Lesson aims

• Understand the key reasons for starting up a new business.
• Be able to follow the common steps in the process of starting up a new business.
• Identify the common problems that a new business may face.
• Identify the key elements of a business plan.

Common steps in the process of starting up a business or an enterprise and what problems might be encountered along the way

Task

1. Brainstorm: What would motivate you to set up your own business?
2. Identify the problems a new business might face.
3. What do you think you could do as a new business owner to overcome each of these problems?
4. Read the CNN Money article. Which countries do you think have the least number of steps needed to create a business? Which countries have the most steps and what is the relationship to a successful business economy?

Elements of a business plan

A business plan is usually a written document that describes all the aspects of a new enterprise in terms of the product or business idea, marketing, finance, operations, and human resources.