importance of business planning pdf notes

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What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, how often should a business plan be updated, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

importance of business planning pdf notes

How to Start a Business: A Comprehensive Guide and Essential Steps
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Marketing Strategy: What It Is, How It Works, How To Create One
Marketing in Business: Strategies and Types Explained
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Partnership: Definition, How It Works, Taxation, and Types
What is an LLC? Limited Liability Company Structure and Benefits Defined
Corporation: What It Is and How to Form One
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A business plan is a document that details a company's goals and how it intends to achieve them. Business plans can be of benefit to both startups and well-established companies. For startups, a business plan can be essential for winning over potential lenders and investors. Established businesses can find one useful for staying on track and not losing sight of their goals. This article explains what an effective business plan needs to include and how to write one.

Key Takeaways

A business plan is a document describing a company's business activities and how it plans to achieve its goals.
Startup companies use business plans to get off the ground and attract outside investors.
For established companies, a business plan can help keep the executive team focused on and working toward the company's short- and long-term objectives.
There is no single format that a business plan must follow, but there are certain key elements that most companies will want to include.

Investopedia / Ryan Oakley

Any new business should have a business plan in place prior to beginning operations. In fact, banks and venture capital firms often want to see a business plan before they'll consider making a loan or providing capital to new businesses.

Even if a business isn't looking to raise additional money, a business plan can help it focus on its goals. A 2017 Harvard Business Review article reported that, "Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical nonplanning entrepreneurs."

Ideally, a business plan should be reviewed and updated periodically to reflect any goals that have been achieved or that may have changed. An established business that has decided to move in a new direction might create an entirely new business plan for itself.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. These include being able to think through ideas before investing too much money in them and highlighting any potential obstacles to success. A company might also share its business plan with trusted outsiders to get their objective feedback. In addition, a business plan can help keep a company's executive team on the same page about strategic action items and priorities.

Business plans, even among competitors in the same industry, are rarely identical. However, they often have some of the same basic elements, as we describe below.

While it's a good idea to provide as much detail as necessary, it's also important that a business plan be concise enough to hold a reader's attention to the end.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, it's best to fit the basic information into a 15- to 25-page document. Other crucial elements that take up a lot of space—such as applications for patents—can be referenced in the main document and attached as appendices.

These are some of the most common elements in many business plans:

Executive summary: This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
Products and services: Here, the company should describe the products and services it offers or plans to introduce. That might include details on pricing, product lifespan, and unique benefits to the consumer. Other factors that could go into this section include production and manufacturing processes, any relevant patents the company may have, as well as proprietary technology . Information about research and development (R&D) can also be included here.
Market analysis: A company needs to have a good handle on the current state of its industry and the existing competition. This section should explain where the company fits in, what types of customers it plans to target, and how easy or difficult it may be to take market share from incumbents.
Marketing strategy: This section can describe how the company plans to attract and keep customers, including any anticipated advertising and marketing campaigns. It should also describe the distribution channel or channels it will use to get its products or services to consumers.
Financial plans and projections: Established businesses can include financial statements, balance sheets, and other relevant financial information. New businesses can provide financial targets and estimates for the first few years. Your plan might also include any funding requests you're making.

The best business plans aren't generic ones created from easily accessed templates. A company should aim to entice readers with a plan that demonstrates its uniqueness and potential for success.

2 Types of Business Plans

Business plans can take many forms, but they are sometimes divided into two basic categories: traditional and lean startup. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

Traditional business plans : These plans tend to be much longer than lean startup plans and contain considerably more detail. As a result they require more work on the part of the business, but they can also be more persuasive (and reassuring) to potential investors.
Lean startup business plans : These use an abbreviated structure that highlights key elements. These business plans are short—as short as one page—and provide only the most basic detail. If a company wants to use this kind of plan, it should be prepared to provide more detail if an investor or a lender requests it.

Why Do Business Plans Fail?

A business plan is not a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections to begin with. Markets and the overall economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All of this calls for building some flexibility into your plan, so you can pivot to a new course if needed.

How frequently a business plan needs to be revised will depend on the nature of the business. A well-established business might want to review its plan once a year and make changes if necessary. A new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is an option when a company prefers to give a quick explanation of its business. For example, a brand-new company may feel that it doesn't have a lot of information to provide yet.

Sections can include: a value proposition ; the company's major activities and advantages; resources such as staff, intellectual property, and capital; a list of partnerships; customer segments; and revenue sources.

A business plan can be useful to companies of all kinds. But as a company grows and the world around it changes, so too should its business plan. So don't think of your business plan as carved in granite but as a living document designed to evolve with your business.

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

U.S. Small Business Administration. " Write Your Business Plan ."

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The importance of a business plan

Business plans are like road maps: it’s possible to travel without one, but that will only increase the odds of getting lost along the way.

Owners with a business plan see growth 30% faster than those without one, and 71% of the fast-growing companies have business plans . Before we get into the thick of it, let’s define and go over what a business plan actually is.

What is a business plan?

A business plan is a 15-20 page document that outlines how you will achieve your business objectives and includes information about your product, marketing strategies, and finances. You should create one when you’re starting a new business and keep updating it as your business grows.

Rather than putting yourself in a position where you may have to stop and ask for directions or even circle back and start over, small business owners often use business plans to help guide them. That’s because they help them see the bigger picture, plan ahead, make important decisions, and improve the overall likelihood of success. ‍

Why is a business plan important?

A well-written business plan is an important tool because it gives entrepreneurs and small business owners, as well as their employees, the ability to lay out their goals and track their progress as their business begins to grow. Business planning should be the first thing done when starting a new business. Business plans are also important for attracting investors so they can determine if your business is on the right path and worth putting money into.

Business plans typically include detailed information that can help improve your business’s chances of success, like:

A market analysis : gathering information about factors and conditions that affect your industry
Competitive analysis : evaluating the strengths and weaknesses of your competitors
Customer segmentation : divide your customers into different groups based on specific characteristics to improve your marketing
Marketing: using your research to advertise your business
Logistics and operations plans : planning and executing the most efficient production process
Cash flow projection : being prepared for how much money is going into and out of your business
An overall path to long-term growth

What is the purpose of a business plan?

A business plan is like a map for small business owners, showing them where to go and how to get there. Its main purposes are to help you avoid risks, keep everyone on the same page, plan finances, check if your business idea is good, make operations smoother, and adapt to changes. It's a way for small business owners to plan, communicate, and stay on track toward their goals.

10 reasons why you need a business plan

I know what you’re thinking: “Do I really need a business plan? It sounds like a lot of work, plus I heard they’re outdated and I like figuring things out as I go...”.

The answer is: yes, you really do need a business plan! As entrepreneur Kevin J. Donaldson said, “Going into business without a business plan is like going on a mountain trek without a map or GPS support—you’ll eventually get lost and starve! Though it may sound tedious and time-consuming, business plans are critical to starting your business and setting yourself up for success.

To outline the importance of business plans and make the process sound less daunting, here are 10 reasons why you need one for your small business.

1. To help you with critical decisions

The primary importance of a business plan is that they help you make better decisions. Entrepreneurship is often an endless exercise in decision making and crisis management. Sitting down and considering all the ramifications of any given decision is a luxury that small businesses can’t always afford. That’s where a business plan comes in.

Building a business plan allows you to determine the answer to some of the most critical business decisions ahead of time.

Creating a robust business plan is a forcing function—you have to sit down and think about major components of your business before you get started, like your marketing strategy and what products you’ll sell. You answer many tough questions before they arise. And thinking deeply about your core strategies can also help you understand how those decisions will impact your broader strategy.

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2. To iron out the kinks

Putting together a business plan requires entrepreneurs to ask themselves a lot of hard questions and take the time to come up with well-researched and insightful answers. Even if the document itself were to disappear as soon as it’s completed, the practice of writing it helps to articulate your vision in realistic terms and better determine if there are any gaps in your strategy.

3. To avoid the big mistakes

Only about half of small businesses are still around to celebrate their fifth birthday . While there are many reasons why small businesses fail, many of the most common are purposefully addressed in business plans.

According to data from CB Insights , some of the most common reasons businesses fail include:

No market need : No one wants what you’re selling.
Lack of capital : Cash flow issues or businesses simply run out of money.
Inadequate team : This underscores the importance of hiring the right people to help you run your business.
Stiff competition : It’s tough to generate a steady profit when you have a lot of competitors in your space.
Pricing : Some entrepreneurs price their products or services too high or too low—both scenarios can be a recipe for disaster.

The exercise of creating a business plan can help you avoid these major mistakes. Whether it’s cash flow forecasts or a product-market fit analysis , every piece of a business plan can help spot some of those potentially critical mistakes before they arise. For example, don’t be afraid to scrap an idea you really loved if it turns out there’s no market need. Be honest with yourself!

Get a jumpstart on your business plan by creating your own cash flow projection .

4. To prove the viability of the business

Many businesses are created out of passion, and while passion can be a great motivator, it’s not a great proof point.

Planning out exactly how you’re going to turn that vision into a successful business is perhaps the most important step between concept and reality. Business plans can help you confirm that your grand idea makes sound business sense.

A graphic showing you a “Business Plan Outline.” There are four sections on the left side: Executive Summary at the top, Company Description below it, followed by Market Analysis, and lastly Organization and Management. There was four sections on the right side. At the top: “Service or Product Line.” Below that, “Marketing and Sales.” Below that, “Funding Request.” And lastly: “Financial Projections.” At the very bottom below the left and right columns is a section that says “Appendix.

A critical component of your business plan is the market research section. Market research can offer deep insight into your customers, your competitors, and your chosen industry. Not only can it enlighten entrepreneurs who are starting up a new business, but it can also better inform existing businesses on activities like marketing, advertising, and releasing new products or services.

Want to prove there’s a market gap? Here’s how you can get started with market research.

5. To set better objectives and benchmarks

Without a business plan, objectives often become arbitrary, without much rhyme or reason behind them. Having a business plan can help make those benchmarks more intentional and consequential. They can also help keep you accountable to your long-term vision and strategy, and gain insights into how your strategy is (or isn’t) coming together over time.

6. To communicate objectives and benchmarks

Whether you’re managing a team of 100 or a team of two, you can’t always be there to make every decision yourself. Think of the business plan like a substitute teacher, ready to answer questions any time there’s an absence. Let your staff know that when in doubt, they can always consult the business plan to understand the next steps in the event that they can’t get an answer from you directly.

Sharing your business plan with team members also helps ensure that all members are aligned with what you’re doing, why, and share the same understanding of long-term objectives.

7. To provide a guide for service providers

Small businesses typically employ contractors , freelancers, and other professionals to help them with tasks like accounting , marketing, legal assistance, and as consultants. Having a business plan in place allows you to easily share relevant sections with those you rely on to support the organization, while ensuring everyone is on the same page.

8. To secure financing

Did you know you’re 2.5x more likely to get funded if you have a business plan?If you’re planning on pitching to venture capitalists, borrowing from a bank, or are considering selling your company in the future, you’re likely going to need a business plan. After all, anyone that’s interested in putting money into your company is going to want to know it’s in good hands and that it’s viable in the long run. Business plans are the most effective ways of proving that and are typically a requirement for anyone seeking outside financing.

Learn what you need to get a small business loan.

9. To better understand the broader landscape

No business is an island, and while you might have a strong handle on everything happening under your own roof, it’s equally important to understand the market terrain as well. Writing a business plan can go a long way in helping you better understand your competition and the market you’re operating in more broadly, illuminate consumer trends and preferences, potential disruptions and other insights that aren’t always plainly visible.

10. To reduce risk

Entrepreneurship is a risky business, but that risk becomes significantly more manageable once tested against a well-crafted business plan. Drawing up revenue and expense projections, devising logistics and operational plans, and understanding the market and competitive landscape can all help reduce the risk factor from an inherently precarious way to make a living. Having a business plan allows you to leave less up to chance, make better decisions, and enjoy the clearest possible view of the future of your company.

Business plan FAQs

How does having a business plan help small business owners make better decisions.

Having a business plan supports small business owners in making smarter decisions by providing a structured framework to assess all parts of their businesses. It helps you foresee potential challenges, identify opportunities, and set clear objectives. Business plans help you make decisions across the board, including market strategies, financial management, resource allocation, and growth planning.

What industry-specific issues can business plans help tackle?

Business plans can address industry-specific challenges like regulatory compliance, technological advancements, market trends, and competitive landscape. For instance, in highly regulated industries like healthcare or finance, a comprehensive business plan can outline compliance measures and risk management strategies.

How can small business owners use their business plans to pitch investors or apply for loans?

In addition to attracting investors and securing financing, small business owners can leverage their business plans during pitches or loan applications by focusing on key elements that resonate with potential stakeholders. This includes highlighting market analysis, competitive advantages, revenue projections, and scalability plans. Presenting a well-researched and data-driven business plan demonstrates credibility and makes investors or lenders feel confident about your business’s potential health and growth.

Understanding the importance of a business plan

Now that you have a solid grasp on the “why” behind business plans, you can confidently move forward with creating your own.

Remember that a business plan will grow and evolve along with your business, so it’s an important part of your whole journey—not just the beginning.

Now that you’ve read up on the purpose of a business plan, check out our guide to help you get started.

The information and tips shared on this blog are meant to be used as learning and personal development tools as you launch, run and grow your business. While a good place to start, these articles should not take the place of personalized advice from professionals. As our lawyers would say: “All content on Wave’s blog is intended for informational purposes only. It should not be considered legal or financial advice.” Additionally, Wave is the legal copyright holder of all materials on the blog, and others cannot re-use or publish it without our written consent.

What is a business plan, the advantages of having a business plan, the types of business plans, the key elements of a business plan, best business plan software, common challenges of writing a business plan, become an expert business planner, business planning: it’s importance, types and key elements.

Every year, thousands of new businesses see the light of the day. One look at the World Bank's Entrepreneurship Survey and database shows the mind-boggling rate of new business registrations. However, sadly, only a tiny percentage of them have a chance of survival.

According to the Bureau of Labor Statistics, about 20% of small businesses fail in their first year, about 50% in their fifth year.

Research from the University of Tennessee found that 44% of businesses fail within the first three years. Among those that operate within specific sectors, like information (which includes most tech firms), 63% shut shop within three years.

Several other statistics expose the abysmal rates of business failure. But why are so many businesses bound to fail? Most studies mention "lack of business planning" as one of the reasons.

This isn’t surprising at all.

Running a business without a plan is like riding a motorcycle up a craggy cliff blindfolded. Yet, way too many firms ( a whopping 67%) don't have a formal business plan in place.

It doesn't matter if you're a startup with a great idea or a business with an excellent product. You can only go so far without a roadmap — a business plan. Only, a business plan is so much more than just a roadmap. A solid plan allows a business to weather market challenges and pivot quickly in the face of crisis, like the one global businesses are struggling with right now, in the post-pandemic world.

But before you can go ahead and develop a great business plan, you need to know the basics. In this article, we'll discuss the fundamentals of business planning to help you plan effectively for 2021.

Now before we begin with the details of business planning, let us understand what it is.

No two businesses have an identical business plan, even if they operate within the same industry. So one business plan can look entirely different from another one. Still, for the sake of simplicity, a business plan can be defined as a guide for a company to operate and achieve its goals.

More specifically, it's a document in writing that outlines the goals, objectives, and purpose of a business while laying out the blueprint for its day-to-day operations and key functions such as marketing, finance, and expansion.

A good business plan can be a game-changer for startups that are looking to raise funds to grow and scale. It convinces prospective investors that the venture will be profitable and provides a realistic outlook on how much profit is on the cards and by when it will be attained.

However, it's not only new businesses that greatly benefit from a business plan. Well-established companies and large conglomerates also need to tweak their business plans to adapt to new business environments and unpredictable market changes.

Before getting into learning more about business planning, let us learn the advantages of having one.

Since a detailed business plan offers a birds-eye view of the entire framework of an establishment, it has several benefits that make it an important part of any organization. Here are few ways a business plan can offer significant competitive edge.

Sets objectives and benchmarks: Proper planning helps a business set realistic objectives and assign stipulated time for those goals to be met. This results in long-term profitability. It also lets a company set benchmarks and Key Performance Indicators (KPIs) necessary to reach its goals.
Maximizes resource allocation: A good business plan helps to effectively organize and allocate the company’s resources. It provides an understanding of the result of actions, such as, opening new offices, recruiting fresh staff, change in production, and so on. It also helps the business estimate the financial impact of such actions.
Enhances viability: A plan greatly contributes towards turning concepts into reality. Though business plans vary from company to company, the blueprints of successful companies often serve as an excellent guide for nascent-stage start-ups and new entrepreneurs. It also helps existing firms to market, advertise, and promote new products and services into the market.
Aids in decision making: Running a business involves a lot of decision making: where to pitch, where to locate, what to sell, what to charge — the list goes on. A well thought-out business plan provides an organization the ability to anticipate the curveballs that the future could throw at them. It allows them to come up with answers and solutions to these issues well in advance.
Fix past mistakes: When businesses create plans keeping in mind the flaws and failures of the past and what worked for them and what didn’t, it can help them save time, money, and resources. Such plans that reflects the lessons learnt from the past offers businesses an opportunity to avoid future pitfalls.
Attracts investors: A business plan gives investors an in-depth idea about the objectives, structure, and validity of a firm. It helps to secure their confidence and encourages them to invest.

Now let's look at the various types involved in business planning.

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Business plans are formulated according to the needs of a business. It can be a simple one-page document or an elaborate 40-page affair, or anything in between. While there’s no rule set in stone as to what exactly a business plan can or can’t contain, there are a few common types of business plan that nearly all businesses in existence use.

Here’s an overview of a few fundamental types of business plans.

Start-up plan: As the name suggests, this is a documentation of the plans, structure, and objections of a new business establishments. It describes the products and services that are to be produced by the firm, the staff management, and market analysis of their production. Often, a detailed finance spreadsheet is also attached to this document for investors to determine the viability of the new business set-up.
Feasibility plan: A feasibility plan evaluates the prospective customers of the products or services that are to be produced by a company. It also estimates the possibility of a profit or a loss of a venture. It helps to forecast how well a product will sell at the market, the duration it will require to yield results, and the profit margin that it will secure on investments.
Expansion Plan: This kind of plan is primarily framed when a company decided to expand in terms of production or structure. It lays down the fundamental steps and guidelines with regards to internal or external growth. It helps the firm to analyze the activities like resource allocation for increased production, financial investments, employment of extra staff, and much more.
Operations Plan: An operational plan is also called an annual plan. This details the day-to-day activities and strategies that a business needs to follow in order to materialize its targets. It outlines the roles and responsibilities of the managing body, the various departments, and the company’s employees for the holistic success of the firm.
Strategic Plan: This document caters to the internal strategies of the company and is a part of the foundational grounds of the establishments. It can be accurately drafted with the help of a SWOT analysis through which the strengths, weaknesses, opportunities, and threats can be categorized and evaluated so that to develop means for optimizing profits.

There is some preliminary work that’s required before you actually sit down to write a plan for your business. Knowing what goes into a business plan is one of them.

Here are the key elements of a good business plan:

Executive Summary: An executive summary gives a clear picture of the strategies and goals of your business right at the outset. Though its value is often understated, it can be extremely helpful in creating the readers’ first impression of your business. As such, it could define the opinions of customers and investors from the get-go.
Business Description: A thorough business description removes room for any ambiguity from your processes. An excellent business description will explain the size and structure of the firm as well as its position in the market. It also describes the kind of products and services that the company offers. It even states as to whether the company is old and established or new and aspiring. Most importantly, it highlights the USP of the products or services as compared to your competitors in the market.
Market Analysis: A systematic market analysis helps to determine the current position of a business and analyzes its scope for future expansions. This can help in evaluating investments, promotions, marketing, and distribution of products. In-depth market understanding also helps a business combat competition and make plans for long-term success.
Operations and Management: Much like a statement of purpose, this allows an enterprise to explain its uniqueness to its readers and customers. It showcases the ways in which the firm can deliver greater and superior products at cheaper rates and in relatively less time.
Financial Plan: This is the most important element of a business plan and is primarily addressed to investors and sponsors. It requires a firm to reveal its financial policies and market analysis. At times, a 5-year financial report is also required to be included to show past performances and profits. The financial plan draws out the current business strategies, future projections, and the total estimated worth of the firm.

The importance of business planning is it simplifies the planning of your company's finances to present this information to a bank or investors. Here are the best business plan software providers available right now:

Business Sorter

The importance of business planning cannot be emphasized enough, but it can be challenging to write a business plan. Here are a few issues to consider before you start your business planning:

Create a business plan to determine your company's direction, obtain financing, and attract investors.
Identifying financial, demographic, and achievable goals is a common challenge when writing a business plan.
Some entrepreneurs struggle to write a business plan that is concise, interesting, and informative enough to demonstrate the viability of their business idea.
You can streamline your business planning process by conducting research, speaking with experts and peers, and working with a business consultant.

Whether you’re running your own business or in-charge of ensuring strategic performance and growth for your employer or clients, knowing the ins and outs of business planning can set you up for success.

Be it the launch of a new and exciting product or an expansion of operations, business planning is the necessity of all large and small companies. Which is why the need for professionals with superior business planning skills will never die out. In fact, their demand is on the rise with global firms putting emphasis on business analysis and planning to cope with cut-throat competition and market uncertainties.

While some are natural-born planners, most people have to work to develop this important skill. Plus, business planning requires you to understand the fundamentals of business management and be familiar with business analysis techniques . It also requires you to have a working knowledge of data visualization, project management, and monitoring tools commonly used by businesses today.

Simpliearn’s Executive Certificate Program in General Management will help you develop and hone the required skills to become an extraordinary business planner. This comprehensive general management program by IIM Indore can serve as a career catalyst, equipping professionals with a competitive edge in the ever-evolving business environment.

What Is Meant by Business Planning?

Business planning is developing a company's mission or goals and defining the strategies you will use to achieve those goals or tasks. The process can be extensive, encompassing all aspects of the operation, or it can be concrete, focusing on specific functions within the overall corporate structure.

What Are the 4 Types of Business Plans?

The following are the four types of business plans:

Operational Planning

This type of planning typically describes the company's day-to-day operations. Single-use plans are developed for events and activities that occur only once (such as a single marketing campaign). Ongoing plans include problem-solving policies, rules for specific regulations, and procedures for a step-by-step process for achieving particular goals.

Strategic Planning

Strategic plans are all about why things must occur. A high-level overview of the entire business is included in strategic planning. It is the organization's foundation and will dictate long-term decisions.

Tactical Planning

Tactical plans are about what will happen. Strategic planning is aided by tactical planning. It outlines the tactics the organization intends to employ to achieve the goals outlined in the strategic plan.

Contingency Planning

When something unexpected occurs or something needs to be changed, contingency plans are created. In situations where a change is required, contingency planning can be beneficial.

What Are the 7 Steps of a Business Plan?

The following are the seven steps required for a business plan:

Conduct Research

If your company is to run a viable business plan and attract investors, your information must be of the highest quality.

Have a Goal

The goal must be unambiguous. You will waste your time if you don't know why you're writing a business plan. Knowing also implies having a target audience for when the plan is expected to get completed.

Create a Company Profile

Some refer to it as a company profile, while others refer to it as a snapshot. It's designed to be mentally quick and digestible because it needs to stick in the reader's mind quickly since more information is provided later in the plan.

Describe the Company in Detail

Explain the company's current situation, both good and bad. Details should also include patents, licenses, copyrights, and unique strengths that no one else has.

Create a marketing plan ahead of time.

A strategic marketing plan is required because it outlines how your product or service will be communicated, delivered, and sold to customers.

Be Willing to Change Your Plan for the Sake of Your Audience

Another standard error is that people only write one business plan. Startups have several versions, just as candidates have numerous resumes for various potential employers.

Incorporate Your Motivation

Your motivation must be a compelling reason for people to believe your company will succeed in all circumstances. A mission should drive a business, not just selling, to make money. That mission is defined by your motivation as specified in your business plan.

What Are the Basic Steps in Business Planning?

These are the basic steps in business planning:

Summary and Objectives

Briefly describe your company, its objectives, and your plan to keep it running.

Services and Products

Add specifics to your detailed description of the product or service you intend to offer. Where, why, and how much you plan to sell your product or service and any special offers.

Conduct research on your industry and the ideal customers to whom you want to sell. Identify the issues you want to solve for your customers.

Operations are the process of running your business, including the people, skills, and experience required to make it successful.

How are you going to reach your target audience? How you intend to sell to them may include positioning, pricing, promotion, and distribution.

Consider funding costs, operating expenses, and projected income. Include your financial objectives and a breakdown of what it takes to make your company profitable. With proper business planning through the help of support, system, and mentorship, it is easy to start a business.

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Introduction, Meaning, Importance, Features and Limitations of Planning

Just like management is a never-ending activity, so is planning. In fact business planning, it is one of the primary functions of management . It sets up the stage for all further functions of management like organizing, directing etc. Let us understand the concept of planning.

Browse more Topics under Planning

Planning Process
Types of Plan

Importance of Business Planning

Planning is an important function of management, it tells the manager where the organization should be headed. It also helps the organization reduce uncertainty. Let us take a look at some important functions of planning.

1] Planning provides a sense of Direction

Planning means coming up with a predetermined action plan for the organization. It actually states in advance what and how the work is to be done. This helps provide the workers and the managers with a sense of direction , a guidance in a way. Without planning their actions would be uncoordinated and unorganized.

2] Planning reduces Uncertainty

Planning not only sets objectives but also anticipates any future changes in the industry or the organization. So it allows the managers to prepare for these changes, and allow them to deal with the uncertainties. Planning takes into consideration past events and trends and prepares the managers to deal with any uncertain events.

3] Planning reduces Wastefulness

The detailed plans made keep in mind the needs of all the departments. This ensures that all the departments are on the same page about the plan and that all their activities are coordinated. There is clarity in thought which leads to clarity in action. All work is carried out without interruptions or waste of time or resources ,

4] Planning invokes Innovation

Planning actually involves a lot of innovation on the part of the managers . Being the first function of management it is a very difficult activity. It encourages the manager to broaden their horizons and forces them to think differently. So the managers have to be creative, perceptive and innovative.

5] Makes Decision=Making Easier

In business planning the goals of the organization have been set, an action plan developed and even predictions have been made for future events. This makes it easier for all managers across all levels to make decisions with some ease. The decision-making process also becomes faster.

6] Establishes Standards

Once the business planning is done, the managers now have set goals and standards. This provides the manager’s standards against which they can measure actual performances. This will help the organization measure if the goals have been met or not. So planning is a prerequisite to controlling.

Limitations of Planning

While business planning is important and a requisite for every organization, it does have some limitations. Let us take a look at some limitations of business planning.

1] Rigidity

Once the planning function is complete and the action plan is set, then the manager tends to only follow the plan. The manager may not be in a position to change the plan according to circumstances. Or the manager may be unwilling to change the plan. This sort of rigidity is not ideal for an organization.

2] Not ideal in Dynamic Conditions

In an economic environment rarely anything is stagnant or static. Economic, political, environmental, legal conditions keep changing. In such a dynamic environment it becomes challenging to predict future changes. And if a manager cannot forecast accurately, the plan may fail.

3] Planning can also reduce creativity

While making a plan takes creativity after that managers blindly follow the plan. They do not change the plan according to the dynamic nature of the business. Sometimes they do not even make the appropriate suggestions to upper management. The work becomes routine.

4] Planning is Expensive

Planning is a cost-consuming process. Since it is an intellectual and creative process, specialized professionals must be hired for the job. Also, it involves a lot of research and facts collection and number crunching. At certain times the cost of the planning process can outweigh its benefits.

5] Not Completely Accurate

When planning we have to forecast the future and predict certain upcoming events in the organization and the industry. So, of course, there cannot be hundred per cent certainty in such cases. So it can be said that business planning lacks accuracy

Solved Question for You

Q: Which of the following can be referred to planning?

Departmentation
Government policy
Forecasting
All of the above

Ans: The correct option is C. Planning is forecasting as it is deciding what to do in advance. Planning is futuristic as it never relates to the past. So planning bridges the gap between where the company is and where it wishes to go.

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One response to “Introduction, Meaning, Importance, Features and Limitations of Planning”

You made a good point that I should be wary of dynamic situations when dealing with business planning. Nevertheless, I still think that having a good business plan is essential for the game development company that I’m planning to start in the future. Perhaps hiring a business planning consultant would be a good way to have a good footing from the very beginning of the venture.

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Planning Class 12 Notes CBSE Business Studies Chapter 4: Full Explanation

Revision Notes
Business Studies
Chapter 4 Planning

Revision Notes for CBSE Class 12 Business Studies Chapter 4 - Free PDF Download

Business Studies is a significant subject in the Class 12 Commerce syllabus. Studying this subject is very essential for those students who are willing to pursue a career in commerce, business management, chartered accountancy, business administration, etc. The 4 th chapter in this subject is Planning. It is extremely vital to learn this chapter and prepare a foundation of knowledge. This knowledge will then be used later to study subjects in advanced professional courses.

Vedantu has developed Class 12 Business Studies Chapter 4 revision notes in accordance with CBSE standards to make it simpler for students. To make your study plan more comfortable, you may access these notes at any moment. You may simply prepare the chapter and proceed to an advanced level by utilizing these notes as reference material. The topics clarified in these revision notes will increase your score. Why wait then? Check out the quality of the revision notes Class 12 Business Studies Chapter 4 and revise properly before an exam.

Download CBSE Class 12 Business Studies Revision Notes 2023-24 PDF

Also, check CBSE Class 12 Business studies revision notes for other chapters:

Related Chapters

Access Class 12 Business Studies Chapter 4 – Planning Notes

“Planning is an intellectual process, conscious determination of course of action, the basing of decision on purpose, facts and considered estimates.”

Koontz O'Donnell

Planning entails deciding what to accomplish and how to accomplish it ahead of time. It is a fundamental managerial function.

It entails establishing goals and devising strategies for achieving them.

The plan that is created must be completed within a certain time frame, yet time is a limited resource. It should be used with caution.

Importance of Planning

Planning Provides Directions: Planning provides guidance for action by defining how the task will be done in advance. Planning ensures that goals are clearly specified so that the best course of action may be devised. Once the strategies are in place, the department and individuals may work together.

Planning Reduces the Risk of Uncertainty: Planning is a task that allows the management to see into the future and predict changes. Changes and occurrences cannot be avoided, but managers may anticipate them and adapt their strategies accordingly by deciding plans and courses of action ahead of time.

Planning Reduces Overlapping and Wasteful Activities: The basis for coordinating the actions and efforts of several divisions, departments, and individuals is planning. It eliminates ineffective and unnecessary activities, prevents misunderstandings, and assures clarity of thinking and action.

Planning Promotes Innovative Ideas: The first role of management is planning. Managers are given the opportunity to generate fresh ideas, which can then be turned into tangible strategies. It directs all future actions that will lead to the company's growth and prosperity.

Planning Facilitates Decision Making: Setting goals and forecasting future situations are all part of planning, which aids in making sensible judgments among various options.

Planning Establishes Standards for Controlling: Planning establishes the benchmarks against which actual performance is assessed. As a result, planning is a must for controlling.

Features of Planning

Planning Focuses on Achieving Objectives: Organizations are formed with a certain goal in mind. The goals, general and specific as well as the strategies and activities to attain these goals, are established by organizations under the planning function.

Planning is a Primary Function of Management: Planning lays the groundwork for all other management tasks, without planning no other function can take place.

Planning is Pervasive: Planning is required in all types of organizations, at all the levels of management, as well as all the departments within the organization. Though at different levels and for different departments, the extent of planning varies.

Planning is Continuous: The planning cycle is linked to planning continuity. It indicates that a strategy is devised, implemented, and then followed by another strategy, and so on. Hence planning keeps on going, and is a never ending process.

Planning is Futuristic: The goal of planning is to efficiently meet future occurrences to an organization's benefit. Planning entails predicting future events and situations and making plans based on those predictions.

Planning Involves Decision Making: Choosing among a variety of options and activities is the essence of planning. There is no need to plan if there is just one conceivable aim or course of action because in that case no planning or decision making is required.

Planning is a Mental Exercise: Planning necessitates the use of the mind and foresight. Rather than guesswork, planning is an intellectual activity that necessitates logical and organized thought.

Limitations of Planning

Planning Leads to Rigidity: A well-defined plan is drawn up in an organization with specified goals to be reached within a specific time frame, but managers may not be able to amend it. Managers must be given some flexibility to react with changing conditions because the corporate environment is dynamic.

Planning May Not Work in a Dynamic Environment: Planning is based on anticipating future events, and because the future is unpredictable and dynamic, the organization must react to changes. However, planning will not be able to adequately predict future events.

Planning Reduces Creativity: Top management plans and intermediate management executes the plan, but they are not allowed to depart from the plan, limiting the creativity of these managers.

Planning Involves Huge Costs: The plan's formulation entails a significant financial investment. To determine data, detailed strategies necessitate scientific computations. The costs of preparation may not always be justified by the benefits gained.

Planning is Time Consuming: Many factors must be considered when developing a strategy, making it a lengthy process.

Planning Does Not Guarantee Success: Only carefully planned and implemented plans can lead to the success of a business. Managers are prone to implementing previously successful ideas, but a plan that worked in one context may not work in another.

Planning Process

Setting Objectives:

Specify the goals that the company wishes to attain.

Establish goals for the overall organization, as well as individual departments, units, and personnel. Clearly state the organization's objectives and define how all departments will contribute to the overall goals.

Objectives must be communicated to each unit and to personnel at all levels so that they are aware of how their actions contribute to the achievement of the goals.

Managers must engage in the goal-setting process and give ideas.

For example, setting sales goals, launching a new product, or expanding into new markets.

Developing Premises:

Because planning is a future-oriented activity and the future is uncertain, managers must make certain assumptions while creating organizational plans

These assumptions about the future are referred to as premises, and they serve as the foundation for creating plans.

All planning managers should be familiar with the same assumption, and they must all agree on it.

Internal and external factors that affect the planning are

External : Even a well-run corporation may not be able to survive in a terrible economy. Customers will spend less on sports, recreation, presents, luxury products, and new automobiles if they lose their employment or take positions that are barely enough to support them. Credit card interest rates that are too high can deter clients from spending. Although you can't control the economy, knowing how it works can help you detect risks and opportunities. Hence the firm needs to have a constant eye on the external environment.

Internal: Employees play a significant role in the internal environment of a firm. Whether they're creating code or selling things to strangers, the employees must be good at what they do. Managers must be capable of managing lower-level personnel as well as controlling other aspects of the workplace. Internal politics and disagreements can destroy a good organization, even if everyone is skilled and talented. Internal factors also includes suppliers, customers, etc.

Forecasting, for example, is a technique for accumulating data to create premises. For various goals, an organization employs numerous forecasts such as policy changes, new markets, product demand, and so on.

For successful plans, forecast accuracy is required.

Identifying Alternative Courses of Action:

After the objectives have been established, assumptions are formed, and different courses of action are chosen.

Managers must identify all possible courses of action for accomplishing the organization's objectives.

The course of action could be standard or novel. By integrating more people and sharing their ideas, an innovative course can be implemented.

For example, A business planned based on your idea, like a startup of a café is a smart establishment. This requires a populated area where school, colleges or offices are nearby in order to make it a profitable business.

Evaluating Alternative Courses of Action:

The next stage is to weigh the benefits and drawbacks of each prospective course of action.

Each proposal's positive and negative characteristics must be assessed considering the goals to be met.

For example, in financial decisions, the risk-return trade-off is critical. The larger the risk, the higher the return. To assess such suggestions, extensive calculations of earnings, taxes, earnings per share, and dividends are performed, followed by a judgement.

Selecting the Best Alternative:

From all the options, the best strategy is chosen and implemented.

The optimal strategy is the one that is the most practicable, profitable, and has the fewest drawbacks.

Because a mathematical analysis is not possible in most plans, the manager's expertise, judgement, and intuition play a vital part in determining the best viable option.

Rather than choosing the optimal option, a combination of plans may be chosen.

Implementing the Plan

In this step, the best plan is implemented, i.e. the plan is put into action.

Managers start organizing & assembling resources for implementing the plans.

For example, if output is to be increased, more labour and machinery will be necessary. This phase would also entail the hiring of more labour and the acquisition of new machinery.

Follow Up Action

It entails keeping track of the plans that have been implemented and ensuring that the actions are being carried out on time.

Continuous monitoring is required to identify deviations from plans, and corrective action is required to meet organizational goals.

Types of Plan

A plan is a commitment to taking a certain course of action to achieve specific goals. Depending on the use and length of the planning period, plans can be categoried into many types.

Single-use and standing plans are the two types of plans available.

Single Use Plan

A single-use plan is a set of instructions designed to handle a one-time only problem. It was created for a one-time endeavour or event with a single goal in mind.

A plan like this is made to satisfy the requirements of a certain situation.

A single usage plan's duration varies based on the type of project; for example, a single event plan may last one day, but a single project may last one week or months.

Single-use plans can't be reused because they're no longer useful once they've accomplished their goal. Budgets, programmes, project reports, and other documents are examples.

Standing Plans

Standing plans are used for actions that occur on a regular basis over time.

It is created once and retains its worth over time as it undergoes changes and upgrades.

It is created once and then adjusted as needed to satisfy business requirements.

Policies, procedures, methods, and norms are all part of the standing plans.

Plans Can Be Classed Into the Following Categories Based on What Goals the Plan Desires To Achieve.

Objectives:

Objectives are the desired outcomes that management hopes to attain through its activities.

They could be intended to reflect the anticipated future position that management aspires to. Setting organizational objectives is the first and most important phase in the planning process.

Objectives must be in stated terms, i.e., they must be quantifiable and documented in the form of a written declaration of desired outcomes to be achieved within a certain time frame.

For example, a 20% return on investment, a 10% increase in sales target, and so forth. The objectives should be achievable, and realistic.

Strategy refers to long-term decisions that define an organization's direction and scope.

These are the plans that an organization develops to deal with a variety of conditions, threats, and opportunities.

Internal strategy refers to the process of an organization's managers developing a new business strategy, whereas external strategy refers to the process of developing strategies in response to competitors' strategies.

For example, selecting an advertising medium, distribution networks, and so on Mainly strategy formulation takes place at three levels

Corporate level

Business level

Function level

Policies are broad statements that direct people's thoughts or energies in a specific direction. It serves as a foundation for interpreting strategy..

Policies exist for all levels and departments within an organization, including large and small policies.

Policies establish the boundaries within which a management can operate.

They are adaptable because they can be altered as needed.

For example, selling things on a cash-only basis, single source purchasing, and so forth.

Procedures are step-by-step instructions that specify how a task should be completed.

They specify which tasks should be completed in which order.

In general, the sequence of actions to be taken is to implement a policy and achieve predetermined goals.

For example, a company's recruitment procedure.

Rules are specific statements that specify what should and should not be done in situations.

Rules are rigid and do not allow for flexibility, ensuring organizational discipline.

For example, ‘Smoking is prohibited in the office.'

Methods describe the prescribed ways or manners in which a work can be completed considering the goal.

Choosing the right solution saves time, money, and effort while increasing efficiency.

The methods are adaptable.

For example, numerous training methods used by an organization to train its personnel, such as apprenticeship training, induction programmers, and so on.

A programme may include a complete list of project objectives, policies, processes, regulations, tasks, and the physical and human resources needed to carry out any course of action.

A budget is a numerical description of expected results for a specific time in the future.

For example, a sales budget, a production budget, research and development budget, master budget, cash budget etc.

Planning: Class 12 Business Studies Chapter 4 Revision Notes Summary

Planning is probably the most important term in the student’s life. Proper planning helps a student to achieve his goals by accomplishing every step in it. This simple concept has been modulated according to business studies, an important subject in the Class 12 Commerce syllabus. In order to make this chapter easy to study, the experienced commerce teachers in the team have scripted these revision notes so that every student can relate to the concepts easily. it will become a lot easier to study and understand the concepts of planning with the help of Class 12 Business Studies revision notes solution Chapter 4. Let us take a precise look into the subject matter of these revision notes.

In these revision notes, every section of the chapter has been properly described and explained using simpler language so that all the students can understand easily. The definition and explanation of planning will surely facilitate the learning of this chapter. Here, you will find the importance of planning in business. It is done to reduce the risks appearing while doing a business. Every phase of a business requires proper planning. Studying this chapter will also make the students more efficient in their personal life. Every feature of Planning will be discussed in the Business Studies Class 12 Chapter 4 revision notes. It is a futuristic step that helps a business to identify risks beforehand, to figure out the necessary steps, and to forecast growth. It is also a continuous process that certainly impacts future events. As you can see that every step in business needs planning. Hence, it can be concluded that planning is dynamic. A plan changes according to the outcomes and consequences of previous steps.

As per the Class 12 notes Planning, another important factor is making a decision. A plan can only be executed when a proper decision is made. It all depends on the competency and potential of the decision-maker. In fact, the decisions will be influenced by several factors such as awareness of the situation, how a person reacts, and what resources he has to deploy. Planning is and always will be the primary function of Business Studies and Business Management. Utilizing the Class 12 Business Studies Planning revision notes will become mandatory to grab hold of the advanced concepts.

It will describe how a person should focus on the goals and systematically achieve them one by one. An objective should be there to provide a base for every plan. The strategic development of a business totally depends on the plans and decisions made. In this revision note, you will also study how a logical and systematic approach can influence and decide the outcome of a plan. Delve deeper to learn more about the limitations regarding planning to understand the threats and weaknesses. This is where Planning Class 12 Business Studies revision notes will come in very handy.

Important Topics Covered Under Chapter 4 of CBSE Class 12 Business Studies

Some of the important topics or concepts discussed in this chapter are listed below:

Meaning of planning

The importance of planning

The features of planning

The limitations of planning

The planning process

Types of plan

CBSE Class 12 Revision Notes and Key Points

Chapter 4 - Planning of Business Studies is one of the important chapters for the CBSE Class 12 students as this chapter mainly deals with the basic managerial function that is planning. The students facing difficulty in understanding the concepts related to planning can refer to the Revision Notes pdf of Chapter 4 to clear their doubts. These concepts have been explained in a simple and easy language which will help students to have an in-depth knowledge of the concepts.

Our commerce specialist lecturers develop the revision notes to give you with the highest quality study resources. Students may use these review notes for last-minute revision immediately before the test, which will help them enhance their Business Studies results. Visit Vedantu's website or download the app for the greatest learning experience and more excellent study resources such as Crucial Questions for Class 12 Business Studies and NCERT Answers for Class 12 Business Studies.

Conclusion

In the CBSE Business Studies Class 12 chapter "Planning," students are introduced to the concept of planning as a crucial function of management. Planning involves setting goals, determining strategies, and developing action plans to achieve organizational objectives.

The comprehensive notes provided for Chapter 4: Planning in CBSE Business Studies Class 12 offer a detailed explanation of the key concepts and processes involved in effective planning. These notes cover topics such as the importance and benefits of planning, the planning process, types of plans, and the limitations of planning.

By studying these notes, students gain a thorough understanding of the significance of planning in an organization's success. They learn how to set SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals, analyze the business environment, formulate strategies, and create detailed action plans. Moreover, the notes shed light on the potential challenges and limitations faced during the planning process.

FAQs on Planning Class 12 Notes CBSE Business Studies Chapter 4: Full Explanation

1. What are the types of plans in business studies?

In business studies, plans can be commonly categorized into single-use plans and standing plans. The types of plans are listed below.

Objectives

2. What are the important topics covered in the CBSE Class 12 Business Studies Revision Notes Chapter 4- Planning?

The important topics covered in the CBSE Class 12 Business Studies Revision Notes Chapter 4- Planning are as follows.

Definition, Meaning, and Importance of Planning

All the topics covered in the chapter on Planning are very interesting and have immense applications in business. Students should learn and understand these topics thoroughly to answer all the questions from this chapter in exams.

3. Are the CBSE Class 12 Business Studies Revision Notes Chapter 4- Planning available on Vedantu reliable?

Yes, the CBSE Class 12 Business Studies Revision Notes Chapter 4- Planning available on Vedantu are very reliable. Vedantu is among India’s leading e-learning platforms and our students vouch for the relevance and reliability of these Revision Notes. Our subject-matter experts have compiled the CBSE Class 12 Business Studies Revision Notes Chapter 4- Planning after a thorough research and analysis of the CBSE Class 12 Business Studies syllabus and previous year question papers. Every topic covered in CBSE Class 12 Business Studies Chapter-4 Planning is explained in a simple yet interesting manner in these solutions. So, students can rely upon these revision notes for their exam preparation.

4. Can I download the CBSE Class 12 Business Studies Revision Notes Chapter 4- Planning for free?

Yes, you can download the CBSE Class 12 Business Studies Revision Notes Chapter 4- Planning absolutely free of cost from Vedantu. These revision notes are available in PDF format on our website and mobile application. So, all you need to have is an internet connection and access to any digital screen to get the best revision notes on CBSE Class 12 Business Studies Chapter 4- Planning. You can also take a printout of these revision notes after downloading them as per your convenience.

5. What is planning in Class 12 Business Studies Chapter 4?

Planning, as discussed in Chapter 4 of Class 12 Business Studies, refers to thinking in advance about what, when, how and by whom a particular task is to be performed. Planning, in other words, means to devise an action strategy to reach the desired objective or goal. Without action or implementation of this thought out strategy, the goal can't be achieved. Thus, action or implementation is an important factor to make a plan successful. To know mte about planning, download the vedantu app.

6. What are the steps of planning Class 12?

The first step of the planning process involves obtaining clarity about the ultimate objective or goal of planning. The second step is to devise premises i.e., draw assumptions about the plausible future situation with the aid of the forecast information. The third and fourth steps are the identification and evaluation of the alternative courses of action respectively. The fifth step is to choose the best alternative action to reach the desired objective. The sixth step involves the actual implementation of this plan. The final step of planning is the follow-up action from time to time during the implementation of the plan.

7. What is the focus of planning Class 12?

The primary focus of planning is to successfully achieve the target/goal/objective. For any business or organisation to prosper, the set targets have to be achieved. In any institution, the main focus of planning is to devise strategies to reach a particular goal. Planning also focuses on futuristic perspectives. For instance, good business planning is undertaken while keeping in mind the market situation in the coming future to make the best planning decisions.

8. Can you please provide a detailed Stepwise Study Plan to ace Class 12 Business Studies, Chapter 4 - “Planning”?

To ace Class 12 Business Studies, Chapter 4 - “Planning”, first, read the chapter from the standard NCERT textbook thoroughly. This chapter will become easier to retain if you obtain conceptual understanding instead of rote learning the concepts. After reading and understanding the chapter, solve the NCERT questions from this chapter. Clear all doubts as soon as possible. Take your preparation to the next level by referring to Vedantu's Revision Notes for this chapter.

9. What are the real-time applications of Class 12 Business Studies, Chapter 4 - ‘Planning?’

The application of Class 12 Business Studies, Chapter 4 - ‘Planning,' can be easily seen in our day to day lives. Planning is the very foundation of a clarity-driven life. No matter whatever career we are pursuing or whatever task needs to be done, planning is crucial everywhere. The topics covered in this chapter have practical applications. For instance, the steps of planning given in this chapter are undertaken in real life by every business to maximize its profits.

Study Materials for Class 12

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The Importance Of A Good Business Plan

2010, Journal of Business & Economics Research (JBER)

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… of the Fifth Entrepreneurship Workshop at …

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Purpose: The purpose of this study is to investigate the contribution of business plan in the expansion of small company. No matter how big or small a business is or what stage it is in,it needs a business plan to improve how it runs internally and to describe and market the business to possible outside investors. Theoretical framework: A business plan gives the company direction and brings employees together to work towards the same goals. When everyone works together, it's easier to manage time and resources and set the company up for growth. Planning is a big part of how successful a new or small business will be. Setting goals and making plans to reach those goals are two important parts of running a successful business. A business plan is a good way for a company to organize its goals and objectives in a way that makes sense. Design/methodology/approach: This is descriptive based study. In this research paper we survey on random sample of 250 respondents. Findings: Th...

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Creating a new business titled "Crosstudy". It was an assignment for Entrepreneurship class.

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This project proposal pertains to newly evolving studies dealing with business planning for startups and is intended to investigate essential issue of business plan characteristics that increase probability of getting funds for startup development. The general purpose of this project is to analyse and develop general tendencies in existing business plans for startups that succeeded in attracting financing. The aim of this issue scrutiny is to formulate general guidance for elaborating business plans for nascent entrepreneurs and structure common criteria set by investors.

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Trump hush money trial moves into second day of jury deliberations: recap

NEW YORK − Former President Donald Trump’s fate rests in the hands of 12 Manhattan jurors in his historic hush money trial , with the verdict carrying the potential to alter the 2024 presidential campaign.

The jury sent a note shortly before 3 p.m. EDT requesting to review four sections of testimony from the trial, three from media executive David Pecker , and one from former Trump lawyer Michael Cohen . Almost an hour later, the jurors sent a second note asking to re-hear the jury instructions.

Jurors were sent home for the day at 4:07 p.m. EDT. They will resume deliberations Thursday.

Jurors began deliberating Wednesday after hearing six weeks of testimony from a parade of 22 witnesses , including a felon convicted of perjury, a porn actress, and the former head of the parent company for the National Enquirer tabloid.

Any verdict requires a unanimous vote. The outcome – a conviction on all or some of 34 counts of falsifying business records, an acquittal or a deadlocked jury – could have a major impact on Trump’s campaign against President Joe Biden .

Prep for the polls: See who is running for president and compare where they stand on key issues in our Voter Guide

Trump is polling ahead of Biden despite the criminal charges in this and three other cases, but a felony conviction could sway some voters against him. An acquittal could bolster his claims that he was the victim of a politically motivated prosecutor.

These were Wednesday's developments inside and outside the Manhattan courtroom:

Trump complains key witnesses weren’t called to testify – by prosecution or defense

Former President Donald Trump complained to reporters Wednesday that prosecutors didn’t call potential witnesses in his New York hush money trial, but didn’t explain why his team didn’t ask them to testify instead.

“There are a lot people that they could have called that they didn’t call,” Trump said. “They didn’t call them obviously because they would have been very bad witnesses for them. Take a look at the list. You have a lot of big players that would have solved their problem or given us the win.”

Trump declined to name them because a gag order prohibits him from commenting on potential witnesses. But he seemed to suggest Allen Weisselberg , the Trump Organization’s former chief financial official, is one of the possible witnesses. Weisselberg is serving time on Rikers Island after being convicted of perjury in an early Trump trial.

“In particular, one witness is now suffering bravely because of the viciousness of these thugs,” Trump said. “You know who I’m talking about. They didn’t call him as a witness.”

Prosecutors had said they wanted to call Weisselberg but couldn’t because he was jailed. Trump’s former personal lawyer, Michael Cohen, testified that Weisselberg helped arrange his reimbursement from Trump for paying $130,000 to porn actress Stormy Daniels to keep her quiet about an alleged sexual episode with Trump before the 2016 election.

– Bart Jansen

Wednesday proceedings end

Judge Juan Merchan asked the prosecution and defense to send court reporters tonight a neat outline of the decisions on the pages and lines of the trial transcript to be read back to jurors on Thursday.

Merchan then dismissed the parties at about 5:26 p.m. EDT. "I'll see you tomorrow morning at 9:30," he said.

– Aysha Bagchi

Trump has eyes closed as lawyers and judge discuss jury transcript review

Former President Donald Trump again has his eyes closed for extended periods, this time as the lawyers and Judge Juan Merchan discuss which portions of the trial transcript should be read back to jurors on Thursday.

At one point, I counted to 37 with a "Mississippi" in between each number before he opened his eyes. Trump peered out only briefly before closing them again.

Not long after, I counted to 49 at the same pace before he opened his eyes. This time, he looked as if he might be falling asleep . His head was drooped down in front of him.

Lawyers disagree about one of four jury transcript requests

Prosecutor Joshua Steinglass said the two sides have agreed on the portions of the trial transcript to be read back to jurors in response to three of their four transcript requests. The request that has sparked multiple disagreements is former tabloid publisher David Pecker's testimony about a Trump Tower meeting he said he had with Trump and Michael Cohen in August of 2015.

Pecker testified that he agreed at that meeting to be "eyes and ears" when it came to catching potential stories in the media market that could hurt Trump's first presidential campaign.

Judge Merchan resolved one of the disputes in the courtroom after reviewing the transcript himself. He said he was largely – though not entirely – accepting the proposal from the defense.

On two other disputes, Merchan said he will review the transcript portions later and let the parties know what he thinks.

Judge returns to address transcript read-back for jurors

Judge Merchan returned to the courtroom and addressed the lawyers.

"Okay, where do we stand?" Judge Merchan asked.

Prosecutor Joshua Steinglass said he thinks the two sides have made "a lot of progress," but there are a couple issues they may need him to resolve.

Trump returns to courtroom

Trump re-entered the courtroom at about 4:55 p.m. EDT. However, the lawyers are still talking to each other and Judge Merchan hasn't returned to the courtroom.

Read the instructions jurors have asked to re-hear

The legal instructions jurors have asked to re-hear are complicated. For example, they say Trump is only guilty of a felony count of falsifying business records if he falsified a record in order to interfere in the 2016 presidential election through at least one of three unlawful methods spelled out in the instructions.

You can read the instructions for yourself here:

Trump permitted to leave courtroom while staying in waiting area

The judge just approved a request from Trump lawyer Todd Blanche for his client to leave the main courtroom simply to go to a nearby courtroom that is a typical waiting area for him. The lawyers have remained in the courtroom to resolve the question of what trial transcript portions the jury will have read back on Thursday.

Trump defense team, prosecutors remain to work on transcript

After excusing the jurors for the rest of the day, Judge Merchan told the prosecution and defense to stay until the court has settled on the precise transcript read-back the jurors are slated to hear on Thursday.

Trump has eyes closed as judge instructs jurors on not discussing case

Former President Donald Trump had his eyes closed for extended periods as Judge Merchan gave the jurors standard instructions on not discussing the case upon leaving for the day.

I counted to 25 with a "Mississippi" in between each number at one point before Trump opened his eyes, and to 28 at that same pacing a little later.

There's an air of activity and suspense in the courtroom after hearing the first updates during jury deliberations. It's hard to reconcile that with the notion that Trump is actually falling asleep right now, as opposed to choosing to sit with his eyes closed.

Jurors return to courtroom and are sent home for day

The jurors were brought back into the courtroom. Judge Merchan read aloud the two notes he received from them. He told them reading back the portions of the transcript they requested will probably take at least half an hour. He asked whether they want to hear all the jury instructions again or only a portion of them, and said they can let him know later.

Merchan then excused them for the day .

Jurors send second note to judge, want to re-hear instructions

As lawyers and the court were working on putting together the portions of the trial transcript that will be read aloud to the jurors, Judge Merchan entered the courtroom and announced he had received a second note from the jurors at 3:51 p.m. EDT. They requested to re-hear the jury instructions.

Merchan recommended to the two sides bringing the jurors back into the courtroom. He proposed telling them the court is working on getting the transcript portions together, and asking them if they want to hear all the instructions again or only a portion of them.

Jurors ask to review testimony from trial

The jurors sent a note at 2:56 p.m. EDT asking to review four sections of testimony from the trial, Judge Merchan just announced.

Reporters were sitting in the main courtroom when the prosecution entered at about 3:06 p.m. EDT, followed quickly by Trump and his lawyers. We weren't told in advance the reason for their arrival.

Merchan then entered the courtroom and said the jurors want to review these four sections of trial testimony:

David Pecker's testimony about a phone conversation with Trump while Pecker was in an investor meeting;
Pecker's testimony regarding the decision not to finalize and fund the assignment of former Playboy model Karen McDougal's life rights;
Pecker's testimony regarding a Trump Tower meeting he said he had with Trump and Michael Cohen in August of 2015; and
Cohen's testimony regarding that same Trump Tower meeting.

Pecker used to run the parent company for the National Enquirer, which was involved in two hush money deals related to Trump ahead of the 2016 presidential election. One of those deals involved buying the life rights to McDougal's story of a months-long affair with Trump, which he denies.

Pecker and Cohen met with Trump in August of 2015 at Trump Tower to discuss helping catch stories that might hurt Trump's presidential campaign and then prevent those stories from getting out, according to their testimony.

Jurors will be brought in to have those portions of the trial transcript read aloud, Merchan indicated.

Prosecution cites 'jaw-dropping' evidence against Trump that defense says 'cannot be trusted'

The six-week trial featured dramatic clashes between lawyers and witnesses, the judge and Trump.

The testimony included tense moments such as defense lawyer Todd Blanche accusing Trump’s former personal lawyer, Michael Cohen , of lying on the standand former Trump spokesperson Hope Hicks breaking into tears .

Meanwhile, Judge Juan Merchan threatened to jail Trump if he continued to violate a gag order against talking about witnesses participating in the case. Merchan also scolded Blanche for an “outrageous” statement in closing arguments that the jury shouldn’t “send someone to prison” based on Cohen’s testimony.

A flock of Republican surrogates showed up to support Trump, and one conspiracy theorist set himself on fire outside the courthouse.

Cohen was a key witness testifying that he submitted invoices for “legal expenses” that Trump knew were to reimburse him for paying $130,000 to silence porn actress Stormy Daniels before the 2016 election. But Trump lawyer Todd Blanche accused Cohen of lying on the stand when he testified he notified Trump about the payment to Daniels. In closing arguments, Blanche called Cohenthe “MVP of liars” and “the embodiment of reasonable doubt.”

Daniels, whose real name is Stephanie Clifford, described the alleged sexual encounter in enough detail that Merchan questioned why defense lawyers didn’t object more to block her testimony. She testified that she noticed gold nail clippers in Trump’s hotel room and he didn’t wear a condom during the encounter. Trump has repeatedly denied he had sex with Daniels and Blanche argued the payment “started out as an extortion” whether the allegation was true or not.

David Pecker, the former CEO of American Media Inc., which owned the National Enquirer, said he agreed in a meeting with Trump and Cohen in August 2015 to be the “eyes and ears” of Trump’s presidential campaign to buy negative stories about the candidate and never publish them.

Pecker acknowledged paying former Playboy model Karen McDougal $150,000 for her story and then refusing to pay for Daniels because Trump hadn’t reimbursed him. Cohen provided a recording , which prosecutor Joshua Steinglass called “jaw-dropping,” of Trump mentioning the $150,000 figure.

But Blanche raised questions about the credibility of the recording because it cuts off suddenly – Cohen said he got another call – and argued that a meeting to influence the campaign “made no sense.”

Trump paid Cohen for a retainer through invoices marked "legal expenses," so he committed no crime of falsifying business records, according to Blanche. "This is not a referendum on your views of President Trump," Blanche told jurors.

Donald Trump: ‘Mother Teresa couldn’t beat these charges’

After the jury began deliberating in former President Donald Trump’s hush money trial, Trump braced his supporters for a guilty verdict by claiming nobody could be acquitted because of the way Judge Juan Merchan instructed jurors to consider the charges and the evidence.

“Mother Teresa could not beat these charges,” Trump said. “These charges are rigged. The whole thing is rigged.”

Trump went on to say that he would win the Nov. 5 election against President Joe Biden because of border security, inflation and other issues.

“We’re going to win this election,” Trump said. “We’re going to take back this country from these fascists and these thugs that are destroying us.”

Jury deliberations begin

At about 11:35 a.m. EDT, all jurors had exited the courtroom and Judge Merchan instructed the parties to remain in the courthouse in case they are needed as the jury begins deliberating.

Laptop-responsible jurors leave courtroom

The two jurors who volunteered to handle the laptop with evidence appeared to be given some instructions at the prosecution's table, and then left. Judge Merchan just confirmed with Trump lawyer Todd Blanche that Trump has consented to the jurors' use of the laptop to access trial exhibits.

Alternate jurors excused from courtroom, two main jurors coming for laptop instructions

Judge Merchan excused the alternate jurors from the courtroom but is having two of the main jurors brought back in. He said they have volunteered to handle the laptop containing evidence from the trial, and will be given some instructions on that.

12 jurors excused from courtroom, alternate jurors remain

Judge Merchan had the 12 jurors who will begin deliberating leave the courtroom, but kept the six alternate jurors in the courtroom. He has now praised their attentiveness during the trial and explained they are not done – they are still on duty in case any of the 12 can't continue through deliberations and alternates are needed to step in.

Judge makes clarification on juror signature

After conversing with the lawyers privately, Judge Merchan clarified to jurors that one instruction about a signature tied to juror notes was about the jury foreperson denoting he signed the document, not having a juror sign a personal name.Merchan also explained jurors will be given a laptop containing evidence from the trial during their deliberations.

'That concludes my instructions on the law'

"That concludes my instructions on the law," Judge Juan Merchan just told jurors. He invited the parties to approach, and several lawyers are now having a private conversation with the judge at his bench.

Judge says plan is to work today until 4:30 p.m. EDT

Judge Merchan just told jurors the plan today is to work until 4:30 p.m. EDT. He said the plan for other days will be figured out if that is needed. He also said it's unlikely, if jurors do work late, that their work will extend beyond 6 p.m. EDT.

Judge instructs jurors on the law of falsifying business records

Judge Merchan just reached the 34th and final count in his jury instructions. Along the way, he has explained to jurors that Trump is guilty of falsifying business records in the first degree under New York law if he made or caused a false entry in a business enterprise with the intent to defraud – including the intent to commit or conceal another crime.

That means prosecutors must have proven during this trial not just that Trump is responsible for false records, but also that there was a further criminal or cover-up purpose. That's where alleged 2016 election fraud and alleged plans to violate New York tax and election laws come into play in this case .

Merchan told jurors that intent doesn't require premeditation, but instead can be formed at the time the defendant engages in prohibited conduct.

"You must decide if the required intent can be inferred beyond a reasonable doubt," Merchan said.

One juror looking at trial teams as Trump leans back with eyes closed

The jurors have largely been taking notes and looking at Judge Merchan as he gives them instructions on the law in the case. But one juror who is among the first 12 who are slated to decide the case – not an alternate juror who is here to step in if one of the 12 becomes unavailable – has been looking over at the trial teams for several seconds. There, Trump can be seen slouching back in his chair with his eyes close, in stark contrast to the open-eyed, attentive jurors.

Big rally near the Trump courthouse – for elderly services

Music. Dancing. Cheering.

No, not at the demonstrations in front of the Trump courthouse – it’s a rally for New York elderly services one block over in Foley Square.

While the relatively few pro-Trump and anti-Trump forces argue – in one instance requiring police intervention – hundreds of other New Yorkers are boogying to immortal classics like “Get Down Tonight” and “Disco Inferno.”

Sample lyrics from the latter: “Folks are screaming, out of control/It was so entertaining when the boogie started to explode/I heard somebody say disco inferno/(Burn baby burn)/burn that mother down.”

The occasion, a sign said, is the 31st anniversary of Older Adult Health and Fitness Day.

Trial? What trial?

– David Jackson

Trump eyes closed for more than 100 seconds

Former President Donald Trump isn't fully asleep, but it appears he may be dozing off . I just counted to 100 with a "Mississippi" in between each number while his eyes remained closed. I stopped counting at that point. For the first approximately 30 seconds, Trump was slouched forward in his chair, with his head slightly hanging in front of his shoulders. He then slouched back without opening his eyes. I saw him shake his head slightly once, but apart from that he doesn't seem to be showing a facial reaction to the judge's instructions to jurors.

Several jurors taking notes

Several jurors appear to be taking notes as Judge Merchan instructs them on the law. The remaining are looking straight at Merchan. The jurors in this case have been very attentive throughout the trial, even through a long day of closing arguments on Tuesday that didn't wrap until about 8 p.m. EDT.

Judge begins instructions on criminal charges

Judge Juan Merchan has been instructing jurors on what they may and may not consider in their deliberations. He just said he will now begin instructing them on the law related to the actual records charges Trump faces. These instructions are potentially pivotal: even small words can make a big difference when a jury determines whether actions by a defendant were criminal.

Trump's eyes closed for extended periods during instructions

As he has done many times throughout this trial , Trump is sitting at the defense table with his eyes closed for extended periods. I just counted to 20 with a "Mississippi" between each number before Trump peaked out. I watched Trump again a couple minutes later and reached the number 20 a second time before Trump opened his eyes.

Electronic audio of Trump audience member goes off

Audio began playing from the section of spectators seated in one of the first two rows behind the defense table, where Trump's entourage sits . I couldn't see if the audio came from a phone. Judge Merchan looked over in that section's direction before the audio was cut off.

Jurors told they must not consider Michael Cohen's election-related convictions

Judge Merchan has just instructed jurors they must not consider Michael Cohen's guilty pleas to federal campaign finance violations when it comes to assessing Trump's guilt in this case. It's an instruction Merchan also gave jurors during testimony in the trial.

Prosecutors have alleged Trump falsified records to cover up unlawfully interfering in the 2016 presidential election through a hush money payment to porn star Stormy Daniels that violated federal campaign finance laws.

Judge begins giving jury instructions

Jurors entered the courtroom at 10:10 a.m. EDT and Judge Juan Merchan has begun delivering instructions to them. He told them to remember they promised to be fair jurors. He told them they must not allow any bias or stereotype to affect their verdict.

Low key (and anxious) morning on the protest front

No more than 20 demonstrators gathered in front of the courthouse as the jury prepared to deliberate the Trump case – anxious demonstrators.

“I know he’s not going to be acquitted – I’m praying for a hung jury,” said Joe Palau, 57, a pro-Trump construction worker from Brooklyn.

Nadine Seiler, 59, - who carried a large sign that said “Convict Trump Already!” – was anxious the other way.“I am very concerned about a hung jury,” said Seiler, a home organizer who took the bus to New York from her home in Waldorf, Md.

Judge enters courtroom

Judge Juan Merchan entered the courtroom at 10:06 a.m. EDT.

Donald Trump, Don Jr. arrive in courtroom

Former President Donald Trump entered the courtroom at 9:56 a.m. EDT. His oldest child, Donald Trump Jr. , joined him today and took a seat in the first bench behind the defense table.

Prosecution arrives in courtroom

The prosecution trial team arrived in the courtroom at 9:51 a.m. EDT. We are still waiting for the defense team, the judge, and the jury. Proceedings are starting 30 minutes later than usual, at 10 a.m. EDT.

What is the Trump trial about?

Trump's New York criminal trial centers on a hush money payment to porn star Stormy Daniels , business records kept at the Trump Organization, and the 2016 presidential election.

Prosecutors have alleged that Trump falsified business records to cover up a $130,000 payment to Daniels less than two weeks before the election. They say the payment violated federal campaign finance laws, and as a result constituted unlawful election interference.

Former Trump lawyer and fixer Michael Cohen made the payment and later became a star witness for the prosecution in Trump's case.

Trump defense lawyer Todd Blanche suggested to jurors in his Tuesday closing argument that Cohen acted alone and lied about Trump authorizing the payment. Blanche also said Trump didn't falsify any records in 2017 because he was paying Cohen that year for ongoing legal services, as the checks, invoices, and vouchers in the case reflect. He denied Cohen's story that Trump was actually reimbursing the hush money.

Trump chose not to testify – a decision the jury will be prohibited from holding against him.

Who is Judge Juan Merchan?

Judge Juan Merchan is a former prosecutor who has served as a judge since 2009. Merchan previously presided over a criminal trial in which two Trump businesses – the Trump Corporation and the Trump Payroll Corporation – were found guilty of several crimes , including tax fraud. The two companies were sentenced to pay more than $1.6 million following the verdict.

Merchan has frequently drawn the ire of former President Donald Trump, who just this morning posted in all caps on Truth Social that Merchan is "A CORRUPT AND CONFLICTED JUDGE" presiding over a "KANGAROO COURT!"

The judge imposed a gag order on the former president that prohibits public comments on jurors or on the participation of witnesses in the case. The order also provides some protection from Trump's ire for prosecutors and their family members, as well as for family members of the judge. Merchan imposed the order after concluding that Trump's past "inflammatory" statements instilled fear in people involved in his legal cases and heightened security needs.

Merchan expanded the order to cover his own family members and those of Manhattan District Attorney Alvin Bragg after Trump attacked the judge's daughter for her work at a marketing agency that assists Democrats.

Trump responds to actor Robert De Niro as ‘small’ and ‘Wacko’

Former President Donald Trump responded early Wednesday on social media to actor Robert De Niro ’s criticism, calling him a victim of “Trump derangement syndrome.”

“I never knew how small, both mentally and physically, Wacko Former Actor Robert De Niro was,” Trump wrote on Truth Social.

A movie star for more than 50 years, De Niro won Oscars for his performances in The Godfather Part II and Raging Bull. But Trump said his participation in politics diminished his value.

“Robert, whose movies, artistry, and brand have gone WAY DOWN IN VALUE since he entered the political arena at the request of Crooked Joe Biden, looked so pathetic and sad out there,” Trump wrote.

Where is Melania Trump?

Melania Trump has so far stayed away from her husband's criminal proceedings. The former president wished her a "happy birthday" from the courthouse hallway when he attended proceedings on her birthday, April 26. He said he would join her in Florida later that Friday.

Actor Robert De Niro, surrogate for President Biden, blasts Trump as ‘clown’ outside courthouse

Oscar-winning actor Robert De Niro called former President Donald Trump a "clown" and a “buffoon” bent on destroying American democracy from outside the courthouse on Tuesday.

De Niro was flanked by two former Capitol Police officers, Harry Dunn and Michael Fanone, who defended the Capitol during the attack Jan. 6, 2021, by Trump supporters.

"We've forgotten the lessons of history that showed us other clowns who weren't taken seriously until they became vicious dictators," De Niro said. "With Trump we have a second chance and no one is laughing now. This is the time to stop him by voting him out once and for all."

De Niro’s appearance served as a Democratic response to Republican lawmakers and vice presidential contenders who criticized the trial for Trump because he was gagged from commenting on witnesses or jurors. Trump’s sons Don Jr. and Eric, and daughter-in-law Lara, who is co-chair of the Republican National Committee, spoke for the former president Tuesday.

Will Tiffany Trump, other Trump children, be at the trial Wednesday?

Trump's youngest daughter, Tiffany , attended the Manhattan criminal trial for the first time Tuesday. Trump sons Eric and Don Jr., who have attended some earlier days, were also there. It's not yet known which Trump children, if any, will come today.

Ivanka Trump and Jared Kushner haven't attended any of the criminal trial. Barron Trump , who just graduated from high school, also hasn't attended proceedings. His parents went to his high school graduation on May 17, a day Judge Juan Merchan allowed Donald Trump to have off in the trial so he could be with his youngest child.

How long will the jury take to deliberate?

No one, not even the jury, knows that yet.

First, jurors all meet in the jury room to discuss their views. They have an opportunity to send requests for clarifications or further instruction to the judge. They must come to a unanimous decision to convict or acquit, or else the trial will end in a " hung jury ," forcing a mistrial.

There is no limit to how long the jury can deliberate, but experts say three days would be considered a long time.

– Kinsey Crowley

Why are jury instructions important?

Judge Juan Merchan said Tuesday that he will deliver jury instructions in the morning, estimating it will take him about an hour.

Jury instructions are critical because they inform the jurors about the law to apply in the case. Small words in jury instructions can sometimes make a big difference as jurors are tasked with deciding not just what the defendant did in a given case, but also whether it's a crime.

What did the defense say about Cohen on Tuesday?

Trump lawyer Todd Blanche was full of invectives for Michael Cohen as he urged jurors on Tuesday not to credit the former Trump fixer's testimony. Cohen testified that Trump authorized him to make a $130,000 hush money payment to porn star Stormy Daniels ahead of the 2016 presidential election, and approved a plan to cover it up even as he reimbursed Cohen in 2017.

"He's literally like an MVP of liars," Blanche argued.

"In fact, he's also a thief," Blanche said. Cohen himself admitted on the witness stand to stealing by claiming a larger reimbursement from the Trump Organization than Cohen actually paid for polling-related help for Trump.

Blanche also accused Cohen of committing a crime at the trial by lying on the witness stand . The defense lawyer pointed to text messages indicating Cohen called Trump's bodyguard on Oct. 24, 2016 about harassing calls he was getting. Confronted with the messages, Cohen largely stuck to his previous testimony, saying he believed he also spoke to Trump about hush money to Stormy Daniels during that call.

"It was a lie!" Blanche exclaimed Tuesday. "That is per-jur-y," he also said, putting emphasis on each syllable of the crime.

"He got caught red-handed," Blanche told jurors.

What is Trump on trial for?

Trump faces 34 felony counts of falsifying business records to commit or conceal another crime. Prosecutors have said Trump was falsifying records to hide the violation of federal campaign finance laws and to hide plans to violate New York tax and election laws.

Trump wanted to hide a $130,000 hush money payment to porn star Stormy Daniels in particular, according to prosecutors. They say the payment violated federal campaign finance laws and amounted to election fraud.

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Former President Trump is found guilty in historic New York criminal case

Ximena Bustillo

Andrea Bernstein

Former President Donald Trump appears for his hush money trial at Manhattan Criminal Court on Thursday, before a jury of New Yorkers convicted him on 34 felony counts. Steven Hirsch/Pool/Getty Images hide caption

For live updates about the verdict, follow NPR's live blog .

NEW YORK — Former President Donald Trump has been found guilty of 34 counts of falsifying business records to influence the outcome of the 2016 presidential election, a historic verdict as Trump, the presumptive Republican presidential nominee, campaigns again for the White House.

This is the first time a former or sitting U.S. president has been convicted of criminal charges.

On Thursday, 12 New York jurors said they unanimously agreed that Trump falsified business records to conceal a $130,000 hush money payment to adult-film star Stormy Daniels to influence the 2016 contest.

The decision came after about a day and a half of deliberations.

Former President Donald Trump sits in Manhattan Criminal Court in New York, on May 20, 2024.

4 takeaways from the historic felony conviction of Donald Trump

As the verdicts were read, Trump remained silent and still. But the former president spoke to reporters outside the courtroom, calling the trial a "rigged, disgraceful trial" and saying that the "real verdict" will be rendered on Election Day.

Trump's legal team signaled it would appeal the conviction.

New York Judge Juan Merchan set sentencing for July 11 — just four days before the start of the Republican National Convention. Trump faces a maximum sentence of four years in prison, but as a first-time, white-collar offender, no prison time is necessary, and he could receive probation instead.

The jury heard from 22 witnesses during about four weeks of testimony in Manhattan’s criminal court. Jurors also weighed other evidence — mostly documents like phone records, invoices and checks to Michael Cohen, Trump’s once loyal “fixer,” who paid Daniels to keep her story of an alleged affair with the former president quiet.

The facts of the payments and invoices labeled as legal services were not in dispute. What prosecutors needed to prove was that Trump falsified the records in order to further another crime — in this case, violating the New York election law that makes it a crime for “any two or more persons [to] conspire to promote or prevent the election of any person to a public office by unlawful means.” The jurors were able to choose whether those unlawful means were violating the Federal Election Campaign Act, falsifying tax returns or falsifying other business records.

Trump’s defense focused intently on the credibility of Cohen and argued that influencing an election is not illegal.

The verdict came more than a year after a grand jury indicted Trump on March 30, 2023, marking the first time a former or sitting president faced criminal charges.

Republicans dismissed the indictment as an overreach of power by Democratic District Attorney Alvin Bragg, who had brought the charges. On Thursday, following the conviction, Republican elected officials quickly rallied around Trump again.

At a news conference Thursday evening, Bragg said: "While this defendant may be unlike any other in American history, we arrived at this trial — and ultimately today at this verdict — in the same manner as every other case that comes through the courtroom doors: by following the facts and the law, and doing so without fear or favor."

What the jury heard

In August 2015, two months after Trump announced his 2016 presidential bid, David Pecker, then the publisher of the National Enquirer tabloid, met with Trump and Cohen at Trump Tower, according to testimony from Pecker and Cohen.

At that meeting, Pecker testified, it was agreed that he would be the “eyes and ears” of the Trump campaign. His job was to look out for negative stories from women that he could “take off the marketplace” by buying up the rights to the stories but never publishing them.

The plan, as Pecker outlined it, was that he would suppress these stories and at the same time publish negative stories about Trump’s opponents. Some of these stories, Pecker said, were sent to Trump and Cohen for approval prior to publication.

Over the next year, Pecker said, he carried out this role. His testimony was corroborated by Keith Davidson, an attorney who represented both Daniels and former Playboy model Karen McDougal. In about June 2016, McDougal considered going public with her story of a yearlong affair with Trump. But Pecker bought the rights to that story, with the expectation that he would be reimbursed by Trump. That never happened.

In early October 2016, according to the testimony of former Trump communications aide Hope Hicks, the campaign was rocked by the release of the Access Hollywood tape, where Trump could be heard boasting, “When you’re a star, they let you do it. You can do anything. Grab ’em by the p****.”

The next day, according to Pecker, Cohen and Davidson, Daniels threatened to go public with accusations that she'd had a sexual encounter with Trump in 2006 in a Lake Tahoe hotel suite during a celebrity golf tournament.

In her testimony, Daniels said there was a “power imbalance” when, after leaving the suite’s restroom, she found Trump on the hotel bed in his underwear. That’s when, Daniels said, they had sex.

She testified that Trump had dangled a possible role on his TV show The Celebrity Apprentice . This detail — that the sex wasn’t entirely wanted — caused the defense to request a mistrial, which was denied. It also provided a motive for Trump to suppress the story. Prosecutors said, “Trump knew what happened in that hotel room” and didn’t want it to come out. The adult-film actor’s testimony also included intimate details of her alleged sexual encounter, some of which Judge Merchan agreed with the defense were not necessary.

As October 2016 drew to a close, Cohen testified, he frantically opened bank accounts and tried to come up with a way to pay the $130,000 to keep Daniels quiet. But Trump, Cohen said, wanted to delay the payment until after the election, with the idea that after the election, it wouldn’t matter whether Daniels was paid.

This point, that Trump was making the payment to influence the election by keeping women voters on board, was corroborated by a number of other witnesses. Hicks testified that Trump, by then in the White House, told her that it was better the story came out in 2018, rather than 2016.

Cohen ultimately wired the money himself to Daniels, with the understanding, he said, that he would be repaid by Trump. Cohen testified to a number of conversations with Trump, backed up by phone records, including on the day he wired the payments. But the defense rattled Cohen on cross-examination when it presented evidence that one of the calls that Cohen had said was made through Trump’s bodyguard, Keith Schiller, was instead with Schiller about threats from a 14-year-old prankster.

Still, the heart of the case rested on the testimony of what happened after the election, when the records were falsified, in particular the handwritten notes and documents from the Trump Organization’s former comptroller, Jeff McConney.

McConney authenticated a key record: the bank statement showing Cohen’s wire transfer. That record included handwritten notes from Cohen and Trump’s former chief financial officer, Allen Weisselberg, describing the $130,000 payment that would be “grossed up” to cover Cohen’s taxes. That sum, combined with another reimbursement and a bonus, for a total of $420,000, was paid out over 12 months at a rate of $35,000 per month.

The payments would be described as pursuant to a “legal retainer.” (Weisselberg, who is serving jail time for perjury in Trump’s civil fraud trial, did not testify.)

On the stand, Cohen described a repayment scheme that formed the basis of the 34 counts of falsified business records: 11 falsified invoices, 12 falsified ledger entries and 11 checks falsely recording the repayment as legal “retainers.” Nine of the checks were signed by Trump himself.

Cohen said he and Weisselberg met and discussed the agreement with Trump shortly before he left for Washington, on or about Jan. 17, 2020. Cohen said Trump approved the deal, saying at the end of the meeting that “it was going to be one heck of a ride” in Washington. Cohen said he and Trump discussed the arrangement again, in early February, in the Oval Office. Photos and White House records corroborated that the two met in the Oval Office at the time.

The defense presented just two witnesses, including Robert Costello, an attorney who wanted to represent Cohen after Cohen’s home and office were searched by the FBI in 2018. Costello had been put on the stand to refute Cohen’s claim that Costello was pressuring Cohen to stay on Trump’s “team.” But Costello’s emails showed that Trump was deciding which of Cohen’s lawyers he wanted to pay and that Costello was concerned about not giving “the appearance that we are following instructions from [Rudy] Giuliani or the president,” referring to the former New York City mayor who was Trump’s lawyer at the time.

Trump supporters and their opponents spar outside of the criminal court where the former president is on trial on Wednesday in New York City. The prosecution and defense presented their closing arguments in the former president's hush money trial with prosecutor Joshua Steinglass speaking for four hours and 40 minutes. Judge Juan Merchan will give the jury their instructions before they begin their deliberations today. Former U.S. President Trump faces 34 felony counts of falsifying business records in the first of his criminal cases to go to trial. (Photo by Stephanie Keith/Getty Images)

Trump verdict would likely move only a small number of votes, poll finds

How this conviction could affect the 2024 election.

Trump has continually blasted any criminal charges he faces as “election interference” affecting his 2024 presidential campaign.

The hush money case likely is the only one of Trump’s four ongoing criminal cases that will be heard ahead of Election Day in November, since federal trials in Washington, D.C., and Florida, as well as a state case in Georgia, are in various stages of delays.

This decision in New York is likely to have rippling effects as Trump campaigns as the presumptive Republican presidential nominee. For now, the other 54 criminal charges he faces have not turned off potential voters, and among some Republicans, the cases have bolstered support for him. However, a conviction may not play well with independent and swing voters.

The latest NPR/PBS NewsHour/Marist poll , from May, showed that 17% of voters surveyed said they would be less likely to vote for Trump if he were convicted, while 15% said they would be more likely to vote for him. And 67% of registered voters nationally said it makes no difference to their vote if Trump is found guilty in his hush money trial.

Ian Sams, spokesperson for the White House counsel’s office, said in a statement: "We respect the rule of law, and have no additional comment.”

President Biden's campaign, however, had a longer statement. “In New York today, we saw that no one is above the law," said spokesperson Michael Tyler. "There is still only one way to keep Donald Trump out of the Oval Office: at the ballot box. Convicted felon or not, Trump will be the Republican nominee for president."

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PDF The Business-Planning Process Three Steps to an Effective Business Plan
Chapter 2: The Three-Step Planning Process presents an introduction to the three steps you will use to develop and manage your own business plan—identifying the issues, develop-ing the plan, and managing the plan. Perform-ing these three steps avoids the planning pitfalls described in Chapter 1, thereby helping you suc-cessfully achieve your ...
PDF The Elements of a Business Plan: First Steps for New Entrepreneurs
Provide projections for two to four years in the future, including: 1. Forecasted income (monthly for first two years, then by quarter or year thereafter), 2. Forecasted cash flows by month (monthly for first two years, then by quarter or year thereafter), 3. Forecasted balance sheet for all years (year-end), and. 4.
PDF The Importance of Business Planning
4. To manage cash flow. - many business fail because they can't pay their debts. 5. To value your business. - This can help when looking to raise capital or to exit. 6. To ensure all bases are covered. - Its always tempting to just do things then react to events.
PDF The 10 Key Components of a Business Plan
The remaining five components of the plan focus mainly on strategy, primarily the marketing, operational, financial and management strategies that your firm will employ. 6. Marketing, Sales & Product Plan. The marketing and sales plan component of your business plan details your strategy for penetrating the target markets.
PDF Effective Business Planning: A Key to Successful Enterprises
The main objective of this thesis is to have knowledge of proper business plan. Business plan is a backbone of any business. It is crucial to lay down the aims of the business plan; mission, goals, tasks and action plan of the business plan clearly into the proposal. The fundamentals of business planning are outlined in the theoretical framework.
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Guide to Business Planning - United Diversity
Lecture Notes
These are the themes that are explored by Ken Zolot in course 6.933 "The Founder's Journey.". In this session of Nuts and Bolts, Ken provides an overview of these important questions with a panel of entrepreneurs. No presentation slides. Part 2: Legal Issues.
PDF The Business Plan
ABSTRACT. The business plan is the product of a strategic thinking or planning process. The strategic direction developed in that process can then be communicated in the form of a business plan to lenders, potential investors and associates within your company. The development of a strategic direction is a critical step for your company.
PDF HOW TO WRITE A BUSINESS PLAN
Start with a cogent and concise one sentence statement of the business idea. A sentence that is so clear and appealing that the reader can immediately visualise or 'see' the business. You can then go on to describe: The market at which you are aiming. The specific benefits offered by your product or service.
Business Plan: What It Is, What's Included, and How to Write One
Business Plan: A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a ...
(PDF) Importance And Contents Of Business Plan: A Case ...
Abstract and Figures. Planning and business plan, as a its product represent essential part of the overall business management. The business plan covers all important aspects of the business and ...
The importance of a business plan
To outline the importance of business plans and make the process sound less daunting, here are 10 reasons why you need one for your small business. 1. To help you with critical decisions. The primary importance of a business plan is that they help you make better decisions. Entrepreneurship is often an endless exercise in decision making and ...
Business Planning: It's Importance, Types and Key Elements
Here are the key elements of a good business plan: Executive Summary: An executive summary gives a clear picture of the strategies and goals of your business right at the outset. Though its value is often understated, it can be extremely helpful in creating the readers' first impression of your business.
Business Planning: Introduction, Importance and Limitations ...
1] Planning provides a sense of Direction. Planning means coming up with a predetermined action plan for the organization. It actually states in advance what and how the work is to be done. This helps provide the workers and the managers with a sense of direction, a guidance in a way. Without planning their actions would be uncoordinated and ...
PDF Chapter 1: Basic Concept of Planning
1.2.1 Definition of Planning. There are many definitions for the term "planning," each person has his/her own ideas concerning the meaning of the term "planning.". Planning is the process by which an individual or organization decides in advance on some future course of action (Omran, 2002, p. 68).
The Importance of a Business Plan for Entrepreneurs: 18 ...
A business plan is essential as an entrepreneur. It helps you set clear goals and guidelines for how you will manage your business. A business plan may also be needed to set employee goals, obtain funding or even to sell your business one day. In this article, we discuss the importance of a business plan for entrepreneurs, as well as a few main ...
PDF Lecture Notes on Strategic Planning
4. Developing goals and objectives to reach that future. 5. Implementing the plan. 6. Measuring progress and revising the plan. • The external and internal assessments provide a realistic base on which to build future plans. • The vision or mission identifies the organization's purpose and its desired future state.
A Review on the Importance of Strategic Planning in Business
Review Article. A Review on the Importance of Strategic Planning in. Business. Houssem Eddine Ben Messaoud. Swiss School of Business and Management, Geneva, Switzerland. Received: 30 May 2022 ...
PDF UNIT 10 BUSINESS PLAN PREPARATION Search
This plan highlights all the aspects covered so far. Additionally, vision and mission, monitoring and evaluation of the business plan, sub-plans for critical sectors such as marketing, operations, human resource, information systems, etc. are included. Step 5: Financial Assessment And Writing.
PDF Principles of Management Chapter:- Planning B.COM ( SEM:-I)
2. Primacy of Planning: Planning is the first function of a planner. Other functions like organizing, staffing, directing, controlling, etc. are followed by planning. Without planning no other function can be performed. 3. All Managers Plan: Every manager in an organization has a planning function to perform.
Planning Class 12 Notes CBSE Business Studies Chapter 4 [PDF]
Chapter 4 - Planning of Business Studies is one of the important chapters for the CBSE Class 12 students as this chapter mainly deals with the basic managerial function that is planning. The students facing difficulty in understanding the concepts related to planning can refer to the Revision Notes pdf of Chapter 4 to clear their doubts.
Importance of Business Plan
Importance of Business Plan - Free download as Word Doc (.doc / .docx), PDF File (.pdf), Text File (.txt) or read online for free. A business plan is important for three main reasons: 1. It helps test the feasibility of business ideas and avoid potential problems before starting the business. Developing a business plan requires research and analysis that can reveal if an idea is viable or not.
How To Start A Business In 11 Steps (2024 Guide)
When writing a well-rounded business plan, include the following sections: Executive summary: The executive summary should be the first item in the business plan, but it should be written last. It ...
(PDF) The Importance Of A Good Business Plan
See Full PDFDownload PDF. Journal of Business & Economics Research - February, 2010 Volume 8, Number 2 The Importance Of A Good Business Plan Les Nunn, University of Southern Indiana, USA Brian McGuire, University of Southern Indiana, USA ABSTRACT The business plan is the product of a strategic thinking or planning process.
The Complete Guide to Building a Sales Forecast
Sales forecasts touch virtually all departments in a business. For example, the finance department uses sales forecasts to decide how to make annual and quarterly investments. Product leaders use them to plan demand for new products. And the HR department uses forecasts to align recruiting needs to where the business is going.
TWK301-Plan-for-Improvement-of-Inclusive-Work-Practices-v1.0 (pdf
Business document from Australis Institute of Technology and Education, 2 pages, BSBTWK301 - Use inclusive work practices PLAN FOR IMPROVEMENT OF INCLUSIVE WORK PRACTICES Learner Name Lina Castellanos Workplace/Organisation Bounce Fitness Learner's Work Role Operations Coordinator Date Prepared 01/03/2024 Idea for Improving Use of Inc
Trump trial recap: Hush money jury to review Pecker, Cohen testimony
The jury sent a note shortly before 3 p.m. EDT requesting to review four sections of testimony from the trial, three from media executive David Pecker, and one from former Trump lawyer Michael ...
Donald Trump is found guilty in hush money case : NPR
Trump has been found guilty of 34 counts of falsifying business records to influence the outcome of the 2016 presidential election, a historic verdict as Trump campaigns again for the White House.

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What Is a Business Plan?

Key Takeaways

2 Types of Business Plans

Why Do Business Plans Fail?

What Does a Lean Startup Business Plan Include?

The importance of a business plan

What is a business plan?

Why is a business plan important?

What is the purpose of a business plan?

10 reasons why you need a business plan

1. To help you with critical decisions

2. To iron out the kinks

3. To avoid the big mistakes

4. To prove the viability of the business

5. To set better objectives and benchmarks

6. To communicate objectives and benchmarks

7. To provide a guide for service providers

8. To secure financing

9. To better understand the broader landscape

10. To reduce risk

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What Is Meant by Business Planning?

What Are the 4 Types of Business Plans?

Operational Planning

Strategic Planning

Tactical Planning

Contingency Planning

What Are the 7 Steps of a Business Plan?

Conduct Research

Have a Goal

Create a Company Profile

Describe the Company in Detail

Create a marketing plan ahead of time.

Be Willing to Change Your Plan for the Sake of Your Audience

Incorporate Your Motivation

What Are the Basic Steps in Business Planning?

Summary and Objectives

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Importance of Business Planning

1] Planning provides a sense of Direction

2] Planning reduces Uncertainty

3] Planning reduces Wastefulness

4] Planning invokes Innovation

5] Makes Decision=Making Easier

6] Establishes Standards

Limitations of Planning

1] Rigidity

2] Not ideal in Dynamic Conditions

3] Planning can also reduce creativity

4] Planning is Expensive

5] Not Completely Accurate

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