a startup's financial stability and growth potential to investors and lenders, increasing the chances of securing necessary funding.

3. What key components of a balance sheet should student entrepreneurs focus on? Student entrepreneurs should focus on assets, liabilities, and equity, as these elements reveal the net worth of their business and its financial viability.

Copyright © 2024 SCORE Association, SCORE.org

Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.

Entrepreneurship Course Series Prepares Future Innovators

By Scott Jackson

A series of three entrepreneurship classes offered at WSU Tri-Cities is pairing students with industry professionals to develop and launch new ventures in clean energy.

Paul Carlisle (’06 Busi. Admin., ’07 MBA), an adjunct professor who runs the program within the Carson College, says the classes are meant to be taken in succession. Students team up with a researcher who holds a freshly patented technology, often from nearby Pacific Northwest National Laboratories (PNNL), to help create a business plan and secure venture financing to create a viable business.

“The goal is that regardless of what the technology is, if the student was to take all three classes, they would have the preparation and access to launch a new business,” Carlisle says.

Classes integrate business with innovation

The first class is new venture planning, followed by launching new ventures, and concluding with entrepreneurial management. Carlisle, who has been teaching entrepreneurial management since 2011, says these classes have been offered at WSU for many years, but were adapted at Tri-Cities to include participation within industry. They were offered as a series for the first time in the fall of 2023.

The first few weeks of each class are largely instructional, ensuring students are familiar with the process and certain business fundamentals. Then students meet with researchers and participate in an “innovation lab,” sharing and applying the business skills they gained in those first weeks.

“The innovation lab is a noncredit workshop we run where PNNL researchers, and community members learn about commercialization,” Carlisle says. “Then we create this entrepreneurship course load in which students within the three classes can participate in these workshops as part of their learning venture.”

The final weeks are spent developing the business further and putting together a final plan for how the business will be commercialized. While similar in format, Carlisle says the classes build on one another as they progress—though he says there’s plenty of benefit from taking a single class of the series.

Carlisle says PNNL has committed to hiring students who complete all three classes as interns. The national laboratory will then send them through the US Department of Energy’s Energy I-Corps program, a two-month, immersive entrepreneurial training initiative meant to teach researchers to develop and sustain industry engagement and market awareness in US labs.

Series offers practical skills for all

As WSU Tri-Cities does not offer an entrepreneurship degree, Carlisle says the class series is part of an “innovation track” meant to compliment a business degree—though the classes are open to all majors.

“The reason we’re calling it ‘innovation’ is the goal here is not necessarily that everyone who takes this will start a business or be involved in a startup,” Carlisle says. “They very much could be an intrapreneur trying to launch a new product within an existing business.”

Participating students say the knowledge and expertise gained in these classes are valuable to all manner of professions. While he has plans to become a middle school history teacher, Brandon Gale (’24 Soc. Sci.) says the opportunity to work directly with a subject matter expert was too good to pass up. However, Gale says he found the entrepreneurship training offers benefits that go beyond the world of business.

“Even if you’re not interested in entrepreneurship, things like people skills, critical thinking, problem solving, and autonomy, no matter your discipline, will be valuable in your life,” Gale says. “You’re going to learn things that you will use for the rest of your life; that’s just the reality.”

Student Mychal Fry (’26 Busi. Admin.) says while he’s unsure if he wants to take on the risk inherent in starting a new venture, the class series was a major highlight of his college career. Fry says the skills he learned will benefit his career, but the opportunity to network with industry professionals is almost as valuable as the degree itself.

“This kind of forces you out of your comfort zone and to adapt, improvise, and solve problems on the fly, which is a huge growth opportunity,” Fry says. “So just even in a general sense, this class series could benefit any student.

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Fisher Global Consulting: Start-Up

Apply to work as a consultant for a global start-up for two weeks this summer!

With the support of a global startup and consulting program, students go abroad to work in teams for entrepreneurs. Before traveling abroad, all students will have an assigned program manager who will work with them on career development training. All students complete personalized online curricular modules to build relevant soft skills (resume review, interview prep, etc.) and hard skills in preparation for the consulting work and their broader career goals. Examples include learning how to build a market research analysis, strategic planning and financial modeling, or certifications in google analytics or hubspot software tools.

After completing these online modules, students spend two-weeks in May working in-country on a team for a local startup client. Example projects include a market-entry strategy for a new product, an investor pitch deck, or a new marketing plan for the client startup. Beyond the project work, students will meet with entrepreneurs, while also exploring the local culture and community through organized events.

Learn more about this program by watching this   Fisher Global Consulting 101   video!

*Arrival date does not include estimated travel time, so program participants may need to depart 1-2 days early. Departure date is the formal end-date of the program, and does not include travel time back to the US. 

• General Information
• Eligibility

Students apply to work on an in-person consulting project for an early stage startup company that has, or will seek, venture capital investment. This program is competitive due to the limited number of projects. Each project will have 4-6 students on a team.

Important Program Dates:

• Placement decisions for project teams will begin after the IPD, but students can still apply up until the Final Application Deadline. Students who apply later can expect to be considered for fewer locations as project teams fill. Updates on project locations that have reached their capacity will be posted on the website.
• Final Application Deadline:  Monday, January 13, 2025, at 11:59 pm
• Application Fee:  $150
• Deposit Due: Two Weeks After Notification of Acceptance
• Final Payment Due: Friday, January 24, 2025 at 11:59 pm
• Required Course Class: February - April 2025

Course Information

All  students admitted into the FGC program will be required  to take a one-credit class during the second half of the Spring Semester. The 7-week session is: BUSADM 4189, Advanced Field Study.

Class Details: Online via Zoom (details to come)

The class teaches students about the dynamics of doing business globally, the resources used for project management, and the understanding of location-specific cultures. Additionally, the class covers the mitigating risks while traveling and health and safety concerns.

Admitted students will be automatically added to the course by the Office of Global Business. Students cannot self-enroll.  Please leave room in your spring schedule to accommodate this one-credit required course and be available each Wednesday during second session, 7:30-9 PM. Students exceeding 18 credit-hours will need to contact the Program Manager.

• GPA of 2.75 or greater
• English language proficiency (TOEFL Score of 90 or above preferred for international students)
• Good Standing with Office of Student Conduct
• Enrolled as an OSU student throughout the duration of the program (not available to graduating seniors)
• To apply or renew your passport, go to travel.state.gov
• Meet  OIA's General Eligibility Requirements
• Meet OIA's Conditions for Participation
• Meet OGB Code of Conduct and Participation Policy

Step 1: Learn More

• Read   more about specific consulting project locations on the OIA website by searching for "Fisher Global Consulting: Start-Up" (with double quotes) in the Program Name field. 
• Submit a  Student Interest Form  to ensure your questions are answered, and our office can update you on important deadlines.
• Attend an  Information Session  to learn more about the program and hear from past participants.

Step 2: Submit Your Application

• Note: A $150 application fee will be due upon application submission. The  application fee will be refunded only if you submit a written request to withdraw prior to the application deadline, you are not accepted to your global education program or if the program were to be cancelled.
• Why are you interested in joining a FGC: Start-Up consulting team?
• What skills/experiences do you possess that would benefit a start-up project?
• Tell us about your most successful group project experience. What were the reasons it worked so well?
• Upload the video to  buckeyemailosu-my.sharepoint.com , and paste the shareable link in the field below.  Instructions on how to obtain a shareable link . Confirm that  “People with the Link”  is selected when you enable the shareable link. If  “People with the Link”  is not selected, our office will be unable to view your video submission.
• It is recommended that all student resumes be evaluated by either the Office of Career Management or the Office of Global Business. 
• Fisher's Office of Career Management Peer Career Coaches Hours
• Applications will begin to be processed after the IPD deadline. Applications received before the IPD will receive priority placement for locations with a maximum number of participants. 
• This process is a rolling process. The internship placement process will begin as soon as applicants are accepted, and deposits are paid.  Applicants who apply late can expect a delayed internship placement compared to students who apply early. 

Step 3: Prepare for a Global Consulting Project!

• Funding : Apply for one of the many scholarships/grant opportunities compiled on the Office of Global Business web page.
• Course Availability : Students admitted into the program are required to take a one credit pre-departure course (BUSADM 4189), which you will be enrolled in by the Office of Global Business prior to the global consulting project. Failing to successfully complete this class will disqualify you from participating in the Fisher Global Consulting program. If adding this course pushes you over 18 credit-hours, be sure to check with your academic advisor for next-steps.
• International Students : CPT paperwork is typically required for all international students (see FAQ section below) to complete a global internship. For summer global internships, international students are also required to enroll in the 0.5 credit-hour BA 2191.02 course to maintain student eligibility. Enrollment in this summer course will also require payment of any tuition fees. View a list of tuition fees .

Step 4: Pay Your Program Fees

• Due prior to beginning internship placement process
• Due 2 weeks after acceptance email is received
• Due Friday, January 24, 2025
• OIA Admin Fee ($50)
• OIA Study Abroad Program Fee (international health insurance)

To Students and Parents

The following links are provided as reference when considering education abroad programs:

• OSU Health and Safety
• OSU Supplemental International Insurance
• OSU Cancellation Policy  
• Funding and Scholarships
• OSU Travel Alerts
• OSU Travel to Risk Designated Countries : Any student traveling to study, conduct research or field work, or participate in a service learning project or an international program in a risk-designated country must petition the International Travel Policy Committee (ITPC) for approval. More information is provided on the linked website. For further information on the policy and/or the petition process, please contact Kirsten Dabelko, Global Health and Safety Manager ( [email protected] ), Office of International Risk Management and Insurance.

External Resources

• U.S. State Department - Travel Information
• Centers for Disease Control and Prevention

Conditions for Global Program Participation

You must meet all entry, exit, and visa requirements of your global education program destination, any countries while in transit, and the U.S. upon return, including but not limited to possessing a valid passport, obtaining the appropriate visa (if applicable), and providing proof of any required vaccinations (if applicable) and/or any testing requirements and other protocols (if applicable). Entry, exit, and visa requirements are established by each individual country and the Office of International Affairs, The Ohio State University and its visa provider, Travisa, have no control over visa denials, immigration and visa regulations, and/or any changes in the Embassies/Consulates’ policies. Please refer to travel.state.gov and the respective Embassy or Consulate websites for the most up to date travel information.  

You can learn more about relevant conditions for participation through the Office of International Affairs website . 

Frequently Asked Questions

Q: "What is the difference between the initial placement deadline and the final deadline?"

A: Applications are reviewed on a rolling basis after the initial placement deadline (IPD). The IPD allows students to be considered for all locations they list as preferences in their application. Team slots will begin to fill in each project location after the IPD. Students who apply later will have fewer project options. Applications will no longer be considered after the final deadline.

Q: "When will I receive a decision letter?"

A: Students can expect an application decision between three-four weeks from the date they submit their application.

Q: "What if I don’t speak the native language of the country I want to go to?"

A: Languages are not required for any location, but they will make students more competitive to be selected for the project team.

Q: "Will airfare be included in the program fee?"

A: For the Fisher Global Consulting (FGC) Start-Up program, airfare will NOT be included. Students accepted into the program will be responsible for their own airfare. 

Q: "Do I self-enroll in the second session spring semester course?"

A: No, the Office of Global Business will automatically enroll after your acceptance into the program.

Q: "I’m a Freshman, am I allowed to apply?"

A: Yes, freshmen who meet the eligibility requirement are able to apply. Freshman must have at least a 3.0 at the end of the autumn term.

Q: "I want to apply to a location, but I don't see it on the application anymore".

A: Project teams that have been filled for specific locations will no longer be listed in the application.

Q: "Does OSU / Office of Global Business help students with transportation once in country, and if not, how will that work?"

A: The program fee covers housing, shared accommodations, the project placement, in-country activities, program orientation, and transfer between the airport and housing. Tt does not cover costs associated with transportation in-city.  

Q: "Am I able to pay the program fee with money from a 529 account?"

A: Yes, payment with a 529 account is accepted and must be done via check through the following steps:

 On the envelope, please note the recipient as Ed Ward using the address and information below: 

Ed Ward Fisher Shared Services 2100 Neil Avenue - 100 Fisher Hall Columbus, OH 43210

• Payable to: The Ohio State University
• Memo: [Ohio State name.#, Program Name, Location]

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