Activity 2: Business planning

Set aside around one hour for this task

In this activity you will:

  • Create a value proposition for your idea (Why is your solution different to what exists and why is it worth paying attention to?)
  • Develop your first business model canvas
  • Gain an understanding of the importance of receiving and acting on feedback

What you’ll need:

Note: all activities can be done with pen/pencil & paper but worksheets are available to download.

What is meant by business planning? 

Having a business plan can help you explain your idea clearly and why people should use it! Planning can help you figure out different goals and how you’ll check you’re reaching them, it can help you figure out what your idea is and what its not, and it can help you know how to present your idea to other people e.g. potential customers and funders.

There are lots of different ways to develop a business plan, and its also important to remember that you’ll develop lots of versions of your business plan as you receive feedback or figure out new things about your idea. Some of the key things to include in your planning is a description of what your idea is, who would use your idea (your customers), who are your competitors and why your idea is better, and how you’ll let people know about your idea.

Watch the workshop kindly delivered by Erica Neve

Something went wrong. The riddle you requested doesn't exist.

Extra resources

Try out a new digital collaboration tool

Use mural  to help you work with other people and visualise your plans.

Getting confused by lots of new words & terms?

Check out our entrepreneur’s glossary

Some more tools developed by the Princes Trust

If you want some more information and tools, have a look through these business resources