Students learn analytical, research, and decision-making processes to assist them in determining the viability of business ventures. They learn to generate and evaluate ideas and to appreciate problems as potential learning opportunities. These skills help them understand and solve problems not only in business but also in other areas of their lives. Formulating a business plan is the process of developing practical steps to accomplish an objective. Students in teams learn to write business plans that describe what is to be done, why it is being done, when it will be done, who will do it, and how it will be done.
Students recognize that planning is essential for success.
Skills in defining an objective and formulating a plan help students achieve both business and career goals. Business Plan Operation Students implement and evaluate a mini-venture or major venture and gain an understanding of how businesses are established, maintained, and expanded. Students evaluate their operations and gain insight from their successes or failures. Through the process of initiating, planning, and implementing an entrepreneurial venture, students learn to value the contributions of all team members in its success or failure. They learn personal management, teamwork, and communication skills while also building self-esteem.