Today we learned about the factors that will help separate your business from other businesses.  These things include competitive strategy, advantage, and having a well-constructed business plan.  Before all of these are taking into consideration, you will need to figure out if the business is feasible.  This basically means that you are eliminating the business ideas that are unrealistic.  I have learned that making a business plan is a necessity if you wish to save time and make money.  Some important parts of the business plan consists of the executive summary, mission vision and culture, and the appendices.  These parts will include what you plan for your business to achieve and why.  Another important thing learned today was where to place your business.  Looking at competitors and substitutes around the area are things that need to be considered in finding a place to settle your business.

Reflection: Today's information helped me understand the business plan into more depth.  I understand what needs to go into it but now I understand what elements I need to help make the company flourish.  The information today was important in that it will help us students to look at other parts of the business (other business around the area, population, competitive advantages and strategy).  These things can make a strong be the deciding factors of a successful or unsuccessful business.  I can use the information learned today down the road to make key decisions such as placement of my business.  My confidence to make a strong business has made a big jump in one day.  After the last couple of days, I have not only learned how to make a business plan, but I have also learned how to differentiate my business from others.